Dubai-listed Emaar Properties is projected to invest over AED 14 billion (approximately $3.81 billion) in the development of Creek Tower and Creek Mall, according to a report by S&P Global Ratings. As of December 2024, Emaar possesses the largest land bank among rated private developers in the UAE, totaling more than 405 million square feet.
Land acquisition remains a pivotal investment focus for Emaar. The company plans to allocate approximately AED 65 billion ($18 billion) over the next five years, following a period of limited investments. Specifically, over AED 30 billion ($8.2 billion) is earmarked for land replenishment during this period, aiming to maintain its dominant market position and competitive advantage.
After a phase of maintenance capital expenditures at Emaar Malls, S&P anticipates increased spending, notably the AED 1.5 billion expansion of Dubai Mall, which reported a 99% occupancy rate at the end of 2024. Additionally, Emaar intends to enhance its residential rental portfolio to boost stable revenue streams. S&P estimates that total capital expenditures could range between AED 7 billion and AED 11 billion annually in 2025-2026, excluding land acquisitions.
