Alabbar managing business on daily basis, says Emaar

Emaar Properties, Dubai’s largest listed property developer, has categorically denied rumours that its chairman Mohamed Alabbar intends to leave the company.

In a statement to the Dubai Financial Market, the company said Alabbar is managing the business on a daily basis, is committed to the company and “is leading its expansion at different levels locally in Dubai and internationally.

The company subsequently said it was not involved in the project but that Capital City Partners, another firm co-founded by Alabbar, was engaged in it.

The stock was up 0.46 per cent at Dh6.57 on Sunday at 12.55 pm.

There was speculation about Alabbar's role after he participated at an investment conference in Egypt last week in a presentation about the construction of a new $45 billion capital city for the country, a Reuters report said.

On March 5, the company proposed a 15 per cent cash dividend for 2014 or Dh0.15 per share to shareholders, the same as the cash payout proposed for 2013. The proposal will be tabled at the annual general meeting set for April 15.

Moody’s Investor Service said earlier that Emaar’s strong cash flow generation, solid liquidity and growing business diversification will enable it to weather the more uncertain investment climate.

On February 25, 2015, the ratings agency changed to positive from stable the outlook on the Ba1 corporate family rating and the Ba1-PD probability of default rating of Emaar Properties. It also affirmed all ratings including the Ba1 ratings on the two sukuks issued under Emaar Sukuk Limited.

“The outlook on all ratings is positive to reflect the strengthening of both the company’s financial and business profiles,” it said.
 

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