UAE Luxury Real Estate Developer Binghatti Holding Achieves Record Financial Results in 2024 The growth was fueled by high demand for luxury properties in Dubai and the successful launch of new projects, driving the company's highest-ever sales.
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UAE luxury real estate developer Binghatti Holding achieved outstanding financial performance in 2024, with net profit attributable to shareholders soaring 152% to a record AED1.83 billion, compared to AED 0.73 billion in 2023. The growth was fueled by high demand for luxury properties in Dubai and the successful launch of new projects, driving the company's highest-ever sales.
Binghatti reported AED11.6 billion in total sales, which translated into a surge of almost 200% in revenue to AED6.3 billion, underscoring the company's commitment to operational excellence and strong market positioning in Dubai's luxury real estate sector.
In 2024, the company significantly expanded its property portfolio, leading to a 182% increase in its revenue backlog to approximately AED10 billion as of December 31, 2024, compared to AED3.4 billion in 2023. The significant increase was driven by the launch of 16 new projects, which introduced 11,750 new units to the market. Meanwhile, 3,700 units across 10 projects were successfully delivered to clients, reinforcing the company's strong execution capabilities.
Binghatti has high-end, branded real estate collaborations featuring globally renowned luxury icons such as Mercedes Benz, Bugatti, and Jacob & Co, while its clientele includes Brazilian footballer Neymar Junior and opera singer Andrea Bocelli.
Looking ahead, the company's growth will be enhanced by the acquisition of over 13 million square feet of prime development land in Dubai, with an estimated future total development value exceeding AED 26 billion.
Chairman of Binghatti Holding Ltd., Muhammad Binghatti, said, "2024 has been a transformative year for the Company, and our exceptional financial results reflect the strengthening of our position in Dubai's luxury real estate market. Our record performance also demonstrates the growing demand for premium properties and our ability to deliver world-class developments in collaboration with global luxury brands. With a strong revenue backlog, robust project pipeline, and a strategic landbank, we are exceptionally well-positioned to drive sustainable growth that creates long-term value for our stakeholders."
The company's USD$500 million sukuk is listed on the London Stock Exchange and Nasdaq Dubai.
Related: Architect Of Ambition: Muhammad BinGhatti, Chairman of Binghatti Holding
