Emaar Properties, Dubai's largest developer by market value, saw an 85 per cent fall in its income from apartment sales during the second quarter, as demand for real estate continues to fall in the emirate.
Emaar Properties PJSC, developer of the world's tallest tower Burj Khalifa, Tuesday reported net operating profit of Dh843 million ($230 million) in the first six months of 2011.
Emaar Properties dragged on the Dubai index this morning after the developer's Indian unit swung to a net loss. The Indian subsidiary of the developer of the world's tallest skyscraper, the Burj Khalifa in Dubai, swung to a loss of 2.1 billion Indian rupees ($46 million) for the year ended March 31.
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”.
Under the partnership agreement, Dammann Freres will be the exclusive brand of tea available at three locations including The Address Dubai Marina, The Address Dubai Mall, and The Address Downtown. Guests will have a chance to experience Dammann Freres at various locations including guest rooms, hotel lobby and all F&B outlets.
Now that Emaar Properties has written off its Dh172 million investment in Dubai Bank, investor attention is turning to the prospects of its much larger stake in Amlak, the troubled mortgage company. Amlak is carrying about Dh4 billion worth of property on its balance sheet at the original acquisiti0on costs.