DUBAI — Dubai’s Emaar Properties, the largest Arab developer by market value, said on Tuesday that it had yet to begin its share buyback progamme but would commence repurchases after posting its third-quarter profits.
Emaar, whose shares have lost over 50 per cent of their value this year, said last month that it would begin to buy back shares in October after securing the approval of the UAE stock market regulator. Emaar shares ended 2.14 per cent lower on Tuesday outperforming other real estate shares on speculation that it had begun the share buyback programme. Real estate and banking shares have also tumbled across the oil-exporting Gulf region due to concerns that the credit crunch could slow down its booming economies. —