Additionally, its Dubai Mall expansion project will drive recurring revenues. Emaar Hospitality Group has a vast portfolio of properties, including 35 new hotels and serviced residences in the UAE. "We believe that Emaar's market leadership position and balance sheet strength – in combination with stable recurring revenues and a sizeable property sales backlog – will support the company's credit profile during the currently challenging market conditions and as it enters a phase of elevated capex ahead of the Dubai World Expo 2020," Moody's report said.