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Mon 28 Mar 2011 07:01 PM

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Emaar sees foreign investments at AED22bn, says chairman

State-backed UAE developer said revenue from overseas projects would rise in 2011

Emaar sees foreign investments at AED22bn, says chairman
Burj Khalifa, Dubai, Emaar

Emaar Properties investments outside the United Arab Emirates have risen in value to reach AED22bn ($5.98bn), chairman Mohamed Alabbar told a shareholders’ meeting in Dubai on Monday.

He estimated the value of these investments at AED8bn, without giving a date.

The developer behind the world’s tallest tower posted a 62 percent fall in profits in the fourth quarter on high writedowns and impairments related to its associates.

Net profits in the three months to December 31 plunged to $74.6m, down from $196m in the same period a year earlier.

Emaar's chairman Mohammed Alabbar said in February the developer would see "significant revenue streams from international operations" this year.

The firm is scheduled to hand over homes in two major Saudi projects, and has outstanding developments in Turkey and Egypt.

Emaar said in January that it sold $500m in Islamic bonds and the company raised the same amount in December to repay short-term loans. The developer plans to raise $2bn in total.

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