diff --git a/.editorconfig b/.editorconfig
new file mode 100644
index 00000000..95dc1a00
--- /dev/null
+++ b/.editorconfig
@@ -0,0 +1,22 @@
+# EditorConfig helps developers define and maintain consistent
+# coding styles between different editors and IDEs
+# editorconfig.org
+
+root = true
+
+[*]
+# We recommend you to keep these unchanged
+end_of_line = lf
+charset = utf-8
+trim_trailing_whitespace = true
+insert_final_newline = true
+
+# Change these settings to your own preference
+indent_style = tab
+
+[*.{yaml,yml,md,json,xml,properties}]
+indent_size = 2
+indent_style = space
+
+[*.md]
+trim_trailing_whitespace = false
diff --git a/.eslintrc.json b/.eslintrc.json
deleted file mode 100644
index 9d72951d..00000000
--- a/.eslintrc.json
+++ /dev/null
@@ -1,20 +0,0 @@
-{
-    "env": {
-        "browser": true,
-        "es6": true,
-        "node": true
-    },
-    "extends": [
-        "eslint:recommended",
-        "plugin:@typescript-eslint/recommended",
-        "plugin:@typescript-eslint/recommended-requiring-type-checking"
-    ],
-    "parser": "@typescript-eslint/parser",
-    "parserOptions": {
-        "project": ["./tsconfig.json"],
-        "sourceType": "module"
-    },
-    "plugins": [
-        "@typescript-eslint"
-    ]
-}
diff --git a/eslint.config.mjs b/eslint.config.mjs
new file mode 100644
index 00000000..6c06ec91
--- /dev/null
+++ b/eslint.config.mjs
@@ -0,0 +1,25 @@
+import eslint from "@eslint/js";
+import globals from "globals";
+import tseslint from "typescript-eslint";
+
+export default tseslint.config(
+	eslint.configs.recommended,
+	...tseslint.configs.recommended,
+	...tseslint.configs.recommendedTypeChecked,
+	{
+		languageOptions: {
+			globals: {
+				...globals.browser,
+				sap: "readonly"
+			},
+			ecmaVersion: 2023,
+			parserOptions: {
+				project: true,
+				tsconfigRootDir: import.meta.dirname
+			}
+		}
+	},
+	{
+		ignores: ["eslint.config.mjs"]
+	}
+);
diff --git a/package.json b/package.json
index fa43d060..c3076f70 100644
--- a/package.json
+++ b/package.json
@@ -17,14 +17,14 @@
     "url": "https://github.com/SAP-samples/ui5-typescript-helloworld.git"
   },
   "devDependencies": {
-    "@types/openui5": "1.116.1",
-    "@typescript-eslint/eslint-plugin": "^6.3.0",
-    "@typescript-eslint/parser": "^6.3.0",
-    "@ui5/cli": "^3.4.0",
-    "eslint": "^8.46.0",
-    "typescript": "^5.1.6",
-    "ui5-middleware-livereload": "^3.0.0",
-    "ui5-middleware-simpleproxy": "^3.0.0",
-    "ui5-tooling-transpile": "^3.0.1"
+    "@types/openui5": "1.127.0",
+    "@ui5/cli": "^4",
+    "eslint": "^9.10.0",
+    "typescript-eslint": "^8.4.0",
+    "globals": "^15.9.0",
+    "typescript": "^5.6.2",
+    "ui5-middleware-livereload": "^3",
+    "ui5-middleware-simpleproxy": "^3",
+    "ui5-tooling-transpile": "^3"
   }
 }
diff --git a/tsconfig.json b/tsconfig.json
index 9f3e7641..d7941a5a 100644
--- a/tsconfig.json
+++ b/tsconfig.json
@@ -1,18 +1,18 @@
 {
-    "compilerOptions": {
-        "target": "es2022",
-        "module": "es2022",
-        "moduleResolution": "node",
-        "skipLibCheck": true,
-        "allowJs": true,
-        "strict": true,
-        "strictPropertyInitialization": false,
-        "rootDir": "./webapp",
-        "baseUrl": "./",
-        "paths": {
-            "ui5/typescript/helloworld/*": ["./webapp/*"]
-        },
-        "composite": true
+  "compilerOptions": {
+  "target": "es2023",
+    "module": "es2022",
+    "moduleResolution": "node",
+    "skipLibCheck": true,
+    "allowJs": true,
+    "strict": true,
+    "strictPropertyInitialization": false,
+    "rootDir": "./webapp",
+    "baseUrl": "./",
+    "paths": {
+      "ui5/typescript/helloworld/*": ["./webapp/*"]
     },
-    "include": ["./webapp/**/*"]
+    "composite": true
+  },
+  "include": ["./webapp/**/*"]
 }
diff --git a/ui5-dist.yaml b/ui5-dist.yaml
index 64d22b0c..fa7f7f5f 100644
--- a/ui5-dist.yaml
+++ b/ui5-dist.yaml
@@ -1,4 +1,4 @@
-specVersion: "3.0"
+specVersion: "4.0"
 metadata:
   name: ui5.typescript.helloworld
 type: application
@@ -8,7 +8,7 @@ resources:
       webapp: dist
 framework:
   name: OpenUI5
-  version: "1.116.0"
+  version: "1.127.0"
   libraries:
     - name: sap.m
     - name: sap.ui.core
diff --git a/ui5.yaml b/ui5.yaml
index 17739c0c..775fb752 100644
--- a/ui5.yaml
+++ b/ui5.yaml
@@ -1,10 +1,10 @@
-specVersion: "3.0"
+specVersion: "4.0"
 metadata:
   name: ui5.typescript.helloworld
 type: application
 framework:
   name: OpenUI5
-  version: "1.116.0"
+  version: "1.127.0"
   libraries:
     - name: sap.m
     - name: sap.ui.core