Emaar UAE sales cross $5bn despite Iran conflict

Developer Emaar Properties said property sales in the UAE jumped 22 percent year on year in the first quarter, despite the Iran war, supporting double-digit growth in profit and revenue.

The bottom line rose 24 percent annually to AED6.4 billion ($1.7 billion) in the quarter ended March 31, 2026, driven by a 23 percent annual rise in revenue to AED12.4 billion, the developer said in a statement to the Dubai Financial Market on Monday.

As of March 31 revenue backlog stood at AED163 billion, up 29 percent year on year. Emaar holds a land bank of 600 million square feet, of which more than half is located in the UAE.

Sales by Emaar Development, the listed subsidiary dedicated to UAE development, reached AED20.1 billion ($5.5 billion) following the launch of 10 projects between January and March. Revenue jumped 36 percent year on year to AED6.9 billion, while net profit rose nearly 50 percent annually to AED4 billion.

Emaar founder Mohamed Alabbar said that the company’s performance in the first quarter of 2026 reflects the strength and resilience of the UAE economy: “Recent geopolitical developments in the region have reinforced the importance of operating in markets defined by safety, institutional continuity and long-term vision.”

The top line of Emaar’s malls, retail and commercial leasing portfolio rose 15 percent year on year to AED1.8 billion, with average occupancy at 98 percent as of March 31, 2026.

The hospitality, leisure and entertainment portfolio generated AED1 billion in revenue, with an average hotel occupancy of 69 percent.

“Emaar is well positioned for continued growth, supported by strong market fundamentals, a high-quality development pipeline with a revenue backlog of AED 163.4 billion, and a recurring income stream, despite macroeconomic and geopolitical conditions remaining dynamic,” the statement said.

The developer’s shares closed 0.5 percent lower at AED12.36 on Friday, down 12 percent so far this year.

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