Moody's affirms Emaar at Baa1 with stable outlook

Emaar Properties told DFM that Moody's affirmed its long-term issuer rating and Emaar Sukuk Limited's backed senior unsecured ratings at Baa1, outlook stable.

24 September 2026

Emaar Properties PJSC disclosed to the Dubai Financial Market on 24 September 2026 that Moody's Ratings affirmed the company's long-term issuer rating at Baa1, with a stable outlook.

Moody's also affirmed the backed senior unsecured ratings of Emaar Sukuk Limited at Baa1. Prior ratings and the stable outlook were unchanged, according to the company's credit-rating disclosure form.

The agency said the affirmation reflects Emaar's resilient credit profile, supported by medium-term development revenue and cash-flow visibility, stable earnings from its recurring-income portfolio, and its credit metrics and liquidity. Moody's cited a revenue backlog of about AED 155 billion, recurring-income EBITDA of approximately AED 8 billion, and a net cash position of about AED 58.5 billion as of December 2025, alongside debt-to-book capitalisation near 11% at year-end 2025.

Moody's also flagged geopolitical uncertainty in the Middle East and its potential impact on Dubai real-estate demand, concentration of cash flows in Dubai, supply-chain and handover risks, and development and execution risk on the recurring-income portfolio.

Emaar said the ratings and outlook are unchanged and that it continues to operate with a conservative financial profile. Baa1 is an investment-grade rating on Moody's long-term scale.