Emaar Properties, the largest developer in the region, has had its price target cut 13 per cent by Deutsche Bank, which yesterday cited uncertainties in Egypt.
"Even if events remain fluid and the impact on the property sector is difficult to gauge at this stage, we believe the Egyptian real estate market is likely to remain uncertain for some time," the bank's analyst, Nabil Ahmed, wrote in a note to clients. "This is a major setback to Emaar's international diversification story given that Egypt is its largest market outside of Dubai and the most visible growth area."
Mr Ahmed said the company claimed Egypt would account for almost half of international deliveries by 2013, and a third of total units handed over.
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