Virus Concerns Hit Shares in Builder of World’s Tallest Tower
- Emaar Properties a ‘Gulf proxy,’ had worst week since 2017
- Burj Khalifa developer feels property, tourism, retail impact
An Emaar Properties PJSC sign stands beside the Burj Khalifa tower in Dubai, United Arab Emirates.
Photographer: Chris Ratcliffe/Bloomberg
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Dubai’s Emaar group felt the downside of being a proxy for investments in the local exchange as traders rushed to price in the impact of the coronavirus on the city’s real estate, hospitality and retail industries.
Shares of Emaar Properties PJSC, developer of the 828-meter (2,716-foot) high Burj Khalifa, slumped 10% this week after more than 230 cases of the virus were confirmed throughout the Middle East. Subsidiaries Emaar Malls and Emaar Development lost 4.7% and 8.4%, respectively.