S&P Global and Moody’s – two of the biggest rating agencies in the world – have acknowledged the strong financial position and revenue visibility of Emaar Properties by upgrading the company’s long-term issuer credit ratings.
Reinforcing Emaar’s position as a financially resilient and strategically agile market leader, S&P Global Ratings upgraded its long-term issuer credit rating to BBB+ from BBB, with a stable outlook, while Moody’s upgraded its rating to Baa1 from Baa2, also with a stable outlook.
The S&P and Moody’s rating upgrade also applies to Emaar’s senior unsecured debt.
Strong financials drive Emaar rating upgrades
As of March 2025, the property developer reported a revenue backlog of approximately AED 127 billion (US$34.6 billion), providing strong revenue and cash flow visibility through 2028. The company’s recurring income portfolio continues to expand, supported by disciplined execution and operations.
Mohamed Alabbar, Founder of Emaar, commented: “We are proud to receive this recognition from both S&P and Moody’s, which underscores the strength of our strategy, the quality of our assets, and the discipline we maintain in financial management.
“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.”
In its upgrade rationale, S&P Global said: “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.
“Emaar’s credit ratios remained strong as revenue grew 33 per cent and EBITDA 12 per cent in 2024. The company was in a net cash position with no leverage, with AED 19.1 billion of discretionary cash flow (DCF). We forecast strong revenue growth to continue in 2025-2026 with S&P Global Ratings-adjusted EBITDA margins of 42-45 per cent, which will support Emaar’s financial metrics despite rising capex and dividends based on the new policy.”
Moody’s highlighted a significant reduction in adjusted debt of Emaar from 2020 to March 2025 and the drop in debt-to-equity ratio over the same period.
In its report, Moody’s said Emaar Properties has sufficient liquidity to cover debt maturities of AED 4.8 billion (US$1.3 billion) through June 2026.
Moody’s said: “The company’s liquidity is excellent, with a cash balance of AED 25.4 billion (US$7 billion) as of 31 March 2025 (excluding restricted cash in escrow accounts) and undrawn revolving credit facilities of AED 7.4 billion (US$2 billion).”
Both agencies issued a stable outlook, reflecting their expectation that Emaar will maintain solid credit metrics, strong liquidity, and continued operational performance.
These dual upgrades reinforce the company’s reputation as a leading player in the global real estate sector, anchored in a dynamic and fast-growing market.
