Emaar Properties

Emaar Properties

Emaar Properties Logo
Company type	Real Estate
Industry	Holding company
Founded	1997
Headquarters	Dubai, United Arab Emirates
Revenue	18,812,044,000 United Arab Emirates dirham (2017)
Net income	6,777,915,000 United Arab Emirates dirham (2017)
Total assets	112,751,930,000 United Arab Emirates dirham (2017)
Website	www.emaar.com

Emaar Properties (Arabic: إعمار), the Dubai-based Public Joint Stock Company and one of the world’s largest real estate companies, is listed on the Dubai Financial Market and is part of the Dow Jones Arabia Titans Index.

Stock market performance

The company recently announced that its net profits for the first quarter ended 31 March 2006 reached AED 1.517 billion (US$413.1 million) – a significant rise on the AED 1.325 billion (US$361.0 million) for the equivalent period from the prior year. Emaar’s net profits for the year ended 31 December, 2005 climbed 180%, to a record AED 4.731 billion (US$1.288 billion). The figures represent a substantial increase on the AED 1.691 billion (US$460 million) for the year 2004, and reflect the significant growth the company has undergone since its inception in 1997. However, between 2005 and 2007, Emaar's market capitalisation has plunged by more than 75%.

Trading in Emaar's shares has often been controversial, with much evidence of apparent insider trading. On 16th February 2006, The Khaleej Times reported a large fall in the stock price that happened the day before an Emaar board meeting to discuss distribution of Emaar profits. There was widespread expectation that Emaar would announce bonus shares, but inexplicably the stock price fell 4.5% just prior to the announcement. When the announcement came, the bonus shares did not materialize, leading many to suspect insider trading. Many small investors lost out heavily and it cemented a view that well connected individuals were privy to information prior to the rest of the market. Considering the ownership of Emaar includes the Dubai Government and some of the most powerful individuals in the country, outside investors in Emaar now largely factor the likelihood of price manipulation to their disadvantage into the stock price. This, and the perceived bubble nature of the Dubai property sector explains Emaar's stock price plummet since 2005, from around 50 AED to around 10 AED per share.

In the UAE

With more than 14,000 homes, Emaar has several major real estate projects under various stages of development in Dubai. The company also owns and manages the Gold and Diamond Park.

Emaar has started construction on its most ambitious project to date on 1998, the AED 73 billion (US$20 billion) Burj Dubai Downtown development, which comprises the Burj Dubai - the tallest tower in the world when completed in 2008, The Dubai Mall, Burj Dubai Business Hub, The Lofts, The Old Town, The Old Town Island, Burj Dubai Boulevard, The Residences, Burj Views, man-made lakes, landscaped parks and gardens.

Located in the Burj Dubai, Armani Hotel and Residences Dubai includes 160 guest rooms and suites, restaurants and a spa covering more than 40,000 sq mtrs. Above the hotel are 144 luxury residential apartments all designed by Giorgio Armani and fully furnished with the Armani Casa home furnishings collection.

Emaar also owns several blocks of apartments in the Greens as well as villas in the Lakes which are rented to tenants. However, the Dubai Government's rent cap laws have fixed rents at up to 50% below the prevailing market level. In early 2007, Emaar contacted Greens rental tenants information them that they had two weeks to agree to purchase their apartment at the market rate, or it would be sold on the open market. Despite initial denials by Emaar, a similar ultimatum was given to Lakes tenants shortly afterwards.

The urgent nature of the sales, and their timing, lead many to suspect that Emaar management may be privy to prior knowledge of an upcoming property market shock. With the UAE's proximity to Iran and its position as an ally of the United States, the property market in Dubai would undoubtedly be affected by any US action, and the port of Jebel Ali and the Al Dhafra air base might be possible targets for Iranian retaliation. Also, the long discussed breaking of the fixed link of the GCC currencies from the US Dollar in order to allow localized exchange rate policy to control inflation would lead to large interest rate rises and make Dubai property significantly more expensive to foreigners, and reports in early 2007 suggested this may happen 'as early as March'. In these contexts, liquidating local assets quickly would seem a wise decision for shareholders.

Labor issues

The UAE has a large population of expatriate construction workers, mainly from India and Pakistan. With trade unions outlawed, the poor conditions and low wages have brought the UAE some unwelcome headlines. In Dubai, the Government has done much to guarantee limited rights to such workers, particularly with regard to ensuring that they are paid on time. However, from time to time labor disputes, strikes and protests (which commonly involve blocking the major highway linking Dubai and Abu Dhabi) do still occur. With laborers often on a daily wage of around US$8, and the land that Emaar builds its developments on being essentially free, the price of Dubai property seems to be somewhat disconnected from the fundamentals.

Joint ventures

The company has joint ventures and projects across the region covering India, Egypt, Turkey, Morocco, Bahrain, Syria, Jordan, Pakistan, Lebanon, Tunisia and Saudi Arabia.

International projects include: Cairo Heights and Smart Village, both in Egypt; Boulder Hills, a world-class leisure and residential community in Hyderabad, India; multiple resort projects in Morocco, including Amelkis II & III and Bahia Bay, luxury residential golfing communities; Eighth Gate project in Damascus, the city’s first master planned community; and Lakeside in Istanbul, a landmark development for Turkey’s cultural and commercial hub.

In Saudi Arabia, Emaar is embarking on the creation of the AED 98 billion (US$26.6 billion) King Abdullah Economic City, a mixed use development covering 55 million square metres of greenfield land with a 35 km shoreline close to the port city of Jeddah.

Expansion Plans

Last year the property developer announced plans to expand the retail sector with investments of over AED 15 billion (US$4 billion) to develop approximately 150 malls in the larger emerging markets of the Middle East, North Africa (MENA) and the Indian subcontinent.

While continuing to expand its core business of real estate development, Emaar has diversified into related business. Emaar owns and manages EMRILL, a joint venture with the UK-based Carillion which provides property and facilities management services. Emaar also holds 30% equity in Dubai Bank, focused on retail and commercial banking and is the majority shareholder in Amlak Finance, UAE’s leading Islamic home financing company.

Mohamed Ali Alabbar

Mohamed Ali Alabbar, the Director General of the [1]Dubai Department of Economic Development and Chairman, Emaar Properties, is a member of the Dubai Executive Council, the supreme government body with the mandate to synergise all growth initiatives in Dubai.

Mr Alabbar is a founder member of the Arab Business Council, established by the World Economic Forum. [2]Euromoney Magazine named him one of five prominent Arabs in only 50 global economy leaders, while [3]Advertising Age selected him as one of the International Marketing Superstars of the Year (1996). Arabian Business magazine, in 2006, ranked Mr Alabbar sixth among top 50 most influential Arabs.

A graduate in Finance and Business Administration from [4] Seattle University, USA (1981), Mr Alabbar initially worked with the [5] UAE Central Bank, before establishing his presence internationally with a five-year stint as Director and General Manager of the Dubai Government-owned Al Khaleej Investments in Singapore.

Under Mr Alabbar’s guidance, the Department of Economic Development, which he set up in 1992, pioneered public policies that strengthened the trade and business segments of Dubai while ushering in a culture of transparency and openness. Leaving his imprint in the formulation of the [6] Dubai Quality Award and the shaping of the world-famous spectacles, the [7] Dubai Shopping Festival and Dubai Summer Surprises, Mr Alabbar has served as Vice Chairman of [8] Dubai Aluminium Company Ltd (DUBAL) and [9] Dubai World Trade Centre (DWTC).

As Chairman of Emaar Properties, one of the largest real estate companies in the world, Mr Alabbar has been instrumental in transforming Dubai's real estate environment.

Mr Alabbar spearheads Emaar’s international expansion into the emerging markets of Saudi Arabia, Morocco, Egypt, Syria, Jordan, Lebanon, Turkey, Tunisia, India and Pakistan. A recent high-profile venture was the launch of the AED 97.7 billion (US$26.6 billion) [10] King Abdullah Economic City, the single largest private sector investment in Saudi Arabia. Emaar is fast-tracking a plan to diversify into sectors such as education, healthcare, finance, hospitality and retail. Mr Alabbar also joined hands with [11] Giorgio Armani to set up a chain of around 30 luxury hotels and resorts under the Armani brand name in key international cities – starting with Milan and Dubai.

Mr Alabbar is the Chairman of [12] RSH Ltd., a Pan-Asian marketer, distributor and retailer for branded sports, golf, active lifestyle and fashion products with a turnover of AED 1.281 billion (US$348.86 million). He is also a joint venture partner with Tan Sri Syed Mokhtar Al-Bukhary in the Gulf International Investment Group (GIIG) for a range of projects in Asia and the Middle East.

Mr Alabbar is the Chairman of the [13] UAE Golf Association, and has been instrumental in putting Dubai on the global sports map through his involvement with the annual PGA-level [14] Dubai Desert Classic golf tournament. He was named among the top ten golfing personalities in the world by [15] Golf World. He is also Chairman of the [16] Rashid Paediatric Centre, a charity organisation for children with special needs, and works closely with Arab NGOs to creating employment and develop small businesses.

UAE Projects

Burj Dubai Downtown

[17] The 500-acre Burj Dubai Downtown development includes the Burj Dubai - the tallest tower in the world when completed in 2008; The Dubai Mall - the world’s largest shopping and entertainment complex; The Residences - an exclusive upscale series of high-rise apartment towers; and Old Town - a low-rise traditional residences community inspired by Arabian architecture.

The Old Town Island; Burj Dubai Business Hub; Burj Dubai Lake Hotel and Serviced Apartments; The Lofts; and Burj Views add to the range of properties on the site.

Arabian Ranches

[18] This multi-billion dirham desert development is spread over thousands of acres and includes an 18-hole championship course designed by Ian Baker-Finch and Nicklaus Design, a polo ground and an equestrian centre. The development contains a variety of homes and landscaped areas (though the homes themselves must be landscaped by the owner).

Emirates Hills

[19] Emirates Hills is among Dubai’s most prestigious master planned communities and allows nationals and foreigners to purchase land to build their own properties.

The Lakes

[20] The Lakes, is a residential suburb built around a picturesque lake and located near to the Emirates Glof club and Greens development. Initially the properties in The Lakes were only for rent, but in 2007 Emaar offered freehol d titles to the properties, with first refusal granted to current tenants.

The Views

[21] The Views apartments offer aspects of the Emirates Golf Club and nearby lake.

The Greens

[22] Its mixture of mid-rise, high quality apartment blocks in beautifully landscaped settings makes this one of Emaar’s most popular projects. Recreational facilities include swimming pools, gymnasiums, children’s play areas and outdoor dining areas and a nearby retail centre. Its proximity to the Sheikh Zayed Road and Internet City, adds to its charm as a first-home favourite.

The Meadows

[23] This is a premium villa project offering double-storied villas of three to seven rooms, each surrounded by a garden and garage.

The Springs

[24] The Springs is waterfront villa development that is built around man-made lakes. First occupied in 2004, typically several villas share a communal pool area. The Springs has become a popular residential area to live in Dubai, with properties ranging from two to five bedroom townhouses. The majority of residents are western in outlook.

The Springs community

Dubai Marina

[25] A large man-made marina surrounded by dozens of tower blocks up to 60 storeys high, and located midway between Dubai city and Jebel Ali port, in close proximity to Dubai Internet City, Media City and Knowledge Village.

Umm Al Quwain Marina

A vast master-planned waterfront community offering more than 9,000 homes to be spread over 1,488 acres. The 2,600 residential villas and 6,500 apartments will be either waterfront or beachfront. Some of the waterfront villas will be built on a large island with gated access. Smaller islands will offer luxury villas. The project will also have 1,200 resort and hotel rooms as well as parks, recreational areas, retail facilities, schools and community centers.

Emaar Leisure

The Montgomerie

A world-class 18-hole championship that lines Emaar’s prestigious Emirates Hills development, The Montgomerie was created by master-architect Desmond Muirhead and seven-time European Order of Merit winner Colin Montgomerie. Managed by Troon Golf, The Montgomerie covers over 200 acres with undulating links land-style fairways that challenge all levels of players. With 14 lakes and 81 bunkers, the course has a distinct appeal from others in the region. One of the signature hole designs, the par three thirteenth, has the largest single green in the world. Putting surfaces are created from Flora dwarf Ultra Dwarf Bermuda grass.

The Dubai Polo & Equestrian Club

Emaar’s Dubai Polo & Equestrian Club builds on the UAE’s burgeoning interest in polo, show jumping and riding. A full-service equestrian centre themed around Andalusian style architecture, the Club features a Spanish-style clubhouse with lounges and dining areas, riding gear and tack shop, spa and swimming pool. Club members can watch a polo match on one of two polo fields, test their polo skills on the practice field, or take riding lessons.

Arabian Ranches Golf Club

Formerly known as The Desert Course, Arabian Ranches, the Arabian Ranches Golf Club is an 18-hole, par 72 desert style grass course designed by Ian Baker-Finch in association with Nicklaus Design. The course is a ‘sandy waste’ with indigenous shrubs and bushes. All golf carts are equipped with the GPS (Global Positioning System) yardage service. The Club’s Spanish colonial style Clubhouse hosts the Ranches Restaurant and Bar, with a terrace overlooking the panoramic scenic views over the 9th and 18th holes. There are 11 luxurious, fully-furnished guest rooms. Qualified golf professionals at the Golf Academy offer a variety of teaching programs and the Proshop has the latest in golf equipment and apparel.

Gold and Diamond Park

[26] Drawing on Dubai’s global standing as a gold and Jewellery trading hub, Emaar’s Gold and Diamond Park, established in 2001, houses retail and manufacturing units offering the finest in gold, jewellery and diamond business. Strategically located on Sheikh Zayed Road, Gold and Jewellery Park facilitates easy business initiation and has a purpose-built work environment with proper ventilation and exhaust facilities. Each unit has central gas distribution and central air-conditioning. Strong security features and a friendly retail environment.

Emaar Business Park

Emaar Business Park epitomizes the new growth corridor of Dubai around the fifth interchange at Dubai Marina. Set in a landscaped environment, the development comprises four buildings supported by the latest in technology networks offering cutting-edge telephone systems, hi-speed Internet connectivity, video conferencing facilities and a central satellite television. All buildings are equipped with fiber optic risers and up-to-date technology for data transfer. An extensive food court, parking for over 2,000 cars and neighbouring retail facilities complement the business lifestyle. Emaar’s Head Office occupies one of the four buildings.

Emaar Towers

Located in the heart of downtown Dubai in Rigga Al Buteen, Emaar Towers is a 16-storey twin tower residential property. It offers views of Dubai Creek. The project features one-, two-, three- and four-bedroom apartments, penthouses, sub penthouses and sky bridge suites with units ranging in size from 764 to 3,250 sq ft. Basement parking, vehicle drop-ff point, advanced security features, and state-of-the-art communication network are other aspects.

International Projects

Global real estate major Emaar has joint ventures and projects across the region covering Egypt, India, Morocco, Pakistan, Saudi Arabia, Syria, Turkey and Tunisia.

Recently the award-winning property developer announced plans to aggressively expand the retail sector with investments of over US$4 billion to develop approximately 150 malls in the mega emerging markets of the Middle East, North Africa (MENA) and the Indian subcontinent.

Emaar has also made rapid strides internationally with the acquisition of America’s “best builder” John Laing Homes for US$1 billion, a strategic move that has firmly perched Emaar in the international spotlight. The partnership with John Laing Homes is a reiteration of Emaar’s strategy of expanding its business on a global basis beyond Dubai.

In addition, Emaar has teamed up with Giorgio Armani S.p. A to build and manage 10 Armani hotels and resorts across the world; an Armani hotel will feature in Emaar’s flagship Burj Dubai tower and other locations will include Milan, London, Shanghai, New York and Tokyo.

In January 2006, the company announced plans to expand its investments into the education business within the MENA region and India. The initiative will involve the establishment of international schools in the MENA region and India offering premium quality education and an integrated curriculum for students ranging from kindergarten to tertiary levels. Emaar has already forged strategic partnerships with internationally renowned education specialists and finalized the acquisition of existing institutions.

Emaar’s healthcare initiative, launched in March 2006, will initially be focused on the MENA and South Asia markets. Emaar’s plan involves the construction of hospitals, clinics and medical centres and investing in the provision of world-class healthcare services. With a total investment outlay of around US$5 billion over the next decade, Emaar aims to develop and manage around 100 hospitals each with 200-bed capacities and super medical specialities in key centres. Emaar will provide the infrastructure as well as manage the administration and operations of the hospitals, clinics and medical centres.

Some of Emaar’s real estate projects that are in various stages of planning and development include:

Saudi Arabia

[27]

King Abdullah Economic City

With the single largest private sector investment in Saudi Arabia of US$26.6 billion, King Abdullah Economic City will be a mixed-use development covering 55 million square metres of greenfield land with a 35 km shoreline close to the industrial city of Rabegh. Emaar is the master developer of this ambitious project and SAGIA (Saudi Arabian General Investment Authority), the apex body responsible for inward investments into the Kingdom, is the prime facilitator for the development and will act as the one-stop Government servicing centre for the City. The location of the City, north of the commercial hub of Jeddah, ensures easy access from the Holy Cities of Makkah and Madina. The City will create six distinctive components: Seaport - a magnificent transshipment super hub; Industrial District - a powerhouse for manufacturing and logistics; Financial Island - a striking new centre for finance and commerce; Educational & Healthcare Zone - comprising universities, schools, healthcare centers and Research & Development Centers; Resort - a holiday destination of luxury and refinement; and Residential - a thriving community that offers the very best in living standards. Facilities within the City include a Grand Mosque, community centres, parks and recreational areas, shopping and commercial centres and schools. The project and its several components will create up to 500,000 employment opportunities in the various industries and service-oriented companies that will open in the City.

Jeddah Hills

Jeddah Hills is a US$11.2 billion community in Saudi Arabia. Set on a hilltop, the project offers spectacular views over the surrounding landscape towards the Red Sea, North Jeddah and the Mountains in the East. The 22.86 square kilometre Jeddah Hills project will be developed by Emaar Middle East, a joint venture between the UAE-based Emaar Properties and Saudi-based real estate company Al Oula. The Jeddah Hills community is made up of 24 residential villages, each featuring a broad spectrum of community amenities arranged in a hub-and-spoke model.

Morocco

[28]

Amelkis II

US$327 million joint venture with Emaar Properties and Onapar (part of the ONA Group) for the creation of a luxury residential golfing complex in Marrakech. The development allows individual buyers to purchase plots of land and design and build their ideal home. Located just 10 minutes from Marrakech, Amelkis II offers residents the best of both worlds with a tranquil golfing community yet close to the exotic delights of the city.>

Amelkis III

Further development of the complex in Marrakech luxury residential golfing.

Bahia Bay

US$1.2 billion joint venture residential golfing community project from Emaar Properties and ONA Group. In close proximity to Casablanca, the 5.3 km² development will combine the benefits of an Emaar golfing community with the advantages of a coastal location. Residential units will range from luxury villas and spacious semi-detached houses to townhouses and apartments with views overlooking the golf course and Atlantic Ocean. The development will also feature a beach hotel, golf hotel, beach clubs, equestrian facilities, retail and entertainment and a community and recreation centre making it an ideal location for residents and visitors alike. Located in close proximity to the Casablanca/Rabat coastal freeway, Bahia Bay is within easy reach of both major cities and is the ideal getaway. Extensively landscaped with an array of indigenous plants and featuring picturesque water features, expansive open parks and a world-class golf course, the lifestyle offering is beyond compare.

Oukaimeden

Part of a US$5.34 billion Memorandum of Understanding with His Majesty King Mohammed VI, King of Morocco. Located in the Atlas Mountains, Oukaimeden, the valley of four winds, is set to become the ultimate four season mountain destination for recreation, entertainment, relaxation and residence as well as being the Middle East and Africa’s only golf and ski resort. In keeping with Berber design and architecture of the great Atlas Mountains, Oukaimeden village will combine commercial, office, retail, entertainment and dining amenities with a full range of residential options to choose from. With 2,000 hotel rooms, more than 300 retail units and 25,000 square metres of business and conference facilities planned, Oukaimeden will be a year round hive of activity.

Saphira

Part of a US$5.34 billion Memorandum of Understanding with His Majesty King Mohammed VI, King of Morocco. Situated on the City’s western side, the US$3.4 billion Saphira (Rabat Corniche) will become the leisure and tourism hub of Rabat City, one of the country’s most famous historic and cultural centres. With a striking Atlantic coastal position, Mediterranean and Moorish architecture and an ancient commercial heart, Saphira will provide high quality residential communities, as well as a vast array hotel and leisure facilities. Stretching along 11 km of coastline, covering 3.3 km² and comprising nine distinctive districts, Saphira will include a road network of tree-lined boulevards, an electric tram system, cycle-paths, parks and green spaces. At Saphira’s core will be the pedestrian, “Le Grand Souk”, which will connect the old medina with the new Medina Maris district – a world-class marina development with vibrant Riviera lifestyle and a host of leisure and retail opportunities.

Tinja

Part of a US$5.34 billion Memorandum of Understanding with His Majesty King Mohammed VI, King of Morocco. Nestled between seafront and natural indigenous forest, Tinja is a haven of peace and tranquility just 20 minutes from Tangiers. Offering a mix of high quality residential and commercial zones arranged around a vibrant marina, Tinja is a world-class development located on the impressive Atlantic Ocean coastline. With more than 670 residential units and over 600 hotel rooms as well as leisure clubs and facilities, Tinja offers Riviera living at its best - eye catching coastal views combined with world class facilities. Located close to the main coastal route and the Ibn Battuta airport, Tinja provides the perfect gateway from which to explore Tangiers and Morocco as a whole.

Syria

[29]

Eighth Gate

Eighth Gate is a joint venture between Emaar Properties and IGO, the offshore investment and property development company. The project broke ground on June 11, 200 and is expected to be completed in 6 years. The US$500 million development in the Syrian capital Damascus will introduce the city’s first master planned community and will include mixed use residential, commercial and retail units. The project builds upon the ancient history of Damascus in its architectural style of ornately decorated buildings influenced by traditional Islamic design and pays homage to the city’s ancient roots. A signature tall gate marks the access to the main plaza. Divided into three zones - the Commercial Centre, Waterfront and Residential - the exclusive development contains apartments as well as a classical style piazza, commercial tower, plaza and a retail mall inspired by the souks of Damascus as well as high street shopping experiences and al fresco dining out options. Construction on Sales Centre to start at the end of June 2006 and is due to open early 2007. The Eighth Gate retail mall will be the biggest ever in Levant and has been designed by a world-class designer with extensive expertise in developing spectacular shopping malls. Eighth Gate office buildings will sprawl over 1 million sq ft. Apart from a modern ambience, the office development will feature basement parking. As part of the first phase, Eighth Gate will introduce more then 200 serviced apartments. Designed to meet the demanding requirements of both the Syrian clientele as well as international visitors, the apartments will feature all modern amenities. Eighth Gate will be the ideal place to relax and take in the picturesque surroundings with rows of fountains, lush landscaped gardens combined with interconnected courtyards.

Memorandum of Understanding with the Syrian General Organization for Housing

On June 11, 2006, Emaar signed a MoU with the Syrian General Organization for Housing to float a new company that will initiate several socio-economic developmental projects in Syria. The incorporation rules for the new company and equity participation of Emaar and the Syrian General Organization for Housing will be decided soon; representation to the board of directors will be commensurate with the equity held. Initially, the new company will roll out, in phases, affordable housing units at different locations across the country, targeting the middle-income segment. Several other socio-economic development projects, which will uplift the standard of living of the Syrian population, are being planned. The location of the new housing units will be finalized after the master plan and reclamation proposals are approved by the Syrian government. Other development projects will be initiated after elaborate social surveys and infrastructure assessment.

Tunisia

Marina Al Qussor

With a total investment of US$1.88 billion, Marina Al Qussor will develop Tunisia’s eastern coastline offering a series of ever changing environments ranging from natural lakes to golf landscapes and olive groves to the existing El Medfoun forest and sandy beaches. The 4.42 square kilometre Marina development is located within the county of Sousse towards the southern end of the Golfe de Hammamet and will offer a mix of living options and tourist attractions with a large Marina Village at its centre. The architectural character of the development is based on numerous distinctive traditional Tunisian elements from building techniques to styles and materials. Project aimed at attracting tourists who seek Tunisia as a destination to buy homes in areas with beautiful landscape for longer stays. The various components of Marina Al Qussor range from over 4,000 residential units with villas, townhouses and apartments located on the lakeside, beach, marina and quayside; six hotels ranging from luxury boutique to four star located on the beach and marina; leisure facilities with the marina, yacht club, beach clubs, spa resort, sports club, 18-hole golf course, clubhouse, driving range; and retail space located on the marina and quayside.

Turkey

Lakeside

Lakeside project is a joint venture between Emaar Properties, and Atasay, Turkey’s largest gold jewellery exporter. It will be a landmark development valued at US$700 million in Istanbul, the cultural and commercial hub of Turkey. The project is located in the western part of Istanbul, just 20 kilometres from Ataturk International Airport and 50 minutes from the city centre, covering 1.7 million square metres. The development will introduce the master planned community concept to the ancient city and will include 600 luxury villas, recreational and social spaces for residents as well as a wide range of community amenities. The initial investment figure of US$700 million will be followed by a further US$5-10 billion over the next few years. In addition to Lakeside, Emaar and Atasay are also currently focusing in identifying potential sites for shopping centres, commercial space and hotels developments.

Egypt

Cairo Heights

US$4 billion development located at the highest point of downtown Cairo. A residential, commercial and recreation community being developed by Emaar Misr. The 4 million sq. mtrs. Cairo Heights will recreate the luxury and style that are features of Emaar’s world-class Dubai developments. Stretching over the Mukattam suburb, the development will be a magnet for the capital’s trendsetters. Its stylish mixture of medium and low-rise buildings boasting the most spectacular views of the city and the Nile will offer the most desirable addresses in Cairo. Each of the Cairo Heights district’s seven communities will offer a variety of residential buildings ranging from low-rise on the hillside to medium rise – three to 22 storeys further down the slope. The borders of each village will be defined by interior loop roads, though they will be integrated into residential neighbourhoods with internal roads and pedestrian walkways linking the village centres. The new district will include a vibrant central town centre, an owner’s private clubhouse, hotels, restaurants, cafes, schools, swimming pools, healthcare facilities, retail centres and mosques.

Smart Village

The collaboration of Emaar Properties and the Egyptian Government for an integrated community based in Egypt’s new Smart Village. Located in the Egyptian capital at the beginning of Cairo-Alexandria highway, the development represents a multi million dollar investment in the historic city and will have at its epicentre a world-class convention centre to meet the needs of the growing meetings and conferences market. The 280 acre (1.1 km²) development features an integrated convention and exhibition centre, hotel, serviced apartments, commercial, office space and shopping village. The development will complement the hi-tech environment of its surroundings by providing business support through premier commercial, corporate and leisure offering. The Convention Centre development will enhance the corporate and business facilities and services available in the Smart Village by providing an 8 storey hotel plus serviced apartments for corporate visitors and a hi-tech office tower. The development includes a Shopping Village offering 163,000 square feet (15,000 m²) of retail space ranging from boutique shops to fine dining that lends a village-like atmosphere with low buildings, meandering streets and grand open squares - modelled after souqs of old town Egypt. Smart Village is located within Greater Cairo and is located 20 minutes from downtown Cairo, 10 km from the Pyramids and is also accessible from Cairo International Airport.

Bibliotheca Alexandrina

Waterfront redevelopment project for the Alexandrina Bibliotheca (Alexandria Library). Memorandum of Understanding signed between Emaar Misr for Development S.A.E., a subsidiary of the UAE-based Emaar Properties and Artoc Group for Investment and Development. Redevelopment of surrounding area to recreate Alexandria as intellectual and cultural capital. International design competition to decide best creative design solution. Project components to include conference and exhibition facilities, four- and five-star hotels, serviced apartments, exhibition space, office parks, museums and cultural buildings, aquarium and retail space. Emaar Misr given long-term lease for a period of 60 years to operate the project.

Pakistan

Memorandum of Understanding with Port Qasim Authority

In May 2006, Emaar signed a MoU with Pakistan’s Port Qasim Authority for mixed use land development in Karachi. The agreement was signed by Emaar Chairman Mohamed Ali Alabbar and Senator Babar Khan Ghauri, Minister for Ports & Shipping in the presence of His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, Pakistan's President Pervez Musharraf and Prime Minister Shaukat Aziz. The landmark development will consist of residential and commercial components, retail and leisure facilities besides hotels and lifestyle amenities including parks and water features. The development will also feature an 18-hole golf course that will house residences on its perimeter.

In September 2006, government of Pakistan has given Emaar the go-ahead for a $43bn (£22.8bn) project to develop two island resorts in Bundal and Buddo Islands.

Highlands and Canyon Views, Islamabad

Launched on May 31, 2006 as part of a US$2.4 billion investment in Pakistan by Emaar. With 1,500 acres between them the two Islamabad communities offer 9,000 luxury single-family town homes and villas in a range of architectural styles with easy access to amenities including retail centres, community club houses, parks, lakes, schools and mosques. The Highlands development is located within the Defense Housing Authority Islamabad (DHAI) Phase 1 extension and Canyon Views is within the DHAI Phase 2 extension. Offering approximately 50 separate community districts with its own individual identity, a spectrum of architectural styles ranging from Mediterranean, Tuscan, Mughal, Arabic and Spanish, will be available. The master planners for the two projects are WATG, RNL and JZMK. Architects are Mazen N. Issa, Alexandra Hayes, Bassenian Lagoni and Saunders + Wiant Architects of Newport Beach. The projects are expected to be completed in the next four to five years.

Crescent Bay, Karachi

File:Crescent Bay 1.jpg

Emaar's Crescent Bay in Pakistan

Launched on May 31, 2006 as part of a US$2.4 billion investment in Pakistan by Emaar. Crescent Bay is a 75-acre development featuring high- and mid-rise towers for residential and commercial use, a shopping centre and five-star beachfront hotel. The towers will contain approximately 4,000 residential apartments. Crescent Bay is located within Karachi’s DHA Phase 8 and in close proximity to the DHA golf course.

Sheikh Zayed Center, Lahore

Sheikh Zayed Center Lahore will have 3 residential apartment buildings of 20-25 floors each, professionally managed by Hyatt Residency; and one of the biggest and most exclusive shopping / entertainment complexes in the region. The main tower will also host a 5-star Grand Hyatt Hotel, the largest reception(marriage)/conference halls in the country, plus offices for Multi-National Companies and Large Local Private and Public Corporates. There will also be exclusive, high-end residential suites in the main tower, again managed by Hyatt Residency. Also, parking space will be provided for over 4,000 cars and Zayed Centre will be connected to the Gaddafi Stadium Sports Complex by a covered, over-head bridge

India

Emaar-MGF

In December 2005 Emaar and MGF Developments Limited of India announced India’s largest FDI in real estate amounting to over half a billion dollars for projects with a capital outlay of US$4 billion. Projects are planned for Delhi, Andhra Pradesh, Karnataka, Tamil Nadu and Maharashtra and will include residential plots, town houses and villas along with convenient shopping, landscaped gardens, civic facilities and amenities. There is also provision for the opening of international standard offices and IT parks. In addition, Emaar MGF Land Private Limited has recently acquired prime locations to build seven star luxury hotels in Delhi and Kolkata. The joint venture will soon be announcing its aggressive plans for the Indian hospitality industry as it looks at investments in luxury and budget hotels over the next 3-5 years.

Boulder Hills

Located in Hyderabad, Emaar’s Boulder Hills development is a world-class leisure and residential community featuring an 18-hole championship golf course, villas, apartments, and an exclusive five star resort style hotel.

Hyderabad International Convention Centre (HICC)

Opened in December 2005, the HICC is India’s largest and technologically most advanced convention facility. HICC was built by Cyberabad Convention Centre Private Limited (CCCPL), a joint venture between Dubai-based Emaar Properties and the Andhra Pradesh Industrial Infrastructure Corporation Limited (APIIC). Stretching across 15 acres, the HICC is an integrated 291,000 sq ft. facility managed by Accor. Located next to the HICC is the Novotel Hyderabad hotel, which opened in May 2006. The 287-room business hotel has also been developed by Emaar, and is managed by Accor. HICC offers 4,000 seating capacity with an in-built flexibility to expand to 6,500 seats. The HICC, built at a cost of US$39 million and the Novotel Hyderabad at a cost of US$27 million together constitute a total project investment of US$66 million. HICC is located adjacent to Hitec City, home to large national and international technology companies. HICC will complement the high-tech environment of its surroundings by increasing corporate and business facilities and services.

America

Emaar Properties acquired John Laing Homes, the second largest privately held homebuilder in the U.S., creating one of the world’s leading real estate developers in residential homebuilding. The AED 3.856 billion (US$1.050 billion) all cash transaction has been unanimously approved by the boards of directors of both companies and closed on June 1, 2006. The timing was unfortunate however, with the US housing market entering a significant slump around this time that has seen around a 10% reduction in US house prices in less than a year. Many have speculated that a similar fate awaits overvalued property markets around the world, as the where the US economy leads, much of the developed economies normall follow some months later.

External links

• Emaar Corporate website
• Khaleej Times on evidence of insider trading of Emaar shares on the Dubai exchange
• Emaar tenants blog detailing Emaar's proposed sale of rental properties
• AMEinfo report on possible currency realignment