Emaar slide continues after new law revealed

by Tamara Walid Monday, 25 August 2008

Emaar Properties shares fell for a fifth day as investors reacted negatively to reports that the Dubai government may be moving to curb speculation in the market by limiting off-plan sales.

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Emaar fell 1.8 percent or 17 fils to close at 9.13 dirhams in Dubai trading today.
“It’s a combination of factors that include the government making noises that they are going to try and combat speculation in the market,” said Loic Pelichet, an analyst at ING Wholesale Banking. He has a “buy” recommendation on the stock.

Emaar is the largest publicly traded developer in the Middle East and is building the world’s tallest tower in Dubai as well as a Las Vegas-style strip of hotels.

The company is developing residential projects throughout the Middle East and owns John Laing Homes in the US.

Other real estate companies also declined including Aldar Properties, Abu Dhabi's largest developer, which fell 1.2 percent.

Deyaar fell 2.1 percent. Sorouh was down 1.8 percent and Union Properties also declined by 3.7 percent.



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