Emaar Properties

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Emaar Properties
Public joint-stock company (PJSC)
Traded as DFMEMAAR
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 DFMEMAAR.[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[edit]

1997–2005[edit]

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 July 1997.[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[edit]

The Dubai Mall officially opened in 2010, and two years later, Burj Khalifa was completed. 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 63 storey hotel & 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]

UAE projects[edit]

The Dubai Mall, developed by Emaar Properties, is the world's largest shopping mall.[25] 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.[26] It is also home to Dubai Aquarium and Underwater Zoo, KidZania, Dubai Ice Rink and the largest cinema complex in the region, Reel Cinemas.[27][28][29][30]

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.[31] The length of the fountain spreads out to be twice the length of a football field (275 meters).[31]

Emaar also developed the world's tallest building, Burj Khalifa, which opened in 2010.[32][33] The building is 2,716.5 feet tall with 160 storeys that are primarily for residential purposes.[33] It is named after the Abu Dhabi ruler Sheikh Khalifa bin Zayed Al Nahyan.[33]

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.[34] 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.[35]

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.[36]

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.[34] 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.[37]

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.[38]

International projects[edit]

Through various subsidiaries, Emaar has established property developments and projects in India, Jordan, Egypt, Lebanon, Morocco, the United States, Pakistan, Saudi Arabia, Syria, and Turkey.[39] Some of the projects have included developments such as the Beit Misk in Lebanon,[40] the Jeddah Gate in Saudi Arabia,[41] and the Samarah Dead Sea Resort in Jordan that was outlined by the King Abdullah II Fund for Development.[42]

Egypt[edit]

In 2002, Emaar Misr, an Egyptian subsidiary of Emaar Properties, completed the redevelopment of the Bibliotheca Alexandrina on the eastern harbor of Alexandria.[43] The new library facility stands almost exactly where the ancient Library of Alexandria existed.[44]

Emaar Misr began working on a $4 billion development project in 2005 initially called Cairo Heights that was later renamed Uptown Cairo.[45] The project included building up an area as a residential, commercial, and recreational community.[46][47]

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.[48]

India[edit]

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.[49][50]

Hyderabad International Convention Centre was developed by Emaar Properties and completed in December 2005.[51] The convention center was built to manage a seating capacity of 4,000 with the ability to extend its capacity to 6,500 seats.[51] 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).[52] Emaar MGF is being investigated by the Enforcement Directorate for alleged foreign exchange violations[52][53][54] and by the Central Bureau of Investigation for corruption allegations.[55][56]

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".[57][58] 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.[59][60][61]

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.[50]

Saudi Arabia[edit]

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.[62] The project includes the development of a special economic zone along the Red Sea coast 60 miles north of Jeddah.[9][63] 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.[63] 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.[63]

Syria[edit]

Emaar Properties first announced its plans for a large-scale development project in Syria in 2006.[64] The development, known as The Eighth Gate, includes three zones: a commercial center, waterfront and residential zone, and tourist area.[65] The project is a joint venture between Emaar Properties and IGO, an offshore investment and property development company.[65] The design for the project is based on the ancient history of Damascus in its architectural style influenced by traditional Islamic design and the development includes a signature gate marking the access to the area's main plaza.[65]

Turkey[edit]

The Tuscan Valley development was Emaar's first project in Turkey.[66] Emaar completed the first phase of the Tuscan Valley venture by 2007, which included the development of luxury villas and commercial space just outside of Istanbul.[62] In 2012, Emaar began developing an Emaar Square project.[66] The project plans include building Turkey's largest shopping mall and five-star hotels.[66] In 2013, Emaar Turkey, the wholly owned subsidiary of Emaar Properties, launched The Address Residences Emaar Square in Istanbul.[67]

References[edit]

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External links[edit]