Dubai’s Corporate Earnings Surge in FY-2024: A Masterclass in Diversification

Dubai has again strongly made its case for economic diversification policy. In FY-2024, net earnings of listed companies on the Dubai Financial Market increased by a remarkable 16% year-on-year to $25.4 billion from $21.9 billion in FY-2023. This is while most of the Gulf is experiencing decelerating growth or decline—again reflecting the special economic resilience of Dubai.

So, what’s driving this strong performance?

The Dubai corporate profits' heavy lifters were the banking, real estate, and utilities sectors, which collectively contributed more than 82% of net profits. Although this is a slight decline from the 88% contribution they made last year, it still says a lot about the robustness of these core sectors.

Let's break it down:

• Banking set the pace, with industry-wide profits increasing to $12.6 billion from $11.3 billion. Major players such as Emirates NBD recorded a 6.9% growth in profits, hitting $6.3 billion. Dubai Islamic Bank increased by close to 17%, with Mashreq Bank also recording robust gains. What was the thread that ran through them all? Savvy digital investments, regional expansion, and growing interest income.

• In real estate, Emaar Properties posted a 16.2% jump in profits to $3.7 billion, fueled by record property sales of AED 70 billion and a generous 100% dividend payout. Tecom Group followed with nearly 14% growth, thanks to strong revenue across all its business verticals.

• The utilities sector, however, saw a dip. Profits dropped 8.6% year-on-year to $2.2 billion, with both DEWA and Tabreed reporting declines. Still, the sector remains vital and stable in the broader economic mix.

  
  

What’s striking is the contrast with Abu Dhabi, where listed companies saw a 7.1% decline in profits, mainly dragged down by the food, beverage, and capital goods sectors.

Dubai’s story is different. It’s not just about oil anymore. It’s about real estate innovation, financial sector evolution, and infrastructure excellence. FY-2024’s earnings underline Dubai’s vision of a diversified, future-ready economy—and it’s paying off.

As global markets remain volatile, Dubai’s balanced growth model continues to turn heads and attract long-term investors.