Emaar names McKinsey to strategic review
Dubai, May 5, 2011
Emaar Properties, builder of the world's tallest tower, has hired consultant McKinsey to conduct a strategic review of its international operations, sources familiar with the matter said on Thursday.
The McKinsey review mainly relates to the developer's property segment, said two of the sources, speaking on condition of anonymity.
It will cover Emaar's foreign units which span the Middle East, Africa and Asia, in countries like India, Egypt and Saudi Arabia. The developer is expected to announce the plan later this month.
A spokesman for Emaar was not immediately available for comment. A McKinsey spokesman declined to comment.
The review may prompt Emaar to focus on expanding its hospitality business -- it operates malls, hotels and golf resorts -- in key emerging markets, such as China and Brazil as well as Africa.
The developer, whose hospitality and mall business has been a key income driver after the property bust, has said it plans to expand its hotel brand globally.
Italian designer Giorgio Armani partnered with Emaar to open his first hotel at Dubai's Burj Khalifa last year and the company plans more hotels with the designer. The second property is slated to open in Milan in 2011.
Shares in Emaar, about 30 per cent owned by the Dubai government, closed down 1.54 percent on the Dubai index. – Reuters
More Construction & Real Estate Stories
- Al Basel posts $156m in 2013 sales
- Dubai landlords free to hike rents by 20pc
- Bahrain to dig artificial water springs
- Arabtec plans UAE property arms, Egypt tieup
- 18 Iraqi army officers killed in ambush
- GFH acquires prime UK residential property
- Plaza Premium wins Abu Dhabi Airports contract
- Engineering experts attend Autodesk conference
- Dubai $114m freehold property in big demand
- Heavy Equipment enters Qatar market