Dubai-based real estate giant Emaar Properties saw a near 50% surge in earnings last year, reaching AED5 billion ($1.4 billion), while its stock has climbed 5.5% on the Dubai Financial Market in 2024.

However, its international arm, Emaar International, continues to struggle, with revenue declining for three consecutive years, dropping from AED4.2 billion in 2022 to AED2.7 billion in 2023.

Currency depreciation in key markets like India, Egypt, and Pakistan has significantly impacted its foreign operations, with the Indian rupee losing 13% of its value over three years and Egypt devaluing its currency by two-thirds in 2023.

Emaar India reported losses of AED2.4 billion in 2023-24, double that of the previous year, and is now in advanced talks to sell its Indian unit to Adani Group for $1.4 billion.

Despite challenges abroad, Emaar Misr, its Egypt-based subsidiary, more than doubled its profit to EGY15 billion ($300 million) in 2024, buoyed by a stabilizing Egyptian pound and strong brand recognition.

In contrast, Emaar Economic City in Saudi Arabia reported a $300 million loss in 2024, with revenue plummeting nearly 60%, highlighting continued volatility in select international markets.

While global operations remain uncertain, Emaar’s domestic success underscores its resilience in the UAE’s thriving real estate sector.