Stars

Dubai Developers’ Slip From Stars to Duds Deepens in Homes Glut

(Bloomberg) — Dubai real estate stocks were once the stars for investors betting on the city’s booming economy. But their fall from grace has been spectacular and seems set to continue, given an abundance of unsold homes and scant prospects for a recovery in the oil-rich region.

Shares in Emaar Properties PJSC, an industry bellwether and the developer of Burj Khalifa, the world’s tallest tower, have dropped almost 80% from their 2014 peak, when average real estate prices in the emirate were about 30% higher. Competitor Damac Properties Dubai Co. has posted a similar slump since a 2017 high. Smaller player Union Properties PJSC, which is in talks to restructure debt, trades at a 90% discount from its 2005 levels.



graphical user interface, chart, histogram: Burj Khalifa developer Emaar Properties has declined for 15 years


© Bloomberg
Burj Khalifa developer Emaar Properties has declined for 15 years

Not even a majority of buy recommendations from analysts, thanks to cheap valuations and expectations of government support, is enough to spur a change in sentiment. That reflects a supply glut that the companies themselves helped create, and which is worsening because of an exodus of the expatriate workers who account for most of the city’s population.

“I looked at Dubai property several times in the past, but the picture was unchanged every time, exactly because of the same issues — huge unsold stock levels and continued development activity,” said Ekaterina Iliouchenko, a portfolio manager at Union Investment Privatfonds GmbH in Frankfurt.

An index tracking eight Dubai real estate stocks is trading near the biggest discount to peers in emerging markets since 2011.



chart: Dubai stocks are trading cheaply compared with EM peers


© Bloomberg
Dubai stocks are trading cheaply compared with EM peers

Scrutiny of real estate developers and construction companies intensified in recent days as shareholders of Arabtec Holding PJSC, which helped to build the Burj Khalifa, voted to dissolve the firm. The demise of the

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Reese Witherspoon, Pink, and More Stars Convert Their Homes Into Classrooms

The shift to remote learning poses new challenges for parents everywhere. In addition to keeping a squirmy seven-year-old’s attention or learning math again, creating a school in one’s home is now part of the to-do list. Transforming a living space into an effective learning space is a feat in redesigning and repurposing. But based on what they’ve shared on Instagram, famous parents like Busy Philipps, Neil Patrick Harris, and more have managed to set their kids up for success. So if you haven’t quite nailed the home school aesthetic, read on for some inspiration.

Melissa Joan Hart

Sometimes the best way to create a hybrid space is to add one key piece of furniture. The Melissa & Joey star set up her son at an antique-style school desk, and he appears to be in the zone as he works on his numerical penmanship.

Busy Philipps

The podcast host went the dining room table route for her daughter’s remote learning base. While the space uses dark tones, the playful prints on her wallpaper and the chevron rug lend a sense of whimsy and fun that is at least somewhat appropriate for a second-grade classroom.

Casey Wilson

The Black Monday star has managed to find the animal chairs of our childhood dreams. A perfect balance between kitsch and style, this simple addition makes her house feel like a classroom. Also of note is the tray full of mini water bottles she has ready for her kindergartener son. Hydration is key to a successful year!

Jenna Fischer

Even celebrities fall victim to cluttered spaces. However, when you look past the clutter it is hard not to note how the warm woods, natural light, and perfectly worn-in table makes the Office star’s dining room perfect to transition from classroom to family dinners. She also

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