The real estate developer is the force behind some of the globe’s most admired projects including the world’s tallest tower, the Burj Khalifa, the world’s biggest shopping mall, the Dubai Mall and the world’s largest choreographed fountain system. But since company chairman Mohamed Alabbar likes to break his own records, the firm’s next projects, Dubai Creek Tower and Dubai Square, will top the Burj Khalifa’s height and the Dubai Mall’s total size respectively. Both are part of Emaar’s Dubai Creek Harbour project set for completion in 2020 and are the latest addition to the firm’s property portfolio which includes prestigious communities such as Emirates Hills, The Springs, Arabian Ranches, Downtown Dubai and Dubai Marina. New projects also include the Expo Golf Villas near the Expo 2020 Dubai site, which are meant to cater to increased demand for homes near the event site.
Moreover, in 2018, Emaar Development, the build-to-sell property development business majority-owned by Emaar Properties, recorded a growth in net profit of 19 percent during the first nine months to $680 million. But Emaar Properties has excelled in areas beyond real estate and development, including entertainment and hospitality. Its subsidiary Emaar Malls reported a Q3 profit of $146m in 2018, up 10 percent on the previous year as revenue and footfall rose. Its second subsidiary, Emaar Hospitality Group, was behind five hotel brands including the celebrated Address Hotels and Resorts, Vida Downtown and Manzil Downtown, which house about 1,000 hotel rooms altogether.
Last year, Emaar Properties divested its entire interest in its hotels. The company had sold them for nearly $600m deal to Abu Dhabi National Hotels (ADNH).