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. Good asset quality. Strong credit ratios backed by a well-balanced capital structure. Positive free operating cash flow. Expected high dividend payments in 2016-2017. Standard&Poor's Ratings Services' stable outlook on Dubai-based residential property developer Damac Real Estate Development Ltd. (Damac) reflects its opinion that the company's credit metrics will withstand the current softening of Dubai's residential real estate prices that we expect to last over the next 12-18 months. We believe that Damac should continue to benefit from a
