Dubai's Emaar Properties shuts Algeria office

2009-07-05 15:45:01 -

DUBAI, United Arab Emirates (AP) - The Dubai developer building the world's tallest building says it has shut down the office set up in Algeria to oversee $20 billion worth of real estate projects.
Emaar Properties said in a statement posted Sunday on the Web site of the Dubai Financial Market that it closed the office because of «a lack of progress which is beyond the company's control.
The company says it remains open to long-term investment in the country, which it says «offers robust growth opportunities.
Emaar announced plans to enter the Algerian market with four large property projects worth $20 billion in October 2007, at the height of a property boom in its home market of Dubai.