RIYADH: Moody’s Investors Service has upgraded the outlook of the property and malls divisions of Dubai-based Emaar, the firm has announced.
The international credit rating agency has changed the outlook to stable from negative for both Emaar Properties and Emaar Malls Management.
Emaar Properties has retained its Baa3 long-term issuer rating, while Emaar Malls Management keeps its Baa2 grade.
Emaar Properties
The rating action comes on the back of the company’s strong financial performance over the past quarter, vice president- senior analyst said.
Lahlou Meksaoui added the rating is also a “reflection of the improved macroeconomic prospects for the Emirate of Dubai as well as better operating conditions for the local real estate sector.”
During 2021 and first quarter of 2022, Emaar Properties has recorded a strong revenue growth which is attributed to the accelerated pace of construction.
Emaar Malls Management
Improved macroeconomic outlook for Dubai has also contributed to the credit agency’s decision to change the outlook to stable from negative.
During 2021 and first quarter of 2022, a 92 percent occupancy and recovery in tenant sales have led to higher rental revenues across the firm’s malls.
