The Standard & Poor's credit rating agency downgraded Emaar Properties, the largest real estate developer in the Middle East, to BB + from BBB-.
S & P expected in a report on its website that the expected recovery next year will be partial.
The agency also expected Emaar Properties ’profits to drop by 30 to 40% this year 2020, and total revenue will drop between 15 to 20%.
Emaar Properties is a UAE-based real estate development company. It is a public joint stock company listed on the Dubai Financial Market under the symbol. The company manages its operations in many international markets and provides an integrated package of development and administrative services. It operates in six sectors through 60 active companies, and has a presence in 36 markets in the MENA region, Asia, Europe and North America. Emaar Properties is one of the largest real estate development companies in the Emirates and the Middle East, and is known to undertake giant projects such as the Burj Khalifa, which is the tallest building in the world.
