Dubai – Mubasher: Emaar Properties announced the disposal of the entire stake of the subsidiary ASV Group Limited, owner of Sky View hotel, 169 Keys, and its operations.

The real estate developer signed the hotel management agreement and will keep the ownership of Sky bridge restaurant, according to a disclosure to the Dubai Financial Market (DFM) on Wednesday.

This came in response to news reports about a European fund buying the Sky View tower for AED 750 million.

During the first nine months of 2020, the company's net profits declined by 48% to AED 2.44 billion, compared to AED 4.65 billion in the same period of 2019.