By Evereth Woodruff 
Emaar Properties continued to deliver solid numbers, as it sustained the momentum in Dubai real estate from the first quarter to more record-breaking numbers in the second.
Emaar Properties reported sustained growth across all core business segments in the second quarter with continued strength in property sales, a growing revenue backlog, and improved profitability.
For the first half of 2025, Emaar reported property sales of approximately AED 46 billion (US$12.5 billion), a 46 per cent increase compared to H1 2024 and surpassing all previous sales records. Revenue increased to AED 19.8 billion (US$5.4 billion), marking a growth of 38 per cent YoY, driven by robust performance across development, retail, hospitality, and international operations.
Emaar reports strong H1 2025 results
EBITDA was at AED 10.4 billion (US$2.8 billion), up 30 per cent, with a healthy margin of over 52 per cent. Net profit before tax increased to AED 10.4 billion (US$2.8 billion), recording a growth of 34 per cent.
Revenue backlog from property sales grew to AED 146.3 billion (US$39.8 billion) as of 30 June 2025, representing a 62 per cent increase YoY, further reinforcing the company’s future revenue visibility. Revenue backlog in Q1 this year was approximately AED 127 billion (US$34.6 billion).
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.”
During the quarter, S&P Global upgraded Emaar’s credit rating by to BBB+ and Moody’s raised Emaar’s credit rating to Baa1, both with stable outlooks. These upgrades reinforce the strength of the company’s strategy, operational excellence, and sustained performance as it maintains a strong focus on managing costs efficiently while maximising value and performance across all business lines.
With 25 new project launches across prime master communities, Emaar Development, the company’s UAE businesses, witnessed exceptional growth in H1 2025 as property sales reached AED 40.6 billion (US$11.1 billion), reflecting a 37 per cent surge over the same period last year.
Emaar Development reported revenue of approximately AED 10 billion ($2.7 billion), achieving a growth of 35 per cent YoY, and a net profit before tax of AED 5.5 billion (US$1.5 billion), which was up 50 per cent compared to H1 2024.
Consolidated revenue of Emaar Properties from its property development business in the UAE during H1 2025 increased to AED 13.5 billion (US$3.7 billion), up 50 per cent YoY. Revenue backlog from UAE developments reached AED 128.6 billion (US$35 billion) as of 30 June 2025, also up 50 per cent YoY.
Shopping malls, retail, and commercial leasing
The company’s shopping malls and leasing portfolio also delivered a strong performance, driven by continued growth in tenant sales and healthy occupancy across key assets. As of 30 June 2025, Emaar’s mall assets maintained an average occupancy of 98 per cent.
Revenue was at AED 3.2 billion (US$871 million) in the first half of 2025, up 14 per cent YoY. EBITDA was AED 2.8 billion (US$762 million), an increase of 18 per cent.
Strong demand for real estate assets in India and Egypt led to Emaar’s international operations clock property sales of AED 5.3 billion (US$1.4 billion), an increase of 200 per cent over H1 2024. Revenue reached to AED 1 billion (US$272 million), up 26 per cent, contributing approximately 5 per cent of total revenue of Emaar in H1 2025.
Hospitality, leisure, and entertainment businesses also recorded strong performances. Emaar’s UAE hotels achieved an average occupancy rate of 80 per cent in H1 2025, compared to 78 per cent in the corresponding period last year. Revenues from the business was AED 2.1 billion (US$572 million).
The company added two hotels with over 600 keys in the first half of 2025.