Emaar

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.

Emaar Retail LLC has partnered with the Princess Haya Initiative for the Development of Health, Physical Education and School Sports to host a fun-filled Sports and Skills Challenge 2011 at SEGA Republic.

Now that Emaar Properties has written off its Dh172 million investment in Dubai Bank, investor attention is turning to the prospects of its much larger stake in Amlak, the troubled mortgage company. Amlak is carrying about Dh4 billion worth of property on its balance sheet at the original acquisiti0on costs.

The Dubai Government yesterday took over Dubai Bank, an Islamic bank owned by Dubai Holding and Emaar Properties, ending several months of speculation on the future and financial strength of the bank.

Dubai-based Emaar Properties, the region’s largest real estate development company, today revealed that property sales in the first quarter of this year fell by 79.65 per cent compared with the same period last year, pushing the company’s net profits down 45 per cent.

he firm. The Dubai real estate giant and developer of the Burj Khalifa said in a statement yesterday that the team would be responsible for the “roll-out of a five-year corporate strategic action plan for long-term value creation”. The change in strategy comes after Emaar posted a sharp fall in first quarter profits as the number of finished units it handed over declined.

Mohammed Ali Alabbar, chairman of Dubai real estate mammoth Emaar, has adopted a lower profile within the emirate during the past couple of years.

Emaar Properties has hired consultant Mc-Kinsey to conduct a strategic review of its international operations, sources said yesterday. The McKinsey review mainly relates to the developer's property segment, said the sources.

Mohamed Alabbar is not planning to step down from his role as chairman of property firm Emaar, despite spending an increasing amount of time on a private mining company.

Emaar Properties PJSC rose and Dubai Financial Market PJSC fell.