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The “Goldman Sachs” banking group said that the announcement by “Emaar Properties” of launching its new major project, “Oasis”, with a development value of $ 20 billion, will have a positive impact. It will help it benefit from the current strong demand for residential properties in Dubai, especially single-family homes.
Goldman Sachs added in a research paper that the “Oasis” project will significantly enhance the development work in the lands owned by the company by 100%, in exchange for common lands, and thus increase the share of profits for its shareholders.
When comparing the “Oasis” project with the “Dubai Hills Estate” project, the total value of $20 billion for “Oasis” is twice the value of the $10 billion “Dubai Hills” project, which is originally a joint venture with Meraas. . Because Oasis is located on land wholly owned by Emaar, it will retain 100% of the profits.
The banking group assigned the “Buy” rating to Emaar Properties, with a target price of 7.75 dirhams within 12 months. She added that she estimated the rating of the “Emaar Development” stock in line with the target price of the parent company within 12 months.
Goldman Sachs expects that Emaar Properties will achieve revenues of 24.9 billion dirhams at the end of this year, 21.3 billion dirhams in 2023, 25.1 billion dirhams in 2024, and 31.1 billion dirhams at the end of 2025.
