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Emaar Properties 2024 profit jumps 16% amid UAE's real estate boom

Emaar Properties 2024 profit jumps 16% amid UAE's real estate boom

The National13-02-2025

Dubai's largest listed developer Emaar Properties' 2024 net income surged 16 per cent on an annual basis as the company's revenue last year surged to record levels on a sharp rise in the property sales across its portfolio. Net profit attributable to owners of the company for the 12 months to the end of December rose to Dh13.5 billion ($3.67 billion), the company said on Thursday to the Dubai Financial Market, where its shares are traded. Revenue during the period increased 33 per cent annually to Dh35.5 billion, its highest ever, as property sales surged to a record Dh70 billion, up 72 per cent compared with the same period in 2023. The group's revenue backlog from property sales surpassed Dh110 billion as of December 31, marking a 55 per cent increase from 2023, indicating robust revenue growth for the coming years, according to Emaar. 'The company's progress also reflects the emirate's proactive economic strategies and its dedication to positioning Dubai as a global hub for innovation and investment,' Mohamed Alabbar, founder of Emaar, said. Property companies in the emirate have maintained a strong growth momentum since bouncing back from the Covid-driven slowdown amid continued economic momentum in the emirate. Dubai's economy grew by 3.1 per cent in the first nine months of last year, compared with the same period in 2023, reaching Dh339.4 billion, with growth largely driven by strides in several sectors including the real estate sector. Last year, Dubai recorded real estate deals worth Dh761 billion, up 20 per cent compared to 2023, with the total number of transactions for the year increasing by 36 per cent to reach 226,000, according to the latest data provided by Dubai Media Office. The UAE government initiatives such as residency permits for retired and remote workers and expansion of the 10-year golden visa programme as part of efforts to boost its appeal to international investors continued to support the property market. Emaar Development, a majority-owned subsidiary specialising in the build-to-sell property development business, recorded property sales worth Dh65.4 billion during the one-year period, up 75 per cent compared with 2023. Its revenue grew 61 per cent to reach Dh19.1 billion. It also launched 62 new projects across all master plans in the UAE. Emaar's shopping malls, retail, and commercial leasing operations recorded revenue of Dh5.6 billion, driven by robust growth in tenant sales, which saw an increase of more than 7 per cent compared with 2023 and increased occupancy. Its mall assets achieved an average occupancy of 98.5 per cent as of December 31, with Dubai Mall recording a footfall of 111 million during the year, up 6 per cent over 2023. Emaar's international real estate operations recorded property sales of Dh4.1 billion, an increase of 40 per cent compared with 2023, primarily driven by Egypt and India operations, with the revenue at Dh2.7 billion.

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Dubai Metro Blue Line's Emaar Properties and five other record-breaking train stations around the world
Dubai Metro Blue Line's Emaar Properties and five other record-breaking train stations around the world

The National

time34 minutes ago

  • The National

Dubai Metro Blue Line's Emaar Properties and five other record-breaking train stations around the world

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Export Opportunities: Using Dubai as a Global Trade Hub

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Dubai Metro Blue Line: Inside the world's tallest metro station
Dubai Metro Blue Line: Inside the world's tallest metro station

Gulf Business

timean hour ago

  • Gulf Business

Dubai Metro Blue Line: Inside the world's tallest metro station

Image credit: DXBMediaOffice/X account His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has approved the architectural design of Emaar Properties Station — set to become the tallest metro station in the world at 74 metres. Read- المحطة الأيقونية ضمن الخط الأزرق لمترو دبي … إعمار العقارية Iconic Emaar Properties Station, part of the Dubai Metro Blue Line — Dubai Media Office (@DXBMediaOffice) Designed by the American architecture firm Skidmore, Owings & Merrill (SOM), the station draws inspiration from the concept of a 'crossing gateway.' SOM is known for global landmarks such as the Burj Khalifa, the Olympic Tower in New York, and the Sears Tower in Chicago. The Iconic Emaar Properties Station The world's highest metro station, standing at 74 metres. — Dubai Media Office (@DXBMediaOffice) A vision of progress The station, a signature feature of the Dubai Metro Blue Line, reflects the emirate's ambition to blend innovation with urban development, With the completion of the Blue Line project, Dubai's rail network will expand to a total of 131 km, comprising 78 stations and 168 trains. The Dubai Metro has transported over 2.527 billion passengers from its launch on 9/9/2009 through the end of 2024. The Metro recorded a… — Dubai Media Office (@DXBMediaOffice) With a footprint of 11,000 square metres, it will accommodate up to 160,000 passengers daily, with usage projected to exceed 70,000 per day by 2040. Once completed, the Blue Line will expand Dubai's rail network to 131 km, with 78 stations served by 168 trains. Emaar Properties Station will play a key role in this system, serving the 40,000 residents of Dubai Creek Harbour and its growing number of visitors. The station is positioned as both a transit hub and an architectural landmark, aligned with Dubai's vision of serving as a 'Gateway to the Future.' . — Dubai Media Office (@DXBMediaOffice) Striking design and urban presence The 74-metre-tall station offers a monumental arrival and departure experience. Its design features a towering facade measuring 38 metres wide, seamlessly integrated into the surrounding cityscape. A central architectural opening allows daylight to flood the interior, creating a bright, welcoming space throughout the day. By night, a carefully curated lighting system turns the station into a glowing beacon. This interplay of light enhances its visual identity and reinforces its symbolic role as a portal to Dubai's future. Beyond transportation, the station is expected to become a destination in its own right, offering integrated commercial and investment opportunities. Interior excellence and sustainability The interior of the station emphasizes comfort, elegance, and resilience. Tall walls finished in warm, earthy tones and natural textures reflect the UAE's landscape while creating a grounded, welcoming atmosphere. Durable finishes such as Jura limestone and bronze metal panels line the platform level, complemented by granite flooring. Glass ceiling panels in both the lobby and platform areas allow natural light to filter through, enhancing the sense of openness and improving the overall travel experience. The combination of stone, metal, and glass creates a modern yet timeless space that honors tradition while embracing innovation. Every material used was selected for its sustainability, strength, and ability to withstand Dubai's climate. The station's construction adheres to high environmental standards, aiming for longevity and energy efficiency. The structure not only meets the demands of daily transit but also sets a benchmark in future-forward, climate-resilient urban design. Naming rights secured by Emaar At the unveiling ceremony, it was announced that Emaar has secured the naming rights for the station for a period of 10 years, beginning with its official inauguration in 2029. This partnership reflects the deepening link between urban development and transport infrastructure in Dubai. Emaar Properties Station is expected to further enhance the brand's presence across the city while contributing to Dubai's broader urban transformation. As the tallest metro station globally, Emaar Properties Station is poised to become a symbol of architectural ambition, connectivity, and innovation — a true landmark in Dubai's evolving skyline and its commitment to shaping the cities of tomorrow.

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