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Emaar Properties, the Dubai-based Public Joint Stock Company, is listed on the Dubai Financial Market and is part of the Dow Jones Arabia Titans Index. Emaar has recorded an impressive growth of 35 per cent in annual profits for the year ended December 31, 2006 compared to year 2005. Emaar posted a record annual net profit of AED 6.371 billion (US$ 1.735 billion) compared to AED 4.731 billion (US$ 1.288 billion) in year 2005. Annual revenue increased by 68 per cent from AED 8.361 billion (US$ 2.276 billion) to AED 14.006 billion (US$ 3.813 billion). Earnings per share (EPS) for the year 2006 was AED 1.06 (US$ 0.29) compared to AED 0.85 (US$ 0.23) during 2005.
In October 2006 Emaar Properties was awarded ‘Best Developer in the UAE’ for the second consecutive year at the Euromoney Real Estate Awards. Emaar also won the ‘Best Developer in Egypt’ award, a reiteration of the company’s international expansion strategy of developing luxury master-planned communities in key emerging markets. The awards, voted for by industry peers, took into account factors such as most consistent providers of high quality, profitable real estate projects and innovation as well as individual developments, both recently completed and those at the planning stage.
Emaar has several real estate projects in its primary market of Dubai in various stages of completion. These include Dubai Marina, Arabian Ranches, Emirates Hills, The Meadows, The Springs, The Greens, The Lakes and The Views. The company has witnessed tremendous growth since its inception in 1997 and boasts a rapidly growing tenant base with more than 15,000 homes handed over to satisfied customers to date.
Emaar has begun construction of its most ambitious project within the UAE, the AED 73 billion (US$20 billion) Downtown Burj Dubai development, which comprises Burj Dubai - stated to be the world’s tallest tower when completed in 2008; The Dubai Mall - the world’s largest entertainment and shopping mall; The Old Town - a low-rise traditional residences community inspired by Arabian architecture; The Old Town Island; Burj Dubai Square; The Lofts; Burj Dubai Lake Hotel and Serviced Apartments; Burj Dubai Boulevard - a 3.5 km stretch that binds the entire development; man-made lakes; landscaped parks and gardens.
In line with its international expansion strategy, Emaar has joint ventures and projects across the region covering India, Egypt, Turkey, Morocco, Syria, Pakistan, Tunisia and Saudi Arabia. Major international projects include: Uptown Cairo 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; in Syria the Eighth Gate project in Damascus will be the city’s first master planned community; and Lakeside in Istanbul is a landmark development for Turkey’s cultural and commercial hub.
One of Emaar’s most recent international developments is the 55 million square meters King Abdullah Economic City in the Kingdom of Saudi Arabia. As the single largest private sector investment in the Kingdom of AED 97.7 billion (US$26.6 billion), the mixed use City will extend along a 35 kilometer shoreline and is strategically located between the two Holy Cities of Makkah and Madina and the commercial hub of Jeddah. The City will create six distinct components - a modern world-class Seaport, Industrial District, Financial Island, Education & Healthcare Zone, Resorts and The Residential Area and up to 500,000 employment opportunities.
While property development was the initial rider of Emaar, today, through its Vision 2010, the company is diversifying into retail, leisure, hospitality, health, education and finance to become one of the world’s most valuable companies in less than five years - further building value for its 59,000 shareholders, which includes the Government of Dubai.
Recently Emaar announced plans to aggressively expand into the retail sector with investments of over AED 15 billion (US$4 billion) to develop approximately 100 malls in the emerging markets of the Middle East, North Africa (MENA) and the Indian subcontinent.
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 also 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 which will offer premium quality education and an integrated curriculum for students ranging from kindergarten to tertiary levels.
Following the expansion into education, Emaar announced, in March 2006, plans to enter the healthcare sector in the MENA and South Asia markets. The plan involves the construction of hospitals, clinics and medical centers and investing in the provision of world-class healthcare services. With a total investment outlay of around AED 18.35 billion (US$5 billion) over the next decade, Emaar’s plan is to develop and manage around 100 hospitals each with 200 bed capacities and super medical specialties added in key centers.
Emaar 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.