Moody's assigned a (P)Ba1 rating with a stable outlook to the sukuk program of Damac Properties, issued through its subsidiary Alpha Star Holding. The rating for 'Damac' is based on its leading position in Dubai's residential real estate market as the largest private developer by the number of units delivered. The rating is also supported by the company's strong sales map, with an accumulated order book of AED 73 billion until September 2025, which provides good revenue visibility for the next two to three years, along with its ability to collect payments. While Moody's maintained Damac's credit rating at Ba1 and its probability of default rating at Ba1-PD without change.
