Property giant Emaar announced on Thursday that it is “no longer considering the sale” of its stake in its Indian subsidiary and is now more focused on joint ventures, including with the Indian conglomerate Adani Group.
The Dubai-based developer’s statement was issued in a clarification posted on the Dubai Financial Market (DFM) — where it is listed — following a report by the London-based Financial Times that Emaar Properties is considering buying firms in the US, India, and China.
Earlier this year, Emaar confirmed talks with Adani Group and others about selling its Indian subsidiary, Emaar India.
Indian news agency PTI reported earlier this year that billionaire Gautam Adani’s group was in advanced talks to acquire Emaar India for an enterprise value of about $1.4–$1.5 billion (Dh5.1–5.5 billion).
“Emaar is no longer considering the sale of any stake in its Indian entity. Alternatively, the company is considering a joint venture with other large real estate companies/groups in India, including Adani Group,” the UAE’s largest developer said in the statement.
Emaar India reported Rs1,340.8 million net losses after tax for the financial year ended on March 31, 2024. It reported total revenues of Rs29,137 million at the end of the 2024 financial year compared to Rs18,319 million in the previous year.
In addition, the master developer stated in its release to DFM on Thursday that it regularly evaluates several strategic options, including international investments to increase shareholder returns. “However, currently there is no such transaction in process.”
“Any investment decision will be dependent on Emaar’s strategic objective of maintaining a strong balance sheet and positive returns to its shareholders, including dividends,” said the statement.
Emaar’s financial results for 2024 reflected strong operational performance and continued growth across its key business segments. The company recorded property sales of approximately Dh70 billion, representing a 72 percent increase compared to 2023. Emaar’s revenue backlog from property sales exceeded Dh110 billion, supporting future revenue generation.
Total revenue for 2024 reached Dh35.5 billion, marking a 33 percent year-over-year increase, while net profit before tax grew by 25 percent to Dh18.9 billion.
