Emaar reviewing Saudi projects

Jun 17, 2009 at 10:17

Dubai developer says several new projects under review but none finalised following news of mega-tower deal.

Dubai developer Emaar Properties is reviewing a number of new projects in Saudi Arabia but none have been finalised, the company said in a statement on Wednesday.

Emaar said it had a Saudi joint venture with the Al Oula Group and was developing two projects called Jeddah Gate and Al Khobar Lakes.

Other projects were still in the review phase, the company said.

"The company has been reviewing a number of propositions and opportunities in the country including a large master planned development in Riyadh. However ... no transaction has been finalised," the company said.

On Tuesday, Emaar stock fell sharply after it said that a deal signed with Saudi Arabia's Kingdom Holding was still conditional and it would focus solely on managing the development process.

The United Arab Emirates' bourse regulator had asked Emaar on Monday to give detailed clarification.