Emaar Credit Rating Upgrade: S&P & Moody’s Boost
- Emaar Properties, a major player in Dubai's real estate market, has received a significant boost with upgraded long-term issuer credit ratings from S&P Global and Moody’s.
- S&P Global Ratings raised Emaar's rating to BBB+ from BBB,while Moody’s increased it to Baa1 from Baa2.
- The improved ratings reflect Emaar's strong financials,including a revenue backlog of approximately 127 billion dirhams ($34.6 billion) as of March 2025.
emaar Properties’ financial standing gets a major lift! S&P Global and Moody’s have upgraded Emaar’s credit ratings, signaling strong confidence in the Dubai real estate leader. this boost reflects Emaar’s robust financial health and extraordinary revenue outlook.The primary_keyword “Emaar Properties” benefits from a $34.6 billion revenue backlog,offering significant cash flow predictability. thes upgrades affirm the success of Emaar’s strategic vision. The secondary_keyword “Dubai real estate” market is also validated. News Directory 3 readers can discover how this move strengthens emaar’s position in the global market. Will Emaar’s success continue? Discover what’s next …
Emaar Properties’ Credit Ratings Upgraded Amid Dubai Real Estate Strength
Updated June 15, 2025
Emaar Properties, a major player in Dubai’s real estate market, has received a significant boost with upgraded long-term issuer credit ratings from S&P Global and Moody’s. The rating agencies cited the company’s robust financial health and clear revenue outlook as key factors in their decisions.
S&P Global Ratings raised Emaar’s rating to BBB+ from BBB,while Moody’s increased it to Baa1 from Baa2. Both agencies assigned a stable outlook, indicating confidence in Emaar’s continued performance. The upgrades also apply to Emaar’s senior unsecured debt.
The improved ratings reflect Emaar’s strong financials,including a revenue backlog of approximately 127 billion dirhams ($34.6 billion) as of March 2025. This backlog provides significant revenue and cash flow visibility through 2028. The company’s recurring income portfolio is also expanding, supported by efficient operations.
S&P Global noted that Emaar’s growth in Dubai residential real estate, along with the consistent performance of its malls, hospitality, and entertainment segments, contributes to the company’s resilience. The agency also highlighted Emaar’s strong credit ratios, with revenue growing 33% and EBITDA increasing 12% in 2024. The company reported a net cash position with no leverage and 19.1 billion dirhams in discretionary cash flow.
Moody’s emphasized Emaar’s reduced adjusted debt from 2020 to March 2025, along with a lower debt-to-equity ratio. The agency also pointed out that Emaar has sufficient liquidity to cover debt maturities of 4.8 billion dirhams ($1.3 billion) through june 2026. As of March 31, 2025, Emaar’s cash balance stood at 25.4 billion dirhams ($7 billion), excluding restricted cash, with undrawn revolving credit facilities of 7.4 billion dirhams ($2 billion).
“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,” Mohamed Alabbar, Founder of Emaar, saeid.
Alabbar added that the upgrades reflect confidence in Dubai’s economy and real estate market. He affirmed Emaar’s commitment to sustainable growth, innovation, and value creation.
What’s next
Both agencies anticipate that Emaar will maintain its solid credit metrics, strong liquidity, and consistent operational performance, further solidifying its position in the global real estate sector.