Emaar Properties PSJC, the Middle East's largest home builder, will focus on developing its business lines this year and completing existing projects amid a property slump in the emirate, the company said in a statement late Wednesday. “Today, the global economic landscape is changing rapidly, and in these challenging times, our strategy of business segmentation and geographic expansion remains central to our business plans,” Emaar Chairman Mohamed Alabbar said in the statement shortly after the company's annual general meeting. “We will stay true to the path of growing our new business lines, including shopping malls and retail, hospitality & leisure, education and healthcare,” he said. Shareholders at the meeting voted in favor of receiving no dividend for 2008 and instead reinvesting profits for long-term growth of the company, it said. Real estate companies such as Emaar, which is currently constructing the world's tallest building, have been hit by the financial crisis both at home and overseas. Dubai's once-booming property market has slowed in recent months and home financing has evaporated, hurting Emaar's sales and property prices. This week, real estate consultancy Colliers International said property prices in Dubai slumped 41 percent in the first quarter of the year from the fourth quarter of 2008, and are now at early 2007 levels. Earlier this year, Emaar, which has projects in countries such as India, Turkey, Syria, Saudi Arabia and Morocco, said it was putting future real estate projects on hold to stem the oversupply of units in Dubai's burgeoning market. Alabbar said the developer will focus on completing existing projects this year to ensure “timely delivery” both in Dubai and abroad. “Several projects will move ahead quickly in our international markets, including the handover of homes, offices and industrial land in a number of projects. All these support the company in staying firmly on the growth path,” Alabbar said. The developer said its global land bank currently stands at 516 million square meters and is valued at AED79 billion ($21.51 billion). The company posted a $481.9 million loss in the fourth quarter of 2008 due to US write
