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Al-Abbar : Dubai Tower’s Revenues will be reflected on the company's profits from the first quarter of 2010 .. and 85% of the sold units were paid

2010-01-04

Emaar Properties Chairman  Mohamed Alabbar, clarified in a recent interview with the Emirate Khaleej newspaper that the Dubai Tower  revenues will be reflected on the profitability of the company  startingfrom the first quarter of 2010, he clarified also that the result of the fourth quarter of  2009 will be likely at the  same level of achieved  result of the third quarter 2009, while the 2010 will be relatively good  as Alabbar stated  . he also estimated return on investment from Emaar Dubai Tower project by about 10% of the total investment that is  amounted of $ 1.5 billion, pointing out that the return of the giant towers is usually less than 2% or negative. Regarding the sale of the project , Alabbar said that it had been sold 90% of the project , 85% of the soled unit was paid, and the remaining  10% hadn’t  been offered yet  Alabbar said also that the Dubai Tower construction operations had finished , pointing that the tower needs another 6 months form its completion to be ready  in order to train  Emaar  staff on the  equipment and  electronic operation machines in  tower, the tower will need  900 employees for 24 hours a day  as Alabbar stated .  Also expected to retain some of losses provisions  in the USA financial market and linking this to the extent of improvement in real estate markets of America, pointing out that it already begun to improve .