Full details will be disclosed within two weeks

Emaar Properties will disclose full details of its partnership with Dubai Holding, the investment arm of Dubai Government, within the next two weeks, the company's chairman told journalists yesterday.

Mohammad Ali Al Abbar said Sunday's deal was announced earlier than scheduled to prevent information being leaked to the press, meaning specific information was kept to a minimum.

Emaar is yet to reveal the value or amount of land, its exact location, how the land will be developed, nor the timeframe for development. Analysts say a lack of details has dented investor confidence in Emaar's move. "One thing people have to keep in mind is that we were very concerned about leaks. If more than two people get involved in a deal, it will leak. So we jumped the gun and announced that it would happen." said Al Abbar. He said "every single minute detail" of the deal will be released in the next two weeks, claiming the company's action are in the interests of its shareholders. On the reasons for Emaar's move, he added, "When you unite you become very strong and when you are strong you benefit your shareholders."

Meanwhile, an earlier report on the Dow Jones newswire said Emaar would use a mandatory bond convertible into new shares over the next five years in lieu of land from Dubai Holding to fuel its growth, a move that rattled some investors on Monday and drove Emaar's shares lower.