Dubai’s largest listed developer Emaar Properties is not selling any of its Indian business and is open to a partnership with large companies in India, including the Adani Group, as part of its global expansion plans.
Earlier this year, the builder of Burj Khalifa, the world's tallest tower, said the Adani Group was among Indian companies with whom it was discussing the potential sale of a stake in Emaar India.
However, in a filing to the Dubai Financial Market on Thursday, Emaar said it is “no longer considering sale of any stake in its Indian entity”.
In India, the company has projects in Gurugram near New Delhi, Mohali and Jaipur, according to its website.
It is also active in other international markets including Egypt, Saudi Arabia, Turkey, Pakistan and Morocco.
The company said it “regularly evaluates several strategic options, including international investments to increase shareholders returns”.
“However, currently there is no such transaction in process,” it said.
“Any investment decision will be dependent on Emaar's strategic objective of maintaining a strong balance sheet and positive returns to its shareholders including dividends.”
It comes after a report in the Financial Times last week that said Emaar was planning to buy companies in countries such as the US, India and China for the first time as part of its international expansion plans.
Emaar’s financial strength meant that “a serious global strategy is something that the board is really debating now”, said founder and managing director Mohamed Alabbar.
“The aim is really to expand drastically,” Mr Alabbar was quoted as saying by the Financial Times. “It’s almost like you grow by acquisition.”
Emaar's profits have surged as the UAE's property sector performs strongly amid government initiatives and robust economic growth.
The company's first-half net profit rose 34 per cent on an annual basis to Dh10.4 billion ($2.8 billion) as revenue grew 38 per cent year-on-year to Dh19.8 billion on the back of higher property sales.
Electric scooters: some rules to remember
- Riders must be 14-years-old or over
- Wear a protective helmet
- Park the electric scooter in designated parking lots (if any)
- Do not leave electric scooter in locations that obstruct traffic or pedestrians
- Solo riders only, no passengers allowed
- Do not drive outside designated lanes
Results:
First Test: New Zealand 30 British & Irish Lions 15
Second Test: New Zealand 21 British & Irish Lions 24
Third Test: New Zealand 15 British & Irish Lions 15
Company%20profile
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UAE currency: the story behind the money in your pockets
War 2
Director: Ayan Mukerji
Stars: Hrithik Roshan, NTR, Kiara Advani, Ashutosh Rana
Rating: 2/5
The candidates
Dr Ayham Ammora, scientist and business executive
Ali Azeem, business leader
Tony Booth, professor of education
Lord Browne, former BP chief executive
Dr Mohamed El-Erian, economist
Professor Wyn Evans, astrophysicist
Dr Mark Mann, scientist
Gina MIller, anti-Brexit campaigner
Lord Smith, former Cabinet minister
Sandi Toksvig, broadcaster
SPEC%20SHEET%3A%20APPLE%20IPAD%20PRO%20(12.9%22%2C%202022)
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Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
UAE currency: the story behind the money in your pockets
The cost of Covid testing around the world
Egypt
Dh514 for citizens; Dh865 for tourists
Information can be found through VFS Global.
Jordan
Dh212
Centres include the Speciality Hospital, which now offers drive-through testing.
Cambodia
Dh478
Travel tests are managed by the Ministry of Health and National Institute of Public Health.
Zanzibar
AED 295
Zanzibar Public Health Emergency Operations Centre, located within the Lumumba Secondary School compound.
Abu Dhabi
Dh85
Abu Dhabi’s Seha has test centres throughout the UAE.
UK
From Dh400
Heathrow Airport now offers drive through and clinic-based testing, starting from Dh400 and up to Dh500 for the PCR test.
COMPANY%20PROFILE
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THE BIO: Martin Van Almsick
Hometown: Cologne, Germany
Family: Wife Hanan Ahmed and their three children, Marrah (23), Tibijan (19), Amon (13)
Favourite dessert: Umm Ali with dark camel milk chocolate flakes
Favourite hobby: Football
Breakfast routine: a tall glass of camel milk
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Traits of Chinese zodiac animals
Tiger:independent, successful, volatile
Rat:witty, creative, charming
Ox:diligent, perseverent, conservative
Rabbit:gracious, considerate, sensitive
Dragon:prosperous, brave, rash
Snake:calm, thoughtful, stubborn
Horse:faithful, energetic, carefree
Sheep:easy-going, peacemaker, curious
Monkey:family-orientated, clever, playful
Rooster:honest, confident, pompous
Dog:loyal, kind, perfectionist
Boar:loving, tolerant, indulgent
