Dubai’s Emaar Properties says India remains a ‘key market’
Dubai developer issues clarification following claim it is close to ending alliance with Indian partner MGF Developments
Emaar Properties says it is committed to projects in India through its joint venture Emaar MGF Land, following a report suggesting it was close to ending an agreement with its local partner.
The Dubai developer said in a statement to the Dubai Financial Market that India remains a “key market”.
India’s Economic Times (ET) earlier quoted unnamed sources saying Emaar Properties was looking to cut its decade-old alliance with MGF Developments.
“We would like to clarify that India is a key market for Emaar and we are committed to the success of our projects in India through our company, Emaar MGF Land Ltd,” Emaar said in a statement to the Dubai bourse.
“As part of streamlining our growth strategy, we conduct regular reviews of the ongoing operations of the company,” it added, saying it was considering a number of options to ensure that its growth objectives were met, and would disclose further information if and when it was finalised.
Emaar entered India in 2005 through a joint venture with MGF Development at the peak of the real estate market in the country.
