Abu Dhabi – Mubasher: Standard & Poor’s credit rating agency expected a recovery in Emaar Properties’ profits and credit metrics in 2021.
The agency noted, it is likely to exceed earnings before interest, tax, depreciation and amortization 8Billions of dirhams and improved funds from operations (FFO) debt to about 30 percent.
Standard & Poor’s revised its outlook for Emaar Properties from negative to stable and confirmed the company’s long-term credit ratingBB+.
The stable outlook indicates that Standard & Poor’s expects the adjusted spot financing volume from Emaar Properties to reach approximately 30% by the end of 2021 and will continue to rise in the following years..
Standard & Poor’s, credit rating agency, said the residential property market in Dubai was gaining momentum, with increased demand driving up prices in some areas of the emirate for the first time since 2015..
Emaar Properties has the lion’s share of the growth thanks to its leading position in the market, as evidenced by the rise in property sales in the UAE to AED 10.5 billion during the first five months of 2021, compared to AED 6.3 billion in all of 2020.
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