Emaar Properties has confirmed that S&P Global Ratings continues to assign the Dubai Financial Market-listed developer a long-term issuer credit rating of BBB+ with a Stable Outlook.
In a disclosure dated October 13, 2026, Emaar clarified that S&P’s latest publications represent periodic credit reviews rather than a new rating action. The company’s last formal rating action took place on March 17, 2025.
The BBB+ rating falls within the investment-grade category, reflecting S&P’s assessment of Emaar’s business strength, financial position and ability to meet its financial obligations.
S&P assesses Emaar’s business risk and financial risk profiles as modest, resulting in a stand-alone credit profile of BBB+. The agency also considers the company’s liquidity position exceptional.
The rating assessment highlights Emaar’s position as the UAE’s largest premium property developer, supported by its established brand, high-quality residential developments and strong market presence.
According to the disclosure, S&P expects Emaar to generate approximately AED 24.4 billion in adjusted EBITDA during 2025, reflecting the strength of its property development operations.
The agency also highlighted Emaar’s healthy balance sheet, supported by a net cash position as of June 30, 2026, and a conservative development strategy.
S&P noted that Emaar’s presales strategy, favourable cash collection terms and recurring rental income help mitigate risks associated with the cyclical and capital-intensive nature of property development.
The company also benefits from a largely fixed rental contract structure, with approximately 95% of rental revenue fixed, supporting cash flow visibility.
Looking ahead, S&P expects Emaar to maintain strong credit metrics throughout 2026 and 2027 despite elevated capital expenditure and dividend distributions.
The agency also acknowledged potential risks arising from regional geopolitical tensions and a possible slowdown in property sales, while noting that Emaar’s liquidity and financial flexibility provide support against these challenges.
Emaar stated that it continues to maintain a conservative financial policy, a net cash position and a strong liquidity profile.
The company further clarified that the rating publications do not represent changes to its previously disclosed financial information or constitute new financial guidance.
Source: Emaar Properties / S&P Global Ratings
Disclaimer: This article is for informational purposes only and should not be construed as investment, financial, or legal advice.
