Fitch rates Emaar Properties BBB-

Fitch Ratings said it published Emaar Properties PJSC's BBB- long-term issuer default rating.

“EP benefits from diverse revenue generated through its conglomerate structure, despite some correlation between activities. Its portfolio of high-quality shopping centers and retail assets generates stable, recurring revenue and typically accounts for around half of group EBITDA. This helps mitigate inherently volatile cash flow from subsidiary Emaar Development PJSC (ED), which primarily stems from residential asset sales. Both divisions have shown good recovery through 3Q21 with sales significantly increasing,” Fitch said in a press release.

The outlook is stable.

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