Emaar

Dubai-based Emaar Properties has sold one of its prime office buildings near Burj Khalifa, world's tallest tower, for Dh331.6 million ($90.2 million) to an undisclosed buyer, said a report. The company disposed off the building, known as Number 5, in the Emaar Square project thus boosting an oversupplied commercial property market that has seen few transactions this year, the National reported.

The battered real estate market in Dubai has hit a bottom and property prices will start to recover next year after a period of some volatility, Dubai-based developer Deyaar Development said on Monday.

Dubai's Emaar Properties opened the world's tallest tower on Monday, marking the completion of the last of its big local landmark projects and the start of a new strategy which is expected to focus on overseas projects, hotels and hospitals.

Al Khobar Lakes, the premier waterfront development by Emaar Middle East, the subsidiary of Emaar Properties PJSC, has won the ‘Best Retail Project’ honour at the Saudi BuildInfra Awards 2011, organised as part of the Saudi Arabian Building and Infrastructure Summit held in Riyadh recently.

Emaar Properties climbed 5.4 percent to 3.50 dirham, helping Dubai's index rise 2.7 percent to 1,538 points on Sunday, its largest gain for 11 weeks.

DUBAI — Emaar Retail on Saturday reported a 13 per cent year-on-year growth to its leisure attractions in 2011 that shows Dubai’s continuous strength as a hub of the retail sector in the Middle East and North Africa.

Emaar Properties, the developer of the world’s tallest tower in Dubai, set up a $2bn Islamic bond programme, according to a bond prospectus seen by Bloomberg News. The Dubai government-controlled company yesterday said it hired HSBC Holdings, Royal Bank of Scotland Group and Standard Chartered to arrange meetings with fixed-income investors in Asia, the Gulf Arab countries, and Europe. The meetings will start January 21.

Emaar Properties, the developer of the world’s tallest tower in Dubai, said it received AED214.4m ($58.4m) from Amlak Finance as part of loan repayments in 2010.

Even though some developers in Dubai have moved the Dubai court to get property owners pay their outstanding service charges, Emaar Properties is seeking to publish names of defaulters on public notice boards in their respective communities.

Emaar Properties, the Dubai developer behind the Burj Khalifa, has moved to quash rumours that the company would provide a loan to Amlak Finance that would be converted into equity. In a statement to the Dubai Financial Market today, Emaar Properties has said that the committee restructuring Amlak Finance, the publicly listed Islamic financing house that has a specialism in home loans, had considered a number of options, which included a AED 230 million loan-into-stock deal.