Dubai property developer Emaar to reorganize India business
DUBAI, United Arab Emirates (AP) — The developer of Dubai's Burj Khalifa skyscraper says it is reorganizing its business in India.
Dubai-based Emaar Properties said in a brief statement on Wednesday that it will reorganize Indian division Emaar MGF Land Limited through a "demerger."
Emaar MGF is a joint venture set up in 2005 between the Emirati developer and India's MGF Developments Limited.
Emaar says the move will allow it to "implement focused strategy for its real estate business in India and will allow the business to undertake future expansion strategies." It did not say what financial implications the move might have.
Emaar earlier this week announced plans to build a $1 billion observation tower in Dubai that will be taller than its existing record-setting skyscraper.