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.
