Emaar

Claiming victory, the state government has said that Dubai-based Emaar Properties PSJC has agreed to restore the 26 per cent share in the Emaar Hills Township to AP Industrial Infrastructure Corporation (APIIC) as per the agreement reached between the two entities.

As real estate prices continue to drop in Dubai and Abu Dhabi given the ever growing oversupply of residential and commercial space, some of the UAE's top developers are looking outside the country for new markets. Emaar, Dubai's largest developer, has been focusing on projects in the Middle East and beyond.

Arabian Gulf Shares rose, sending Dubai’s gauge up the most in a month, on optimism Egyptian President Hosni Mubarak’s pledge to step down will help quell protests that entered a ninth day. Emaar Properties, builder of the world’s tallest skyscraper with a unit in the North African country, gained the most since September. Dubai Islamic Bank advanced 3.2 percent after Fitch Ratings assigned the lender a long-term foreign currency issuer rating of A.

The Address Montgomerie Dubai, a five star premium golf retreat owned and operated by The Address Hotels + Resorts, features conferencing and event management facilities with a difference. The retreat is the fifth property in The Address Hotels + Resorts portfolio in Dubai and offers one of the most luxurious golf resort experiences in the Middle East.

The excitement gets better at Dubai Aquarium & Underwater Zoo, the popular leisure attraction owned and managed by Emaar Retail LLC. The all-new Dubai Aquarium Speciality Dive is a three-dive initiative that offers PADI certified visitors over the age of 10 years, the opportunity to take their diving experiences to a whole new level of exploring the marvels of underwater photography and joining in the excitement as aquarium experts feed the Sand Tiger Sharks in Dubai Aquarium.

Dubai-based Emaar Properties, the region’s largest real estate development company, today revealed that property sales in the first quarter of this year fell by 79.65 per cent compared with the same period last year, pushing the company’s net profits down 45 per cent.

Marking significant gains in the company’s comparative financial performance over year 2009, Emaar Properties PJSC recorded half-year 2010 net operating profits of AED 1,656 million (US$ 451 million). The highlight of second quarter 2010 was the opening of the world’s first Armani Hotel in Burj Khalifa, the world’s tallest building. In addition, the handover of units in Burj Khalifa started during the quarter with approximately 24 per cent handed over until June end.

Emaar Properties, builder of the world’s largest tower Burj Khalifa, said on Monday that it is approving a 10 per cent cash dividend for 2010. Emaar’s board had originally planned to withold a dividend for the past year, but at a shareholders’ meeting on Monday, Emaar Chairman Mohammed Alabbar agreed to a 10 per cent dividend.

Emaar Hospitality Group, the hospitality & leisure subsidiary of Emaar Properties, has announced the appointment of Mr Jurgen Baumhoff as Chief Operating Officer, responsible for leading the management team across all aspects of operations.

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.