On Thursday, Emaar announced it is “no longer exploring the sale” of its stake in its Indian subsidiary, choosing instead to focus on joint ventures with major players like the Indian conglomerate Adani Group.
This statement from the Dubai-based developer was issued as a clarification on the Dubai Financial Market (DFM), where it is listed, following a report by the Financial Times in London that suggested Emaar Properties is eyeing acquisitions in the US, India, and China.
Earlier this year, Emaar had confirmed discussions with the Adani Group and others regarding the sale of its Indian subsidiary, Emaar India.
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According to the Indian news agency PTI, the group led by billionaire Gautam Adani was in advanced negotiations to acquire Emaar India, valuing it at approximately $1.4–$1.5 billion (Dh5.1–5.5 billion).
“Emaar is no longer contemplating the sale of any stake in its Indian entity. Instead, the company is considering forming joint ventures with other significant real estate companies/groups in India, including the Adani Group,” according to the UAE’s largest developer’s statement.
Emaar India reported net losses of Rs1,340.8 million after tax for the financial year ending March 31, 2024. The company reported total revenues of Rs29,137 million at the end of the 2024 financial year, up from Rs18,319 million the previous year.
The master developer further stated on Thursday in its DFM statement that it regularly assesses various strategic options, including international investments to enhance shareholder returns. “Currently, however, there is no such transaction in progress.”
“Any investment decision will align with Emaar’s strategic aim of sustaining a strong balance sheet and delivering positive shareholder returns, including dividends,” the statement added.
Emaar’s 2024 financial results highlighted robust operational performance and continued growth in key business sectors. The company achieved property sales of about Dh70 billion, marking a 72% increase from 2023. The revenue backlog from these sales surpassed Dh110 billion, ensuring future revenue streams.
Total revenue for 2024 climbed to Dh35.5 billion, reflecting a 33% year-over-year increase, while net profit before tax rose by 25% to Dh18.9 billion.
