Dubai property developer Emaar Properties reported a nearly 9 per cent annual increase in its second-quarter profit, as revenue rose during the period despite geopolitical uncertainty.
Net profit attributable to owners of the company for the three months to the end of June climbed to Dh3.7 billion ($1 billion), the company said in a filing on Friday to the Dubai Financial Market, where its shares trade. Revenue for the three-month period rose 18 per cent to Dh11.5 billion.
In the first half of 2026, net profit surged 22 per cent annually to Dh8.7 billion, as revenue rose 21 per cent to nearly Dh24 billion.
Emaar said the results were underpinned by "disciplined execution across the group’s core businesses and the continued strength of Dubai's economic fundamentals".
"Amid a backdrop of global economic and geopolitical developments, the UAE's diversified, business-friendly environment continued to support confidence across Emaar's core markets," the developer added.
The UAE's real estate market, which was performing strongly at the start of the year, has largely weathered the immediate fallout from the Iran war.
Sales prices in Dubai rose 2 per cent annually in the second quarter but declined by about 2.5 per cent compared with the previous quarter amid the uncertainty caused by the Iran war, Cavendish Maxwell said in its latest report.
The UAE's economy also continues to grow, supporting the property sector. The economy expanded 3 per cent on an annual basis in the first three months of 2026 to reach Dh485 billion, boosted by the growth in the country's non-oil sector.
"Our first-half results reflect the discipline, consistency and long-term approach that define Emaar,” said Mohamed Alabbar, founder of Emaar Properties.
Emaar recorded property sales of about Dh26.6 billion in the first six months of the year, while the revenue backlog from property sales reached nearly Dh164.9 billion, up 13 per cent from the previous year.
Recurring revenue from its portfolio of shopping malls, hospitality, leisure, entertainment and commercial leasing assets reached Dh5.1 billion for the first half, similar to the same period last year.
Emaar Development
Emaar Development, a majority-owned Emaar subsidiary specialising in the build-to-sell property development business, also reported a sharp rise in second-quarter profit to Dh2.6 billion, up 43.5 per cent. Revenue for the period surged 32 per cent to Dh6.5 billion.
First-half profit rose 48 per cent to Dh5.5 billion and revenue climbed 34 per cent to Dh13.3 billion. Its property sales during the period reached 22.4 billion.
Meanwhile, property sales for Emaar’s international real estate operations reached Dh4.2 billion and revenue rose 8 per cent year-on-year to Dh1.1 billion.
Other operations
Emaar’s shopping malls and retail and commercial leasing operations recorded revenue of Dh3.5 billion in the first half of this year, up 9 per cent annually, the company said. There is an average occupancy rate of 98 per cent across its portfolio.
Revenue for Emaar’s hospitality, leisure and entertainment portfolio for the first half of the year reached Dh1.6 billion, with an average hotel occupancy of 60 per cent amid softer international tourism flows across the region, it added.
