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FINANCIAL NEWS
Emaar invests USD5.98b outside UAE
06 Apr 2011
(MENAFN) Emaar Properties’ chairman Mohamed Alabbar, stated that the value of the company’s investments outside the UAE increased to a total of USD5.98 billion, reported Arabian Business.
The chairman also said that profits in the fourth quarter dropped sharply by 62 percent due to high writedowns and impairments related to its associates.
In addition, the chairman said that net profits stood at USD74.6 million, compared to the reported USD196 million at the same quarter of the previous year.
It is worth noting that Emaar had sold Islamic bonds early this year at the value of USD500 million.
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