Pakistan Credit Rating Agency Limited (PACRA) and National Engineering Services Pakistan (Pvt) Limited (Nespak) have assigned PE1 developer rating to Emaar DHA Islamabad Ltd, a joint venture between Emaar Pakistan and Defence Housing Authority (DHA) Islamabad, said a press release.
The top-most rating by the apex credit rating authorities in the country signifies the "strong project execution capacity, the most promising prospects of execution of real estate projects as per the plan, and the highest ability to transfer ownership as per terms."
Mohammed Al-Falasi, Managing Director, Emaar Pakistan, said the highest developer rating assigned to Emaar DHA Islamabad Ltd by Pacra and Nespak signals the trust that the company had earned in a short span of time since our inception in Pakistan.
The rating is a testimony to our project execution capabilities and a reiteration to our customers on our capability to deliver world-class lifestyle projects." Falasi thanked the Pakistani authorities for their support in helping us execute our development plans, and to our investors in Canyon Views, which we launched in late-2006.
"Pakistan is a key market in our international expansion plans, and as in all the markets Emaar operates, we are committed to the overall socio-economic growth of the country by creating employment opportunities and strengthening ancillary industries through our projects."
Emaar is developing two master-planned communities - Highlands and Canyon Views in Islamabad, and Crescent Bay in Karachi with a development value of $2.4 billion. Emaar has also signed a MoU with Port Qasim Authority for a mixed-use development in Bundal and Buddo.-PR
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