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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THE BIO
Favourite holiday destination: Whenever I have any free time I always go back to see my family in Caltra, Galway, it’s the only place I can properly relax.
Favourite film: The Way, starring Martin Sheen. It’s about the Camino de Santiago walk from France to Spain.
Personal motto: If something’s meant for you it won’t pass you by.
Some of Darwish's last words
"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008
His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.
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The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
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UK's plans to cut net migration
Under the UK government’s proposals, migrants will have to spend 10 years in the UK before being able to apply for citizenship.
Skilled worker visas will require a university degree, and there will be tighter restrictions on recruitment for jobs with skills shortages.
But what are described as "high-contributing" individuals such as doctors and nurses could be fast-tracked through the system.
Language requirements will be increased for all immigration routes to ensure a higher level of English.
Rules will also be laid out for adult dependants, meaning they will have to demonstrate a basic understanding of the language.
The plans also call for stricter tests for colleges and universities offering places to foreign students and a reduction in the time graduates can remain in the UK after their studies from two years to 18 months.
What is a calorie?
A food calorie, or kilocalorie, is a measure of nutritional energy generated from what is consumed.
One calorie, is the amount of heat needed to raise the temperature of 1 kilogram of water by 1°C.
A kilocalorie represents a 1,000 true calories of energy.
Energy density figures are often quoted as calories per serving, with one gram of fat in food containing nine calories, and a gram of protein or carbohydrate providing about four.
Alcohol contains about seven calories a gram.
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No more lice
Defining head lice
Pediculus humanus capitis are tiny wingless insects that feed on blood from the human scalp. The adult head louse is up to 3mm long, has six legs, and is tan to greyish-white in colour. The female lives up to four weeks and, once mature, can lay up to 10 eggs per day. These tiny nits firmly attach to the base of the hair shaft, get incubated by body heat and hatch in eight days or so.
Identifying lice
Lice can be identified by itching or a tickling sensation of something moving within the hair. One can confirm that a person has lice by looking closely through the hair and scalp for nits, nymphs or lice. Head lice are most frequently located behind the ears and near the neckline.
Treating lice at home
Head lice must be treated as soon as they are spotted. Start by checking everyone in the family for them, then follow these steps. Remove and wash all clothing and bedding with hot water. Apply medicine according to the label instructions. If some live lice are still found eight to 12 hours after treatment, but are moving more slowly than before, do not re-treat. Comb dead and remaining live lice out of the hair using a fine-toothed comb.
After the initial treatment, check for, comb and remove nits and lice from hair every two to three days. Soak combs and brushes in hot water for 10 minutes.Vacuum the floor and furniture, particularly where the infested person sat or lay.
Courtesy Dr Vishal Rajmal Mehta, specialist paediatrics, RAK Hospital
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The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
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Name: Lamsa
Founder: Badr Ward
Launched: 2014
Employees: 60
Based: Abu Dhabi
Sector: EdTech
Funding to date: $15 million
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Read part four: an affection for classic cars lives on
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Read part one: how cars came to the UAE
