Emaar Properties PJSC, a Dubai-based Public Joint Stock Company listed on the Dubai Financial Market, is a global property developer and provider of premier lifestyles. Emaar has been shaping landscapes and lives in the Emirate since the company’s inception in 1997.
The developer of Burj Khalifa, the world’s tallest building, and other iconic real estate assets, Emaar creates value-added, master-planned communities that meet the full spectrum of lifestyle needs of residents.
Emaar is extending its expertise in developing master-planned communities internationally, and today, has a significant presence in several key global markets. Simultaneously, the company has developed competencies in hospitality & leisure, and shopping malls & retail.
To date, Emaar has delivered more than 37,350 residential units globally, including apartments and villas. Emaar has also completed over 2 million sq ft of commercial space, of which over 693,000 sq ft was in international markets.
With total assets of over AED 62.8 billion (US$ 17 billion) as of September 2013, Emaar has an impressive land bank of more than 232 million sq m in international markets. Emaar also has over 690,000 sq m of recurring revenue generating assets, and 12 hotels and resorts, with over 1,900 rooms.
Emaar recorded full-year 2013 net profit of AED 2.568 billion (US$ 699 million) and annual revenue of AED 10.328 billion (US$ 2.812 billion). This was underlined by recurring revenues from the company’s shopping malls & retail and hospitality & leisure business units, which together contributed AED 4.8 billion (US$ 1.307 billion) to FY’13 revenue, or 46 per cent of the total.
Emaar’s property business generated total revenue at AED 5.528 billion (US$ 1.505 billion). Revenues from the company’s global operations in 2013 were AED 1.167 billion (US$ 318 million), representing 11 per cent of the total revenue.
Building on the positive growth of Dubai’s economy, Emaar recorded a net profit of AED 1.731 billion (US$ 471 million) during the first half (H1 - January to June) of 2014. Emaar’s revenue for the first six months of 2014 was AED 5.063 billion (US$ 1.378 billion).
Emaar’s malls & retail and hospitality & leisure subsidiaries contributed AED 2.647 billion (US$ 721 million) in recurring revenues during the first six months of 2014. The share of revenue from the two businesses to the total revenue in H1 2014 is 52 per cent. Revenues from the company’s global operations during H1 2014 were AED 751 million (US$ 204 million), representing 15 per cent of the total revenue.
Robust Portfolio in Dubai
Emaar has several real estate projects in its primary market of Dubai including established communities and developments in various stages of completion.
A highlight of Emaar’s approach to developing integrated lifestyle destinations is Downtown Dubai, the 500-acre, AED 73 billion (US$ 20 billion) flagship development described as ‘The Centre of Now’ and featuring global icons including: Burj Khalifa, the world’s tallest building; The Dubai Mall, the world’s largest shopping and entertainment destination; and The Dubai Fountain, the tallest performing fountain.
One of the world’s most-visited destinations, Downtown Dubai is today a thriving lifestyle community with world-class residences, hotels, commercial offices and shopping & leisure destinations.
A significant contributor to the economy, Downtown Dubai puts the city in global spotlight with its New Year’s Eve Gala celebrations that hosted millions of visitors and was one of the most popular global celebrations to usher in the New Year.
Emaar has launched several new major projects in Dubai in 2013 and the first quarter of 2013, which have received strong investor response. These include: The Address Residence Fountain Views I, II, and III; The Address Residence Sky View; Burj Vista; Boulevard Point, BLVD Crescent and BLVD Heights; and Vida Residence Downtown Dubai – all in Downtown Dubai; The Hills and Vida Residence in Emirates Living; and Palma, Rosa, Rasha, Lila, Yasmin, Samara and Aseel villa communities in Arabian Ranches.
A sterling new addition to Downtown Dubai is The Opera District, set to define the city as the region’s cultural destination. Key features include Dubai Opera, the country’s first dedicated opera house as well as an array of design studios and other lifestyle amenities. Emaar has launched Opera Grand, the premium and first residential tower in The Opera District.
Highlighting the positive growth of Dubai’s property sector, Emaar signed a joint venture agreement with Dubai Holding to develop a magnificent waterfront city that will define the ambitious new face of Dubai’s future, within Mohammed Bin Rashid City (MBR City). A master-planned city for tomorrow’s youth with state-of-the-art technology networks, the project is inspired and built by the banks of the Dubai Creek, and spreads over an area of 6 million sq metres (over 1,482 acres).
In other strategic partnerships, Emaar and Meraas Holding will develop Dubai Hills Estate, the first phase of MBR City. The first residential apartment complex in Dubai Hills Estate, Mulberry at Park Heights, has been launched for sale.
Supporting Dubai’s bid to host the best expo ever, Emaar has signed a MoU to develop an integrated urban centre and golf destination in a prime location at Dubai World Central, the home to Expo 2020 and the Al Maktoum International Airport.
Emaar has also signed a MoU with Dubai Municipality to develop a mixed-used beachfront lifestyle development in Al Mamzar. Emaar will conduct feasibility studies and submit a detailed project report outlining the development potential to Dubai Municipality.
Emaar has launched Mira townhouses and Mira Oasis apartments in Reem, one of the most sought-after communities in Dubai, defined by several exotic features including a desert botanical park, sand surfing and camel riding trails, go karting track, dune buggies, rock climbing wall, cricket pitch, soccer field, and a skate park.
Dubai Marina – a luxurious waterfront project; and Emirates Living, which comprises Emirates Hills, The Meadows, The Springs, The Greens, The Lakes and The Views, are other established communities that define Emaar’s project development credentials.
Emaar has a collective presence in several markets spanning the Middle East, North Africa, Pan-Asia, Europe and North America. The company has established operations in the United Arab Emirates, Saudi Arabia, Syria, Jordan, Lebanon, Egypt, Morocco, India, Pakistan, Turkey, USA, Italy and Canada.
Emaar has highlighted its commitment to project delivery by handing over homes in its master-planned communities in Turkey, Lebanon, Egypt, Kingdom of Saudi Arabia, India, Pakistan and Canada, and commercial offices in Syria.
Emaar’s international projects in Egypt include: Marassi, an upmarket tourism resort; Uptown Cairo, a master-planned residential project; Mivida, a residential community in New Cairo City; and Cairo Gate, a commercial hub and residential development on the Cairo – Alexandria desert road. Emaar has launched a ‘city within a city’ development, Emaar Square, at its flagship Uptown Cairo in 2012.
The company is developing Boulder Hills, a world-class leisure and residential community in Hyderabad; the Commonwealth Games Village in Delhi; Mohali Hills in Punjab and The Palm Springs and The Palm Drive in Gurgaon, India.
Emaar has pioneered the development of master-planned communities in Pakistan with Canyon Views in Islamabad, and Crescent Bay in Karachi, Pakistan. The first homes in Canyon Views have been handed over. In Morocco, the projects include Amelkis, Saphira and Tinja.
Samarah Dead Sea Resort in Jordan; The Eighth Gate project in Damascus, Syria; Emaar Square and The Address Residences Emaar Square, Istanbul, in Turkey and Beit Misk in Lebanon are other key developments by Emaar.
In Saudi Arabia, Emaar is developing King Abdullah Economic City, a mixed-use project located on the Red Sea coast. The largest private sector-led development in the region, King Abdullah Economic City sprawls over 168 million sq m.
Emaar Middle East, a subsidiary that is focused on projects in the Middle East, has unveiled several projects in key growth markets. These include Jeddah Gate, a master-planned mixed-use project in Jeddah's new downtown; Al Khobar Lakes, a luxury lakefront development; and Emaar Residences at Fairmont Makkah, located on the Haram Plaza offering views of the Holy Kaaba and Haram.
In Saudi Arabia, Emaar has also joined hands with Abdul Latif Jameel, the Kingdom’s leading business group, to develop integrated property projects in the Kingdom of Saudi Arabia. The two companies will launch the projects under the partnership entity, Emaar Jameel.
Shopping Malls & Retail
The flagship shopping mall development of Emaar is The Dubai Mall, the world’s largest shopping and entertainment destination, located in Downtown Dubai. The mall welcomed over 75 million visitors in 2013 to further underline its credentials as the world’s most visited shopping and leisure destination.
Accounting for nearly half the luxury goods sales in Dubai, The Dubai Mall defines the city as a global fashion capital with its dedicated Fashion Avenue. Emaar is now expanding the Fashion Avenue by 1 million square ft of BUA to bring over 150 high-end brands to the city.
Emaar also owns and manages the Dubai Marina Mall at Dubai Marina, the first and largest waterfront project in the region. Other mall developments of the Group include Souk Al Bahar, the Arabesque shopping and dining out destination in Downtown Dubai, and the Gold & Diamond Park, dedicated to the gold and jewelry business and also featuring commercial offices.
Luxury Hotels & Resorts
Emaar has teamed up with Giorgio Armani S.p.A to build and manage Armani Hotels & Resorts across the world. The world’s first Armani Hotel and Armani Residences opened in Emaar’s flagship Burj Khalifa, followed by the opening of Armani Hotel Milano, Italy, in 2011.
Hospitality & Leisure
A key contributor to Dubai’s hospitality sector, Emaar has made extensive forays in the hospitality & leisure sector. The current portfolio of Emaar Hospitality Group LLC includes: The Address Hotels + Resorts, the group’s 5-star premium hotel brand; Armani Hotels & Resorts; Vida Hotels and Resorts; Manzil and a new brand as a joint venture with Meraas Holding.
The portfolio of The Address Hotels + Resorts in Dubai include: The Address Downtown Dubai, The Address Dubai Mall, The Palace Downtown Dubai, The Address Dubai Marina and The Address Montgomerie Dubai. The group has signed management agreements to operate The Address Masai Mara in Kenya; The Address Marassi Golf Resort & Spa in Marassi, Egypt; and The Address Residence Emaar Square in Istanbul. The Address Hotels + Resorts maintained an average occupancy of 84 per cent during 2013 in Dubai.
Vida Hotels and Resorts targets the new generation of business executives, entrepreneurs and leisure travellers, offering ‘an urban hub where inspiring minds stay, play and connect.’ Vida Downtown Dubai is the first property in the new portfolio.
A modern boutique hotel brand, Manzil celebrates the fabled tradition of Arabian hospitality. Manzil is an upscale boutique brand distinguished by its Arabesque design elements, elegant décor that embodies the region’s cultural identity, and a diversity of culinary choices resonating the flavours of the Arab world. Defining a new niche in the market, the first property under the new brand, is Manzil Downtown Dubai (formerly Al Manzil), located directly opposite Souk Al Bahar.
A new generation hotel brand targeting the fast-growing segment of value-conscious leisure and business travellers is being developed as a joint venture of Emaar and Meraas Holding. The new brand of hotels, featuring an innovative authentic style, will offer complete functionality, comfort and effortless service, defining its niche as the ‘best value’ hotels in Dubai. Work on the first property under this agreement will commence shortly in the Zabeel area.
The flagship project is scheduled for completion in 2015. Under the agreement, an additional four properties will be added to the portfolio to collectively supply over 1,750 new hotel rooms and serviced residences to the hospitality sector.
Other hospitality & leisure assets include the Al Manzil hotel in Downtown Dubai; Arabian Ranches Golf Club; Dubai Polo & Equestrian Club; Dubai Marina Yacht Club; and Nuran Serviced Residences.
The Address Hotels + Resorts also extends its service competencies to The Address Residence Sky View and The Address Residence The BLVD as well as The Address Residence Fountain Views, the exclusive serviced residences in Downtown Dubai.
Emaar joined hands with The Turner Corporation, the USA’s leading building services provider, to form Turner International Middle East Ltd to jointly tap regional growth opportunities. Emaar owns Hamptons MENA, a full-fledged property services company, with offices in the Middle East and North Africa region.
Awards for quality
Emaar has won multiple awards for its project development competencies. The company was adjudged as the ‘Real Estate Company of the Year’ at the Gulf Business Industry Awards 2013 for the second consecutive year, with Emaar’s Chairman Mohamed Alabbar honoured as ‘Real Estate Business Leader of the Year’ in 2012.
In 2013, Emaar Community Management won the distinction of being the only company outside the US to win the most prestigious accreditation from the US-based Community Associations Institute by becoming an Accredited Association Management Company (AAMC®).
Emaar Hospitality Group won the ‘Middle East’s Leading Hospitality Company’ honour and Armani Hotel Dubai clinched the title of ‘Dubai’s Leading Lifestyle Hotel’ at the 2013 World Travel Awards.
The Address Hotels + Resorts won the ‘Best Hotel Chain in the Middle East’ at the 10th Annual Global Traveller’s ‘Reader Survey Awards’ while The Address Downtown Dubai was awarded ‘Best Hotel in the World,’ for the third consecutive year.
Marking the clear differentials that Emaar brings to property and lifestyle development, the company holds four Guinness World Records: The Tallest Building and Tallest Man-made Structure Ever for Burj Khalifa; Largest Shopping Centre for The Dubai Mall; and the Highest Restaurant from Ground Level for At.mosphere.
Burj Khalifa has been adjudged by the Council on Tall Buildings & Urban Habitat (CTBUH), the world’s leading body and the recognised source of information on tall buildings, as a ‘Global Icon,’ an honour bestowed only once in 10 to 15 years.
While continuing to actively pursue expansion in its core business of innovative, high quality real estate development, Emaar has diversified into related business lines to further build value for its shareholders, which includes the Government of Dubai.
For further information, visit www.emaar.com.