Source:  www.arabianbusiness.com

Emaar Properties, the builder of the world’s tallest tower in Dubai, had its price estimate cut 13 percent at Deutsche Bank on “Egyptian uncertainties.”

PRICE CUT: Emaar Properties, the builder of the world’s tallest tower in Dubai, had its price estimate cut 13 percent at Deutsche Bank (Getty Images)
PRICE CUT: Emaar Properties, the builder of the world’s tallest tower in Dubai, had its price estimate cut 13 percent at Deutsche Bank (Getty Images)

“Even if events remain fluid and the impact on the property sector is difficult to gauge at this stage, we believe the Egyptian real-estate market is likely to remain uncertain for some time,” analysts Nabil Ahmed and Athmane Benzerroug said in a note to clients dated on Thursday. “This is a major setback to Emaar’s international diversification story, given that Egypt is its largest market outside of Dubai and the most visible growth area.”

The price estimate was lowered to AED4.5 from AED5.2, while the recommendation was maintained at “buy.”

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