Uncertainty drags down Emaar shares

by Rob Corder Tuesday, 03 April 2007

Emaar Properties shares have fallen 6 percent since it was announced that Dubai Holdings would be acquiring 27.9% of the company in a stock for land deal.

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The Dubai Financial Market heavyweight is dragging down the rest of the market, which is approaching a two year low.
The Dubai Holdings deal was announced on March 20th, but no details were given about the amount of land, or its location.

That has made it impossible for shareholders and analysts to judge whether the deal is good for Emaar or not.

Emaar said that an extraordinary general meeting would be scheduled within two weeks of the Dubai Holdings announcement, but investors are still waiting for a date, and the uncertainty is making them jittery.

"The more time it takes for Emaar and Dubai Holding to give details on the deal the more damage it will cost stocks in the UAE," says Amr Diab, head of sales at EFG-Hermes.



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