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By Reuters Staff 2 Min Read DUBAI (Reuters) - Dubai developer Emaar Properties on Tuesday said it was buying out minority shareholders of its shopping centre unit, less than a decade after floating shares in the company. FILE PHOTO: The corporate logo of EMAAR is seen in Dubai, United Arab Emirates, December 28, 2018. REUTERS/ Hamad I Mohammed The all-share deal comes as both businesses have seen profits plunge over the past year due to the coronavirus pandemic as fewer overseas visitors travel to Dubai. Emaar Properties, which already owns close to 85% of Emaar Malls, will swap 0.51 of its own shares with shareholders of Emaar Malls, the two companies said. ....
15 February 2021 With World Spa Awards recognising the Spa Suites at Address Downtown Dubai as a world leader, Breaking Travel News here chats with Mark Kirby, head of hospitality at Emaar, to find out more Breaking Travel News: Congratulations on your victory at the World Spa Awards, with the Spa Suites at Address Downtown Dubai being honoured with the trophy for World’s Best Hotel Spa Suites. How does it feel to have won? Mark Kirby: We are very honoured with this accolade. Address Downtown’s luxurious Spa Suites are the epitome of relaxation and indulgence and we are very proud to offer our guests that little peace haven they crave when visiting our flagship hotel. ....
(MENAFN - Khaleej Times) Developer Emaar Properties reported on Sunday a nearly 58 per cent drop in net profit to Dh2.6 billion in 2020 as against a profit of Dh6.2 billion in 2019, and said it saw a world of opportunities in 2021. The developer of Burj Khalifa, the world s tallest structure, said in a statement that its revenues plunged 20 per cent in 2020 to Dh19.71 billion from Dh24.59 billion a year earlier. Emaar s overall property sales during 2020 stood at Dh10.9 billion, of which Dh6.3 billion was recorded in the UAE. The performance shows sustained interest from investors, both domestic and foreign, it said. The master developer s sales backlog stood at Dh36.7 billion, of which Dh24.7 billion comprises of the backlog in the UAE, which would be recognised as revenue in the coming years. ....
DIBL, EMAAR Karachi signs agreement to promote mortgage financing Karachi January 14, 2021 Karachi: Dubai Islamic Bank Limited (DIBL) and EMAAR Karachi Ltd signed an agreement to promote Home Financing for their current and upcoming projects. With this agreement, Dubai Islamic Bank will offer financing facility to individual clients for fully built & ready to move apartments of Coral, Pearl and Reef Towers in EMAARâs Crescent Bay, Karachi. Moreover, off-plan financing will also be offered on upcoming projects and provision of corporate banking solutions to EMAAR and its contractors. The Bank is also aggressively working with all stakeholders of the Real Estate industry to actively promote the Governmentâs vision of promoting Home Finance in the country. ....