Dubai-based real estate developer Emaar Properties PJSC reported property sales of approximately AED46 billion ($12.5 billion) in H1 2025, which represents a remarkable increase of 46 percent compared to H1 2024, surpassing previous sales records. This performance underscores sustained investor confidence and strong demand across the company’s projects. Furthermore, the revenue backlog from property sales surged to AED146.3 billion ($39.8 billion) as of June 30, 2025, reflecting a 62 percent year-on-year increase and reinforcing the company’s future revenue visibility.
Revenue climbed to AED19.8 billion ($5.4 billion), marking a growth of 38 percent over the same period last year, driven by robust performance across development, retail, hospitality, and international operations. In terms of profitability, Emaar reported an EBITDA of AED10.4 billion ($2.8 billion), a 30 percent increase year-on-year, with a healthy margin of over 52 percent. Net profit before tax rose to AED10.4 billion ($2.8 billion), recording a growth of 34 percent compared to the same period last year.
Emaar continues to excel in customer satisfaction by maintaining high standards in product quality, design, and community living. The company also experienced credit rating upgrades, with S&P Global raising Emaar’s credit rating to BBB+, and Moody’s following suit by elevating it to Baa1 in Q2 2025, both with stable outlooks. These upgrades reinforce the strength of Emaar’s strategy, operational excellence, and sustained performance.
Advancing ESG initiatives
Additionally, Emaar has strengthened its commitment to Emirati talent through the launch of its first Youth Council, the rollout of Focused Mentorship 3.0, and continued sponsorship of professional certifications such as the CFA, all aimed at developing a future-ready workforce. The company remains dedicated to managing costs efficiently while maximizing value and performance across all business lines. Emaar is also advancing its ESG agenda, focusing on energy efficiency, responsible sourcing, and circularity, building upon its upgraded ESG rating from MSCI.
Mohamed Alabbar, founder of Emaar, commented: “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? The 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.”
UAE build-to-sell property development
Emaar Development PJSC (DFM: EMAARDEV) maintained its strong momentum in the first half of 2025, delivering notable results in both property sales and construction progress. The UAE development businesses experienced exceptional growth in H1 2025, with 25 new project launches across prime master communities. Property sales reached AED40.6 billion ($11.1 billion), reflecting a 37 percent surge over the same period last year.
Emaar Development reported revenue of ~AED10 billion ($2.7 billion), achieving a growth of 35 percent year-on-year, and a net profit before tax of AED5.5 billion ($1.5 billion), up by 50 percent compared to H1 2024. The consolidated revenue of Emaar Properties from its property development business in the UAE during H1 2025 increased to AED13.5 billion ($3.7 billion), up 50 percent from the same period last year.
Revenue backlog from UAE developments reached AED128.6 billion ($35 billion) as of June 30, 2025, marking a 50 percent increase over H1 2024 and underscoring sustained market interest in premium lifestyle offerings across Dubai.
Shopping malls, retail, and commercial leasing
Emaar’s shopping malls and leasing portfolio delivered a strong performance with revenue of AED3.2 billion ($871 million) in H1 2025, up 14 percent year-on-year, and EBITDA of AED2.8 billion ($762 million), an increase of 18 percent compared to H1 2024. This growth was driven by continued expansion in tenant sales and sustained healthy occupancy across key assets, resulting in increased rental income. As of June 30, 2025, our mall assets maintained an average occupancy of 98 percent.
International development
Emaar’s international operations recorded property sales of AED5.3 billion ($1.4 billion) in H1 2025, marking an increase of 200 percent over H1 2024, driven by continued demand across key markets. Revenue reached AED1 billion ($272 million), up 26 percent compared to the same period last year. The performance of international operations was primarily driven by strong demand for real estate assets in India and Egypt. Revenue from international real estate operations contributed approximately 5 percent of total revenue of Emaar in H1 2025.
Hospitality, leisure, and entertainment
Emaar’s hospitality, leisure, and entertainment businesses recorded revenues of AED2.1 billion ($572 million), supported by robust tourist activity and growing domestic demand. Emaar’s UAE hotels achieved an average occupancy rate of 80 percent in H1 2025, compared to 78 percent in the first half of 2024. The company added 2 hotels featuring over 600 keys in the first half of 2025, expanding its portfolio and strengthening its presence in the sector.
Recurring revenue
Emaar’s diverse and sustainable recurring revenue-generating portfolio, encompassing malls, hospitality, leisure, entertainment, and commercial leasing, achieved strong results in H1 2025. The portfolio recorded a revenue increase of 15 percent, reaching AED5.3 billion ($1.4 billion) during H1 2025, and an EBITDA of AED4.1 billion ($1.1 billion), achieving a growth of 16 percent compared to the same period last year. This portfolio continues to provide stable income streams and robust cash flows for Emaar. EBITDA from this portfolio constituted 40 percent of Emaar’s total EBITDA in H1 2025.
