The Indian government has said Emaar MGF Land violated foreign exchange rules over US$1.51 billion of investments.
According to a statement from the Indian government yesterday, Emaar MGF Land violated the central bank's foreign direct investment rules under the Foreign Exchange Management Act by using overseas funds to buy agricultural land, which was not allowed, instead of for development projects.
Emaar MGF Land is a joint venture between Emaar Properties and the Indian developer MGF Development.
An external spokeswoman acting for Emaar said: "Emaar MGF has not received any official communication in this regard and has no statement to make on this matter at this point of time."
The news comes three years after officials from India's Enforcement Directorate raided Emaar MGF Land offices in New Delhi for allegedly violating foreign exchange rules.
The company has been operating in India since February 2005 and was set up by the Emaar and Indian property tycoon Shravan Gupta in an attempt to diversify the company's focus away from Dubai.
The company's goal was to focus on high-quality master-planned residential communities such as those Emaar developed in Dubai, usually built around golf courses.
It has developed about 2 million square feet of shops in northern India.
Its present focus is on building homes in Delhi, Hyderabad, Chennai and other key Indian cities.
* with Reuters
lbarnard@thenational.ae
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Director: Hwang Dong-hyuk
Stars: Lee Jung-jae, Wi Ha-joon and Lee Byung-hun
Rating: 4.5/5
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Starring: Winona Ryder, Michael Keaton, Jenny Ortega
Director: Tim Burton
Rating: 3/5
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COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Farasan Boat: 128km Away from Anchorage
Director: Mowaffaq Alobaid
Stars: Abdulaziz Almadhi, Mohammed Al Akkasi, Ali Al Suhaibani
Rating: 4/5
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If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
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Company profile
Company: Rent Your Wardrobe
Date started: May 2021
Founder: Mamta Arora
Based: Dubai
Sector: Clothes rental subscription
Stage: Bootstrapped, self-funded
MATCH INFO
Uefa Champions League final:
Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports
The%20specs
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