Goldman Sachs resumed covering Emmar Properties, Union Properties, and Abu Dhabi National Hotels, giving them a neutral rating. Goldman Sachs said the weak economic activity, slow economic growth, and tight liquidity will cause the current softness in the UAE Real Estate sector to continue.
Goldman also gave a ‘neutral’ rating to Sorough Real Estate while Arabtec Holding and Abu Dhabi based Aldar properties were rated ‘buy’. Goldman Sachs said the economic downturn will continue to create difficulties for Emmar, the Middle East’s largest property developer. Emaar’s properties in India, US, Turkey, Morocco, Saudi Arabia, Syria, Pakistan, and Egypt are affected by the economic slowdown.