Dubai’s exclusive toll gate operator Salik Company PJSC has achieved a significant credit rating enhancement from Fitch Ratings, moving from A- to A with a stable outlook. This upgrade reflects the company’s robust financial health and strategic operational expansions throughout 2024-2025.
The rating improvement follows Salik’s implementation of two major initiatives: the introduction of variable toll pricing effective January 31, 2025, and the activation of two additional toll gates in November 2024. These new collection points, positioned at Business Bay Crossing on Al Khail Road and Al Safa South on Sheikh Zayed Road, bring the total number of operational toll gates across Dubai to ten.
Financial metrics demonstrate exceptional performance, with Salik reporting a net profit of Dh1.14 billion for the first nine months of 2025—a substantial 39.1% increase compared to the same period last year. The company maintained a trailing twelve-month net debt/EBITDA ratio of 2.61x as of September 30, 2025, well below its debt covenant threshold of 5.0x.
Cash flow generation remained robust, with free cash flow reaching Dh1.47 billion during the nine-month period, representing a 39.5% year-on-year increase and a remarkable free cash flow margin of 64.7%. The company attributes its financial strength to its exclusive position in Dubai’s toll road system, conservative leverage approach, and long-term concession agreement with the Roads and Transport Authority (RTA) that ensures stable cash flow generation.
Company leadership emphasized that despite the upgraded credit profile, Salik has no immediate plans for public debt issuance. Chairman Mattar Al Tayer stated that the rating improvement reflects international confidence in Salik’s business model and Dubai’s smart transportation infrastructure. CEO Ibrahim Sultan Al Haddad added that maintaining investment-grade status positions the company favorably for future capital market access when required.