Emaar

The property bellwethers Emaar Properties and Arabtec Holding surged yesterday as UAE markets staged a recovery from losses earlier in the week.

Persian Gulf shares advanced, sending Qatar’s benchmark index up the most in three months, after an official said the Gulf Cooperation Council may discuss aid to help Bahrain and Oman quell political unrest.

"Stocks like du, Emaar, Air Arabia are the ones that always have a cash flow on a daily basis and get bought in a down trend," said Amjad Bakir, the trading manager at Wafa Financial Services.

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.

Emaar and other Dubai home developers have been aggressively working to diversify their portfolios in recent years, in the wake of the downturn in the emirate. The companies are casting a wide net, trying to tap into markets with more activity than Dubai.

Dubai-based developer Emaar, best known for building the Burj Khalifa, has Dh4.2 billion worth of projects in Egypt, about 15 per cent of its book value. UAE developers and construction companies also moved into Libya, Tunisia, Saudi Arabia and Bahrain in recent years as they tried to move away from the struggles of the Dubai property market.

As real estate prices continue to drop in Dubai and Abu Dhabi given the ever growing oversupply of residential and commercial space, some of the UAE's top developers are looking outside the country for new markets. Emaar, Dubai's largest developer, has been focusing on projects in the Middle East and beyond.

Hamptons MENA, a premier property services company with a strong geographic presence in the Middle East and North Africa region, is showcasing residences in Beverly West, the luxury residential tower developed by Emaar Properties in Los Angeles, USA.

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.

Emaar in conjunction with the Dubai Shopping Festival is proud to host the finale of the 2011 DSF Carnival. Witness a spectacular parade with international performances ranging from floats, percussionists, acrobats, dancers and more. The DSF Carnival occurs daily from 17 – 19 February from 6:30 to 7:30 pm, on Emaar Boulevard in Downtown Dubai.