Virus concerns hit shares in builder of world's tallest tower
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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 novel coronavirus on the city's real estate, hospitality and retail industries.
Shares of Emaar Properties PJSC, developer of the 828-metre high Burj Khalifa, slumped 10 per cent 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 per cent and 8.4 per cent respectively.
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