S&P Global Ratings expects no immediate liquidity pressure on four of its rated UAE developers, even as geopolitical tensions linked to the US-Israel and Iraq conflict continue to unfold.

The rating agency identified Dubai-listed Emaar Properties, alongside PNC Investments, Omniyat Holdings, and Damac Real Estate Development, as maintaining stable financial positions, supported by manageable debt levels and recent activity in capital markets.

According to S&P’s latest report, developers have actively tapped sukuk and debt markets across 2025 and 2026 to finance land acquisitions. Damac and Omniyat each raised $600 million through sukuk issuances in early 2026, while PNC Investments and Omniyat secured $1.25 billion and $900 million, respectively, in 2025.

“Debt maturities remain quite manageable in 2026 for the companies without the need to raise new funding,” S&P noted.

The report highlights that capital expenditure requirements remain relatively contained for most developers, particularly those focused on smaller community projects that generate recurring income. Capex for Damac, Omniyat, and PNC Investments is expected to remain negligible over the 2024–2027 forecast period.

Emaar, however, stands out with more substantial investment plans. The developer is expected to allocate between $2.7 billion and $2.9 billion annually in 2026 and 2027, with major projects including Dubai Creek Mall, Dubai Creek Tower, residential leasing developments, and the continued expansion of Dubai Mall.

Despite this, S&P emphasized that a significant portion of Emaar’s planned investments remains flexible. “Some projects can still be delayed, if needed,” the report stated.

While it remains too early to fully assess the long-term impact of ongoing geopolitical developments, S&P expects developers to adopt a more cautious approach to investment decisions. Projects nearing completion are likely to proceed as planned, but companies with greater flexibility may prioritize liquidity preservation and cash flow management over new land acquisitions and expansion.