UAE Non-Oil Sector Drives Economic Growth with Record Revenues in 2025

The UAE's non-oil economy is demonstrating robust growth, with key listed firms in the real estate and telecommunications sectors posting record revenues in 2025. This performance highlights the country's successful pivot towards a diversified economy, reducing reliance on oil and gas.

Real Estate Sector Momentum

Emaar Properties saw its revenue climb 40% to AED 49.6 billion in 2025, with property sales reaching a record AED 80.4 billion. The company's revenue backlog also increased by 39% to AED 155 billion by year-end 2025, further growing to AED 164.9 billion by June 2026. In Q1 2026, Emaar’s property sales rose 22% to AED 20.1 billion, and EBITDA was up 34% to AED 7.2 billion.

Aldar Properties recorded group sales of AED 40.6 billion, a 21% increase, and revenue of AED 33.8 billion, up 47%. Its EBITDA rose 46% to AED 11.2 billion, and net profit grew 36% to AED 8.8 billion. A significant trend for Aldar was the increasing contribution of international buyers and expatriates, who accounted for 77% of its UAE sales in 2025, totalling AED 27.4 billion. This share further increased to 80% in H1 2026.

Telecommunications Growth

e&, the UAE's leading telecommunications operator, reported a 23.1% increase in revenue, reaching AED 72.9 billion in 2025. Net profit grew 33.6% to AED 14.4 billion, and EBITDA expanded 21.1% to AED 32 billion. The group’s consolidated subscriber base rose 31.3% to 244.7 million, with UAE subscribers specifically increasing by 8.4% to 16.3 million. This growth reflects the sector's evolution into broader digital infrastructure services, beyond traditional connectivity.

Diversification and International Investment

These strong results illustrate the UAE's strategic focus on non-oil sectors. Emaar's performance shows a divergence between its cyclical property sales and steady income from recurring businesses like malls, hospitality, and leisure, which contributed approximately 32% of its total EBITDA of AED 25.6 billion. This strategy helps stabilise profitability. Aldar's reliance on international buyers for 80% of its H1 2026 sales underscores the UAE property market's role as a global destination for capital, attracting significant foreign investment beyond local demand.