Emaar to Fund Golf Project in Dubai

Dubai's Emaar Properties funds golf project with equity, debt, off-plan sales.

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Leading property developer of Dubai, Emaar Properties, is planning to fund the development of a golf course district with a minimal equity, debt, and off-plan sales, says Mohammed Alabbar, chairperson of Emaar. The district spreads an area of nearly 2.7 square miles (7 square kilometres), including an 18-hole golf course, more than 15,000 homes, three- and four-star hotels, shops,  and schools. It is located beside Al Maktoum International Airport at Jebel Ali, Dubai. The project, equally owned by Emaar and Dubai Aviation City Corp, is scheduled to complete its first phase in four years, adds Emaar chairperson Mohammed Alabbar. The cost estimate for the project is undisclosed, and when asked about issuing bonds, Mr. Alabbar stated that Emaar is conservative on debt, since it has a good cash position, and will utilize the current low-interest rates.

Emaar is a Dubai-based, leading real estate development company offering property development and management services internationally. It comprises six business segments and 60 active enterprises with a presence in the Middle East, North Africa, Pan-Asia, Europe and North America. Burj Khalifa, the tallest tower in the world was developed by Emaar in 2009.

Dubai Aviation City Corp (Dubai World Central) is a Dubai government-owned entity that strives to place Dubai a world-class commercial center and international logistics hub.