The outlook for rated Dubai-based real estate companies is stable, reflecting our expectation that growth will support strong cash flow, steady profitability, and improving credit metrics. Mounting economic pressures globally, including rising interest rates, inflation, and the devaluation of emerging currencies, may cool the demand for residential real estate. This will lead residential real estate prices to stabilize in 2023. Nevertheless, we expect continued deleveraging and improving rating headroom for Dubai-based real estate companies in 2023. We also expect ample liquidity and limited funding needs. Plentiful cash flow leaves headroom for higher capital expenditure, dividends, or acquisitions.