Emaar

The following companies may rise or fall in Gulf Arab markets. Stock symbols are in parentheses and prices are from the last close.

The design and build team that was behind the world’s tallest building, the Dubai Burj Khalifa, is now aiming to secure new contracts to build an 1,100 high superscraper in Saudi Arabi.

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.

Emaar Properties PJSC (EMAAR), the developer of the world’s tallest tower in Dubai, obtained a $500 million loan from a group of banks to develop a mixed-use project in Turkey, its second such venture in the country.

Emaar and other Dubai home developers have been aggressively working to diversify their portfolios in recent years, in the wake of the downturn in the emirate. The companies are casting a wide net, trying to tap into markets with more activity than Dubai.

DDA sits on handover, takes case to Court of Appeals; Emaar-MGF says it is not even allowed to enter Village.

Villas in the luxury waterfront development will be handed over in the coming month. Highlights commitment of Emaar Middle East to develop communities of world-class standard.

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’s surprise move to issue a 10 percent dividend in 2011 is likely to increase pressure on the firm to offer similar pay-outs in the coming years, analysts have said.

A brokerage cut its price target for Emaar Properties shares yesterday, even before a new report showed that property prices in Dubai continue to decline.