S&P acts on Dubai firms

S&P said it acted on four Dubai-based real estate companies and developers

“We have lowered to B from B+ our ratings on Damac Real Estate Development. The outlook remains negative. At the same time, we have placed our BBB- ratings on Emaar Properties PJSC and Emaar Malls Group on CreditWatch with negative implications. We have also revised our outlook on DIFC Investments LLC to negative outlook from stable and affirmed our BBB- ratings,” S&P said in a press release.

The rating actions follow weakening market trends and the global pandemic is adding to the strain on Dubai's already weak real estate market, S&P said.

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