Emaar

Emaar Properties, the developer of the world’s tallest building, plans to issue a benchmark dollar bond and pricing is expected to be announced on Thursday (today), according to sources. Last week, the developer announced that the company had hired top three global banks to arrange fixed-income meetings ahead of a possible bond issue.

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 Healthcare Group, the healthcare subsidiary of Emaar Properties has entered into a collaboration with Emirates Healthcare Limited (EHL) on its healthcare portfolio.

Emaar Properties, the Dubai developer behind the Burj Khalifa, has moved to quash rumours that the company would provide a loan to Amlak Finance that would be converted into equity. In a statement to the Dubai Financial Market today, Emaar Properties has said that the committee restructuring Amlak Finance, the publicly listed Islamic financing house that has a specialism in home loans, had considered a number of options, which included a AED 230 million loan-into-stock deal.

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.

A new season of the popular Farmers' Market in Dubai will be held at Souk Al Bahar. Following on its launch success in April, and by popular demand, the Farmers' Market returns on Friday 10 December as a weekly event (with the exception of Friday 31 December) throughout the cooler months, between 10.00 - 17.00.

Emaar has established a wholly owned subsidiary, which proposes to issue up to $500m of convertible notes on the Luxembourg Stock Exchange. The money will be lent to Emaar while the notes would be converted, from time to time, into fully paid ordinary shares at the discretion of the holder of the notes.

Emaar said net profits dropped to 612 million dirhams (166.8 million dollars) in the quarter ending September 30, compared to 655 million dirhams in the corresponding period last year. The developer that built the world's tallest tower, Burj Khalifa, said however that its revenues increased 43 percent to 2.8 billion dirhams in the same period.

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 Community Management has been licensed by the Dubai Real Estate Regulatory Agency (RERA) to offer its services to owners associations. The company will initially provide expertise in administrative, financial, technical and customer service within its own group of properties including Arabian Ranches and Emirates Living.