Monday 29 November 2010

Dubai needs 20 months to cut property glut - Maktoob News

The chairman of Emaar Properties, the United Arab Emirates' largest listed property firm and builder of the world's tallest tower, said on Monday the company had no intention of tapping the bond market again in 2010 or selling new shares in the company.

Mohammed Alabbar also told a conference in Dubai there were no plans to reduce the Dubai government's 31.2 percent stake.

"We have just finished our bonds. We have no intention of doing that again," Alabbar told reporters on the sidelines of the conference.

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