Dubai's Emaar to Invest $4b in India

Emaar Properties announced it expects 30 percent of its overseas sales to come from India in the next two years. The Dubai-based company, which is the Middle East's largest publicly traded real-estate developer, said it would join India's MGF Land in investing $4 billion in projects ranging from townships, hotels, hospitals and golf courses. During an interview with Bloomberg, Shravan Gupta, CEO of Emaar's Indian unit said the company expects $8 billion in revenue from the projects.

Last May Emmar announced plans for three new projects in Karachi, Pakistan, worth a total of $2.4 billion. Last year the multi-billion company also began large-scale projects in other Middle Eastern countries, such as a $26.6 billion business and residential complex in Saudi Arabia, and a $1.2 billion golf resort in Morocco.

The global real estate corporation also marked a milestone in its quest to build the world’s tallest tower, Burj Dubai, as the building reached its 50th level on June 20.

Source: http://themedialine.org/news/news_detail.asp?newsid=14226