Dubai – Mubasher: S&P Global Ratings has upgraded its outlook for Emaar Properties to stable from negative and affirmed its longterm credit rating at 'BB+'. 

The global credit rating agency forecast that the earnings before interest, tax, depreciation, and amortisation (EBITDA) would exceed AED 8 billion amid an expected recovery in the company's earnings during 2021.

Meanwhile, the Dubai-based property developer's funds from operations (FFO) to debt are expected to improve to around 30% by the end of 2021.

S&P referred that Dubai's residential real estate market is gaining momentum, with higher demands which will lead to a rise in prices in some areas for the first time since 2015.

It is noteworthy to mention that in 2020, S&P downgraded its rating for Emaar Properties and Emaar Malls to 'BB+' from 'BBB-' each, with a negative outlook due to the economic repercussion of the coronavirus (COVID-19) on Dubai's real estate sector.