First Read: Emaar Properties PJSC "AED200bn masterplan due to be unveiled" (Buy)

Research evidence excerpt

First Read: Emaar Properties PJSC "AED200bn masterplan due to be unveiled" (Buy)

Global Research

11 June 2026ab

First Read

EquitiesEmaar Properties PJSC

AED200bn masterplan due to be unveiled Arab Emirates

Real Estate

12-month rating Buy

A "city within a city"

Emaar Properties has announced plans to unveil a AED200bn master-planned 12m price target Dh16.00

development in Dubai, representing one of the largest urban districts ever conceived by

the company. The project will span 4.5m sqm of built-up area and is designed to

Price (11 Jun 2026) Dh10.80

accommodate around 150,000 residents across a mix of residential towers, villas and

mansions, alongside commercial, retail, hospitality, cultural and civic components. The RIC: EMAR.DU BBG: EMAAR UH

development is structured as a self-sustaining “city within a city”, incorporating metro Trading data and key metrics

connectivity, smart mobility infrastructure and 20-minute city principles. The company

52-wk range Dh17.10-10.65

has not yet disclosed the project name or precise location, but indicated that a full

Market cap. Dh95.5b/US$26.0b

unveiling is imminent. Overall, we view the project positively as a long-duration growth

Shares o/s 8,839m (ORD)

option on Dubai rather than a near-term catalyst.

Free float 70%

The masterplan in context Avg. daily volume ('000) 35,290

Emaar’s current development portfolio comprises AED205bn of pipeline value across Avg. daily value (m) Dh419.8

84.8m sq ft of gross area and 50,000 units under development. Based on historical Common s/h equity (12/25E) Dh94.3b

phasing, this would correspond to c.10 years of pipeline visibility with the caveat that P/BV (12/25E) 1.0x

current uncertainty may significantly affect the pace of future deliveries. The proposed EPS (UBS, diluted) (AED)