Dubai-based Emaar Properties, a major real estate company, has said it was committed to completing all projects it has previously announced in Egypt.

An Egyptian newspaper had reported Emaar was freezing two projects in the north African country. The report was published after Dubai sought a delay in repayment on billions of dollars of debt for the Dubai World conglomerate that has driven its break-neck growth.

Egypt's stock market is among those that have fallen on the news.

"Egypt is one of the key markets for Emaar, and we remain committed to completing all announced projects," Emaar Misr, the country subsidiary of Emar properties, said in a statement.

"Emaar Misr's projects in Egypt -- Uptown Cairo, Mivida and Marassi -- are progressing as planned with the first homes in Marassi and Uptown Cairo to be handed over next year,” the statement added. – Reuters