News And Publications

Key Takeaways:

• Dubai’s Real Estate Sector records AED761 billion in transactions in 2024, accelerating growth towards 2033 goals.
• Dubai’s real estate sector recorded a total of 2.78 million procedures in 2024, the highest in its history. The record number of procedures, which include both real estate transactions and rental agreements, represent a 17% increase compared to 2023.
• Real estate transactions alone reach 226,000 in 2024, with a combined value of AED761 billion, a 36% y-o-y growth in volume and 20% rise in value.
• The sector recorded 217,000 investments valued at AED526 billion, reflecting impressive growth rates of 38% and 27% in number and value respectively.

Dubai’s Roads and Transport Authority (RTA) announced that it has awarded the contract for the Dubai Metro Blue Line project to a consortium of three leading Turkish and Chinese companies: MAPA, LIMAK, and CRRC. The project, which spans 30 kilometres and includes 14 stations, is valued at AED20.5 billion.

Key takeaways:

• The wholesale and retail leads in terms of value, having reached AED28.68 billion growing 2.2% from the same period last year, contributing 24.7% to the GDP and driving growth by 17%.
• The real estate sector experienced a growth of 2.6% in the second quarter of 2024, accounting for 8.7% of Dubai’s GDP with a total value of AED10.15 billion and contributing 6.9% to growth.
• The transportation and storage sector achieved a total value of AED15.85 billion in Q2 this year, achieving a growth of 7.8% compared to the same period last year.
• The Financial and Insurance Activities achieved a total value of AED13.16 billion in Q2 this year, achieving a growth of 4.6% compared to the same period last year.
• The manufacturing sector achieved a total value of AED 10.6 billion in Q2 this year, achieving a growth of 2.5%, compared to the same period last year.

Key Takeaways:

• The Emirates Group announced its best-ever half-year financial performance, posting a profit before tax of AED10.4 billion (US$ 2.8 billion) for the first six months of 2024-25, surpassing its record profit before tax for the same period last year.
• This is the first financial year that the UAE corporate income tax, enacted in 2023, is applied to the Emirates Group. After accounting for the 9% tax charge, the Group’s profit after tax is AED9.3 billion (US$2.5 billion).
• Demonstrating its strong operating profitability, the Group maintained a robust EBITDA of AED20.4 billion (US$5.6 billion), slightly lower from AED20.6 billion (US$5.6 billion) last year.
• Group revenue was AED70.8 billion (US$ 19.3 billion) for the first six months of 2024-25, up 5% from AED67.3 billion (US$ 18.3 billion) last year. This reflects the consistently strong customer demand across business divisions, and across regions.
• The Group closed the first half year of 2024-25 with a solid cash position of AED43.7 billion (US$ 11.9 billion) on 30 September 2024, compared to AED47.1 billion (US$ 12.8 billion) on 31st March 2024.