Emaar Properties growing from strength to strength
DUBAI — Emaar Properties was founded and incorporated as a public joint stock company (PJSC) in 1997 and since then has witnessed tremendous growth in the AGCC region in terms of market capitalisation. With an asset base of $7.7 billion including the land bank, the company's vision is 'shaping the future'.
Last month , the company announced record annual profits of Dh1.691 billion for the year 2004. This corresponds to a net profit increase of Dh1.015 billion or 150 per cent.
The company recorded an all-time high with the price touching Dh12.45 in 2004.
The seven-year old company has joined the exclusive billionaires club. Members of the ruling family of all seven emirates are among the company's founding shareholders, indicating the close relationship that the company has, not only with Dubai, but with all the seven emirates .
According to Mohammed Ali Alabbar, chairman of Emaar, “Our financial results demonstrate that the company is sustainably growing from strength to strength. The company is also moving forward on several strategic initiatives. The real estate market in Dubai experienced unprecedented growth in 2004. All residential units announced in our launches last year have been sold successfully.''
Emaar has handed more than 8,000 homes last year and the residential units already handed over represent more than 10 million square feet of liveable space in the Springs, The Greens, The Dubai Marina, Emar Towers and the Meadows.
The company also owns and manages the Gold and Diamond Park. Emaar has started construction of its most ambitious projects to date, the Burj Dubai Development, which comprises The Burj Dubai, The Dubai Mall, The Boulevard, The Old Town, man-made lakes, landscaped parks, among others.
The Lakes gave Emaar one of its first successes and the Lakes First villas were occupied in 2001 with subsequent phases currently underway. Lakes offers three-bedroom townhouses as well as three- and four-bedroom villas.
Ahmad Al Falasi, senior manager, Emaar properties, says, “We are harnessing powerful resources to achieve some extraordinary results in handing over lifestyle homes to owners this season. Emaar currently has over 15,000 homes that are either occupied by happy homeowners or under several stages of development.
Emaar properties also launched the Old Town project last September which will blend the essence of modern living with the beating heart of Dubai and is a fusion of the senses including old meets new lifestyle and past meets future entertainment, according to Bahiya Kayed, sales manager, the Old Town Sales Centre.
Along with this, the company will create floating offices as on water facilities for marine enthusiasts at its waterfront development — Dubai Marina. They will be located at the water edge and will allow people to shop for their boating needs and could be used for other purposes such as boat shows and waterfront home offices.
The company also launched a new corporate identity to 'reflect the breadth of the company's ambitions and the scale of its achievements.” The company's new logo depicts shafts of sunlight emerging over desert hills and emphasises its global operations.
Mohammed Ali Alabbar, chairman of Emaar, said in a statement, “Three dimensional rays of light portray a stronger, more focused corporation, new colours communicate a more mature orientation. Comprehensive brand architecture will give Emaar's new look a global feel.''
Emaar Properties, as a public joint stock company is listed on the Dubai Financial Market, and focuses on innovation, meticulous planning and the pursuit of excellence. Emaar currently represents 5.7 per cent of this index, which comprises 50 blue-chip companies throughout the region.
While Emaar continues to actively pursue expansion in its core business of innovative, high quality real estate development, it has diversified into related business lines to further build value for its 41,000 shareholders.
In line with this corporate belief, Emaar also wins and manages its subsidiaries: Dubai Bank, focused on retail and commercial banking; Emrill, a joint-venture with the UK-based Carillion which provides innovative property and facilities management services, and its technology and communications.
Emaar will also build one of the world's biggest mall, the Dubai Mall and the Burj Dubai , projected to be the tallest building in the world at 2,500 feet.
The Burj Dubai project includes six residential towers, in addition to the main tower for which the ground work has already begun. Burj Dubai will radiate out in a series of ellipses from the sky breaking tower encompassing residential, commercial, hotel, entertainment and the world's largest shopping mall.
According to Mansour Al Othaimin, corporate director, sales and marketing, Emaar, “Emaar is committed fully to develop Burj Dubai as the tallest tower in the world on the face of any competition from anywhere. There is a huge market of more than one billion people within a distance of three hours of flight time from Dubai who are fast prospering and looking for good life. By building such facilities, we intend to address a large regional audience and even larger global audience.''
Dubai Mall will be larger than 50 international soccer pitches and is expected to attract more than 35 million visitors in the first year of operations.
Apart from this, Emaar will build Armani Hotels and Giorgio Armani and Emaar Properties have signed a letter of intent for the establishment of an innovative worldwide collection of Armani luxury hotels and resorts believed to be worth in the region of $1 billion. The letter of intent also describes a colloboration that will see the opening of ten luxury hotels and four luxury vacation resorts within seven years in prime locations in the world, including London, New York, Tokyo, and Shanghai.
Emmar is also building two Golf Communities which will offer investors exclusive opportunities to live within master planned lifestyle communities designed on a golf course.
According to Robert Booth, executive director for development at Emaar Properties, Savannah at Arabian Ranches and Hattan II is all about distinctive lifestyle experiences. These master planned communities offer splendid opportunities for golf enthusiasts all year round as they are located on the Emirates Golf Club and the Desert Course at the Arabian Ranches.
Emaar's residential projects are based around the concept of 'gated communities', which have been successful in Europe and the US. The Government of Dubai acquired a 32 per cent stake in Emaar after its rights issue. Additionally, the government granted a substantial landbank to the company. Emaar's competitive advantage lies in being the first to offer high quality dwellings to all nationalities for sale and rent.
Source:
Emaar Properties
