Industry: Real estate
Country: United Arab Emirates
Emaar is one of the most coveted developers in the Middle East and currently creating a new destination on the historical Dubai Creek. The company is building a tower higher than the 828-metre Burj Khalifa on Dubai Creek Harbour development, which will be twice the size of its crown jewel, the $20bn Downtown Dubai master development.
Designed by Spanish-Swiss architect Santiago Calatrava, the cable-tied ‘The Tower’ is expected to rise 100 metres higher than the Burj Khalifa.
The company is building Emaar South in the upcoming area Dubai South — home to Al Maktoum International Airport and Expo 2020 — as well as an extension to Dubai Mall, one of the largest retail complexes in the world.
The developer recorded robust financials in 2016, with a net profit of $1.425bn, 28 percent more than 2015.
Emaar Malls, its shopping malls and retail business, recorded a net profit of $510m in 2016. The shopping malls assets together welcomed 125 million visitors last year.
Emaar also received the prestigious recognition as the Developer of the Year at the Arabian Business Achievement Awards in 2016.