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Sunday, 31 August 2014

Dubai’s Emaar Plans Share Sale of Malls Unit Next Month - Bloomberg

Dubai’s Emaar Plans Share Sale of Malls Unit Next Month - Bloomberg:

"Emaar Properties PJSC (EMAAR), the Dubai-based developer, plans to sell at least 15 percent of its mall unit in September and distribute about 5.3 billion dirhams ($1.44 billion) of the proceeds to shareholders as a dividend.

The company, which raised 3.7 billion dirhams through an Islamic bond sale in June, will make the payment as part of plans to distribute about 9 billion dirhams to shareholders including Dubai’s government. While the IPO will take place next month, the listing is expected in October, an Emaar spokesman said, asking not to be identified under corporate policy.

Emaar, which built the world’s tallest tower, is focusing on recurring hotel and mall revenue to cushion itself from shocks in the emirate’s property market. The company’s prized asset is the Dubai Mall, which received 75 million shoppers last year, and features hundreds of stores as well as an underwater zoo, skating rink and the world’s most expensive cupcakes."

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Dubai residential price correction is ‘now under way’ | The National

Dubai residential price correction is ‘now under way’ | The National:

"Property brokers are warning that villa prices in Dubai could be starting to fall as new mortgage caps subdue the market for multi-million-dirham homes and as hundreds of new family houses are built across the city.

They say that new laws, which came into effect at the end of December, are making many potential buyers think again, subduing prices for villas in the city at a time when scores more are being built.

According to research from the property consultancy Phidar Advisory, prices for single-family homes in Dubai rose steadily over the first half of the year, but provisional figures for the six weeks to August 15 showed that they fell 4 per cent."

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