Omniyat Holdings said it maintains strong liquidity and is well positioned to meet upcoming debt maturities after the Dubai-based ultra luxury developer was placed on watch for a possible downgrade amid the Iran war.

The company reported liquidity of over AED 5.3 billion ($1.4 billion) in cash, cash equivalents and other financial assets as of end December 2025.

This included AED 2.7 billion in unrestricted corporate liquidity not subject to project escrow or regulatory ring fencing, further boosted by the AED 2.2 billion sukuk issuance completed in March 2026, it said in a statement on Thursday.

Omniyat said its unrestricted liquidity is sufficient to cover its next major debt obligation — the $500 million sukuk maturing in 2028 — without relying on new property sales, customer collections, refinancing, or fresh capital markets activity.

The developer has no significant short term maturities, and its debt profile now extends to 2031 following three sukuk issuances totaling $1.5 billion, it added.

Last week, Fitch Ratings placed Omniyat’s long term issuer default rating (IDR) and its senior unsecured debt rating of ‘BB-’ on Rating Watch Negative (RWN). The RWN also applies to debt issued by Omniyat Sukuk 1 Limited.

Fitch said the action reflected heightened geopolitical risk affecting Dubai and the wider Gulf region, which could weigh on housing and investor demand. The conflict could increase unsold inventory and raise cancellation risk, driving higher working capital needs and requiring cash preservation.

Omniyat issued its first sukuk in April 2025; a $500 million deal maturing in May 2028. It returned to the market in September with a $400 million issuance due in March 2029. In February 2026, it placed a further $600 million sukuk maturing in 2031.

Bank debt maturities are limited to around AED 60 million in 2026 and AED 150 million in 2027, according to Fitch.

(Writing by Brinda Darasha; editing by Seban Scaria)

brinda.darasha@lseg.com