S&P and Moody’s Raise Emaar’s Credit Ratings Due to Strong Finances
Dubai’s Emaar Properties has received higher long-term credit ratings from S\&P Global Ratings and Moody’s Ratings, according to a regulatory filing on Wednesday.
Emaar Gets Higher Credit Ratings
Emaar has received better credit ratings from two major agencies. S&P Global Ratings raised its rating to BBB+ from BBB, and Moody’s upgraded it to Baa1 from Baa2, according to a statement on the Dubai Financial Market (DFM).
Both agencies gave Emaar a “stable outlook”, showing they believe the company has strong finances, good performance, and smart planning. These improved ratings also apply to Emaar’s loans that aren’t backed by any collateral.
The stable outlook means both S&P and Moody’s expect Emaar to keep strong financial health and business operations in the coming years.
Strong Start to 2025
In the first quarter of 2025, Emaar made a net profit of $1.26 billion (AED 4.64 billion), which is 25% higher than the same time last year. This was mainly due to strong results from its property development business.
Large Backlog of Projects
By March 2025, Emaar had a project backlog worth $34.6 billion (AED 127 billion), which means steady income through 2028. S&P also noted a record backlog of $29.9 billion at the end of 2024 and $17.8 billion in property presales for the same year.
Emaar also has low debt, strong profits, and solid cash reserves, which helped improve its credit ratings.
Moody’s added that Emaar has cut down a lot of its debt since 2020 and has a much better debt-to-equity balance now.
Strong Cash and Steady Income
Emaar has a strong cash position. It can pay its interest expenses 24 times over and holds $6.9 billion in cash (not counting escrow accounts) and $2 billion in unused credit lines.
This gives Emaar plenty of financial flexibility even if the market changes.
Its regular income sources—like malls, hotels, and entertainment—continue to earn well. For example, Dubai Mall had over 111 million visitors in 2024, and Emaar’s rental properties are 98.5% occupied, showing how steady these income sources are.
Statement from Emaar’s Founder
Mohamed Alabbar, founder of Emaar, said:
“We’re proud to be recognized by S&P and Moody’s. It shows that our strategy, assets, and financial discipline are strong.”
He also said the upgrades reflect the trust in Dubai’s economy and real estate market.
Alabbar’s Wealth and Rankings
According to Forbes, Mohamed Alabbar is the 20th richest Arab in the world in 2025 and the second most influential real estate leader in the Middle East. His net worth is $2.1 billion as of June 11, 2025.
Published: 18th June 2025
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