All revenues are 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 oversupply and weakening macroeconomic factors. Significant concentration risks in two master development projects in Dubai. Good asset quality. Weakening credit ratios driven by real estate down cycle in Dubai. High working capital needs for the next two years. Lower dividend payments expected in 2018-2019. The stable outlook on Dubai-based residential property developer Damac Real Estate Development Ltd. (Damac) reflects S&P Global Ratings' opinion that the company will withstand the current softening in the Dubai residential real estate market over the next 12-24 months. We believe that Damac should continue
