DUBAI: The international revenue of the UAE’s property giant Emaar Properties, has been shrinking at an alarming pace, both in percentage and absolute terms, even as its UAE business surges ahead.
In 2022, nearly a quarter (25 per cent) of Emaar’s total revenue came from international markets. By the end of 2023, this had dropped to around 14 per cent, and by 2024, it nosedived to just 9.32 per cent.
The sharp decline signals a fundamental shift in the revenue mix of Emaar Properties, with global operations losing momentum. Emaar Properties has a global presence with operations and projects in countries including Saudi Arabia, Jordan, Lebanon, Egypt, Morocco, India, Pakistan, Turkey, the United States, and Italy.
However, Emaar’s booming UAE operations have more than offset the slowdown in international markets, cementing its dominance in UAE’s real estate sector.
Emaar, which owns Dubai Mall – one of world’s largest shopping malls – remains a real estate powerhouse. As of end-2024, the company’s total assets stood at AED160.22 billion (Rs3,76,500 crore or $43.66 billion), with an equity capital (net worth) of AED96 billion.
Revenue and profitability have surged. Emaar reported a gross revenue of AED35.50 billion for 2024, while its net profit reached AED17.45 billion, more than doubling from AED8.14 billion in 2022.
Domestic vs International
The contrast between domestic and international growth is stark. While UAE revenue of Emaar Properties soared from AED19.04 billion in 2022 to AED32.19 billion in 2024, international revenue has fallen from AED5.89 billion to just AED3.31 billion over the same period.
“Emaar’s domestic focus comes at a time when Dubai’s property market is witnessing an aggressive rally, with the sector approaching pre-2008 highs,” a real estate expert told businessbenchmark.news from Dubai.
Beyond Emaar, other key players such as Aldar Properties, Dubai Properties, Deyaar Properties, etc, have also reported robust growth, raising concerns about how long this rapid expansion can sustain.
Market experts warn that UAE’s real estate sector is on an unprecedented growth trajectory, fueling speculation about the risks of overheating. The key question now is whether this domestic-led surge can be sustained – or if it is setting the stage for volatility in the years ahead.
Duibai Mall expansion
Amidst this expansion drive, Emaar has embarked on a major upgrade of Dubai Mall, adding 240 new luxury stores and food and beverage outlets.
The company has also announced plans to replenish its land bank by spending $8.2 billion over the next five years. According to a rating report by S&P Global, Emaar is expected to incur capital spending exceeding AED14 billion ($3.81 billion) for the development of Creek Tower and Creek Mall.
