Emaar denies contract to build tallest tower

Dubai developer Emaar Properties denied on Sunday that it was in a deal with Saudi Arabia's Kingdom Holding to supervise and develop a large project that will feature the world's tallest tower.

Emaar shares surged 7.18 percent a day after Kingdom Holding Co said it had appointed the Dubai-based developer for the project, with a total investment of at least 100 billion riyals ($26.7 billion).

"Emaar ... will not invest in any projects of this sort," it said in a statement emailed to the news agency Reuters.