Recent Research

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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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• 

  FIRST LOOK NOTES

  14 Nov 2025

  Emaar Properties

  BUY

  Last Closing Price

  13.70

  Target Price

  18.45

  Upside (%)

  +34.67%

  UAE Equity Research - Emaar Properties 3Q25 - First Look Note

  Record backlog of AED 150.3 Bn in 3Q25, led by UAE at AED 130 Bn, with c. 60K units under construction for delivery over the next four years. Announced Emaar Hills development, featuring around 40K ultra-luxury units valued at c. AED 100 Bn.

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  EARNINGS CALL INSIGHT

  10 Nov 2025

  Emaar Properties

  NOT RATED

  Last Closing Price

  13.40

  Target Price

  0.00

  Upside (%)

  NA

  UAE Equity Research - Emaar Properties 3Q25 - Earnings Call Insight

  Emaar Properties reported a 41.4% YOY increase in revenue, reaching AED 13.3 Bn in 3Q25, reflecting steady demand for its developments, robust revenue backlog, and strong recurring revenue operations.

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• 

  FIRST LOOK NOTES

  19 Aug 2025

  Emaar Properties

  BUY

  Last Closing Price

  14.95

  Target Price

  17.40

  Upside (%)

  +16.39%

  UAE Equity Research - Emaar Properties 2Q25 - First Look Note

  Emaar’s revenue backlog from property sales in the UAE rose AED 128.6 Bn in 2Q25 with a total backlog of AED 146.3 Bn. Emaar’s UAE hotels’ average occupancy rate stood at 80% in 1H25, while the mall assets average occupancy rate stood at 98%.

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• 

  EARNINGS CALL INSIGHT

  18 Aug 2025

  Emaar Properties

  BUY

  Last Closing Price

  14.65

  Target Price

  16.00

  Upside (%)

  +9.22%

  UAE Equity Research - Emaar Properties 2Q25 - Earnings Call Insight

  Emaar Properties’ revenue grew 26.7% YOY to AED 9.7 Bn in 2Q25, mainly driven by a solid rise in property sales and recognition of backlog, along with robust performance across retail, hospitality, and international operations. The Company’s cost of revenue increased 30.2% YOY to AED 4.3 Bn in 2Q25. This is higher than the growth in revenue owing to a change in the revenue mix.

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