Emaar Properties PJSC, one of the world’s most prominent real estate developers, has received a significant vote of confidence from global credit rating agencies S&P Global Ratings and Moody’s, both of which have upgraded the company’s long-term issuer ratings with stable outlooks.
S&P lifted Emaar’s rating to BBB+ from BBB, while Moody’s moved its rating up to Baa1 from Baa2. The upgrades also apply to Emaar’s senior unsecured debt and reflect what the agencies describe as the company’s sound financial footing, strong revenue visibility, and consistent operational performance.
As of March 2025, Emaar reported a revenue backlog of US$ 34.6 billion, providing long-term income visibility through 2028. This figure includes a record-high backlog of US$ 29.9 billion recorded at the end of 2024, alongside presales in the UAE totaling US$ 17.8 billion during the year. S&P highlighted the group’s low leverage, solid net cash position, and robust EBITDA margins as key reasons behind the rating action.
Moody’s also underscored the group’s significant reduction in adjusted debt since 2020 and a marked improvement in its debt-to-equity ratio, attributing the upgrade to Emaar’s prudent financial management over recent years.
Emaar’s liquidity position remains strong, with US$ 6.9 billion in cash reserves (excluding escrow balances) and US$ 2 billion in undrawn committed credit lines as of Q1 2025. The company also reported an interest coverage ratio of 24 times, further underscoring its financial resilience.
Emmar Properties Founder Mohamed Alabbar (Credit: Emaar Properties)
Founder Mohamed Alabbar welcomed the upgrades, saying they reaffirm Emaar’s position as a global leader in real estate. “These upgrades reflect not only our performance, but also the confidence in Dubai’s economy and real estate market. We will continue to pursue sustainable growth, innovation, and value creation for our shareholders and stakeholders alike.”
Beyond residential development, Emaar’s mall, hospitality, and entertainment divisions played a notable role in the upgrades. In 2024, the Dubai Mall attracted over 111 million visitors, with the overall portfolio reporting a 98.5% occupancy rate — a testament to the company’s ability to generate recurring revenue across diversified sectors.
Emaar, listed on the Dubai Financial Market, has delivered over 120,000 residential units globally since 2002. Its portfolio includes some of the UAE’s most iconic assets, such as Burj Khalifa, Dubai Mall, and the Dubai Fountain, alongside a growing international footprint.
With credit upgrades in place and a solid foundation for growth, Emaar is well-positioned to continue delivering long-term value to shareholders and stakeholders.
