Real estate giant Emaar Properties PJSC (DFM: EMAAR) reported a strong financial performance for the first half of 2025, with net profit before tax rising 34% year-on-year to AED 10.4 billion (US$2.8 billion). The performance was driven by record-high property sales, increased backlog, and sustained growth across its development, retail, and hospitality businesses.
Total revenue for the six-month period rose 38% to AED 19.8 billion (US$5.4 billion), while EBITDA climbed 30% to AED 10.4 billion, reflecting strong operating margins and execution.
Record Sales and Backlog
Emaar’s property sales surged 46% to AED 46 billion (US$12.5 billion) in H1 2025, as demand remained high for its master-planned communities and branded residences. The developer’s revenue backlog increased 62% to AED 146.3 billion (US$39.8 billion), providing strong visibility for future earnings.
“This is more than just numbers. It’s about creating meaningful spaces that resonate with people,” said Mohamed Alabbar, Founder of Emaar. “Our growth mindset continues to guide every project, every milestone.”
Robust Growth Across Divisions
UAE Property Development:
Emaar Development PJSC posted AED 40.6 billion in property sales, up 37% year-on-year, driven by 25 new project launches across Dubai. Revenue from UAE developments rose 50% to AED 13.5 billion, with backlog increasing to AED 128.6 billion.
Retail and Leasing:
Emaar’s malls and leasing portfolio generated AED 3.2 billion in revenue (+14% YoY) with 98% occupancy, and an EBITDA of AED 2.8 billion (+18%).
International Operations:
Sales from global markets soared 200% to AED 5.3 billion, led by strong demand in India and Egypt. Revenue rose 26% to AED 1 billion, contributing 5% to total income.
Hospitality and Leisure:
Emaar’s hospitality division reported AED 2.1 billion in revenue, buoyed by an 80% occupancy rate. Two new hotels with over 600 keys were added in H1 2025.
Recurring Revenue Portfolio:
Emaar’s diversified recurring revenue segments — including malls, hospitality, entertainment, and commercial leasing — recorded a 15% rise in revenue to AED 5.3 billion, and EBITDA of AED 4.1 billion, accounting for 40% of total group EBITDA.
Strategic Ratings and Initiatives
In a boost to its financial standing, Moody’s upgraded Emaar’s credit rating to Baa1, following an earlier upgrade to BBB+ by S&P Global, both with stable outlooks.
The group also launched its first Youth Council, rolled out Focused Mentorship 3.0, and expanded sponsorship of CFA certifications to nurture Emirati talent and build a future-ready workforce.
Emaar reiterated its commitment to sustainability, with a focus on energy efficiency and responsible sourcing. The company’s ESG rating was upgraded by MSCI, aligning with its long-term vision for responsible growth.
