Saudi developer sells assets at $ 1.4 billion

The company Emaar Properties at one time built the famous Dubai skyscraper Burj Khalifa

Saudi developer company Emaar Properties has announced the sale of its non-core assets. At this step the company decided to be able to compensate for losses from the fall of the property market in the country.

According to the Financial Times, the developer is ready to say goodbye to most of its hotels, school buildings and clinics. The company expects to recover for the assets sold up to $ 1.4 billion. The sources of the publication note that Emaar has already reached an agreement with a number of partners. As a consultant for the sale of real estate is the Standard Chartered Bank.

The most famous object, built by Emaar Properties, is the world's tallest Burj Khalifa skyscraper in Dubai.

The losses of the Saudi developer are related to the emerging crisis in the real estate market, which was the result of the fall in oil prices in September 2014. Now the company's share price is half as much as in the autumn of that year.

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