DUBAI: The chairman of Emaar Properties, the United Arab Emirates’ largest listed property firm and builder of the world’s tallest tower, said on Monday the company had no intention of tapping the bond market again in 2010 or selling new shares in the company.
Mohammed Alabbar also told a conference in Dubai there were no plans to reduce the Dubai government’s 31.2 percent stake.
"We have just finished our bonds. We have no intention of doing that again," Alabbar told reporters on the sidelines of the conference.
The Dubai developer announced a $500 million convertible five-year bond issue in late September and said it would use the proceeds to refinance short-term liabilities and for general corporate purposes.
On future finance raising plans, he said the company was looking at different options.
"Any company will increase capital, release some entities to (the) market, increase debt. So I think the future is the right combination of all. We’ll see which one of these will work better for us," he said.
Alabbar also said Dubai’s real estate sector had reached a bottom and expected the market to clear the property oversupply in a period of 20 months.
The trade and tourism hub was hard hit by the global financial crisis, which led to a property market crash and the cancellation or delay of billions of dollars worth of projects.
"As existing supply is taken off, investment will come in," he said.
Alabbar also told the conference he saw "great opportunities" in Algeria, without elaborating.
In February Emaar said it would focus on mid-income housing in emerging markets and overseas expansion to boost 2010 revenue.
