'We are moving into a new phase of consolidation with a growing customer base. We are buoyant for the rest of 2003,' Emaar chairman Mohammed al-Abbar said in statement. In mid-2002, Emaar began offering freehold ownership to expatriates for the first time.

Emaar's major plans for the rest of 2003 include the launch of two new residential schemes - Arabian Ranches and Gazelle - and the construction of the 550-600-metre-high Burj Dubai project.

Work is also under way on a contract to build six buildings near the second interchange on Sheikh Zayed highway in Dubai - the site for the proposed Burj Dubai project. The local/Australian Nasa Multiplexhas an estimated AED 450 million ($123 million) contract for the project. Known as 7WX, it covers the construction of towers between 25 and 40 storeys high and associated facilities.

The project manager is a team of EC Harriswith Mace International, both of the UK (MEED 18:7:03).