A privately held UAE construction house — civil works to specialist finishes. Audited financials, project portfolio, governance and outlook for the year ended 31 December 2025.
Forty-seven years building the UAE has taught us one discipline above all — that the receipts compound. This year's report is the same as every year before it: figures, finishes, and the work itself.
A summary of the year for shareholders, lenders and partners — the position, the portfolio, and the programme.
A privately held UAE construction house. Forty-seven years building this country — from structure to surface.
Al Madar MGM combines the engineering discipline of a contractor with the craftsmanship of a finishes atelier. In the year ended 31 December 2025 we delivered against a backlog of AED 1.42 bn across fourteen active sites, with revenue growth of 11.4% and an EBITDA margin of 14.2%.
Our nine in-house disciplines span civil construction, fit-out, maintenance, specialist finishes, decorative arts, architectural concrete, decorative flooring, metal coatings and theming. Most peers are either generalists or boutique finishers — we are both.
The business remains family-owned, single-country and conservatively financed. Our oldest active maintenance contract dates to 1991. Senior project management has worked through at least one cycle of UAE construction; many through several.
Audited consolidated figures for FY 2025 vs FY 2024. All amounts in AED millions unless otherwise stated.
| Line item | FY 2025 | FY 2024 | YoY Δ |
|---|---|---|---|
| Revenue from contracts | 1,418.6 | 1,273.4 | +11.4% |
| Cost of sales | (1,147.2) | (1,041.5) | +10.1% |
| Gross profit | 271.4 | 231.9 | +17.0% |
| EBITDA | 201.4 | 170.2 | +18.3% |
| EBITDA margin | 14.2% | 13.4% | +80 bps |
| Net income | 142.8 | 118.4 | +20.6% |
| Order backlog | 1,420.0 | 1,210.0 | +17.4% |
| Net cash position | 218.4 | 189.1 | +15.5% |
| Total — audited | AED 1.42 bn | AED 1.27 bn | Bureau Veritas |
Nine in-house disciplines. Each is reviewed against revenue contribution, gross margin and backlog position.
| 01 | Civil construction | Low and mid-rise structures, refurbishments, additions. RCC frames, ground works, MEP, completion. | 28% rev | → |
| 02 | Fit-out | Commercial, hospitality, retail, residential. End-to-end interior delivery. | 22% rev | → |
| 03 | Maintenance | Annual maintenance contracts, facilities, planned upkeep. Many clients have stayed twenty years. | 14% rev | → |
| 04 | Specialist finishes | Venetian plaster, micro-cement, tadelakt, marmorino. Hand-applied, hand-burnished. | 11% rev | → |
| 05 | Decorative arts | Murals, gilding, hand-painted ornament. 22-carat gold leaf, palladium. | 7% rev | → |
| 06 | Architectural concrete | Polished, board-formed, exposed-aggregate. Cast-in-place finishes. | 6% rev | → |
| 07 | Decorative flooring | Epoxy, terrazzo, resin, micro-screed. | 5% rev | → |
| 08 | Metal coatings | Architectural metallics, patinas, brass & copper finishes. | 4% rev | → |
| 09 | Theming | Themed environments — sculpted GRC, faux finishes, set design crossed with permanent construction. | 3% rev | → |
Three representative engagements from the FY25 backlog — fact-based reporting, with structured rows for GFA, programme, contract value and completion.
Revenue split by sector, with year-on-year movement and representative anchor clients.
| № | Sector | Anchor clients | Share | % Revenue | YoY Δ |
|---|---|---|---|---|---|
| 01 | Hospitality & F&B | Atlantis · Mandarin Oriental · Emaar Hospitality · Jumeirah | 32% | +3.4 pp | |
| 02 | Retail & malls | Mall of the Emirates · Dubai Mall · MAF · Aldar | 14% | −1.2 pp | |
| 03 | Residential | Emirates Hills · Palm Jumeirah · Saadiyat · private | 21% | +0.8 pp | |
| 04 | Commercial & offices | DIFC · ADGM · Trade Centre · Dubai South | 11% | +1.8 pp | |
| 05 | Cultural & heritage | Saadiyat · Sharjah Heritage · Etihad Museum partners | 14% | +4.6 pp | |
| 06 | Government & civic | Dubai Municipality · Ministry of Culture · Sharjah authorities | 8% | −0.4 pp |
Four reasons our clients return — measured, not asserted.
Established 1979. Forty-seven years of receipts in the UAE. Our oldest active maintenance contract dates to 1991.
Civil to gilt under one roof. Most peers are either generalists or boutique finishers. We are both.
Muralists, gilders, tadelakt artisans, decorative painters — in-house. Where most contractors stop, we begin.
Privately held, family-owned, single-country. Conservatively financed, AED 218 m net cash position.
Selected clients (since 1979) and current certifications. Anchor relationships have averaged 18 years.
Press releases, knowledge articles and event listings filed in the period.
Eighteen months on site, 38,400 m² of cast-in-place architectural concrete. Programme on schedule despite a challenging summer. The cultural authority confirmed the opening sequence at a board meeting on 22 March.
Press release →
How Venetian plaster, tadelakt and micro-cement behave under coastal humidity, AC cycling and direct sun.
9 min read →
Live demonstrations of marmorino plaster, gold-leaf gilding and patinated metal coatings.
Dubai World Trade Centre →Tell us the brief — sector, scope, programme. One of the studio principals replies within two working days. Drawings, RFPs, term sheets and budgets welcome.