The long-term corporate credit rating on Emaar Properties, a leading developer, has been upgraded by Standard & Poor’s Rating Services to ‘BBB-’ from ‘BB+’ with a stable outlook.

The rating reflects the performance of the firm’s shopping mall and hospitality assets, and the successful launch and presale of high-margin developments in Dubai, said a statement.

Mohamed Alabbar, chairman, said: “The upgraded rating by Standard & Poor’s reflects the strong financial fundamentals of the company, and the success of our business expansion into shopping malls and retail, and hospitality and leisure, which contribute significantly to our recurring revenues.”

“Led by the positive growth of Dubai, Emaar will continue to focus on our core competencies of developing prime real estate assets and strengthening our mall and hospitality businesses, to create long-term value for our stakeholders,” he said.

“Emaar has a high grade asset portfolio generating growing earnings and cash flow, an attractive land bank and a reputation for high quality development,” the S&P report noted.

Emaar’s properties include the Dubai Mall, The Address Hotels and Resorts, Armani Hotels and Resorts, and Vida Hotels and Resorts. It is also set to open a new hotel brand – Dubai Inn, focused on the affordable segment and to be developed as a joint venture with Meraas Holding.

The firm also marked the launch of several new major projects in Dubai last year including The Address Residence The Fountain Views I, II and III; The Address Residence The Sky Views and Burj Vista in Downtown Dubai; The Hills and Vida Residence, The Hills in Emirates Living; and Casa, Palma, and Rosa villas in Arabian Ranches.

It also unveiled Mira townhouses in Reem, a modern desert oasis, and The Opera District, featuring the Dubai Opera, a 2,000-seat multi-venue performing arts centre, in Downtown Dubai. - TradeArabia News Service