Image via WikipediaHere’s an interesting article in Arabic (30th August) about “The Sheikh of UAE Stock,” Emaar Properties. The article surveys the views of several UAE stock analysts and the reports and opinions of various banks and finance houses.
Naturally, the writer focused on the Worst Is Over views out there, and on the expected possibility that 2010 is a new year, and the birth of a new bull market in real estate. A big deal was made of some analysts’ views that this year’s write-offs by EMAAR are the final bad news shareholders will live with in the foreseeable future. Thankfully, the negative views of some investment houses and analysts regarding the expected merger of Emaar with one or two other of Dubai’s toxic real estate companies, were included in the article. Their view is that the current estimated book value of Emaar at 4.19 or something will look quite… expensive in comparison to what may happen after a “merger”
The way things stand at the moment: Let’s have a look at EMAAR.