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Emaar Properties in Negotiations Over Debt Repayments

UAE : 05 April 2010

Emar Properties is one of the largest Property Development Companies in the Emirates with a property portfolio spanning a wide area and consisting of a large number of development properties. In the current economic climate it is only the largest companies with on-going income generating capabilities that are having any success at restructuring and renegotiating their outstanding debts.

Yesterday a spokeswoman for Emar Properties said that they are currently talking to certain financial institutions with a view to rolling over their debt repayments that will fall due for payment over the next twelve months. She also stated that they are hoping to use this money for project finance over the next year. No amount was specified as to how much additional working capital this will free up for the company.

Another company who are currently availing of the roll-over option are HC Securities, a spokesman for their company stated that this is a very positive option for them at present and gives them more time to better restructure all their finances during these recessionary times. This spokesperson also said that the fact that Emaar have many income producing hotels and shopping malls will give them more negotiating power with the Financial Institutions. Union Properties is another company who are also conserving their cash outlay by rolling over many of their debts this year.

Paul Holdsworth, Staff Writer, Gulf Jobs Market News
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