S&P cuts three Dubai-based firms

S&P said it downgraded Emaar Properties PJSC, Emaar Malls Group and DIFC Investments Ltd. to BB+ from BBB-.

“We expect Dubai's open economy to suffer a significant shock from the Covid-19 pandemic. Based on publicly available information, Dubai's economy relies heavily on retail, logistics, tourism, and real estate, which we expect to only partly recover by 2021. As a result, we now expect Dubai's real GDP will shrink by about 11% in 2020, compounding the economic slowdown that began in 2015,” S&P said in a press release.

The outlook for DIFC is stable and negative for Emaar Properties and Emaar Malls.

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