Emaar credit rating: S&P affirms BBB+ with a stable outlook, backed by a $44.9bn revenue backlog

S&P Global Ratings has affirmed Emaar Properties' credit rating at BBB+ with a stable outlook, describing the developer's liquidity as strong. The rating rests on its revenue backlog: AED 164.9bn, or $44.9bn, at 30 June 2026, from units already sold but not yet handed over.

What does a BBB+ rating mean for a developer?

BBB+ is the top rung of investment grade on S&P's scale. The agency judges that the company services its debt comfortably and that a weaker market would not break it. A stable outlook means no change is expected over the next year. S&P raised Emaar to BBB+ in June 2025; this action confirms it.

How large is Emaar's revenue backlog?

AED 164.9bn at the end of June 2026, up 13% on a year earlier, with AED 135.7bn of it from UAE projects. This is money buyers will still pay under their payment plans before handover — revenue locked in for several years ahead.

Emaar, H1 2026	Figure
Group revenue	AED 23.9bn, +21%
Net profit before tax	AED 12.8bn, +23%
Property sales	AED 26.6bn
Of which in the UAE	AED 22.4bn
Revenue backlog	AED 164.9bn ($44.9bn)
Mall occupancy	about 98%

Why is the agency relaxed about a possible sales slowdown?

Emaar earns money that does not depend on selling apartments: mall leasing, hotels and entertainment. In the half year these recurring businesses generated AED 5.1bn of revenue, about 31% of group EBITDA. Malls were roughly 98% let, and UAE hotels ran at 60% occupancy.

If sales slow, the company keeps building with cash already collected from buyers and with its rental income. That is why the rating holds even with heavy investment in new master plans.

What does this mean for off-plan buyers?

The main off-plan risk is a delayed or stalled project. A rating does not guarantee handover dates, but it signals how much cushion a developer has: a company with a large pre-sold backlog and strong liquidity has fewer reasons to slow construction in a downturn.

That is not a reason to buy any Emaar launch without doing the numbers. Entry price, payment plan and post-handover rents still decide the return. For a wider comparison, see how S&P and Moody's assess UAE developers.

Frequently asked questions

What is Emaar's credit rating?

BBB+ from S&P with a stable outlook — the top tier of investment grade.

How much revenue backlog does Emaar have?

AED 164.9bn ($44.9bn) at 30 June 2026, of which AED 135.7bn relates to UAE projects.

Does the rating guarantee an on-time handover?

No. A credit rating measures the ability to repay debt. It shows financial cushion, but each project's timeline has to be checked separately.

Emaar's projects, current listings and handovers by year are on our Emaar developer page.