7.17 PM Monday, 15 April 2024
  • City Fajr Shuruq Duhr Asr Magrib Isha
  • Dubai 04:37 05:53 12:22 15:49 18:45 20:01
15 April 2024

Emaar to start Jeddah home sales next week

By Agencies

Dubai's Emaar Properties said on Saturday it would start selling homes in its $1.6 billion (Dh5.9bn) Jeddah Gate development in Saudi Arabia next week.

The sale will only be available to nationals of Saudi Arabia and five Gulf Arab neighbours, Emaar said in a statement.

Emaar, the largest Arab property developer by market value, makes about 85 per cent of its revenue from Dubai and aims to reduce that to 30 per cent by 2010 as foreign operations start making money.

Emaar has operations in 16 countries. Jeddah Gate is the smaller of two ventures in Saudi Arabia, where affiliate Emaar Economic City is developing a Red Sea coast project that was initially estimated to cost $26.7bn (Dh98bn). (Reuters)