华利安（Houlihan Lokey）：2026阿联酋基础设施模式：动荡世界中的稳定性估值报告（英文版）（13页）.pdf

1、The UAE Infrastructure Model:Stability in a Volatile WorldA Houlihan Lokey Valuation PerspectiveApril 2026This paper presents Houlihan Lokeys perspective on valuing the UAEs infrastructure assets,drawing upon our deep experience as both a leading valuation provider and a global investment bank.Our a

2、nalysis indicates that applying a generic“regional risk premium”may not be the most effective approach,as it may obscure,rather than reveal,true value.The valuation of these assets requires a nuanced,evidence-based methodology that reflects their specific contractual and operational realities.In an

3、environment of heightened geopolitical uncertainty,the UAEs infrastructure model provides a compelling example of stability,resilience,and strategic planning.01Executive Summary1Our key conclusions are:Resilience Is Structural.The stability of the UAEs core infrastructure is the result of a delibera

4、te framework built on credible sovereign backing,strong institutional counterparties,and reliance on long-term,contractually defined cash flows.Understanding Key Business Drivers Is Essential.We analyze infrastructure through two primary pillars:Discipline Is Paramount.In this environment,a discipli

5、ned valuation process is crucial.The correct question is not whether risk has increased,but how it specifically affects an assets cash flows,financing,and marketability.This requires distinguishing between temporary market sentiment and a permanent change in fundamental value.This paper outlines a f

6、ramework for making that critical distinction.These assets are anchored to regulated,availability-based contracts.Their valuation is driven primarily by domestic fundamentals and contractual mechanics.Domestic Electricity and Water01While more connected to global trade,these assets benefit from thei