UAE Equity Research - Emaar Development (EMAARDEV) 2Q26 - First Look Note
Property sales stood at AED 22.4 Bn in H1 2026, while revenue backlog increased to AED 127.7 Bn, providing revenue visibility over the coming four to five years. EMAARDEV has c. 51,400 residential units under construction as of 2Q26, with projects substantially sold at around 94%.