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.
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RACE CARD
6.30pm Maiden Dh165,000 (Dirt) 1,200
7.05pm Handicap Dh165,000 (D) 1,600m
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8.15pm Handicap Dh190,000 (D) 1,600m
8.50pm Handicap Dh175,000 (D) 1,400m
9.25pm Handicap Dh175,000 (D) 2,000m
The National selections:
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ODI FIXTURE SCHEDULE
First ODI, October 22
Wankhede Stadium, Mumbai
Second ODI, October 25
Maharashtra Cricket Association Stadium, Pune
Third ODI, October 29
Venue TBC
Brief scoreline:
Manchester United 0
Manchester City 2
Bernardo Silva 54', Sane 66'
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GIANT REVIEW
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Director: Athale
Rating: 4/5
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Day 2 at Mount Maunganui
England 353
Stokes 91, Denly 74, Southee 4-88
New Zealand 144-4
Williamson 51, S Curran 2-28
COMPANY%20PROFILE
Arabian Gulf League fixtures:
Friday:
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Saturday:
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Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
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Sreesanth's India bowling career
Tests 27, Wickets 87, Average 37.59, Best 5-40
ODIs 53, Wickets 75, Average 33.44, Best 6-55
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The Uefa Awards winners
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Uefa Women's Player of the Year: Lucy Bronze (Lyon)
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Midfielder: Frenkie de Jong (Ajax)
Forward: Lionel Messi (Barcelona)
Uefa President's Award: Eric Cantona
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The biog
Name: Atheja Ali Busaibah
Date of birth: 15 November, 1951
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Hobbies: Reading and writing poetry
Scoreline:
Everton 4
Richarlison 13'), Sigurdsson 28', Digne 56', Walcott 64'
Manchester United 0
Man of the match: Gylfi Sigurdsson (Everton)
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Director: Tom Tykwer
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Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
UAE tour of Zimbabwe
All matches in Bulawayo
Friday, Sept 26 – UAE won by 36 runs
Sunday, Sept 28 – Second ODI
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Thursday, Oct 2 – Fourth ODI
Sunday, Oct 5 – First T20I
Monday, Oct 6 – Second T20I
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MATCH INFO
Liverpool 2 (Van Dijk 18', 24')
Brighton 1 (Dunk 79')
Red card: Alisson (Liverpool)
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Three ways to limit your social media use
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1. Put the social media app in a folder on the second or third screen of your phone so it has to remain a conscious decision to open, rather than something your fingers gravitate towards without consideration.
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Company name: Nybl
Date started: November 2018
Founder: Noor Alnahhas, Michael LeTan, Hafsa Yazdni, Sufyaan Abdul Haseeb, Waleed Rifaat, Mohammed Shono
Based: Dubai, UAE
Sector: Software Technology / Artificial Intelligence
Initial investment: $500,000
Funding round: Series B (raising $5m)
Partners/Incubators: Dubai Future Accelerators Cohort 4, Dubai Future Accelerators Cohort 6, AI Venture Labs Cohort 1, Microsoft Scale-up
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How much do leading UAE’s UK curriculum schools charge for Year 6?
- Nord Anglia International School (Dubai) – Dh85,032
- Kings School Al Barsha (Dubai) – Dh71,905
- Brighton College Abu Dhabi - Dh68,560
- Jumeirah English Speaking School (Dubai) – Dh59,728
- Gems Wellington International School – Dubai Branch – Dh58,488
- The British School Al Khubairat (Abu Dhabi) - Dh54,170
- Dubai English Speaking School – Dh51,269
*Annual tuition fees covering the 2024/2025 academic year
