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Tuesday, November 6, 2007

Emaar has no immediate plans to invest in Malaysia

DUBAI: Emaar International, the Middle East's largest property developer with a market capitalisation of more than US$40 billion (US$1=RM3.34) always has Malaysia as a future investment destination but has no plans to go into the country just yet.

Emaar managing director Issam Galadari said the company which has a property project in Lombok, Indonesia, has been eyeing Malaysia for a long time.

He said the property developer has been looking particularly at Johor, but has not made a decision whether to come and invest.

"Malaysia is an attractive market but so far we have not been approached by any local companies to set up joint ventures," said Issam at the sidelines of a Kuala Lumpur Business Club seminar on attracting United Arab Emirates (UAE) investments into Malaysia.

Established in 1997, UAE-based Emaar has US$60 billion worth of commercial and residential projects globally.

ICON: An artist's impression of Emmar's flagship project, the RM66.8 billion Burj Dubai, which will be the tallest building in the world when completed.

It also owns and operates 150 shopping malls in the Middle East region.

Emaar International which is in the midst of building the world's tallest building, the Burj (tower) of Dubai, is 32 per cent owned by the Dubai government and the remaining 68 per cent by 60,000 shareholders.

By New Straits Times (By Zaidi Isham Ismail)

More more information, please visit Burj Dubai website.

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