Dubai – Mubasher: Emaar Properties began signing contracts with several interest parties to sell assets at a combined value of AED 5.14 billion ($1.4 billion), sources said.
The UAE-based real estate developer is looking to sell hotels, clinics, and schools as part of its plan to raise funds by disposing of non-core assets, pressured by a property slump in the Gulf’s business hub, the Financial Times (FT) reported, citing the sources as saying.
The developer behind the world’s tallest tower aims to raise around $700 million through selling its hotel portfolio, except for two major properties.
The Dubai-listed firm hired Standard Chartered to manage the sale process.
