UAE developers under S&P and Moody's review: liquidity, construction costs and handover dates in 2026

An off-plan buyer in 2026 asks whether the building will be finished on time, and, since the regional conflict and the disruption in the Strait of Hormuz, whether the developer has enough cash if sales slow. The two largest rating agencies have answered both questions this year. Their tone is calm, and the detail is worth knowing before you sign.

S&P, March 2026: no liquidity pressure

In mid-March S&P Global Ratings reviewed the four UAE developers it rates: Emaar Properties, DAMAC, Omniyat and PNC Investments. It expects no liquidity pressure on any of them, and says 2026 debt maturities are manageable without new funding.

• Debt markets stayed open: DAMAC issued a US$600m sukuk in February 2026 and Omniyat another US$600m in March.
• Capital expenditure is minimal at DAMAC, Omniyat and PNC. Emaar's is large, AED 10–11bn for 2026–27, covering the Dubai Creek Harbour mall and tower, build-to-rent assets and the Dubai Mall expansion.
• S&P expects developers to prioritise liquidity and possibly defer projects where timing is flexible.

"Defer" mainly concerns future launches and developers' own commercial assets, not sold-out residential buildings, where buyers' money sits in escrow and is released against construction progress.

Moody's, July 2026: on schedule, for now

Issue	Moody's finding
2026–27 deliveries	mostly progressing as planned
Imported material costs	up roughly 20–25% on pre-conflict levels
Who absorbs it	largely contractors, not developers
Logistics	rerouted via ports in Oman, Saudi Arabia and the UAE east coast
Inventory buffers	typically two to six months, raised near completion
Base case	disruption into the autumn, trade normalising in 2027

The contractor point is the one to watch. Fixed-price contracts are absorbing the cost shock today; if disruption lasts, the pressure moves back to schedules. The cost side is covered in what building actually costs Dubai developers now.

What buyers should take from this

• Few developers are rated. These conclusions apply to large listed names, not to a first-time developer with one tower.
• Ask who the main contractor is. If the contractor is carrying the materials shock, its balance sheet matters.
• Check progress with the regulator, not the sales brochure, and read handover clauses together with force majeure terms.

What happens when a handover date slips, and what your contract allows, is explained in when a Dubai handover date slips; the rated developers are profiled on the DAMAC and Omniyat pages.