The 25-year-old crossed the line in two hours and four minutes exactly, two seconds ahead of Leul Gebresilase with last year's winner Tamirat Tola a further four seconds adrift as Ethiopians filled the first 10 places.
Geremew's personal best mark eclipsed the previous race record of 2:04:11 set by Tola in last year's victory and lifted him up to 10th on the all-time list, 63 seconds adrift of Dennis Kimetto's world record that the Kenyan set in Berlin in 2014.
Roza Dereje won the women's race in 2:19:17, also a new record and personal best for the Ethiopian, ahead of compatriots Feyse Tadese, Yebrgual Melese and last year's winner Worknesh Degefa.
All four women finished under two hours and 20 minutes in the 19th running of the race with Dereje moving up to seventh on the all-time list behind Paula Radcliffe's record of 2:15:25 that the Briton set at the 2003 London Marathon.
Radcliffe's mark may have survived in Dubai but Kenya's Mary Keitaney is using male pacemakers in the London race this April in a bid to add the overall record to the women-only mark she took from the Briton in 2017.
The Dubai men and women's winners each took home $200,000 in prize money for a race that started before dawn in thick fog, and passed the luxury sail-shaped Burj Al Arab hotel along a section of the route.
(This story has been refiled to add dropped word in penultimate paragraph)
(Reporting by Alexander Cornwell; Editing by John O'Brien)
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