Moody’s affirms Emaar at Baa1; outlook stable

Logo of Emaar Properties PJSC (Emaar)

Emaar Properties PJSC (Emaar), listed on Dubai Financial Market (DFM), announced that Moody's has affirmed its credit rating at Baa1 with a stable outlook.

According to the company's statement, the affirmation at Baa1 covers its senior unsecured and supported bonds.

The statement noted that Moody's said the rating affirmation reflects Emaar's credit profile resilience, backed by clear visibility regarding development-related revenues and medium-term cash flows, as well as stable profits from its recurring income portfolio, strong credit indicators, and robust liquidity levels.

The agency highlighted that the company holds around AED 155 billion in accumulated revenues from projects under development, recurring EBITDA of about AED 8 billion, and net cash position nearing AED 58.5 billion as of December 2025. Emaar also owns a substantial land bank in Dubai, part of which is being developed with government-owned entities, and reported a net debt-to-book capital ratio of about 11% by year-end 2025 and a strong liquidity position.

Emaar stated that Moody's considered the uncertainties arising from the geopolitical situation in the Middle East and the potential impact on real estate demand in Dubai, investment concentration risks given that most cash flows are generated in Dubai, potential supply chain disruptions that could delay project handover, and development and execution risks related to its recurring income portfolio.

Regarding the outlook, Emaar said the agency maintained a stable outlook — unchanged — for both Emaar Properties and Emaar Sukuk Limited. The stable outlook reflects Moody's expectations that the company will maintain strong credit metrics and excellent liquidity until end-2027, supported by clear visibility on future revenues and a strong record of efficient project delivery.

Emaar clarified that the outlook represents Moody's own view and does not constitute guidance from the company.

In June 2025, S&P Global Ratings upgraded Emaar's long-term credit rating from BBB to BBB+ with a stable outlook, and Moody's also upgraded it from Baa2 to Baa1 with a stable outlook.

Emaar Properties – Company statement regarding credit rating