Emaar Properties (EMAAR UH) United Arab Emirates
Real Estate
EMAAR surfs a 10-year high - Real Estate is seen as a refuge for investors through oil and commodity price volatility. Recent results saw the company's Real Estate revenues fall 18.5%, but this was partly offset by a revival of the other segments with Leasing and retail revenue increasing by 10.6% and Hospitality revenue up 9.7%. Growth was driven by the steady recovery in the tourism industry and strong domestic spending. Margins are also doing well thanks to better operating and financial cost management, while the balance sheet is strong. Finally, AlphaMena flags the recent Credit Ratings upgrade by S&P, Moody’s and Fitch as further proof that the hard times are behind EMAAR.
Edition: 171
- 13 October, 2023