Emaar Properties closed the first half of 2026 with Dh11.15 billion in net profit, 26% ahead of last year. Revenue reached Dh23.9 billion against Dh19.8 billion a year ago, up 21%. EBITDA came in at Dh12.9 billion.

Strong figures but the line worth watching is the backlog. Emaar is carrying Dh164.9 billion in contracted sales not yet recognised as revenue, 13% higher than a year ago. That's several years of income already sold, and it's the clearest signal available that the developer isn't reading the current market softening as a demand problem.

Where it came from

Property sales across the group totalled Dh26.6 billion for the half. The UAE build to sell arm did the heavy lifting at Dh22.4 billion. Emaar Development's own revenue climbed 34% to Dh13.3 billion, with pre-tax profit up 41% to Dh7.8 billion the fastest growing line in the group. Fold in Dubai Creek Harbour and other UAE projects, and consolidated development revenue rose 30% to Dh17.7 billion, on a Dh135.7 billion backlog.

Eleven new projects launched in six months: Emaar South, Dubai Hills Estate, The Heights Country Club, The Oasis, Rashid Yachts & Marina, and Expo Living. A separate Dh200 billion masterplan was added to the pipeline.

The steadier half of the business

1. Malls and leasing — Dh3.5 billion, up 9%, with occupancy holding near 98%
2. Hospitality and entertainment — Dh1.6 billion, though UAE hotels averaged 60% occupancy
3. International — Dh4.2 billion in sales and Dh1.1 billion in revenue, mostly Egypt and India
4. Total recurring income — Dh5.1 billion, flat year-on-year, contributing roughly 31% of group EBITDA

Founder Mohamed Alabbar attributed the result to disciplined delivery and a long-horizon approach, saying Dubai's growth continues to open room for expansion.

Reading between the lines

Two things stand out. Recurring revenue was flat while development revenue grew 30% — the group is leaning harder on selling homes, not renting space. And 60% hotel occupancy sits well below the 98% in retail, which says something about where the softness is showing up first.

For anyone tracking the wider market: Emaar's launch pace and backlog growth run directly counter to the oversupply warnings. Either the largest developer in the emirate sees demand the forecasts are missing, or it's adding to the very pipeline analysts are flagging. Both readings are defensible.