- Emaar Properties
company_name = Emaar Properties
foundation = 1997
Dubai, flagicon|UAE United Arab Emirates
homepage = [http://www.emaar.com/ www.emaar.com]
Emaar Properties ( _ar. إعمار), the Dubai-based Public Joint Stock Company and one of the world’s largest real estate companies, is listed on the
Dubai Financial Marketand is part of the Dow Jones Arabia Titans Index.
Stock market performance
Emaar Properties recently announced that its net profits for the first quarter ended 31 March 2006 reached
AED1.517 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 fallen by more than 75%.
Trading in Emaar's shares has often been controversial, with much evidence of apparent
insider tradingFact|date=July 2007. 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 Fact|date=July 2007, 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 Fact|date=July 2007. 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 Fact|date=July 2007.
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 started construction on its most ambitious project to date on 1998, the AED 73 billion (US$20 billion)
Burj Dubai Downtowndevelopment, 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 m². Above the hotel are 144 luxury residential apartments designed by Giorgio Armani and 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 informing 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 Fact|date=July 2007. Despite initial denials by Emaar, a similar ultimatum was given to Lakes tenants shortly afterwards Fact|date=July 2007.
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. [ [http://www.hrw.org/reports/2006/uae1106/ Human Rights Watch - Building Towers, Cheating Workers: Exploitation of Migrant Construction Workers in the United Arab Emirates] ] [ [http://www.hrw.org/reports/2006/uae1106/uae1106web.pdf Human Rights Watch - Building Towers, Cheating Workers: Exploitation of Migrant Construction Workers in the United Arab Emirates - PDF] ] 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 labour disputes, strikes and protests do still occur. With labourers 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. [ [http://www.nytimes.com/2007/08/06/world/middleeast/06dubai.html?_r=2&pagewanted=1&hp&oref=slogin New York Times - Fearful of Restive Foreign Labor, Dubai Eyes Reforms] ] [ [http://www.metimes.com/International/2007/11/07/strike_rages_on_at_worlds_tallest_tower_in_dubai/3172/ Middle East Times - Strike rages on at world's tallest tower in Dubai] ] [ [http://www.arabianbusiness.com/503834-arabtec-strike-deal-raises-costs-1 ArabianBusiness.com - Arabtec strike deal raises costs 1%] ] [ [http://english.aljazeera.net/NR/exeres/B1385BB2-37D4-4B32-A4D2-E547E7EAA645.htm Al Jazeera English Burj Dubai owners say strike over] ]
The company has joint ventures and projects across the region covering
Algeria, Bahrain, Egypt, India, Indonesia, Jordan, Lebanon, Morocco, Pakistan, Saudi Arabia, Syria, Tunisiaand Turkey.
International projects include: Cairo Heights and Smart Village, both in Egypt; Boulder Hills, a leisure and residential community in Hyderabad, India; multiple resort projects in Morocco, including Amelkis II & III and Bahia Bay, residential golfing communities; Eighth Gate project in Damascus, the city’s first master planned community; and Lakeside in Istanbul.
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.
Emaar Properties 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
Carillionwhich 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, the Director General of the [ [http://www.dubaided.gov.ae Department of Economic Development ] ] 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.
Alabbar is a founder member of the Arab Business Council, established by the World Economic Forum.
EuromoneyMagazine named him one of five prominent Arabs in only 50 global economy leaders, while [ [http://www.adage.com] ] "Advertising Age" selected him as one of the International Marketing Superstars of the Year (1996). "Arabian Business" magazine, in 2006, ranked Alabbar sixth among top 50 most influential Arabs.
A graduate in finance and business administration from Seattle University, USA (1981), Alabbar initially worked with the 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.
In 1982 Alabbar set up the
Department of Economic Developmentto create public policies to strengthen the trade and business segments of Dubai and encourage a culture of transparency. He also formulated the Dubai Quality Award and the Dubai Shopping Festival and Dubai Summer Surprises. Alabbar has served as Vice Chairman of Dubai Aluminium Company Ltd (DUBAL) and Dubai World Trade Centre (DWTC).
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) King Abdullah Economic City, the single largest private sector investment in
Saudi ArabiaFact|date=July 2007. Emaar is fast-tracking a plan to diversify into sectors such as education, healthcare, finance, hospitality and retail Fact|date=July 2007. Alabbar also joined with 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 Milanand Dubai.
Alabbar is the Chairman of RSH Ltd., a Pan-Asian marketer, distributor and retailer for branded sports,
golf, active lifestyle and fashionproducts 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.
Alabbar is the Chairman of the UAE Golf Association, and has been instrumental in putting Dubai on the global sports map through his involvement with the annual PGA-level Dubai Desert Classic golf tournament. He was named among the top ten golfing personalities in the world by Golf World. He is also Chairman of the Rashid Paediatric Centre, a charity organisation for children with special needs, and works closely with Arab NGOs to creating employment and develop small businesses.
The Dubai based newspaper 7days has recently been banned from Emaar properties after criticizing the Emaar board of directors Fact|date=July 2007.
Burj Dubai Downtown
The 500-acre (2 km²) Burj Dubai Downtown development includes the
Burj Dubai- which will be (upon completion) the tallest tower in the world Fact|date=July 2007; Dubai Mall- the world’s largest shopping and entertainment complex; The Residences - a series of high-rise apartment towers; and Old Town - a low-rise traditional residences community.
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.
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 is a master planned community and allows nationals and foreigners to purchase land to build their own properties.
The Lakes is a residential suburb built around a lake and located near to the Emirates Golf club and Greens development. Initially the properties in The Lakes were only for rent, but in 2007 Emaar offered freehold titles to the properties, with first refusal granted to current tenants.
The Views apartments offer aspects of the Emirates Golf Club and nearby lake.
The Greens has mid-rise apartment blocks. Recreational facilities include swimming pools, gymnasiums, children’s play areas and outdoor dining areas and a nearby retail centre.
This is a premium villa project offering double-storied villas of three to seven rooms, each surrounded by a garden and garage.
The Springs is a waterfront villa development that is built around man-made lakes. First occupied in 2004, typically several villas share a communal pool area. Properties range from two to five bedroom townhouses. The majority of residents are western in outlook. There has been some disputes with Emaar over the build quality of many springs developments. In one case, after heavy rainfall, the sheltered garage collapsed Fact|date=July 2007.
A large man-made marina surrounded by tower blocks up to 60 stories 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 master-planned waterfront community offering more than 9,000 homes to be spread over convert|1488|acre|km2|0. 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.
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 convert|200|acre|km2|1 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 has a Spanish-style clubhouse with lounges and dining areas, riding gear and tack shop, spa and swimming pool.
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 views over the 9th and 18th holes. Qualified golf professionals at the Golf Academy offer a variety of teaching programs.
Gold and Diamond Park
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 gold, jewellery and diamond business.
Emaar Business Park
Set in a landscaped environment, the Emaar Business Park comprises four buildings. All are equipped with fiber optic risers and up-to-date technology for data transfer. A food court, parking for over 2,000 cars and neighbouring retail facilities are available. Emaar’s Head Office occupies one of the four buildings.
Located in downtown Dubai in Rigga Al Buteen,
Emaar Towersis 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 convert|3250|sqft|m2|0|abbr=on.
Emaar has joint ventures and projects across the region covering
Algeria, Egypt, India, Indonesia, Morocco, Pakistan, Saudi Arabia, Syria, Turkeyand Tunisia.
Recently Emaar announced plans to 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 moves internationally with the acquisition of America’s “best builder”
John Laing Homesfor US$1 billion Fact|date=July 2007. 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 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 education and an integrated curriculum for students ranging from kindergarten to tertiary levels. Emaar has already set up 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 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 Fact|date=July 2007.
Some of Emaar’s real estate projects that are in various stages of planning and development include:
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 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, provides easy access from the Holy Cities of Makkah and Madina.
The City will create six distinctive components: Seaport, Industrial District, Financial Island, Educational and Healthcare Zone, Resort, and Residential. 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 Fact|date=July 2007.
Jeddah Heights is a US$11.2 billion community in Saudi Arabia. Set on a hilltop, the project offers views over the surrounding landscape towards the Red Sea, North Jeddah and the Mountains in the East. The 22.86 square kilometre Jeddah Heights 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 Heights community is made up of 24 residential villages, each featuring a broad spectrum of community amenities arranged in a hub-and-spoke model.
US$327 million joint venture with Emaar Properties and Onapar (part of the local
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 home.
Further development of the complex in Marrakech luxury residential golfing.
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.
Part of a US$5.34 billion Memorandum of Understanding with
Mohammed VI, King of Morocco. Located in the Atlas Mountains, Oukaimeden, the valley of four winds, will be the Middle East and Africa’s only golf and ski resort.Fact|date=July 2007 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. 2,000 hotel rooms, more than 300 retail units and 25,000 square metres of business and conference facilities are planned.
Part of a US$5.34 billion Memorandum of Understanding with Mohammed VI. Situated on the City’s western side, the US$3.4 billion Saphira (
RabatCorniche) will become the leisure and tourism hub of Rabat City, one of the country’s most famous historic and cultural centres. 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.
Part of a US$5.34 billion Memorandum of Understanding. Offering a mix of residential and commercial zones arranged around a marina, Tinja is located on the
Atlantic Oceancoastline. It has more than 670 residential units and over 600 hotel rooms as well as leisure clubs and facilities.
Eighth Gate is a joint venture between Emaar Properties and IGO, the offshore investment and property development company. The project 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 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.Eighth Gate office buildings will cover convert|1000000|sqft|m2|-3|abbr=on.As part of the first phase, Eighth Gate will introduce more than 200 serviced apartments.
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 are 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 social surveys and infrastructure assessment.
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 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. The development will include 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.
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 Fact|date=July 2007. The project is located in the western part of Istanbul, just 20 kilometres from Atatürk 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.
US$4 billion development located at the highest point of downtown Cairo. A residential, commercial and recreation community being developed by Emaar Misr.Stretching over the Mukattam suburb, the development will be a magnet for the capital’s trendsetters. 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 central town centre, an owner’s private clubhouse, hotels, restaurants, cafes, schools, swimming pools, healthcare facilities, retail centres and mosques.
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. 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 an 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.
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. Project components are 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.
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, the government of Pakistan gave Emaar the go-ahead for a $43bn (£22.8bn) project to develop two island resorts in Bundal and
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 (6 km²) between them the two Islamabad communities offer 9,000 single-family town homes and villas in a range of architectural styles with 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.
Canyon Views Villas project is proposed to be completed by December 2008. The communities will be designed with facilities such as Swimming pools, gymnasium, sports amenities, and running track.
Crescent Bay, Karachi
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-risetowers 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.
heikh Zayed Center, Lahore
Sheikh Zayed Center Lahorewill have 3 residential apartment buildings of 20-25 floors each, professionally managed by HyattResidency. The main tower will also host a 5-star Grand HyattHotel, 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 residential suites in the main tower, managed by HyattResidency. Also, parking space will be provided for over 4,000 cars and Zayed Centrewill be connected to the Gaddafi Stadium Sports Complex by a covered, over-head bridge
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, Punjab (particularly Mohali), Haryana (particularly Gurgaon), Andhra Pradesh, Karnataka, Tamil Nadu, Kerala 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 plans for the Indian hospitality industry as it looks at investments in hotels over the next 3-5 years. The company plans an IPO soon; Income Tax Department had recently conducted searches (raids)in various premises of the company with a view to unearth undeclared income/ wealth but nothing much was discovered.Fact|date=November 2007
Located in Hyderabad, Emaar’s
Boulder Hillsdevelopment is a leisure and residential community featuring an 18-hole championship golf course, villas, apartments, and a five star resort style hotel.
Hyderabad International Convention Centre (HICC)
Opened in December 2005, the HICC is India’s largest convention facility. HICC 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 Limited( APIIC). Stretching across 15 acres, the HICC is an integrated convert|291000|sqft|m2|-2|abbr=on. facility managed by Accor. Located next to the HICC is the NovotelHyderabad 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.
Emaar’s Lombok project spread in over 1,200 hectares in Central
Lombok, West Nusa Tenggara, Indonesiaand estimated cost US$600 million. It will have a 7 km natural waterfront, which will support a marina, apart from luxury residences and five-star resorts by Ritz-Carltonand Armani[http://www.tempointeraktif.com/hg/nasional/2008/03/19/brk,20080319-119543,id.html Tempo Interaktif] ] . The Lombok resort is planned to have 4 hotels and resorts managed by 4 different label. [http://old.thejakartapost.com/detailbusiness.asp?fileid=20080506.L01 Jakarta Post] ] The Ritz-Carlton will also have a world class golf course and retail amenities. The homes will employ tropical designs and low-rise architecture in tune with the surroundings [ [http://www.emaar.com/MediaCenter/PressReleases/2007April30.asp Emaar] ] . The development will starts in April 2008.
Emaar's Jakarta Tower
Emaar Properties plans to build a landmark tower in Jakarta, which would be the tallest skyscraper in Southeast Asia, a presidential envoy says. Emaar is ready to build the tower, but currently they are finding the best place.
Emaar's Jakarta Tower is different with the on-hold GKBI
Emaar Properties acquired John Laing Homes, the second largest privately held homebuilder in the U.S., creating one of the world’s largest real estate developers in residential homebuilding. The AED 3.856 billion (US$1.050 billion) cash transaction has been unanimously approved by the boards of directors of both companies and closed on
June 1, 2006.
* [http://www.emaar.com Emaar Corporate website]
* [http://realestate.theemiratesnetwork.com/developers/emaar_properties.php Emaar Properties] - Developer Profile
* [http://www.zawya.com/cm/overview.cfm/cid5519/Emaar%20Properties/ricEMAAR.DFM Company overview by Zawya]
* [http://www.khaleejtimes.com/DisplayArticle.asp?xfile=data/business/2006/February/business_February356.xml§ion=business&col= Khaleej Times on evidence of insider trading of Emaar shares on the Dubai exchange]
* [http://www.ameinfo.com/105846.html AMEinfo report on possible currency realignment]
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