Emaar share slide continues after closure
Monday July 06 2009
Shares of the Dubai developer building the world's tallest skyscraper extended their slide yesterday after the company shut an office overseeing $20bn worth of real estate projects in Algeria.
Emaar Properties, the Middle East's biggest publicly traded real estate company, said that it shuttered the office because of "a lack of progress which is beyond the company's control".
"Emaar will continue to invest in promising international projects that will add long-term value to the company's stakeholders," the company said.
Emaar is best known for building the nearly complete Burj Dubai, which has already topped out as the world's tallest building. It has also constructed some of Dubai's best-known luxury developments and the Middle East's biggest shopping mall.
The Algeria announcement comes a week after Emaar laid out plans to merge with three property companies owned by Dubai's ruler. Emaar said the deal would create a company with an asset base of $52.8bn.
- Adam Shreck
