Emaar

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 is likely to post higher-than-expected revenue and profit for the fourth quarter of 2009 due to more-than-expected unit deliveries in Dubai and international markets such as Turkey, said Credit Suisse.

As a series of glamorous events this week in Dubai attract the fashion world’s heavyweights, Emaar, the Middle East’s biggest developer, has announced its plan to launch a US $100 million fund to support emerging design talent in the Middle East.

Dubai developer Emaar Properties may raise its stake in troubled Islamic mortgage provider Amlak but has not decided by how much, Emaar's chairman said on al Arabiya television. The United Arab Emirates' largest listed property firm may also take provisions related to Amlak in the first quarter of 2011, Mohammed Alabbar said in an interview on Wednesday. "I believe if this is part of the solution (for Amlak) we will raise the stake," he said.

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.

The status and future of Saudi Arabia's relentlessly ambitious programme of economic cities points to the country's desire to diversify.

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.

At the Top, Burj Khalifa, on Level 124 of the world's tallest building, is celebrating the Holy Month of Ramadan with special timings and an unprecedented and first-time ever opportunity to break your fast from a vantage location. Guests can reflect on the spiritual values of the Holy Month, watch the sun set into the scenic horizon of the Arabian Sea, and break their fast with dates, complimentary of La Ronda Dates, and water, complimentary of Masafi Mineral Water, from At the Top, Burj Khalifa, this year.

The Dubai Government yesterday took over Dubai Bank, an Islamic bank owned by Dubai Holding and Emaar Properties, ending several months of speculation on the future and financial strength of the bank.

In property sector, Arabtec Holding and Emaar Properties gave support to the main index with modest gains in low-trade market activity. Arabtec advanced 2.98 per cent to Dh1.38 while Emaar climbed 1.81 per cent to Dh2.81. Union Properties fell 3.39 per cent to 37 fils.