EFG Hermes maintained its buy rating for Emaar Malls Group based on the long-term prospects of Dubai's global positioning as a business and retail hub and the company's business model.
The retail arm of Emaar Properties, the biggest UAE property developer, is currently trading at about 50 per cent discount to its five-year average, EFG Hermes, the biggest-listed investment bank in the region, said in a note to investors on Sunday.
Like other mall operators in the region and beyond, Emaar Malls is facing headwinds due to the coronavirus pandemic.
However, despite recent changes in the market conditions, the “long-term picture is still relatively positive”, EFG said.
"Amid the currently challenging operating environment, Emaar Malls Group's solid business model stands out, in our view."
EFG Hermes said Emaar Malls' market positioning, its ability to outperform the wider-market averages in terms of occupancies and lease rate growth, as well as gross leasable area portfolio across various segments, sets it apart from the other operators.
The company’s “exposure to the largest and most prominent retail groups in the region” also adds to the “uniqueness” of its model, it said.
Emaar Malls also has a strong balance sheet and access to Dh6.6 billion credit facility that is untouched and offers comfort in its liquidity position, especially in view of current market conditions, EFG said.
In February, the company reported a 2.5 per cent jump in its 2019 net profit as revenue climbed 5 per cent, driven by the strong performance of its shopping malls and online retail business.
Net profit stood at Dh2.29bn and revenue for the reporting period rose to Dh4.673bn.
The government enforced movement restrictions and forced malls to shut down in March to stem the spread of Covid-19. Malls were allowed to reopen last week at a limited capacity of 30 per cent.
In an interview with CNN, Mohamed Alabbar, Emaar Properties chairman and board member of Emaar Malls, said the emirate's retail sector will see a gradual recovery by the middle of 2021.
Dubai will rebound from the crisis in "better shape" than other cities across the world, thanks to the size of its commercial hub and its lack of dependence on oil, he said after Dubai Mall reopened.
PROFILE BOX
Company name: Overwrite.ai
Founder: Ayman Alashkar
Started: Established in 2020
Based: Dubai International Financial Centre, Dubai
Sector: PropTech
Initial investment: Self-funded by founder
Funding stage: Seed funding, in talks with angel investors
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How to donate
Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200
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350 kilograms of onion is used in dishes
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Red flags
- Promises of high, fixed or 'guaranteed' returns.
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- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
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Key facilities
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- 600-seat auditorium
- Spaces for historical and cultural exploration
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- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
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Your UK residence status is assessed using the statutory residence test. While your residence status – ie where you live - is assessed every year, your domicile status is assessed over your lifetime.
Your domicile of origin generally comes from your parents and if your parents were not married, then it is decided by your father. Your domicile is generally the country your father considered his permanent home when you were born.
UK residents who have their permanent home ("domicile") outside the UK may not have to pay UK tax on foreign income. For example, they do not pay tax on foreign income or gains if they are less than £2,000 in the tax year and do not transfer that gain to a UK bank account.
A UK-domiciled person, however, is liable for UK tax on their worldwide income and gains when they are resident in the UK.
Benefits of first-time home buyers' scheme
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Power: 727hp
Torque: 1,000Nm
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Emergency phone numbers in the UAE
Estijaba – 8001717 – number to call to request coronavirus testing
Ministry of Health and Prevention – 80011111
Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre
Emirates airline – 600555555
Etihad Airways – 600555666
Ambulance – 998
Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries
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