Emaar Properties on Sunday issued a statement denying that any of its projects were on hold. This statement came amid suggestions that the Dubai-based giant decided to freeze some of its projects due to the financial conditions.

An Emaar Properties spokesperson said: "No projects launched by Emaar Properties are currently on hold. All the developments are progressing and in line with Emaar's strategy to complete all commenced projects.

"As part of our commitment to customers, we are currently offering several options including end-users having the option of transferring their purchases from projects that will be completed at a later stage to those in the advanced stages of development.

"Emaar has not issued or is planning any document that will enable customers to transfer their payment to others.

"Being a listed company, all matters of significance to the Company are made available in public domain on a timely basis to avoid any speculation.

“Any information in contradiction to the above relate to misrepresentation of the facts."

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