Dubai Aerospace Enterprise (DAE) has announced that it has repurchased its 4% stake in Emaar Properties. DAE is 100% owned, directly and indirectly, by the Government Investment Corporation (DIB), the government's main investment arm.
The transaction is not expected to have any impact on the Company's capital adequacy ratios.
"Emaar was part of the initial group of investors, together with Dubai State Investment Corporation and Dubai Aerospace Industries, in 2006," said Khalifa Al Dabous, Executive Vice President, Dubai State Investment Corporation. "We appreciate the tremendous support they have given over the past years to boost DAE's growth to reach The leading position it enjoys today. "
"DAE's financial position has been on the rise for the past few years and we are delighted to be able to complete this transaction in the second quarter with no impact on our capital and liquidity ratios," commented Fayrouz Tarapur, CEO of DAE.