UAE Equity Research - Emaar Development (EMAARDEV) 3Q25 - First Look Note
Property sales rose 10% YOY to AED 52.9 Bn in 9M25, supported by the launch of 33 new projects, driving sales backlog up 44% YOY to AED 120.4 Bn. EMAARDEV revenue grew substantially from AED 5,140 Mn in 3Q24 to AED 7,714 Mn in 3Q25.