Dubai real estate developer Emaar Properties recorded in Q1 2025 a revenue of AED10.1 billion ($2.74 billion), marking a 50 percent increase compared to the same period in 2024. The company reported an EBITDA of AED5.4 billion ($1.5 billion), which is up 24 percent from the previous year, with a healthy margin exceeding 53 percent. Additionally, net profit before tax rose by 27 percent to AED5.4 billion ($1.5 billion) compared to Q1 2024.
Emaar has successfully carried its momentum from last year into the first quarter of this year, showcasing a robust performance that continues to redefine industry standards and drive sustainable growth across its diverse portfolio, according to a recent statement.
Remarkable property sales
Emaar achieved property sales of approximately AED19.3 billion ($5.3 billion), reflecting an increase of 42 percent over Q1 2024 sales, which stood at around AED13.5 billion. As of March 31, 2025, the company’s revenue backlog from property sales increased to approximately AED127 billion ($34.6 billion), indicating a 62 percent rise from the same period last year and signifying strong revenue growth for the years ahead.
This performance underscores the company’s operational excellence, customer-focused approach, and commitment to creating value for all stakeholders, as stated by the company.
Record dividend and customer focus
In terms of dividends, Emaar declared and paid a record dividend of AED8.9 billion ($2.4 billion) to its shareholders. The company continues to excel in customer satisfaction by prioritizing the highest standards in design, product quality, and community services. Investing in young talent remains a core priority, with training and development initiatives designed to prepare the next generation of leaders in the UAE. Furthermore, the company emphasizes efficient cost management while maximizing value and performance across all business lines. Emaar is also advancing its sustainability strategy, focusing on resource efficiency, waste management, and responsible sourcing practices, and has achieved its third ESG rating upgrade in four years from MSCI, reflecting its unwavering commitment to environmental, social, and governance principles. Additionally, S&P Global upgraded Emaar’s credit rating to BBB+ with a stable outlook, indicating confidence in Emaar’s solid financial position and growth potential.
Commitment to the future
Mohamed Alabbar, founder of Emaar, stated: “Every quarter is an opportunity to reinvent what’s possible — not just in how we build, but in how we think, lead, and connect. These results are more than numbers; they reflect the ambition of a team that refuses to stand still, and a community that inspires us to go further. At Emaar, we don’t follow momentum — we create it. Our journey is powered by people with bold ideas, by a culture that rewards curiosity, and by a commitment to shape the future with purpose and precision.”
Emaar Development has sustained its momentum with notable property sales and project deliveries. Following the successful launch of 12 projects in Q1 2025 across various master plans in the UAE, Emaar’s property development business recorded another record quarterly property sales of AED16.5 billion ($4.5 billion), representing an increase of over 28 percent compared to Q1 2024. Emaar Development’s revenue for Q1 2025 reached AED5 billion, a growth of 43 percent over the same period in 2024, and it achieved a net profit before tax of approximately AED2.8 billion ($753 million), reflecting a growth of 49 percent over Q1 2024. The consolidated revenue of Emaar Properties from its property development business in the UAE during Q1 2025 reached AED6.9 billion, including Dubai Creek Harbour.
Performance in retail and commercial leasing
Emaar’s shopping malls, retail, and commercial leasing operations generated revenue of AED1.5 billion in Q1 2025. During this period, the portfolio achieved an EBITDA of AED1.3 billion. This performance can be attributed to improved lease rentals on renewals, continued growth in tenant sales, and sustained healthy occupancy rates across key assets. As of March 31, 2025, the mall assets maintained an average occupancy of 98 percent.
Emaar’s international real estate operations recorded property sales of AED2.8 billion in Q1 2025, reflecting ongoing demand across key markets, with revenue amounting to AED626 million during the same period. The strong performance of international operations was primarily driven by robust results in India and Egypt, with revenue from international real estate operations representing approximately 6 percent of Emaar’s total revenue in Q1 2025.
Hospitality sector expansion
Emaar’s hospitality, leisure, and entertainment divisions generated revenues of AED1.1 billion ($299 million), supported by thriving tourism and a surge in domestic demand. The company’s UAE hotels, including those under management, reported an average occupancy of 82 percent in the first quarter of 2025. Emaar expanded its hospitality portfolio with the addition of 2 new hotels, featuring over 600 keys, further reinforcing its strong presence in the sector.
Emaar’s diverse and sustainable recurring revenue-generating portfolio, which includes malls, hospitality, leisure, entertainment, and commercial leasing, achieved strong results in Q1 2025. The portfolio recorded a revenue increase of 11 percent, reaching AED2.6 billion for Q1 2025, and an EBITDA of AED2 billion, showcasing around a 10 percent growth compared to the same period last year. This portfolio continues to provide stable income streams and robust cash flows for the group, with EBITDA from this segment constituting 37 percent of Emaar’s total EBITDA in Q1 2025, the company noted.
