Abu Dhabi-listed Aldar Properties’ revenue backlog in the UAE increased to 40.5 billion UAE dirhams ($11.03 billion) as of September 2024 from AED 29.1 billion in 2023 and AED 12.1 billion in 2022, Moody's Ratings said in a report.

The developer’s international backlog has grown to AED 8.1 billion in September 2024 from AED 7.6 billion in 2023. Aldar mandated banks to arrange a global investor call and a series of fixed-income investor calls commencing on Monday, 6 January.

"The ratings affirmation reflects our expectation that Aldar will maintain a strong credit profile including solid credit metrics and excellent liquidity through 2026 as it ramps up investments and property development deliveries," said Aziz Al Sammarai, Assistant Vice President, Moody's Ratings analyst.

The rating agency forecasts Aldar's growth in consolidated earnings to partially fund working capital changes and the company's AED 9.4 billion of capital projects pipeline through 2025, with the remainder financed with debt and cash on balance sheet.

The developer has excellent liquidity with more than AED 32 billion of liquidity sources to cover about AED 10.4 billion of uses through 2025, Moody’s said.

(Editing by Anoop Menon) (anoop.menon@lseg.com)

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