Issue No 306 - 27 April 2009
Emaar draws up ‘toxic asset’ plan

Emaar Properties, UAE’s largest property developer, is drawing up plans to deal with its toxic assets, the firm's chief operating officer has said.

'We have identified our toxic assets, categorized them and we are taking decisions on some of those assets,' Naaman Atallah, Emaar’s COO, was quoted as saying to daily newspaper Emirates Business.

Emaar Properties swung to a surprise fourth-quarter loss due to heavy US write downs and put new projects on hold in its weakening home market of Dubai.

'Instead of refunds we are giving credit notes to buyers that will allow them to swap their investments for other Emaar properties,' Atallah added.

Source: Trade Arabia News

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