Emaar, which held a delayed board of director meeting yesterday, is looking to reduce its short-term debts with longer-term borrowing. At the end of June its total debts stood at AED9.2 billion, according to its financial statement, with AED5.2 billion due within the next year. The developer posted net profits of AED802 million for the second quarter, below analysts’ expectations, with half-year profits hitting AEDE1.656 billion.
Emaar Properties yesterday raised Dh3.6 billion through a syndicated financing facility. The facility consists of both Islamic and conventional components. An Emaar spokesperson told Gulf News that Dh2.8 billion of the facility is Islamic while Dh800 million is conventional.
Emaar Properties PJSC (EMAAR), the builder of the world’s tallest tower in Dubai, reported a 45 percent decline in first-quarter profit, missing analyst estimates, as it delivered fewer units in Burj Khalifa.
Emaar Properties PJSC, the global property developer, announced today at its 12th Annual General Meeting that its growth strategy for 2010 derives strength and momentum from the cautious approach followed by the company in managing costs and reducing reliance on debt capital markets during 2009, one of the challenging years for businesses globally.
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.
he firm. The Dubai real estate giant and developer of the Burj Khalifa said in a statement yesterday that the team would be responsible for the “roll-out of a five-year corporate strategic action plan for long-term value creation”. The change in strategy comes after Emaar posted a sharp fall in first quarter profits as the number of finished units it handed over declined.
Emaar Hospitality Group, the wholly owned subsidiary of Dubai-based global property developer Emaar Properties, has said its CEO Marc Dardenne is leaving the company. In a statement issued to HotelierMiddleEast.com, the company said Patrick Heuze, the current chief executive officer “will take over as chief executive officer”.
Emaar MGF, a subsidiary of Dubai real estate developer Emaar Properties, moved yesterday to quash rumours it was valuing the assets of its joint venture with MGF Developments in preparation for an exit or partial sale.