Emaar, a high-profile developer, fell from a high of 15.7 dirhams to 5.5 on October 9th.

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He has served on the boards of Hindalco in India, Emaar, Austin Industries, Tyco Electronics, and Fischer and Porter.

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Emaar MGF is one of several realty firms that are preparing to make their stock market debut in the near future.

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Dubai's Emaar Properties, which is building the world's tallest tower in Dubai, has invested more than half a billion dollars in an Indian joint venture.

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Last week, Emaar MGF sought to play down the impact of the Dubai financial fiasco, stating that its operations were only in India and the business plans remained on track.

FORBES: International

In a move that could spell more trouble for Dubai's Emaar Properties, revenue officials from India's Enforcement Directorate Thursday raided Emaar MGF Land, the Indian unit of the UAE developer, in New Delhi for allegedly violating foreign exchange regulations.

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While major property investors including London-based Enstar Capital have fled Dubai in anticipation of a total financial collapse, Emaar and the Government of Dubai are counting on speculators to take stakes in the Burj now, in anticipation of a market rebound.

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