Emaar

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.

Even though some developers in Dubai have moved the Dubai court to get property owners pay their outstanding service charges, Emaar Properties is seeking to publish names of defaulters on public notice boards in their respective communities.

Emaar Properties recorded a 45 per cent decline in net profits during the first quarter of 2011 reaching Dh421 million ($115 million) compared to Dh760 million recorded during the first quarter of 2010.

Emaar Properties fell on Monday as the Dubai Financial Market’s General Index ended lower for a first session in five, with worries about unrest in Bahrain and downbeat global sentiment following Japan’s earthquake spurring traders to sell.

Dubai’s stocks on Monday dropped to the lowest level in almost six months, leading a decline in the Middle East, as unrest in the region escalated with demonstrations in Libya, Bahrain, Yemen and Morocco. Dubai Islamic Bank PJSC declined 1.8 per cent and Emaar Properties PJSC tumbled to the lowest in almost a year.

The rich heritage and colourful legacy of classic cars is once again on display in Downtown Dubai. The second Downtown Dubai Classic Car Show will be celebrated over four days this year following overwhelming participation from the public and classic car enthusiasts last year.

Emaar Hospitality Group, the hospitality & leisure subsidiary of Emaar Properties PJSC, has appointed Mr. Antony Treston as the General Manager of The Address Dubai Marina.

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.

Shares on the Dubai Financial Market (DFM) rose yesterday, led by Emaar Properties, amid earnings optimism as investors speculated that the region's largest developer would deliver strong fourth-quarter results.

Emaar Properties has selected only 70 super rich investors for the first viewing of villas on the new Dubai Hills project, according to a news report.