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Dubai's Emaar in Talks with Indian Groups, including Adani, to Sell Stake in Local Business

The logo of Dubai's Emaar Properties on a building under construction in Dubai, UAE, March 3, 2016. (Reuters)
The logo of Dubai's Emaar Properties on a building under construction in Dubai, UAE, March 3, 2016. (Reuters)
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Dubai's Emaar in Talks with Indian Groups, including Adani, to Sell Stake in Local Business

The logo of Dubai's Emaar Properties on a building under construction in Dubai, UAE, March 3, 2016. (Reuters)
The logo of Dubai's Emaar Properties on a building under construction in Dubai, UAE, March 3, 2016. (Reuters)

Emaar Properties, Dubai's largest listed real estate firm, is in talks with "a few groups" in India including Adani Group to sell a stake of its Indian business, it said on Thursday.

The builder of the world's tallest building, the Burj Khalifa, and other iconic parts of Dubai, said in a statement that the valuation and other terms of a potential deal were not finalized, without adding further details, Reuters reported.

The statement followed media reports on Wednesday stating that Adani Realty, the real estate unit of Indian billionaire Gautam Adani's Adani Enterprise, was in advanced talks to acquire a majority stake in Emaar India.

Emaar started its operations in the country in 2005 and has a portfolio of residential and commercial properties in Gurugram, Mohali, Lucknow, Jaipur and Indore, according to its website.

Besides India, it operates internationally in other markets including Saudi Arabia, Türkiye and the US.

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Saudi-Thai Economic and Trade Committee Discusses Boosting Trade

The meeting was attended by Saudi Minister of Foreign Affairs Prince Faisal bin Farhan bin Abdullah and his Thai counterpart, Maris Sangiampongsa. SPA
The meeting was attended by Saudi Minister of Foreign Affairs Prince Faisal bin Farhan bin Abdullah and his Thai counterpart, Maris Sangiampongsa. SPA
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Saudi-Thai Economic and Trade Committee Discusses Boosting Trade

The meeting was attended by Saudi Minister of Foreign Affairs Prince Faisal bin Farhan bin Abdullah and his Thai counterpart, Maris Sangiampongsa. SPA
The meeting was attended by Saudi Minister of Foreign Affairs Prince Faisal bin Farhan bin Abdullah and his Thai counterpart, Maris Sangiampongsa. SPA

The Economic and Trade Committee of the Saudi-Thai Coordination Council held on Thursday its first meeting in Bangkok to strengthen trade relations between the two countries.

The meeting was attended by Saudi Minister of Foreign Affairs Prince Faisal bin Farhan bin Abdullah and his Thai counterpart, Maris Sangiampongsa.

The meeting was chaired by General Authority of Foreign Trade (GAFT) Deputy Governor for International Relations Abdulaziz bin Omar Al-Sukran and Thai Ministry of Commerce Permanent Secretary Vuttikrai Leewiraphan.

The committee aims to strengthen trade relations between Saudi Arabia and Thailand by exchanging expertise; fostering cooperation in economic and developmental fields; promoting food, health, and halal products; advancing industrial development; involving the private sectors of both countries in trade fairs and conferences; and addressing trade obstacles and challenges facing both nations.

The volume of trade between Saudi Arabia and Thailand reached more than $6 billion by the third quarter of 2024. Prominent Saudi exports included mineral products and fertilizers, while major Thai imports to the Saudi market included automobiles and their parts, as well as machinery and mechanical tools and their components.