The announcement marked a rare public appearance from the chairman of DAMAC, Hussain Sajwani.
Investors seem to have shrugged off Emaar’s 28 per cent drop in fourth-quarter profit.
The Emirates Banks Association has sent its recommendations on proposed mortgage caps to the UAE central bank.
The property developer made a net profit of Dhs38.6 million last year.
The Abu Dhabi-based developer, currently in the process of a merger with Sorouh, made a fourth-quarter net profit of Dhs200 million.
Emaar boss Mohamed Alabbar tops the Gulf Business list of the most powerful Arabs in the real estate.
Sheikh Mohammed has ordered work to start on the Dhs2.5 billion Nakheel Mall project in Palm Jumeirah and Dhs800 million Pointe project.
Although revenues rose 20 per cent during the quarter, the developer’s profit was hit by rising costs.
The property firm, which is in the midst of a merger with Aldar, posted a net profit of Dhs118.9 million in the fourth quarter of 2012.
The most significant price rise was seen in villas located in premier locations, finds new report.
The residential leasing market in the country is slowly picking up despite political instability, says report.
The UK economy has given the Gulf state reasons to be concerned about the development.
Property firms Aldar and Sorouh agreed on an all-share merger last week creating a company with $13 billion in assets.
The UAE central bank is still holding negotiations with the Emirates Banks Association and no rule has been issued as yet.
Nakheel made a Dhs2.02 billion ($550 million) profit last year, on revenue up 91 per cent to 7.8 billion.
The sector is receiving interest from investors because of double-digit growth.
The firm is currently in the process of a complete takeover by Dubai Islamic Bank.
Th central bank says it will consult commercial banks in the UAE before issuing a new ruling on lending.
The Abu Dhabi- based real estate developers are merging to form a new entity with Dhs47 billion in assets.
The emirate’s property market posted a strong recovery in 2012 with upward trends for sales and leasing, says CBRE report.
Property consultant Jones Lang LaSalle outlines the key factors that will impact the UAE’s property market this year.
Sorouh will be dissolved as part of the merger, and the new entity, called Aldar Sorouh Properties, will have over $47 billion in assets.
The central bank governor has reportedly claimed that the new rules are not imminent.
The Abu Dhabi-based property developers will merge through a share swap, according to sources.
The 55-level development includes 280 residences and is part of the Dubai Mall expansion project.
The Dubai-based cruise liner will be renovated into a 500-room luxury hotel.
The Dubai developer has denied reports it is planning to list its malls business.
Emirates Hills comes joint top with the Palm in poll by local property portal.
The new regulations are expected to include the mortgage caps introduced by the central bank late last year.
The emirate’s residential property index jumped 13.46 per cent in 2012.