Emaar

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.

Dubai's index edged higher, but trading was lacklustre as investors await quarterly earnings from bellwether Emaar Properties. Emaar ended flat. The developer is forecast to a report a 6.8 percent rise in third-quarter profit, according to analysts polled by Reuters. "Locally, investors are waiting on Emaar," said Haissam Arabi, chief executive and fund manager at Gulfmena Alternative Investments.

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 Properties rose 2.7 percent and Arabtec added 3.3 percent. This pair, together with DFM, accounted for nearly two-thirds of shares changing hands on the index, which climbed 2.4 percent to 1,631 points, its sixth straight gain and highest finish since May 24.

India's Kotak Realty Fund, a unit of financial services firm Kotak Mahindra Bank, has invested 2.5 billion rupees (around $53.68 million) in two projects of Emaar MGF, a top official said on Thursday. Emaar MGF is a joint venture between Indian lender MGF and Dubai's Emaar Properties, which is best known for its Burj Khalifa tower in Dubai, the world's tallest building.

Emaar Properties climbed 5.4 percent to 3.50 dirham, helping Dubai's index rise 2.7 percent to 1,538 points on Sunday, its largest gain for 11 weeks.

State government to file criminal charges against Emaar Properties for causing it a loss of about Rs 500 crore. These and other recommendations are compiled in its much-awaited report likely to be submitted to the Chief Minister on Saturday.

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.

Dubai-based Emaar Properties has sold one of its prime office buildings near Burj Khalifa, world's tallest tower, for Dh331.6 million ($90.2 million) to an undisclosed buyer, said a report. The company disposed off the building, known as Number 5, in the Emaar Square project thus boosting an oversupplied commercial property market that has seen few transactions this year, the National reported.

The excitement gets better at Dubai Aquarium & Underwater Zoo, the popular leisure attraction owned and managed by Emaar Retail LLC. The all-new Dubai Aquarium Speciality Dive is a three-dive initiative that offers PADI certified visitors over the age of 10 years, the opportunity to take their diving experiences to a whole new level of exploring the marvels of underwater photography and joining in the excitement as aquarium experts feed the Sand Tiger Sharks in Dubai Aquarium.