Expansion Plans
Emaar Properties announced plans to expand the retail sector with investments of over AED 15 billion (US$4 billion) to develop approximately 150 malls in the larger emerging markets of the Middle East, North Africa (MENA) and the Indian subcontinent.
While continuing to expand its core business of real estate development, Emaar has diversified into related business. Emaar is an equal shareholder in Emrill Services LLC as a tripartite joint venture with the UK-based Carillion and Al-Futtaim Group which provides property and facilities management services across the UAE. Emaar also holds 30% equity in Dubai Bank, focused on retail and commercial banking and is the majority shareholder in Amlak Finance, UAE’s leading Islamic home financing company.
However, the financial crisis and the unfavorable economic conditions make it unlikely that Emaar would go on in its previously announced expansion plans. Difficulties in access to financial resources, both in capital market and bank loans.
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