Emaar Properties, Dubai’s largest real estate developer, reported a net profit of AED5.3 billion ($1.4 billion) attributable to equity holders in the first half of 2024, marking an 8% increase compared to the same period last year. The company’s revenue surged by 17% year-on-year to AED14.4 billion, driven by strong investor confidence and sustained demand in Dubai’s thriving real estate market.

Emaar’s earnings before interest, taxes, depreciation, and amortization (EBITDA) grew 24% year-on-year to AED8 billion, reflecting higher profit margins. The company also achieved record-breaking property sales, with group sales reaching AED31.5 billion, a 56% increase from the previous year. As of June 2024, Emaar’s revenue backlog from property sales stood at AED90 billion, a 43% rise from June 2023, indicating substantial future revenue to be recognized over the next four to five years.

Emaar Development, a majority-owned subsidiary, launched 25 new projects across various master plans, achieving record property sales of AED29.7 billion in the first half of the year. Revenue for the subsidiary reached AED7.3 billion, a 65% year-on-year increase. The UAE property sales backlog for Emaar Development reached AED82.3 billion, which will be recognized as revenue in the coming years.

The company’s malls and commercial leasing operations generated AED2.8 billion in revenue, with prime mall assets reporting an occupancy rate of nearly 99% as of June 30, 2024. The Dubai Mall alone attracted 57 million visitors, an 8% increase from the same period last year.

International property sales also performed well, with revenue from operations in Egypt and India rising by 50% year-on-year to AED1.8 billion. Additionally, Emaar’s hospitality, leisure, and entertainment divisions generated AED1.8 billion in revenue, marking a 9% increase from the first half of 2023.