Emaar

Emaar MGF, a subsidiary of Dubai real estate developer Emaar Properties, moved yesterday to quash rumours it was valuing the assets of its joint venture with MGF Developments in preparation for an exit or partial sale.

A turbulent quarter for the Middle East saw UAE stocks falling, but a strong rally this month limited the losses for Dubai's listed companies as traders started to see the emirate as a clear beneficiary of the region's troubles.

Emaar Properties, the Dubai developer, yesterday reversed its decision not to pay a dividend for 2010 by agreeing to pay 10% of the company’s share value.

Emaar Properties, builder of the world’s largest tower Burj Khalifa, said on Monday that it is approving a 10 per cent cash dividend for 2010. Emaar’s board had originally planned to withold a dividend for the past year, but at a shareholders’ meeting on Monday, Emaar Chairman Mohammed Alabbar agreed to a 10 per cent dividend.

Emaar Properties has increased community service charges for The Meadows for 2011, which is 34 per cent higher than the last year.

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.

A group of 18 senior officials from the US Congress recently visited and toured King Abdullah Economic City (KAEC) to discuss and explore the city's investment opportunities. The delegation was received by senior executives from Emaar, the Economic City (EEC), the Tadawul-listed company developing KAEC.

Al Khobar Lakes, the premier waterfront development by Emaar Middle East, the subsidiary of Emaar Properties PJSC, has won the ‘Best Retail Project’ honour at the Saudi BuildInfra Awards 2011, organised as part of the Saudi Arabian Building and Infrastructure Summit held in Riyadh recently.

Villas in the luxury waterfront development will be handed over in the coming month. Highlights commitment of Emaar Middle East to develop communities of world-class standard.

Emaar Properties, the developer of the world’s tallest building Burj Khalifa in Dubai, as recently honoured for implementing and complying with the new UAE Code of Governance within the stipulated timeframe.