Property Select

• Home
• Property Search
• News
• About Us
• Contact

DUBAI COMPANY EMAAR PROPERTIES INVESTS IN MINING

Monday, 01 Dec 2008

Two of the world’s largest property and mining companies are keen to invest in the Philippine mining sector, according to the Environmental and Natural Resources secretary, Lito Atienza. He claims that there is renewed interest in developing the area, as India, China and Japan need a continuous supply of minerals, and adds that the Philippines needs to make the most of this, because it’s closest to the mineral markets. Atienza revealed that the Dubai property firm, Emaar Properties, was also searching for eco-tourism and mining projects in the Philippines.

Emaar, one of the biggest property firms in the world, is swiftly becoming an international leading lifestyle provider. The Dubai property company, which is a public joint stock firm, is part of the Dow Jones Arabia Titans Index and also listed on the Dubai Financial Market. This new venture comes as the market for property in Dubai slows drastically, forcing Emaar to branch out into other areas in order to continue to grow and thrive.

Emaar constructed the Burj Dubai, the tallest building in the Emirates, and a shining example of the quality of buildings on property in Dubai, as well as the local developers and what they are capable of. Although Emaar’s usual business is building accommodation in Dubai, it is flexing its muscles now by branching out into mining as well.

According to Atienza, the China Metallurgical Group Corp is interested in the mining industry in the Philippines, and intends to build a copper smelting plant at an estimated cost of $1billion. The Chinese government licences MCC, which is an important player in the growing steel industry in China and a developer in several major projects overseas and locally. Atienza said, “MCC had written me a letter of intent that they’d like to put up a copper processing plant in the Philippines.”