Monday, Dec 12, 2011
(This article was first published on Sunday.)
DUBAI(Zawya Dow Jones)--Saudi-based Emaar Middle East, said Sunday it has launched the second phase of its Jeddah Gate master-planned community with the first homes in its three Abraj Al Hilal 2 Towers to be handed over shortly.
"The response to the first Abraj Al Hilal Towers has been strong, and the first residents will move in shortly. We remain committed to developing modern homes and offering luxury residential choices for our customers in the Kingdom," said Ahmad Al Kulli, general manager of Emaar Middle East.
Emaar Middle East is a privately held company in Saudi Arabia, in which Dubai-based developer Emaar Properties (EMAAR.DFM) holds a 61% share and Al Oula Real Estate Development holds the remaining 39%.
"In its third quarter earnings' press release Emaar indicated that it would begin handing over units in Saudi Arabia over the coming months. The company has enjoyed a strong uptake of launched units in Saudi Arabia and we expect international handovers, particularly in Saudi Arabia and Egypt, to gain traction over the next 18 months," said Yong Wei Lee, head of Middle East and North Africa equities at Emirates NBD.
Emaar Properties shares were last trading +1.8% at AED2.82 Sunday.
-By Tahani Karrar-Lewsley, Dow Jones Newswires; +9714 446-1692; Tahani.Karrar@dowjones.com
Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
12-12-11 0348GMT
