SkyscraperCity banner

41 - 60 of 160 Posts

·
Under the Burj
Joined
·
3,491 Posts
Emmar dont own dubai bank, they have AMLACK. dubai bank was originaly part of dubai holding, but Sheik mohamed gave it to his son.
 

·
Registered
Joined
·
32,113 Posts
The fact that they anounced a new 800 apartments residential development, the Lago Vista, at the same time as they decided not to build a HQ, means that they are in need of cash.

Seeing that Ocean Height tower is stuck for months and they are offering incentives on that tower, amplifies the above conclussion.

Don't forget that DAMAC group lost tens of millions, if not more, on their investemnets in international stock markets, and word is that they entered construction business for fast cash.

Bottom line: They seams to have a cash flow problem.
 

·
Registered
Joined
·
249 Posts
I think the HQ thing has more to do with Dubai Holding. Media City belongs to Dubai Holding. And Dubai Holding is not in great terms with DAMAC. So they got kicked out.
If you think Damac is cash strapped wait till you hear their latest project :D
 

·
Registered
Joined
·
32,113 Posts
^ We all do.
 

·
Under the Burj
Joined
·
3,491 Posts
how come this one was classed as UNDER C?

there were no signs of construction.
 

·
Patriotic Emirati
Joined
·
6,297 Posts
DUBAI said:
Emmar dont own dubai bank, they have AMLACK. dubai bank was originaly part of dubai holding, but Sheik mohamed gave it to his son.
Are u sure about that? Because from what I've read so far Emaar owns 40% of AMLAK to the total shares of Dubai Bank.


I've read also read two weeks ago that Emaar and Dubai Holding negotionate so that Dubai Holdings buy Dubai Bank from Emaar.

Shiekh Hamdan bin Mohammed is the chairman only as far as I know. The same as him being the chairman of Dubai Media and Communication freezone. Thats what I know anyway.
 

·
Under the Burj
Joined
·
3,491 Posts
this was back before dubai bank even had their building, and before emmar were that big. anything could have happened since then.

does anyone here have a dubai bank bank account?
i wouldnt put all my money in, but just enough to get all the deals and stuff!
 

·
Registered
Joined
·
249 Posts
dubaiflo said:
it is sooo hard to see that #never built...i cannot believe it.
markmywords what is the new damac project?
You got to wait a little longer pal. Unfortunately I cant disclose it now. They have two big projects btw. One lets says is 'sporty'. And the other ahem...is just tall.
I like that new twist in your signature btw. ;)
 
41 - 60 of 160 Posts
Top