Emaar
Emaar
Emaar Properties is one of the leading property developers in the UAE. Established in 1997 to contribute to the construction sector in the country, the company mainly focuses on the development of luxury properties worldwide. Over the years, Emaar has built a number of residential, commercial and hospitality projects. Despite its international presence, the main location of activity is still the United Arab Emirates, more specifically Dubai and Abu Dhabi. Emaar Properties is listed on the Dubai Financial Market as a Public Joint Stock Company. The company has its headquarters in Dubai.
About the company
Emaar Properties was founded by Mohamed Alabbar. The former chairman was widely involved in tourism and construction before founding the company. He was a director of Al Khaleej Investments in Singapore and even an economic adviser to the Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum. His indispensable experience has enabled the company to go international and succeed in its biggest projects, such as the Burj Khalifa. Mohamed Alabbar is currently the Managing Director of the company as of 2021. The board now consists of Jamal Bin Theniyah as Chairman and Ahmed Jawa as Vice Chairman. The CEO of the company is Amit Jain.
In 2004 the company went international by establishing Emaar International LLC. As of now Emaar Properties has over 60 subsidiaries and is operating in more than 36 different markets in North America, Europe, North Africa and the Middle East. The company has projects on different stages in such countries as Turkey, Egypt, India, Saudi Arabia, Morocco, Syria, Pakistan and the United States. Some of the well-known projects include Jeddah Gate in Saudi Arabia, Beit Misk in Lebanon, Tuscan Valley in Turkey and Samarah Dead Sea Resort in Jordan. In 2015 Emaar Properties expanded its developments to Bahrain and Nigeria.
One of the company’s main objectives to be achieved during construction is environmental sustainability. Emaar’s projects and activities support the UAE’s ‘green vision’ to improve the world’s ecological system. Furthermore, in 2015, the company launched the Emaar Foundation, which aims to implement corporate social responsibility (CSR) initiatives. This program supports Dubai Cares, which aims to improve access to quality primary education for children in developing countries. The Foundation also supports the Dream for Future Africa Foundation to ensure opportunity and equality for those most in need in Africa and the UN World Food Programme to fight global hunger.
Over the years, Emaar has been able to reach lofty heights. The company has been awarded the Guinness World Record several times for breaking records. For example, Emaar’s most popular building is the Burj Khalifa, the tallest building in the world at almost 2,722 ft. Construction of the building started in 2004 but it was opened only in 2010. It has 160 floors dedicated to residential purposes. It was named after the ruler of Abu Dhabi, Sheikh Khalifa bin Zayed Al Nahyan. Burj Khalifa also broke records in categories such as – most floors in a building (163), the highest restaurant in a building (At.mosphere, 1,447ft 10 in), the highest residential apartments (1,263 ft) and largest light and sound show on a single building (1 January 2018).
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Emaar Properties are the developers of the world’s largest shopping mall, The Dubai Mall. It was opened in 2008. The entertainment space has more than 12 million sq. ft of space and includes more than 1,200 shops. It is also one of the most visited places in the world, with more than 84 million people visiting the mall in 2019, before COVID made that more difficult.
The Dubai Fountain is another great project in Emaar’s portfolio. Well-known among tourists it’s the largest musical fountain in the whole world with water that can go up to 500 feet high. It is located in Downtown Dubai on Burj Khalifa Lake. It was designed so thatthat water dances to a range of different kinds of music. It opened in 2009.
Over 24 years of its existence, Emaar Properties has built a large number of residential communities. These include Arabian Ranches, The Greens, The Meadows, The Lakes, Emaar Beachfront, The Springs and others. In addition to residential developments, the company is also the developer of hotels such as The Address Hotels + Resorts, Vida Hotels and Resorts, Armani Hotel Dubai and Rove Hotels.
Best Properties by Emaar Properties
Emaar Properties was set up with an initial capital of USD 274 million and now has a net profit of AED 2.617 billion (2020). The total sales backlog in 2020 was AED 36.617 billion with AED 24.738 in the UAE. Property sales accounted for AED 10.9 billion with AED 6.321 billion made in the UAE alone. Emaar Properties has handed over more than 72,000 residential units in 2020.
In the first half of 2021, net profit was AED 1.56 billion compared to AED 1.68 billion in the first half of 2020. A record AED 16.84 billion in real estate sales were recorded during the H1 of the current year. This is a 229% increase over the first half of 2020 with sales of AED 5.12 billion.
*The price is valid for 2023
In addition, over 26,000 units are now currently under development in the UAE. On the international markets 12,000 units are currently in development. Some of the most anticipated off-plan properties by Emaar Properties that are currently under construction include:
- Collective 2.0 (Q1 2022)
- The Grand (Q2 2022)
- Palace Residences (Q1 2024)
- Creek Edge (Q4 2022)
- Act One | Act Two (Q3 2022)