All revenues from development activities, which tend to be cyclical and volatile. Strong focus on Dubai and its volatile property market, which we currently view as under pressure due to macroeconomic factors. Significant concentration risks in two master development projects in Dubai. Good asset quality. Strong credit ratios backed by a well-balanced capital structure. Very high working capital needs for the next two years. Expected to maintain high dividend payments in 2017-2018. S&P Global Ratings' stable outlook on Dubai-based residential property developer Damac Real Estate Development Ltd. reflects its opinion that the company's credit metrics will withstand the current softening of Dubai's residential real estate prices, which we expect to last over the next 12-18 months. We believe that Damac
