Emaar

Emaar and investors meet to discuss delayed projects

Emaar Properties and representatives of 380 investors of two delayed projects plan to meet, Meed has reported. The investors of Claren One and Burj 29 Boulevard are threatening legal action against Emaar over the two residential projects, worth over $760m. Emaar recently announced that Burj 29 Boulevard,... 

Dubai Mall Aquarium Leak

World’s largest aquarium cracked on Thursday and leaked tons of water into Dubai Mall, forcing the administration to shut down and evacuate parts of the mall. Fortunately, the damages were minor and all of the 33,000 species in the aquarium remains unharmed. Six divers were sent in to repair the... 

Grand opening of Burj Khalifa, formerly known as Burj Dubai

The world’s tallest skyscraper finally opened today and was surprisingly renamed Burj Khalifa in a nod to the leader of neighboring Abu Dhabi which came to its rescue during the financial meltdown. A lavish presentation witnessed by Dubai’s ruler and thousands of onlookers at the base of... 

Dubai Properties chief arrested

Chairman of Dubai Properties LLC, Hashim Al Dabal, has been arrested on suspicion of embezzlement, Attorney General Essam Essa al-Humaidan told Bloomberg. “Mr. Al Dabal is accused of abusing his position and earning millions in illegal profit. We are questioning him almost daily and Mr. Al Dabal indicated... 

Emaar’s credit rating downgraded

Standard & Poor’s downgraded the credit ratings of seven Dubai companies on Tuesday, including Emaar Properties, and said it was worried about the health of banks as the former boomtown faces a sharp slowdown. Dubai’s economy could shrink between 2 and 4 percent in real terms this year,... 

Emaar may cancel projects

Emaar Properties said on Thursday it will consider canceling or postponing three of its projects after receiving a petition from investors. According to an Emaar spokeswoman, the petition was received in connection to the Emaar Investor Group requesting cancellation or postponement of three of the firm’s... 

Emaar reported Dh1.77bn loss in fourth quarter of 2008

Emaar Properties, the largest listed Arab developer, posted a surprise fourth-quarter loss due to U.S. writedowns and put new projects in its home market Dubai on hold due to the financial crisis. Emaar, which is constructing the world’s tallest building, posted a loss of 1.77 billion dirhams ($481.9... 

Dubai contractors face bankruptcy

Several Dubai-based contractors say they are owed millions of dirhams by state-linked developers and some may face bankruptcy as credit dries up and major projects are cancelled or scaled back in the former Gulf Arab boom town. “There has been a marked increase in the number of contractors asking... 

Emaar set up $4 bn borrowing programme

Emaar Properties, the Arab world’s largest real estate developer by market value, set up a $4 billion borrowing programme but is unlikely to draw on the debt until market conditions improve. “The longer term perspective is to have a euro medium term note (EMTN) programme ready so that once... 

Dubai Mall opening

Click image for large view The Dubai Mall opened today at 2pm with close to 600 retailers opening their doors for business – marking the world’s largest-ever single-day mall opening in retail history. Emaar Malls Group, the developer of The Dubai Mall marks the opening with a series of high profile...