Emaar Properties - UAE

COMPANY DESCRIPTION

Building the world’s tallest structure, the Burj Dubai, Emaar Properties remains the Arab world’s biggest listed developer. Owned 32 percent by the Dubai government, it has an extensive portfolio of projects it has developed including Downtown Burj Dubai, Dubai Marina and the Dubai Mall.

With six business segments and more than 60 active companies, Emaar has a collective presence in over 36 markets across the Middle East, North Africa, Pan-Asia, Europe and North America.

However, Emaar has suffered as the UAE’s once-thriving real estate sector grinds to a halt with property prices slumping and developers scaling back projects.

In February, the company posted a 15.1 percent drop in operating profit, from $1.79bn in 2007 to $1.52bn last year as revenues declined 10.4 percent from $4.87bn to $4.36bn.

It blamed a $687m goodwill write-down last year on its US subsidiary John Laing Homes, which has suffered at the hands of the battered US housing market.

Two months ago Emaar said it was in talks with its contractors and consultants to reduce contract costs to reflect a decline in the prices of raw building materials.