With its flagship Emaar Development posting stunning first-quarter growth numbers, Emaar Properties Q1 numbers came as no surprise. The Dubai-based global property developer continued its momentum from last year and delivered a strong performance in the first quarter of 2025.
Emaar reported property sales in excess of AED19.3 billion (US$5.3 billion), an increase of 42 per cent over Q1 2024 sales of AED13.5 billion (US$3.7 billion). Revenue surged to AED10.1 billion (US$2.8 billion) during the quarter, an increase of 50 per cent compared to the same period last year.
The company reported an EBITDA of AED5.4 billion (US$1.5 billion), up 24 per cent YoY, with a healthy margin exceeding 53 per cent. Net profit before tax rose 27 per cent to AED5.4 billion (US$1.5 billion).
Emaar’s revenue backlog from property sales increased to approximately AED127 billion (US$34.6 billion) as of 31 March 2025, marking a 62 per cent increase from the same period last year and indicating strong revenue growth for the coming years.
Mohamed Alabbar, founder of Emaar, commented: “Every quarter is an opportunity to reinvent what’s possible – not just in how we build, but in how we think, lead, and connect.
“These results are more than numbers; they reflect the ambition of a team that refuses to stand still, and a community that inspires us to go further.
“At Emaar, we don’t follow momentum – we create it. Our journey is powered by people with bold ideas, by a culture that rewards curiosity, and by a commitment to shape the future with purpose and precision.”
Growth across business divisions
Strong property sales and project deliveries lifted Emaar Development to another record quarterly sales of AED16.5 billion (US$4.5 billion), a 28 per cent increase over Q1 2024. Revenue jumped 43 per cent to reach AED5 billion (US$1.4 billion), while net profit before tax of AED2.8 billion (US$753 million), was a 49 per cent YoY growth. Consolidated revenue was AED6.9 billion (US$1.9 billion). Revenue backlog from property sales in the UAE increased to AED112 billion (US$30.5 billion).
With its malls maintaining an average occupancy of 98 per cent, Emaar’s shopping malls, retail, and commercial leasing operations recorded revenue of AED1.5 billion (US$408 million) during the quarter. The portfolio achieved an EBITDA of AED1.3 billion (US$354 million). The company attributed the performance to improvement in lease rentals on renewal, continued growth in tenant sales and sustained healthy occupancy rates across key assets.
Strong results in India and Egypt drove the company’s international development sales to AED2.8 billion (US$762 million) with revenue of AED626 million (US$170 million). Revenue from international real estate operations represents approximately 6 per cent of Emaar’s total revenue during the quarter.
The company’s hospitality, leisure, and entertainment divisions generated revenues of AED1.1 billion (US$299 million), supported by buoyant tourism and a surge in domestic demand. Emaar’s UAE hotels, including those under management, reported an average occupancy of 82 per cent during the quarter. Emaar also expanded its hospitality portfolio with the addition of two new hotels with over 600 keys.
Emaar’s recurring revenue-generating portfolio, encompassing malls, hospitality, leisure, entertainment, and commercial leasing, achieved strong results, with a revenue increase of 11 per cent to AED2.6 billion (US$707 million) and an EBITDA of AED2 billion (US$545 million). This portfolio continues to provide stable income streams and robust cash flows for the group.
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