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Emaar Properties upgraded to 'BBB+' on strong performance; outlook stable
Khaleej Times
|March 18, 2025
S&P Global on Monday raised the ratings of Emaar Properties, Dubai’s largest listed developer, to ‘BBB+’, with a stable outlook.
“The upgrade reflects the significant growth Emaar experienced in Dubai residential real estate, along with the steady performance of malls, hospitality, and entertainment that lends resilience to the cyclical development business,” the ratings agency said in a report.
Emaar’s revenue backlog hit a record-high Dh110 billion on December 31, 2024, spurred by the solid performance of its domestic residential real estate development. Emaar’s credit ratios remained strong as revenue grew 33 per cent and earnings before interest, taxes, depreciation and amortisation (Ebitda) 12 per cent in 2024. The company was in a net cash position with no leverage, with Dh19.1 billion of discretionary cash flow.
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