Emmar Properties doesn't have interest rate risk and sovereign risk, but in the recent Moody's report they may face a problem because of over-supply of properties in Dubai. As we know, Dubai is yet to completely recover from it's 2009 crisis and with many companies announcing multiple housing and commercial construction projects in Dubai, there may be excess of them and the companies might find it difficult to sale. Currently, they have Ba1 rating from Moody's, which is just one grade below the investment grade.
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