Image: Emaar
Emaar Properties reported a 46 per cent increase in property sales in H1 2025, reaching Dhs46bn ($12.5bn), marking its highest-ever half-year sales performance.
The results reflect continued demand across its master-planned communities and lifestyle offerings, as well as broad-based growth across its retail, hospitality, and international operations.
The company’s revenue backlog rose to Dhs146.3bn ($39.8bn) as of June 30, up 62 per cent year-on-year, providing strong visibility for future revenues.
Consolidated revenue rose to Dhs19.8bn ($5.4bn), a 38 per cent increase from H1 2024.
Emaar reported EBITDA of Dhs10.4bn ($2.8bn), up 30 per cent year-on-year, with EBITDA margins exceeding 52 per cent.
Net profit before tax also reached Dhs10.4bn ($2.8bn), growing by 34 per cent compared to the same period last year.
In Q2, Moody’s upgraded Emaar’s credit rating to Baa1 with a stable outlook. This follows S&P Global’s earlier upgrade to BBB+, also with a stable outlook.
Emaar‘s founder Mohamed Alabbar 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? The first half of 2025 reflects that mindset.”
Development business sees strong momentum, retail and leasing portfolio posts growth
Emaar Development posted H1 2025 property sales of Dhs40.6bn ($11.1bn), up 37 per cent year-on-year, supported by 25 new project launches.
Revenue from UAE development operations rose 35 per cent to Dhs10bn ($2.7bn), while net profit before tax increased 50 per cent to Dhs5.5bn ($1.5bn).
Total consolidated UAE development revenue for Emaar reached Dhs13.5bn ($3.7bn), a 50 per cent increase. The backlog from UAE projects climbed to Dhs128.6bn ($35bn), up 50 per cent from H1 2024.
Revenue from Emaar’s shopping malls and leasing assets increased 14 per cent to Dhs3.2bn ($871m), with EBITDA rising 18 per cent to Dhs2.8bn ($762m).
Average occupancy across malls stood at 98 per cent as of June 30.
International and hospitality segments expand
International property sales more than tripled year-on-year to Dhs5.3bn ($1.4bn), with revenue up 26 per cent to Dhs1bn ($272m), mainly driven by activity in India and Egypt.
International operations accounted for roughly 5 per cent of total H1 2025 revenue.
The hospitality, leisure, and entertainment segment posted Dhs2.1bn ($572m) in revenue, supported by an 80 per cent average occupancy rate across UAE hotels, up from 78 per cent last year.
Two hotels with over 600 keys were added to the portfolio in H1 2025.
Recurring revenue base strengthens
Emaar’s recurring revenue portfolio, comprising malls, hotels, leisure, entertainment, and commercial leasing, generated Dhs5.3bn ($1.4bn) in revenue during H1, up 15 per cent year-on-year.
EBITDA from this portfolio rose 16 per cent to Dhs4.1bn ($1.1bn), accounting for 40 per cent of the group’s total EBITDA.
Emaar launched a Youth Council and new mentorship programmes, while continuing to sponsor professional certifications including the CFA, as part of its focus on Emirati talent development.
On the ESG front, the company reported continued progress on energy efficiency and responsible sourcing, building on its upgraded MSCI ESG rating.
