Dubai, UAE, August 14, 2007: Emaar Properties PJSC, the UAE-based property developer, has been ranked in the Top 10 of Standard and Poor’s (S&P’s) IFCG Extended Frontier 150 Index for frontier equity markets, which covers constituents from 26 countries. The index offers the largest liquid stocks of over 30 developing global markets and represents a milestone financial achievement for Emaar.
The index reveals that Emaar has the highest weighting at 5.59 per cent and reflects the company’s strong regional presence and growing international recognition. Countries with the highest representation in the index include the UAE, Jordan and Kuwait.
“Emaar’s inclusion in the top 10 companies of S&P’s IFCG Extended Frontier 150 Index demonstrates the economic growth of Emaar and will enhance our global expansion plans in line with our Vision 2010 to become one of the most valuable companies in the world,” said Arif Amiri, Director - Investor Relations, Corporate Governance and Business Development, Emaar Properties.
He added: “The durable outlook of the company’s prospects and corporate credit rating will enable us to deliver greater value to our investors encouraged by low risk liquid stock offerings.”
Emaar is expected to maintain a modest financial risk profile and continued strong cash flow credit measures, according to recent S&P reports.
Alka Banerjee, Vice President of Standard & Poor’s Index Services, stated: “The S&P/IFCG Extended Frontier 150 Index is designed to meet the needs of increasingly sophisticated investors seeking to expand into markets with the potential for similar or greater returns than other, better known developed and emerging markets. Frontier markets represent the next chapter for alpha-seeking investors looking beyond the maturing developing economies."
Emaar was recently assigned A- and A3 ratings respectively by S&P Ratings Services and Moody’s Investor Services, with stable outlook reflecting the company’s strong financial profile.
Emaar posted a net profit of US$0.893 billion for the first half of 2007 – an increase of seven per cent over half-year 2006 results. The revenue for the first six months of the year was US$2.199 billion, an increase of 59 per cent over the first half of 2006.
Emaar today has a collective presence in over 36 markets spanning the Middle East, North Africa, Pan-Asia, Europe and North America and has also diversified into six business sectors - education, healthcare, malls, finance, and hospitality & leisure.
