Emaar bids AED 12 billion for its Dubai arm as third quarter sales slow

Emaar Properties reported on 5 November 2026 that net profit before tax rose 18 per cent to AED 19.8 billion in the first nine months of 2026, announced a AED 4.4 billion special dividend and filed a cash offer of AED 15 a share for the roughly one fifth of Emaar Development it does not own. The figure that matters most to a buyer is quieter: group property sales were AED 34.7 billion for nine months after about AED 26.6 billion for the first half, so the third quarter brought in about AED 8.1 billion. Dubai's largest developer is selling into a slower market, and its own numbers say so.

The results

Emaar's release of 5 November 2026 puts revenue for the nine months at AED 37.5 billion, up 13 per cent, property sales at AED 34.7 billion and the revenue backlog at AED 158.8 billion. Khaleej Times reported the same day that EBITDA was AED 19.7 billion, up 19 per cent, a margin of 53 per cent. Gulf News reported net profit after tax of AED 17.1 billion, up 17 per cent.

The National reported on 5 November 2026 that profit attributable to owners in the third quarter alone was AED 4.6 billion, up 5.6 per cent, on revenue of AED 13.6 billion, up nearly 3 per cent. Emaar Development, the listed Dubai arm, made AED 3.5 billion in the quarter on revenue of AED 8.8 billion, up 14 per cent; for the nine months its revenue was AED 22.2 billion, up 26 per cent, per Khaleej Times.

The recurring businesses were mixed. Malls revenue rose 10 per cent to AED 5.2 billion with occupancy around 98 per cent on 30 September 2026. Average occupancy at the group's UAE hotels fell to 63 per cent from 80 per cent a year earlier, which Khaleej Times attributed to lower international visitor numbers. Recurring revenue was AED 7.6 billion, broadly flat.

Arabian Business reported 14 project launches in the nine months and a one time special dividend of AED 4.4 billion, or AED 0.50 a share. Mohamed Alabbar, the company's chairman, said: "A home purchase is a significant commitment, and our responsibility continues long after the sale."

What the sales figures show

Emaar did not publish a year on year comparison for property sales, so the reading comes from its own two releases. The first half release filed with the Dubai Financial Market on 7 August 2026 gave group property sales of approximately AED 26.6 billion, UAE sales of AED 22.4 billion, a backlog of approximately AED 164.9 billion on 30 June 2026 and 11 launches. The nine month release gives AED 34.7 billion, AED 26.2 billion, AED 158.8 billion and 14 launches.

The differences are the third quarter: about AED 8.1 billion of group sales, about AED 3.8 billion of UAE sales and three launches, against an average of about AED 13.3 billion a quarter in the first half. The backlog fell by about AED 6.1 billion over the quarter because revenue recognised on homes under construction ran ahead of new sales. It remains 6 per cent higher than a year earlier.

The wider market moved the same way. The National reported on 5 November 2026 that Cavendish Maxwell put Dubai home sales in the third quarter of 2026 at AED 72.6 billion, down 47 per cent in a year, with transactions down 38 per cent to about 34,000.

The offer for Emaar Development

The National reported on 5 November 2026 that Emaar Properties disclosed in a filing to the Dubai Financial Market that day a voluntary cash offer of AED 15 a share for up to all of the Emaar Development shares it does not already own. Emaar and its subsidiary EPHL hold more than 3.2 billion of the unit's 4 billion shares, nearly 81 per cent, leaving more than 793.5 million shares and an offer worth about AED 12 billion, or USD 3.3 billion. The price is a 19.4 per cent premium to the AED 12.56 close on 2 November 2026, the last trading day before the plan was announced. Emaar plans to delist the unit afterwards. The filing said the acquisition "would allow Emaar Properties to simplify and consolidate the group's structure." No timetable or conditions were reported. Emaar Development's own nine month net profit was AED 10.8 billion, up 24 per cent, with a backlog of AED 119.8 billion on 30 September, per Gulf News on 5 November 2026.

What it means for investors

First, nothing in the offer touches a buyer's contract. Sale and purchase agreements, escrow accounts and handover obligations belong to the project, not to the share register. Our guide to how off plan purchases work sets out where those protections sit.

Second, the sales slowdown is the useful signal. A developer that sold about AED 8.1 billion in a quarter after averaging about AED 13.3 billion is in a different negotiating position from one at record pace, and 14 launches in the year mean there is stock to choose between. Ask about payment plan terms and post handover instalments on specific units; our payment plan guide explains what to compare.

Third, the backlog is the delivery story. AED 158.8 billion of revenue still to be recognised, AED 127.2 billion of it in the UAE, is contracted construction to be built through 2027 and beyond. The 23 main works contracts worth AED 13.5 billion awarded in the nine months, per Khaleej Times, are evidence that it is being procured.

Fourth, for a buyer in the United States, Canada or Latin America, the dirham is pegged at AED 3.6725 to the US dollar, so a AED 2 million apartment in an Emaar community is about USD 545,000 with no currency risk against the dollar. The Dubai slowdown arrives while Abu Dhabi prices are rising, as our third quarter data piece set out, so the comparison between the two emirates is live. Non resident buyers can finance Emaar homes with UAE mortgages; our mortgage guide and guide for investors from the Americas cover eligibility and the reporting questions to raise with an adviser. We do not forecast prices or returns.

What to watch

Watch the formal offer document and timetable for Emaar Development, the fourth quarter results in early 2027 for whether sales recover, and the Dubai Land Department's full year 2026 transaction figures. Castilion Estates presents Emaar projects including Golf Hillside in Dubai Hills Estate, Marina Place at Rashid Yachts and Marina and The Oasis; ask us for current availability and terms before relying on a launch price.