Emaar Properties PJSC reported solid financial results for the first half of 2025, driven by strong property sales, growing revenue backlog, and improved earnings across its core business segments.
Property sales surge
The developer posted property sales of approximately Dhs 46 billion in H1 2025, marking a 46% increase over the same period last year. This sets a new record for the company and highlights continued investor demand across its projects.
Revenue backlog reached Dhs 146.3 billion as of June 30, up 62% year-on-year, enhancing the company’s future earnings visibility.
Total revenue for the period rose to Dhs 19.8 billion, a 38% increase compared to H1 2024. Emaar also reported an EBITDA of Dhs 10.4 billion with a 30% year-on-year growth, and net profit before tax rose by 34% to the same level.
UAE development performance
Emaar Development PJSC, the company’s build-to-sell unit, launched 25 new projects across major communities in the UAE. It achieved Dhs 40.6 billion in sales, a 37% rise from H1 2024.
Revenue for Emaar Development stood at around Dhs 10 billion, with net profit before tax growing by 50% to Dhs 5.5 billion. Consolidated revenue from UAE development reached Dhs 13.5 billion.
Backlog from UAE projects increased 50% year-on-year to Dhs 128.6 billion, reflecting sustained buyer interest in lifestyle-focused communities.
Retail and malls revenue
Emaar’s shopping malls and leasing operations generated Dhs 3.2 billion in revenue during the first half of 2025, a 14% increase over the previous year. EBITDA for the segment reached Dhs 2.8 billion, up 18%. Occupancy across Emaar’s mall assets remained high at 98%.
International operations
Emaar’s international sales hit Dhs 5.3 billion in H1 2025, representing a 200% jump from H1 2024, with growth mainly driven by markets in India and Egypt. Revenue from global operations stood at Dhs 1 billion, contributing around 5% to the group’s total revenue.
Hospitality and leisure
Revenues from Emaar’s hospitality, leisure, and entertainment segment reached Dhs 2.1 billion in H1 2025. UAE hotels under the group reported an average occupancy rate of 80%, compared to 78% in the previous year. Two new hotels, offering over 600 rooms, were added to the portfolio during the period.
Recurring revenue streams
The group’s recurring revenue businesses – including malls, hospitality, entertainment, and leasing – brought in Dhs 5.3 billion, marking a 15% year-on-year growth. EBITDA from this segment increased 16% to Dhs 4.1 billion, accounting for 40% of total EBITDA.
Credit rating and talent focus
In Q2 2025, Moody’s upgraded Emaar’s credit rating to Baa1 with a stable outlook, following an earlier upgrade to BBB+ by S&P Global. The company also introduced initiatives like a Youth Council and mentorship programmes to support Emirati workforce development.
Sustainability and outlook
Emaar continues to enhance its ESG performance, focusing on energy efficiency and sustainable practices. It recently received an upgraded ESG rating from MSCI.
Mohamed Alabbar, founder of Emaar, said: “Numbers alone don’t tell the full story. Behind every sale, every project, every community, there’s intent. There’s a team asking: how can we do better? How can we make someone’s everyday more meaningful? First half of 2025 reflects that mindset. The focus goes beyond meeting targets to creating lasting impact and fostering stronger connections that inspire continuous growth.”
tanvir@dubainewsweek.com
