Nine listed UAE real estate developers posted a combined net profit of 21.88 billion dirhams after tax for the first half of the year, compared to 17.62 billion dirhams in the first half of 2025. According to data compiled by Al Ittihad, this represents a year-on-year growth rate of 24.18%, driven by robust residential demand and expanding operational revenues.
Here is the math: combined H1 revenues for these nine firms reached 66.92 billion dirhams, marking a 21% increase over the 55.28 billion dirhams recorded in the previous corresponding period. But the balance sheet tells a different story depending on the emirate, with Abu Dhabi and Dubai developers experiencing distinct operational trajectories.
The Bottom Line
- Aggregated Net Profit: Nine listed property firms cleared 21.88 billion dirhams in H1, up 24.18% year-on-year.
- Total Revenue Expansion: Combined revenues climbed 21% to hit 66.92 billion dirhams, underscoring resilient operational cash flows.
Abu Dhabi Developers Lead on Operational Growth
Firms listed on the Abu Dhabi Securities Exchange capitalized on strong leadership performance, project revenue inflows, and rising rental yields. According to reporting by Mubasher, four Abu Dhabi-based real estate companies generated a combined net profit of 4.357 billion dirhams, climbing 14.17% from 3.816 billion dirhams a year earlier, with total revenues rising 6.61% to 17.491 billion dirhams.
Across the broader four-firm and nine-firm metrics tracked in the emirate, Aldar Properties anchored the sector. Aldar posted net profits of 4.204 billion dirhams for the first half of the year, up 16.4% from 3.612 billion dirhams in 2025, alongside an 8.5% revenue increase to 16.843 billion dirhams.
Meanwhile, Modon Holding reported a net profit of 2.202 billion dirhams with revenues scaling 40% to 9.188 billion dirhams. Other regional players displayed divergent figures: RAK Properties registered a net profit of 76.65 million dirhams down from 160.6 million dirhams, while Eshraq Investments grew its net profit by 80.59% to reach 75.29 million dirhams.
Dubai Market Expansion and Capital Inflows
In Dubai, five listed developers captured an aggregate net profit after tax of 15.33 billion dirhams for the first half of the year, compared to 11.83 billion dirhams in H1 2025. This yielded a 29.5% year-on-year expansion, supported by sustained appetite for real estate and thriving tourism and real estate sectors in Dubai.
Emaar Properties topped the earnings table in the emirate, delivering 8.67 billion dirhams in net profit compared to 7.079 billion dirhams in the previous year, a 22.5% increase. Emaar Development posted 5.56 billion dirhams, representing a 48% jump from 3.75 billion dirhams.
Commercial and specialized portfolios also advanced. Tecom Group reported net profits of 804.7 million dirhams, up 9.1% from 737.4 million dirhams.
| Developer | Market | H1 2026 Net Profit (AED) | H1 2025 Net Profit (AED) | YoY Change (%) |
|---|---|---|---|---|
| Aldar Properties | ADX | 4.204 billion dirhams | 3.612 billion dirhams | +16.4% |
| Modon Holding | ADX | 2.202 billion dirhams | 2.118 billion dirhams | +2.9% |
| Emaar Properties | DFM | 8.67 billion dirhams | 7.079 billion dirhams | +22.5% |
| Emaar Development | DFM | 5.56 billion dirhams | 3.75 billion dirhams | 48% |
| Tecom Group | DFM | 804.7 million dirhams | 737.4 million dirhams | +9.1% |
Macroeconomic Tailwinds and Balance Sheet Resilience
The financial figures mirror wider macroeconomic stability across the UAE, bolstered by population inflows and foreign direct investment. Total revenues for the five Dubai firms surpassed 40.26 billion dirhams, a 24.3% increase compared to 32.39 billion dirhams in the corresponding period of 2025.
