Emaar rolls out shares for land

Emaar Properties has announced plans to issue a convertible bond to government-owned Dubai Holding to pay for land that would double its land bank in the emirate.

Emaar Properties has announced plans to issue a convertible bond to government-owned Dubai Holding to pay for land that would double its land bank in the emirate.

The bond, which will have no coupon, will be to convert 2.364 billion new shares in five equal tranches, Emaar said in a statement.

The deal will give Dubai Government a combined 51% stake in Emaar, which is the developer behind the Burj Dubai.

Dubai Holding is the largest conglomerate in the Middle East and has established a firm foothold in 11 industries.

"Dubai Holding's mission is to provide a better future for all, to dynamically support the development of Dubai as a world-leading hub and to drive our companies to become leaders in their respective fields in the Middle East and beyond. Emaar has generated tremendous value for its shareholders," said Mohammad Al Gergawi, executive chairman, Dubai Holding.

Emaar announced revenue of US $3.813 billion (AED14.006 billion) and net profits of $1.735 billion for 2006.

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