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Emaar Yields Hamptons to Countrywide

According to the terms, Emaar will continue to manage Hampton properties in the Middle East and North Africa. The decision to hand Hamptons International over to Countrywide – a UK state agency – was dictated by the necessity to concentrate on the company's Middle Eastern and South African portfolio. Countrywide will also have the right to operate properties in Europe and Asia.

Ahmad Matrooshi, Emaar Properties managing officer, characterized the deal as a step toward rearranging and reorganizing Emaar's services in strategically important areas. Also, he emphasized the company's intention to continue to provide top quality services to customers. Emaar is not intent on severing ties with properties that have been accepted by Countrywide and it will take active part in promoting its hotels in Great Britain and Europe. Ahmad Matrooshi hinted that the decision was also dictated by the recent economic upheaval that prompted the company to focus on regions and markets with greater economic potentials.

20.06.2010

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