Moody’s upgrades Dubai’s Emaar over ‘financial strength’

Dubai-based developer Emaar Properties has been upgraded to Baa3 long-term issuer rating by Moody’s Investor Service with a ‘stable’ outlook.

The company behind the Burj Khalifa, the world’s tallest building, said the upgrade highlighted “its financial strength and ability to create sustained shareholder value through its ongoing projects and assured recurring revenues from its malls and hospitality businesses”.

Mohamed Alabbar, chairman of Emaar Properties, said: “Emaar has recorded significant growth in property sales in our core market of Dubai and other international markets.”

He revealed that this year, Emaar and Emaar Malls together have distributed over AED2.375 billion ($646 million) in dividends to shareholders.

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