UAE non-oil firms drive growth with record 2025 revenues
- Emaar Properties revenue rose 40% to AED 49.6 billion in 2025, with record property sales of AED 80.4 billion
- Aldar Properties net profit increased 36% to AED 8.8 billion, driven by 47% revenue growth to AED 33.8 billion
- e& reported 23.1% revenue growth to AED 72.9 billion, with consolidated subscribers up 31.3% to 244.7 million
- Overseas and expatriate buyers accounted for 80% of Aldar's UAE sales in H1 2026, highlighting international capital inflows
- Recurring businesses like hospitality contributed 32% of Emaar's total EBITDA, diversifying income beyond property development
*this image is generated using AI for illustrative purposes only.
The UAE’s economic diversification is accelerating, with major listed companies in real estate and telecommunications reporting significant revenue expansion in 2025. This growth underscores a structural shift away from hydrocarbon dependence toward property, technology, and services.
Real estate momentum drives top-line growth
Emaar Properties generated AED 49.6 billion in revenue in 2025, up 40%, while property sales reached a record AED 80.4 billion. The company’s revenue backlog climbed 39% to AED 155 billion by year-end, rising further to AED 164.9 billion by June 2026. In Q1 2026, Emaar’s property sales increased 22% to AED 20.1 billion, with EBITDA rising 34% to AED 7.2 billion.
Aldar Properties reported group sales of AED 40.6 billion, up 21%, alongside revenue of AED 33.8 billion, which rose 47%. Its EBITDA increased 46% to AED 11.2 billion, and net profit grew 36% to AED 8.8 billion. Notably, overseas buyers and expatriates accounted for 77% of Aldar’s UAE sales in 2025, representing AED 27.4 billion. By H1 2026, this share rose to 80%.
| Company | Metric | 2025 Value | YoY Change |
|---|---|---|---|
| Emaar Properties | Revenue | AED 49.6 billion | +40% |
| Emaar Properties | Property Sales | AED 80.4 billion | Record high |
| Aldar Properties | Revenue | AED 33.8 billion | +47% |
| Aldar Properties | Net Profit | AED 8.8 billion | +36% |
| e& | Revenue | AED 72.9 billion | +23.1% |
Telecommunications evolves into tech
e&, the UAE’s leading telecommunications operator, reported revenue of AED 72.9 billion in 2025, an increase of 23.1%. Net profit rose 33.6% to AED 14.4 billion, while EBITDA expanded 21.1% to AED 32 billion. The group’s consolidated subscriber base grew 31.3% to 244.7 million, with UAE subscribers increasing 8.4% to 16.3 million. These figures reflect the sector’s transition from traditional connectivity to broader digital infrastructure, including cloud computing and data centers.
What the numbers show
A divergence between development cycles and recurring income is visible in Emaar’s performance. While property sales hit a record AED 80.4 billion, malls, hospitality, and leisure contributed approximately 32% of Emaar’s total EBITDA of AED 25.6 billion. This mix reduces reliance on cyclical property development earnings, anchoring profitability in recurring tourism and retail demand. Similarly, Aldar’s shift where 80% of H1 2026 sales came from international buyers indicates that the domestic property market is increasingly functioning as a global capital destination rather than solely serving local housing needs.
How might the increasing reliance on international buyers for UAE real estate sales impact market stability if global capital flows shift due to geopolitical tensions?
What specific regulatory or infrastructure investments will e& need to prioritize to sustain its transition from connectivity to high-margin cloud and data center services?
To what extent will the divergence between Emaar's cyclical property sales and recurring income from hospitality and retail affect its long-term valuation multiples compared to pure-play developers?
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