Emaar Properties

Emaar Properties
Public joint-stock company (PJSC)
Traded as DFM: EMAAR
Industry Real estate
Founded 1997
Headquarters Dubai, United Arab Emirates
Key people
 Mohamed Alabbar, chairman
Services Commercial and residential property development
Revenue Increase $3.307 billion (2010)[1]
Number of employees
 10,000[2]
Subsidiaries Emaar Properties, Emaar International, Emaar Hospitality, Emaar Malls, Emaar Hotels & Resorts, Emaar Retail, Burj Khalifa, Emaar Community Management, Emaar Technologies, Emaar Industries and Investments, Amlak Finance, Emaar Investment Holdings
Website www.emaar.com/en/index.aspx

Emaar Properties is a real estate development company located in the United Arab Emirates (UAE).[2] It is a public joint-stock company and is listed on the Dubai Financial Market as DFM: EMAAR.[3] The company operates internationally providing property development and management services. With six business segments and 60 active companies, Emaar has a collective presence in 36 markets across the Middle East, North Africa, Pan-Asia, Europe and North America.[3] Emaar Properties is one of the largest real estate developers in the UAE and is known for various large-scale projects such as developing Burj Khalifa, the tallest building in the world.[2][4][5]

Company history

1997–2005

Emaar Properties was founded and incorporated in 1997 by chairman Mohamed Alabbar.[6][7] As one of the leading developers in the UAE, Emaar has diversified interests in real estate including both commercial and residential property development, as well as malls and hospitality.[8] The Dubai government initially owned 100 percent of the company while the founding shareholders held 24.3 percent when operations as a public company commenced after the IPO in 2000.[9][10] The following year, Emaar announced its plans to build Dubai Marina.[9] In 2000, Emaar Properties was listed on the Dubai Financial Market and became the first property company to offer shares to foreign nationals.[10] The first phase of the company's developmental projects began in 2001 when Emaar awarded the contract in a joint venture to build three of the six apartment towers.[11]

In 2003, the company revealed its plans for its signature development project, later known as Downtown Dubai.[12] The project consisted of two developments of historical proportions - Burj Khalifa and The Dubai Mall, the world's tallest building and world's largest mall respectively.[9][12]

Emaar International LLC was established in 2004 and signified Emaar's expansion into foreign markets.[9] The company has ongoing projects in Africa, Asia, North America, and throughout the Middle East.[13] In 2005, Emaar Hotels & Resorts LLC was established in an exclusive deal with Giorgio Armani to launch a collection of luxury hotels in the designer brand's name.[5]

2006-present

The Dubai Mall officially opened in 2008, and Burj Khalifa in 2010. Despite a collapse in the real estate market in 2009, Emaar reported that Burj Khalifa had reached 80 percent occupancy by fall 2012.[9] By 2014, Emaar was holding over $11.4 billion in real estate investments.[4]

In 2009, John Laing Homes, a subsidiary of Emaar Properties which was acquired in 2006,[14] filed for Chapter 11 bankruptcy protection in the US Court for the District of Delaware.[15]

In July 2010, American businessman Lionel Lombard filed a lawsuit against Emaar Properties and its Chairman Mohamed Alabbar in a California federal court alleging he was wrongfully imprisoned and tortured because he had spoken up on behalf of Emaar foreign workers. The case was dismissed in November 2010 by Lombard.[16][17]

In September 2012, Emaar launched the Address BLVD, a luxurious 72 storey hotel and hotel serviced apartment project in Downtown Burj Dubai adjacent to the Dubai Mall.[18]

In 2014, Emaar Properties announced its plan to sell shares of its malls and retail business to the public.[19] The IPO is one of the largest in the region since the global financial crisis.[19] Emaar Malls Group became a publicly traded company on the Dubai Financial Market in October 2014. Closing at 3.25 dirhams with approximately 535 million shares traded, the IPO was the largest in Dubai since 2007.[20] Also in 2014, Emaar opened the world’s highest observation deck, At the Top, Burj Khalifa SKY. The highest man-made vantage point sits 555 metres up on the 148th floor of Burj Khalifa.[21]

Emaar celebrated the New Year with the world’s most watched NYE celebration for 2015.[22][23] According to Guinness World Records, Emaar won the title of the “Largest LED-Illuminated Façade’ on the world’s tallest man made structure” during the NYE celebrations. The record-setting display consisted of 70,000 LED panels that flashed coloured lights and projections of the country’s leaders and other images on the Burj Khalifa.[24] Emaar reported a 16 percent rise in second-quarter net profit for 2015,[25] and that it has a land bank of over 235 million square metres.[26]

In March 2015, Emaar launched the Emaar Foundation which supports the United Nations' World Food Programme and organizations such as Dubai Cares and the Dream for Future Africa Foundation.[27] The foundation delivered more than 3,000 meals a day during Ramadan through its Ramadan for All campaign from June to July 2015.[28]

UAE projects

The Dubai Mall, developed by Emaar Properties, is the world's largest shopping mall.[29] It marked its soft opening in November 2008 and was inaugurated in May 2009. The Dubai Mall has over 1,200 stores and 200 restaurants.[30] It is also home to Dubai Aquarium and Underwater Zoo, KidZania, Dubai Ice Rink and the largest cinema complex in the region, Reel Cinemas.[31][32][33][34] In 2014, The Dubai Mall had over 80 million visitors, of which 40 percent were tourists from outside the region.[35]

Another large development project commissioned by Emaar Properties of the Downtown Dubai area is The Dubai Fountain. The Dubai Fountain is the tallest performing fountain in the world that began operating in the spring of 2009.[36] The length of the fountain spreads out to be twice the length of a football field (275 meters).[36]

Emaar also developed the world's tallest building, Burj Khalifa, which opened in 2010.[37][38] The building is 2,716.5 feet tall with 160 storeys that are primarily for residential purposes.[38] It is named after the Abu Dhabi ruler Sheikh Khalifa bin Zayed Al Nahyan.[38]

The Springs community

Emaar Properties has also developed a collection of neighborhoods throughout Dubai including Arabian Ranches, Dubai Marina, The Greens, The Meadows, The Lakes, and The Springs.[39] In 2013, Emaar launched several other projects including The Address Residence Fountain Views I, II, and III, The Address Residence Sky View, Burj Vista, Boulevard Point and Vida Residence—all in Downtown Dubai.[40]

A new addition to Downtown Dubai from Emaar is The Opera District. Key features include the Dubai Opera House, the country's first dedicated opera house as well as an array of design studios and other lifestyle amenities.[41]

In other strategic partnerships, Emaar and Meraas Holding is developing 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.[39] Emaar Properties launched Dubai Creek Residences, a cluster of six residential towers at Dubai Creek Harbour. The first tower was launched in October 2014, followed by the two more towers a month later.[42]

In January 2015, Emaar Hospitality opened a lifestyle boutique hotel, Manzil Downtown Dubai. The hotel is managed by Vida Hotels and Resorts and includes 200 rooms, suites with Burj Khalifa views, and access to a sports hub and several restaurants.[43] Emaar rolled out the region's first hop-on-hop-off transit system with the Dubai Trolley.[44] The trolley is also the world's first hydrogen-powered, zero-emission street tram system.[45]

Emaar Properties announced its plans to build World's tallest building, that would be taller than Burj Khalifa. It is expected to be completed by 2020.[46][47]

International projects

Through various subsidiaries, Emaar has established property developments and projects in Pakistan, India, Jordan, Egypt, Lebanon, Morocco, the United States, Saudi Arabia, Syria, and Turkey.[48] Emaar Hospitality Group, the hospitality and leisure branch of Emaar, expanded its hotel and residence operations to Nigeria and Bahrain in 2015.[49] Some of the projects have included developments such as the Beit Misk in Lebanon,[50] the Jeddah Gate in Saudi Arabia,[51] and the Samarah Dead Sea Resort in Jordan that was outlined by the King Abdullah II Fund for Development.[52]

Egypt

In 2002, Emaar Misr, an Egyptian subsidiary of Emaar Properties, completed the redevelopment of the Bibliotheca Alexandrina on the eastern harbor of Alexandria.[53] The new library facility stands almost exactly where the ancient Library of Alexandria existed.[54]

Emaar Misr began working on a $4 billion development project in 2005 initially called Cairo Heights that was later renamed Uptown Cairo.[55] The project included building up an area as a residential, commercial, and recreational community.[56][57]

In 2008, Emaar Misr began working on a tourist resort called Marassi in Sidi Abdel Rahman, located along the Mediterranean coast, that includes a hotel with 3,000 rooms, a marina, and a golf course.[58]

India

Emaar MGF has a portfolio of projects in several destinations in India, covering residential, commercial, and hospitality. It is the joint venture of Emaar Properties PJSC with MGF Developments Limited of India.[59][60]

Hyderabad International Convention Centre was developed by Emaar Properties and completed in December 2005.[61] The convention center was built to manage a seating capacity of 4,000 with the ability to extend its capacity to 6,500 seats.[61] It was built by Cyberabad Convention Centre Private Limited (CCCPL), a joint venture between the Dubai-based Emaar Properties and the Andhra Pradesh Industrial Infrastructure Corporation (APIIC).[62] Emaar MGF is being investigated by the Enforcement Directorate for alleged foreign exchange violations[62][63][64] and by the Central Bureau of Investigation for corruption allegations.[65][66]

In 2005, Emaar MGF was created as a joint venture of Emaar Properties and MGF. The company built the 2010 Commonwealth Games Village. The Delhi Development Authority (DDA) investigated Emaar MGF for "mismanagement and misappropriation of funds".[67][68] In 2010, Emaar MGF and APIIC were investigated for alleged irregularities in transfer of the Boulder Hills project in Hyderabad and the dilution of public stake.[69][70][71]

Emaar MGF owns approximately 11,000 acres of land in India and will continue to expand its current hospitality business in the country along with develop properties for Residential living over the next four to five years.[60]

Saudi Arabia

The King Abdullah Economic City (KAEC), developed by Emaar, The Economic City (Emaar E.C.) is listed on Tadawul, the Saudi stock exchange, and is the largest private investment in Saudi Arabia.[72] The project includes the development of a special economic zone along the Red Sea coast 60 miles north of Jadaah.[9][73] Emaar E.C. also heads the development of the KAEC port. The port is the first privately owned port for Saudi Arabia and was first opened in January 2014, but plans to further expand have been set in place after the generation of new financing.[73] The KAEC development is projected to be about the same size as Washington, D.C. when completed and the zone is estimated to house approximately 2 million people and assist in aiding the Saudi Arabian economy in expanding beyond oil to light and shipping industry.[73]

Syria

Emaar Properties first announced its plans for a large-scale development project in Syria in 2006.[74] The development, known as The Eighth Gate, includes three zones: a commercial center, waterfront and residential zone, and tourist area.[75] The project is a joint venture between Emaar Properties and IGO, an offshore investment and property development company.[75]

Turkey

The Tuscan Valley development was Emaar's first project in Turkey.[76] Emaar completed the first phase of the Tuscan Valley venture by 2007, which included the development of luxury villas and commercial space just outside Istanbul.[72] In 2012, Emaar began developing an Emaar Square project.[76] The project plans include building Turkey's largest shopping mall and five-star hotels.[76] In 2013, Emaar Turkey, the wholly owned subsidiary of Emaar Properties, launched The Address Residences Emaar Square in Istanbul.[77]

Pakistan

The Crescent Bay, Karachi is a very large and important project of Emaar in Pakistan.[78]

North Iraq

Downtown Erbil is a project for a large-scale mixed-use complex in Erbil. The project is coordinated by Emaar Properties, the GCC's largest real estate developer. Emaar is well known for international big projects like Downtown Dubai and Burj Khalifa. The project was launched in 2013 and will cover an area of 541,000 square meters. This area will be used for residential apartments, hotels and a shopping mall. The project was cancelled[79]

References

  1. ↑ "2010 Annual Report - Emaar Financials Final 10 March 2011". Emaar.com.
  2. 1 2 3 "Emaar Properties PJSC | Company profile from Hoover's | +971-4-367-3333". Hoovers.com. 2010-10-21. Retrieved 2011-11-14.
  3. 1 2 "Emaar Properties Profile and Executives". Bloomberg. Retrieved 15 September 2014.
  4. 1 2 Bob Cramer (1 July 2014). "Emaar Properties PJSC Is Down Over Last Month But Can Rebound". Bidness ETC. Retrieved 15 September 2014.
  5. 1 2 Madhurima Nandy (30 March 2011). "Emaar Takes Stock of Indian Assets". Wall Street Journal. Retrieved 15 September 2014.
  6. ↑ Moushumi Das Chaudhury (19 February 2005). "Emaar Properties growing from strength to strength". Khaleej Times. Retrieved 23 September 2014.
  7. ↑ "Emaar Properties Pjsc (EMAAR:DFM)". BusinessWeek. Retrieved 23 September 2014.
  8. ↑ "Dubai's Latest Mega-Projects Should Worry You". The Economist. 19 July 2014. Retrieved 23 September 2014.
  9. 1 2 3 4 5 6 Covell, Jeffrey L. (2014). Jay P. Pederson, ed. International Directory of Company Histories. 220. Detroit: St. James Press.
  10. 1 2 Bhoyrul, Anil (31 March 2013). "Mohamed Alabbar: The only way is up". Arabian Business.
  11. ↑ "Joint venture wins Emaar towers deal". Gulf Construction Online. 1 October 2001. Retrieved 23 September 2014.
  12. 1 2 "Region's largest property developer, EMAAR, showcases world-class projects to Dubai 2003 delegates". AME Info. 17 September 2003. Retrieved 23 September 2014.
  13. ↑ Nicolas Parasie (6 April 2014). "Q&A: Emaar's Chairman Strives for International Mix with Dubai Flavour". Wall Street Journal. Retrieved 23 September 2014.
  14. ↑ "Dubai's Emaar Acquires John Laing Homes in $1 Billion Deal". DealBook. 2 June 2006. Retrieved 23 September 2014.
  15. ↑ Vincent, Roger (20 February 2009). "John Laing Homes files for Chapter 11". Los Angeles Times. Retrieved 23 September 2014.
  16. ↑ "Emaar Properties dismisses charges in US lawsuit, Arab News". Arabnews.com. Reuters. 2010-07-13. Retrieved 2011-11-14.
  17. ↑ "Lombard v. Emaar USA et al - Document 18". Justia. 30 November 2010. Retrieved 23 September 2014.
  18. ↑ "Emaar BLVD Project sells out on Launch day". Lookup.ae. 2012-09-23.
  19. 1 2 Nikhil Lohade (16 March 2014). "Emaar's Retail Unit IPO Plan Draws Cheers". Wall Street Journal. Retrieved 23 September 2014.
  20. ↑ Khan, Sarmad; Sharif, Arif (2 October 2014). "Emaar Malls Rises as Much as 21% in Biggest Dubai IPO in 7 Years". Bloomberg. Retrieved 19 February 2015.
  21. ↑ "Burj Khalifa opens world's highest observation deck". Breaking Travel News. 16 October 2014. Retrieved 19 February 2015.
  22. ↑ "Fireworks around the world light the night for New Year's Eve". News Limited. 1 January 2015. Retrieved 19 February 2015.
  23. ↑ Hannah Raven (4 January 2015). "Emaar's NYE spectacular was world's most-watched". Construction Week. Retrieved 19 February 2015.
  24. ↑ "Breathtaking fireworks spectacle and LED facade on Burj Khalifa for 2015". Arabian Gazette. 31 December 2014. Retrieved 19 February 2015.
  25. ↑ Matt Smith (August 2, 2015). "Dubai's Emaar Properties Q2 net profit rises 16 pct". Reuters. Retrieved December 29, 2015.
  26. ↑ Frank Kane (15 April 2015). "Emaar Properties profit on track for $1 billion". The National. Retrieved 1 July 2015.
  27. ↑ "Dubai's Emaar launches new foundation to help 'underprivileged'". Yahoo! News. 21 March 2015. Retrieved 1 July 2015.
  28. ↑ "Emaar Foundation offers Ramadan food assistance, social programs for the needy". Gulf News Journal. July 13, 2015. Retrieved December 29, 2015.
  29. ↑ Archana Narayanan (11 June 2014). "UPDATE 2-Dubai's Emaar Malls attracts strong demand for debut sukuk". Reuters. Retrieved 15 September 2014.
  30. ↑ JOHN ARLIDGE (5 July 2014). "Dubai Mall is the most popular place on the planet. Why?". Australian Magazine. Retrieved 15 September 2014.
  31. ↑ "Dubai Mall unveils giant octopus attraction". Arabian Business. 24 July 2014. Retrieved 15 September 2014.
  32. ↑ "Dubai Mall to open UAE's largest Cineplex". Gulf News. 26 May 2009. Retrieved 15 September 2014.
  33. ↑ "Dubai Ice Rink". The Dubai Mall. Retrieved 15 September 2014.
  34. ↑ "KidZania". The Dubai Mall. Retrieved 15 September 2014.
  35. ↑ Sophia, Mary (10 February 2015). "Dubai Mall Sees 80m Visitors in 2014". Gulf Business. Retrieved 1 July 2015.
  36. 1 2 Sharmila Dhal (1 September 2011). "Dubai Fountain: A splash of notes". Gulf News. Retrieved 15 September 2014.
  37. ↑ Bianchi, Stefania; Critchlow, Andrew (5 January 2010). "World's Tallest Skyscraper Opens in Dubai". Wall Street Journal. Retrieved 15 September 2014.
  38. 1 2 3 Tom Petruno (4 January 2010). "Monument to excess? Dubai opens world's tallest building". Los Angeles Times. Retrieved 15 September 2014.
  39. 1 2 Andy Sambidge (10 June 2013). "Emaar launches new Dubai residential project". Arabian Business. Retrieved 15 September 2014.
  40. ↑ Aarti Nagraj (16 September 2013). "Emaar Launches Sale Of The Address Residence In Dubai". Gulf Business. Retrieved 15 September 2014.
  41. ↑ Aarti Nagraj (18 March 2014). "Emaar Reveals Details About 2,000-Seat Opera House In Dubai". Gulf Business. Retrieved 15 September 2014.
  42. ↑ "Emaar launches two new towers at Dubai Creek Harbour". Arabian Business. 10 November 2014. Retrieved 19 February 2015.
  43. ↑ Mary Sophia (8 January 2015). "Emaar Opens New Boutique Hotel Manzil Downtown Dubai". Gulf Business. Retrieved 19 February 2015.
  44. ↑ "Hydrogen powered trolley tram hits the streets of Downtown Dubai". NGV Journal. 21 April 2015. Retrieved 1 July 2015.
  45. ↑ "Emaar rolls out Dubai Trolley tram system". Construction Week Online. 21 April 2015. Retrieved 1 July 2015.
  46. ↑ Parasie, Nicolas. "Dubai Developer Emaar Plans New 'World's Tallest' Tower". Wall Street Journal. ISSN 0099-9660. Retrieved 2016-04-11.
  47. ↑ "New Dubai tower 'to surpass' world's tallest building Burj Khalifa - BBC News". BBC News. Retrieved 2016-04-11.
  48. ↑ "Emaar Properties-Premier Developer of Integrated Lifestyle Communities". Emaar Properties. Retrieved 18 September 2014.
  49. ↑ John, Issac (5 May 2015). "Emaar Hospitality all set for Nigeria, Bahrain expansion". Khaleej Times. Retrieved 1 July 2015.
  50. ↑ Nada Nohra (3 September 2009). "Lebanon – Home on a mountain". Executive Magazine. Retrieved 19 February 2015.
  51. ↑ Andy Sambridge (12 November 2013). "Emaar to launch luxury home sales at Saudi project". Arabian Business. Retrieved 19 February 2015.
  52. ↑ "Emaar International Jordan showcases Samarah Dead Sea Resort". Albawaba Business. 6 December 2007. Retrieved 19 February 2015.
  53. ↑ Sean Cronin (27 May 2006). "Emaar books Egypt library job". ConstructionWeek. Retrieved 18 September 2014.
  54. ↑ "Emaar subsidiary signs pact for project in Egypt". UAE Interact. 22 May 2006. Retrieved 18 September 2014.
  55. ↑ "Emaar Misr signs MoU with Egypt's Bibliotheca Alexandrina for waterfront redevelopment project". Albawaba Business. 22 May 2006. Retrieved 18 September 2014.
  56. ↑ Trevor Lloyd-Jones (18 August 2005). "Emaar unveils blueprint for US$4 billion Cairo Heights". Business Intelligence Middle East. Retrieved 18 September 2014.
  57. ↑ "Emaar Misr Makes Strong Progress on Marassi for on-schedule Completion". Dubai Chronicle. 8 February 2009. Retrieved 18 September 2014.
  58. ↑ Amena Bakr (3 September 2008). "Egypt revels in tourism boom". The National. Retrieved 18 September 2014.
  59. ↑ \ Emaar Mgf
  60. 1 2 "Emaar MGF Plans to Take Affordable Route". HighBeam. 5 December 2013. Retrieved 18 September 2014.
  61. 1 2 "Emaar mulls more projects in India". Business Standard. 9 January 2006. Retrieved 18 September 2014.
  62. 1 2 "Why did the law take forever to catch up with Emaar MGF?". The Business Standard. 7 June 2013.
  63. ↑ "India Accuses Emaar MGF of Violating Rules". The Wall Street Journal. 4 June 2013.
  64. ↑ "ED sends Emaar notice for FEMA violation". The Indian Express. 8 June 2013.
  65. ↑ "CBI seeks 25 days to complete probe in Emaar scam". The Hindu. 8 September 2012.
  66. ↑ "CBI digs deep into Emaar MGF, grills MD Shravan Gupta". Moneycontrol.com. 11 November 2011.
  67. ↑ "Emaar-MGF distances itself from Commonwealth fiasco". Indian Express. 2010-09-24. Retrieved 2011-11-14.
  68. ↑ Chopra, Anuj (24 December 2010). "Commonwealth Games no fun for Emaar-MGF". The National. Retrieved 23 September 2014.
  69. ↑ "APIIC loses prime land in blind deal". The Times of India. 11 August 2010.
  70. ↑ "Acharya's arrest is latest in Emaar's JV hiccups in India". The Business Standard. 1 February 2012.
  71. ↑ Sengupta, Sudipta (13 August 2010). "Babus, politicos got prime Emaar plots?". Times of India.
  72. 1 2 "The Sand Castle: Export Dubai". PBS. 24 July 2007. Retrieved 18 September 2014.
  73. 1 2 3 "Saudi's Emaar EC says port unit agrees capital hike to fund expansion". Reuters. 6 July 2014. Retrieved 18 September 2014.
  74. ↑ "$500m mixed-use project to be developed by Emaar in Syria". Albawaba Business. 12 June 2006. Retrieved 18 September 2014.
  75. 1 2 "Emaar unveils massive Syrian expansion plan". Khaleej Times. 19 October 2005. Retrieved 18 September 2014.
  76. 1 2 3 Arif Sharif (19 December 2012). "Emaar Obtains $500 Million Financing Facility for Turkey Project". Bloomberg. Retrieved 18 September 2014.
  77. ↑ "Emaar Turkey launches The Address Residences in Istanbul sales". TTG Mena. 4 March 2013. Retrieved 19 February 2015.
  78. ↑ http://tribune.com.pk/story/204627/dha-takes-over-crescent-bay-project-on-the-rocks
  79. ↑ Emaar Erbil, Emaar Properties Website. Retrieved 2014-01-30

External links

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