Emaar Properties said on Tuesday a deal signed the Kingdom Holding of Saudi Arabia was still conditional and would focus on managing the development process, according Reuters.
In a statment on the Dubai bourse website, Emaar said it was too early to envisage the level of income from the project as it was still in feasibility study stage.
Emaar on Sunday denied it was investing in the development that will feature what would be the world’s tallest tower, but said it was in a deal to offer management services against a fee.
The United Arab Emirates’ bourse regulator had asked Emaar on Monday to give detailed clarification, as the shares surged 7.18 percent on Sunday, the day after Kingdom Holding Co said it had appointed the Dubai-based firm as developer of the project, with a total investment of at least 100 billion riyals ($26.7 billion). The share tumbled 5.74 percent on Monday.
Spocksman of Emaar said: “The agreement currently signed by Emaar is conditional upon a number of other additional agreemnents to be finalised btween Emaar and the company”.
