Recent Research

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  FIRST LOOK NOTES

  13 Nov 2026

  Emaar Properties

  NOT RATED

  Last Closing Price

  12.84

  Target Price

  0.00

  Upside (%)

  NA

  UAE Equity Research - Emaar Properties 3Q26 - First Look Note

  The Company launched 14 new projects during 9M26, with UAE sales reaching AED 26.2 Bn. Revenue backlog stood at AED 158.8 Bn as of September 2026, comprising AED 127.2 Bn from UAE operations and AED 31.6 Bn from international markets, providing revenue visibility over the next four to five years.

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• 

  EARNINGS CALL INSIGHT

  12 Nov 2026

  Emaar Properties

  NOT RATED

  Last Closing Price

  12.90

  Target Price

  0.00

  Upside (%)

  NA

  UAE Equity Research - Emaar properties 3Q26 - Earnings Call Insight

  Emaar Properties revenue increased 2.7% YOY to AED 13,632 Mn in 3Q26, primarily driven by higher sales of Commercial Units and Residential units. Revenue from Residential Units increased 2.9% YOY to AED 11,023 Mn, while revenue from Commercial Units rose 13.5% YOY to AED 347 Mn in 3Q26.

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• 

  FIRST LOOK NOTES

  17 Aug 2026

  Emaar Properties

  BUY

  Last Closing Price

  11.08

  Target Price

  17.00

  Upside (%)

  +53.43%

  UAE Equity Research - Emaar Properties 2Q26 - First Look Note

  Revenue backlog grew to AED 164.9 Bn in 1H26, with Emaar development backlog rising to AED 135.7 Bn in 1H26. Emaar Properties has c. 67,100 units under development, with 92% of launched units sold across six key countries.

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• 

  EARNINGS CALL INSIGHT

  11 Aug 2026

  Emaar Properties

  BUY

  Last Closing Price

  11.20

  Target Price

  17.00

  Upside (%)

  +51.79%

  UAE Equity Research - Emaar properties 2Q26 - Earnings Call Insight

  Emaar Properties revenue increased 18.2% YOY to AED 11,510 Mn in 2Q26, primarily driven by higher sales of Residential Units and Commercial Units. Revenue from Residential Units increased 30.5% YOY to AED 8,940 Mn, while revenue from Commercial Units rose 3.3% YOY to AED 379 Mn in 2Q26.

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• 

  FIRST LOOK NOTES

  19 Feb 2026

  Emaar Properties

  BUY

  Last Closing Price

  16.45

  Target Price

  21.75

  Upside (%)

  +32.22%

  UAE Equity Research - Emaar Properties 4Q25 - First Look Note

  Revenue backlog grew 39% YOY to AED 155 Bn in 2025, with the Emaar development backlog rising 30.8% YOY to AED 134 Bn in 2025. Emaar has over 50,800 units currently under construction (including Emaar Properties and 100% of JVs/JDAs related projects), scheduled for delivery over the next 5-6 years.

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• 

  EARNINGS CALL INSIGHT

  16 Feb 2026

  Emaar Properties

  BUY

  Last Closing Price

  16.50

  Target Price

  19.25

  Upside (%)

  +16.67%

  UAE Equity Research - Emaar properties 4Q25 - Earnings Call Insight

  Emaar Properties reported a 40.5% YOY increase in revenue, reaching AED 16,450 Mn in 4Q25, driven by growth in sales from Residential Units, Commercial Units, increased revenue from the Hospitality segment and revenue from Leased Properties, Retail & Related Income.

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