Emaar Properties has announced that both Standard & Poor’s Global Ratings and Moody’s Investors Service have elevated the company’s long-term credit rating, underscoring Emaar’s position as a market leader backed by financial stability and strategic flexibility.
Standard & Poor’s upgraded Emaar’s long-term credit rating from BBB to BBB+ with a stable outlook, while Moody’s raised Emaar’s long-term rating from Baa2 to Baa1, also with a stable outlook. These upgrades reflect Emaar’s solid financial foundation, steady performance, and sound strategic direction.
This credit rating update from both Standard & Poor’s and Moody’s also applies to the company’s unsubordinated unsecured debt.
Strategic Execution Capabilities
As of March 2025, Emaar’s cumulative revenue from property sales for ongoing projects reached approximately AED 127 billion (USD 34.6 billion), providing a clear outlook for the company’s revenues and cash flows through 2028. Furthermore, Emaar’s portfolio of revenue-generating assets continues to expand, supported by high operational efficiency, flexible operations, and diverse income sources.
The upgrade by Standard & Poor’s was based on an unprecedented rise in cumulative sales from ongoing projects, which stood at AED 110 billion (USD 29.9 billion) by December 2024, alongside stable pre-sales operations that amounted to AED 65.4 billion (USD 17.8 billion) in 2024. The company also benefits from a strong net cash position, low debt levels, and robust profit margins before interest, taxes, depreciation, and amortization.
Moody’s highlighted the significant reduction in Emaar’s adjusted debt from 2020 to March 2025, along with a declining debt-to-equity ratio over the same period.
Commenting on the credit rating upgrade, Mohamed Alabbar, the founder of Emaar, stated, “We take pride in receiving this positive evaluation from Standard & Poor’s and Moody’s, which confirms the success of our strategy, the high quality of our assets, and our commitment to disciplined financial management. Achieving this distinguished rating not only reflects our performance strength but also embodies confidence in Dubai’s economy and its real estate market. We are dedicated to sustainable growth, innovation, and delivering exceptional value to our shareholders and investors.”
High Liquidity
Emaar reported an interest coverage ratio of approximately 24 times over the twelve months ending in March 2025, with liquidity of AED 25.4 billion (USD 6.9 billion) (excluding escrow account balances), in addition to committed but undrawn credit facilities of AED 7.4 billion (USD 2 billion), providing it with ample liquidity and financial flexibility.
Standard & Poor’s indicated that Emaar’s efficiency in the shopping mall, hospitality, and entertainment sectors, along with the resiliency of its real estate development operations, contributed to its credit rating upgrade. For example, the Dubai Mall attracted over 111 million visitors in 2024, achieving an overall occupancy rate of 98.5% across its shopping mall portfolio, reflecting the strong performance of Emaar’s revenue-generating assets.
Stable Outlook
Both Standard & Poor’s and Moody’s issued a stable outlook, demonstrating their confidence in Emaar’s ability to maintain strong credit metrics, high liquidity, and sustainable operational performance.
This achievement reaffirms Emaar’s leading position in the global real estate sector, propelled by a dynamic and rapidly growing market in Dubai.