This report does not constitute a rating action. Overview Key strengths Key risks Second-largest property developer in Dubai, with a strong brand reputation, generating $1.9 billion S&P Global Ratings adjusted EBITDA as of rolling 12 months (RTM) Sept. 30, 2026. Significant exposure to the cyclical and capital-intensive property development sector. Solid revenue backlog of $21 billion as of Sept. 30, 2026, which provides cashflow visibility for the next two to three years. 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, estimated at $2 billion till June 30, 2026, (about 20%-25% of total
