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FinancialNews


  • 30-09-12

    Dubai's Emaar sells Nuran hotel to Abu Dhabi's Eshraq

    (MENAFN) Emaar Properties, the developer behind Burj Khalifa, the world's tallest tower, has agreed to give up a hotel property to Abu Dhabi-based Eshraq Properties, Reuters reported. The deal's value was not disclosed, but Eshraq Properties said in a statement that it has bought Nuran Serviced Residencies Dubai Marina, a serviced hotel apartment located in the up-market Dubai Marina area. It also said it would continue its expansion strategy through acquiring other real estate projects in the country. From its side, Emaar said in a statement it was still focusing on Dubai but looking to strengthen its Address brand of hotels. Earlier this month, Emaar unveiled plans to build a new hotel in the Dubai's high-end Downtown area, its first major hotel project since the property crisis in 2008.

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