The first-half net profit of Dubai's largest listed developer Emaar Properties surged 34 per cent on an annual basis after a sharp rise in sales and growing revenue.

Net profit from January to the end of June rose to Dh10.4 billion ($2.8 billion), the company on Wednesday told the Dubai Financial Market, where its shares are traded.

Revenue increased 38 per cent year-on-year to Dh19.8 billion, driven by “robust performance across development, retail, hospitality and international operations”, Emaar said.

Property sales surged by 46 per cent to a record Dh46 billion, reflecting “continued investor confidence and demand across projects".

The group’s revenue backlog from sales surpassed Dh146.3 billion as of June 30, a 62 per cent annual increase.

Profit before interest, taxes, depreciation and amortisation – a key measure of profitability – climbed 30 per cent to Dh10.4 billion.

Mohamed Alabbar, founder of Emaar, said: “Numbers alone don’t tell the full story. Behind every sale, every project, every community, there’s intent. There’s a team asking: how can we do better? How can we make someone’s every day more meaningful? The first half of 2025 reflects that mindset."

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Property companies in Dubai have maintained strong growth momentum since bouncing back from the Covid-driven slowdown.

Government measures such as residency permits for retired and remote workers, and the expansion of the 10-year Golden Visa programme have boosted foreign investment flows into the emirate’s property market over the past few years.

Latest data shows Dubai's economy grew by 3.1 per cent in the first nine months of last year, compared to the same period in 2023, reaching Dh339.4 billion, with growth largely driven by strides in several sectors, including property.

The volume and value of real estate transactions in Dubai rose sharply in the first half of the year amid the entry of more than 59,000 new investors, the Dubai Land Department (DLD) said last month.

The number of transactions reached 125,538, up nearly 26 per cent from 99,947 during the first six months of last year. The value of these transactions rose 25 per cent to about Dh431 billion, the DLD said.

Emaar Development, a majority-owned subsidiary specialising in the build-to-sell property development business, recorded property sales worth Dh40.6 billion during the six-month period, up 37 per cent year-on-year.

Revenue grew 35 per cent annually to reach Dh10 billion, while net profit climbed 50 per cent to Dh5.5 billion. The company also launched 25 new projects across the UAE.

Emaar’s shopping malls and commercial leasing operations recorded revenue of Dh3.2 billion in the first half of 2025, up 14 per cent year-on-year, driven by robust growth in tenant sales and increased occupancy. Its mall assets had an average occupancy of 98 per cent as of June 30.

Emaar’s international operations recorded property sales of Dh5.3 billion, an increase of 200 per cent from 2024 – primarily driven by Egypt and India operations – with revenue at Dh1 billion, up 26 per cent annually.

Revenue from international operations contributed about 5 per cent of Emaar’s total in the first six months of this year.

Emaar’s hospitality, leisure and entertainment businesses recorded revenue of Dh2.1 billion, supported by strong tourist activity and growing domestic demand.

Its UAE hotels achieved an average occupancy rate of 80 per cent and the company added two hotels featuring more than 600 new rooms in the first half period.