Dubai’s Emaar says committed to India, still part of MGF joint venture

Dubai’s Emaar Properties said on Thursday it was committed to its projects in India through its joint venture Emaar MGF Land, and that India was a key market for Emaar.

Its statement followed a report in India’s Economic Times which quoted unnamed sources as saying Emaar was close to ending its decade-old joint venture with Indian firm MGF Developments.

“We would like to clarify that India is a key market for Emaar and we are committed to the success of our projects in India through our company, Emaar MGF Land Ltd,” Emaar said in a statement to the Dubai bourse.

“As part of streamlining our growth strategy, we conduct regular reviews of the ongoing operations of the company,” it said, adding that it was considering a number of options to ensure that its growth objectives were met, and would disclose any information if and when it was finalised. It did not elaborate.