Tuesday, 14 October 2008 |
updated 1 minute ago
20:30 UAE time

YOUR DIRECTORY /

Emaar undervalued says Shuaa chief

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Emaar Properties is undervalued according to the CEO of the UAE’s biggest investment bank. (Getty Images)

Emaar Properties, the largest real estate developer in the Middle East, is undervalued according to the CEO of the UAE’s biggest investment bank.

“I believe people have really turned sour on Emaar for sentimental reasons,” Shuaa Capital CEO Iyad Duwaji told Arabian Business in an interview.

“The consensus of analysts is [that Emaar should be trading] closer to the 18 to 20 dirhams range,” he continued.

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Emaar shares closed 0.4% lower at 11.35 dirhams on Wednesday.

The developer's shares have declined 24% this year.

Emaar is building the world’s tallest skyscraper in Dubai. The developer said on June 10 that the tower would face a nine-month delay because of a redesign of the building’s interior.

It is now due to complete in September 2009 instead of the end of 2008.

Duwaji added that Emaar’s sluggish performance has “weighed down” the Dubai Financial Market (DFM), which is down 3.91% so far this year.

“I think Emaar, which is the single largest stock, has been trading back and sideways and not been going up… and so the index has been flat,” he said.

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