Overview Key strengths Key risks Second-largest property developer in Dubai, with a strong brand reputation, generating $962 million EBITDA in 2024. Significant exposure to the cyclical and capital-intensive property development sector. Highly supportive real estate sector trends in the Dubai, leading to high presales and translating into a record UAE dirham (AED) 67 billion revenue backlog. Revenue and asset concentration in Dubai, with high exposure to a competitive residential real estate sector characterized by volatile and sentiment-driven demand as well as increasing oversupply risks. Robust cash flow generation underpinned by high presales. Historically large and volatile working capital outflows, which have resulted in constrained operating cash flow, reflecting the investment cycle associated with real estate projects. Healthy balance sheet with
