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FINANCIAL NEWS
Emaar projects excess in UAE reaches USD10.9b
10 Jun 2017
(MENAFN) According to Emaar Properties PJSC, Real estate developer, its projects excess in the United Arab Emirates amounts to 40 billion UAE dirhams (USD10.9b).
The giant Emirati properties firm said in a statement announcing its plans to offer up to 30% of its UAE real estate development business in an initial public offering, and added that the “backlog represents the value of properties sold but where related revenues have not been recognized”.
It stated that the developer has a land bank of 24 million square metres in the UAE, with a total development area of approximately 30 million sqm.
However, chairman of Emaar Properties said: “We are drawing on our success to create a new Emaar defined by an expanded development pipeline in Dubai anchored by iconic structures such as The Tower at Dubai Creek Harbour.”
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