The company Ben Ghaith Holding Limited, specializing in the development of luxury real estate in the UAE, has announced that the rating agency Moody's has assigned it a first-time Ba3 rating for corporate family ratings (CFR) with stable outlooks. The company noted that Ba3 confirms the sustainability of Ben Ghaith’s operations in many aspects, reflecting its strong position in the Dubai real estate market, effective interaction with its other companies, and excellent financial position.
According to Moody's, the strategic management of Ben Ghaith ranges from project execution to cost management, which enhances operational efficiency and contributes to achieving strong profits. The Moody's report also highlights the company's strong creditworthiness, characterized by low financial leverage, reliable default probability over the long term, and strong liquidity levels.
Considering the absence of long-term debts until 2027, the company has sufficient financial flexibility to support strategic growth initiatives, including the realization of luxury real estate projects jointly with premium brands such as Mercedes-Benz, Bugatti, and Jacob & Co. At the same time, Moody's stable outlook reflects the company's ability to continue building residential real estate in Dubai in the context of strong demand for real estate.
Ben Ghaith has strengthened its presence in the market by launching 16 new projects in 2024, which added 11,750 residential units to the market, as well as acquiring 13 million square feet of prime land for development in Dubai for a total exceeding 26 billion dirhams. The chairman of the board of directors of Ben Ghaith Holding Limited, Mohammed bin Ghaith, stated: "We are proud to receive a significant Ba3 rating for the first time from Moody's, which serves as clear evidence of our financial sustainability, effectiveness of our business model, and our strict financial management."
He added: "This new rating confirms our leadership in the luxury real estate market in Dubai, our ability to maintain a strong credit profile and good liquidity, alongside our continued significant progress in realizing our ambitious growth strategy."
