Emaar to Sell Some of Their Hotels, Schools, and Clinics to Raise Funds

Tuesday, 17th July 2018
by Hussein

A man enters a sales office of Dubai’s Emaar Properties that provides information and allows customers to reserve properties as part of the architecural project “Downtown Erbil” on October 27, 2013 in Arbil, the capital of the autonomous Kurdish region of northern Iraq. The 10-year project that aims to create the framework for a new city center that will support the growth of the city and the region will be realized by Emaar. AFP PHOTO SAFIN HAMED

Dubai-based Emaar Properties is planning to sell some of its properties to increase liquidity and to finance their upcoming projects. Hotels, schools, and hospitals will be the main assets that Emaar is willing to sell, Reuters-affiliated website Zawya reports.

The company’s main target is to fundraise about USD 1.4 bn through selling some of their belongings in Dubai, Standard Chartered Bank has been assigned to control the sales process.

“Emaar regularly considers various financing options as part of our strategy to streamline our business and generate significant value for the company. We will announce details regarding such opportunities as and when they are finalized,” an Emaar Properties Spokesman tells Zawya.

In the first quarter of 2018, the company has reported an 8.4% increase in its net profit to AED 1.5 bn, but its property sales dropped to AED 3.9 bn during this quarter, compared to AED 6 bn in the same period last year.