Emaar

Emaar Hospitality Group, the hospitality & leisure subsidiary of Emaar Properties, has announced the appointment of Mr Jurgen Baumhoff as Chief Operating Officer, responsible for leading the management team across all aspects of operations.

Emaar Properties yesterday raised Dh3.6 billion through a syndicated financing facility. The facility consists of both Islamic and conventional components. An Emaar spokesperson told Gulf News that Dh2.8 billion of the facility is Islamic while Dh800 million is conventional.

Mohamed Alabbar, chairman of Emaar Properties PJSC, said his Africa-focused natural resources company may look at acquisitions to grow as it seeks to tap demand for commodities in emerging markets.

Emaar Malls Group, the shopping malls and retail subsidiary of global property developer Emaar Properties PJSC, has joined hands with the Dubai Shopping Malls Group to host the 40th UAE National Day promotional campaign offering visitors to all its shopping malls the opportunity to win attractive prizes.

Each year the Emaar Garden Competition is a time of excitement for many of the horticulturalist homeowners who live in Emaar communities and take pride in their gardens.

Emaar Properties has denied media reports claiming that the Dubai developer is looking for buyers for two hotels in its Downtown Burj Dubai development, Emirates24/7 has reported.

The festival will be held on Emaar Boulevard, overlooking the Burj Khalifa, and is being organised by Emaar Properties in association with the UAE Ministry of Culture, Youth and Community Development; the Automobile and Touring Club of the United Arab Emirates (ATCUAE); and the Fédération Internationale des Véhicules Anciens - the international authority for historic vehicles.

Dubai shares tracked rising global stock markets yesterday. On the Dubai Financial Market (DFM) General Index, Emaar Properties, the developer of the Burj Khalifa, advanced 1 per cent to Dh2.81.

Dubai shares fell by the most in a week on lower oil prices amid concerns of a faltering global economy. Emaar Properties, the company that built the Burj Khalifa, lost 1.4 per cent to Dh2.77 a share on the Dubai Financial Market (DFM).

In property sector, Arabtec Holding and Emaar Properties gave support to the main index with modest gains in low-trade market activity. Arabtec advanced 2.98 per cent to Dh1.38 while Emaar climbed 1.81 per cent to Dh2.81. Union Properties fell 3.39 per cent to 37 fils.