S&P reaffirms Emaar Properties’ BBB+; developer says liquidity ‘strong’

By Zawya

By Staff Writer

Emaar Properties has said that S&P Global Ratings (S&P) has reaffirmed the Dubai developer’s credit rating at BBB+ with a stable outlook, citing strong liquidity.

The agency reconfirmed the property developer’s long-term issuer credit rating in its report dated September 25, 2026, and in its Annual Review dated June 24, 2026, Emaar stated in a disclosure to the Dubai Financial Market (DFM) Tuesday.

The agency noted that the developer generated AED 24.4 billion of S&P-adjusted EBITDA in 2025 and had a total revenue backlog of AED 165 billion as of June 30, 2026.

In March 2025, S&P upgraded Emaar’s rating to BBB+ on strong business performance, supported by a revenue backlog of AED 110 billion as of December 2024.

“Emaar continues to operate with a conservative financial policy, a net cash position and a strong liquidity profile,” the developer said.

However, the firm clarified that the S&P publications do not constitute a rating action and represent a routine periodic review.

(Writing by Cleofe Maceda; editing by Seban Scaria)

seban.scaria@lseg.com

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