Emaar wins Euromoney’s best developer awards for the UAE and Egypt
Global real estate major Emaar Properties has been 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.
Euromoney, an authoritative magazine on global financial markets, launched the Real Estate Awards last year to honour developers of high quality and profitable projects. Industry professionals vote to choose the winners. Completed projects as well as those in the planning stage are considered for the award.
Dr Nader Mohamed, Executive Director of Emaar Properties received the awards at a special ceremony held in London last Thursday.
“The awards are a peer-group endorsement of our core competency in developing luxury master-planned communities,” said Dr Nader. “The second consecutive award as the UAE’s best developer signals our steadfast commitment to the quality and viability of our projects.”
Emaar, founded in 1997, is the pioneer of master-planned communities in the UAE and has handed over more than 14,500 homes in Dubai through its landmark projects – Emirates Living, Dubai Marina, Arabian Ranches and the up-and-coming Downtown Burj Dubai.
In line with the company’s Vision 2010 of becoming one of the most valuable companies in the world, Emaar has embarked on an ambitious international expansion drive. The company, through strategic local partnerships, has announced several key developments in Saudi Arabia, Egypt, Morocco, Tunisia, Turkey, Syria, Pakistan and India.
In Egypt, Emaar is developing the EGP 10 billion (AED 6.30 billion / US$1.74 billion) Marassi mixed-use project on a 7-km strip of tourism land, which the company won in an auction. Work is afoot on the EGP 22 billion (AED 15 billion / US$4 billion) master-planned community – Uptown Cairo.
“Winning the Best Developer award in Egypt is a true honour for Emaar, a relatively new entrant in the country,” added Dr Nader. “Emaar’s projects in Egypt extend on the successful model of developing self-sustaining neighbourhoods through our Dubai communities.”
Emaar recently acquired John Laing Homes, America’s second largest privately held home-builder and the UK-based realtor Hamptons International. The company is also undertaking strategic initiatives in education and healthcare sectors.
About Emaar Properties PJSC:
Emaar Properties, 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. The company recently announced that its net profits for the three quarters ended September 30, 2006 reached AED 4.658 billion (US$1.268 billion) – a significant gain of 26 per cent over the same period in 2005 - reflecting the remarkable growth the company has gained since its inception in 1997.
With more than 14,500 homes handed over to customers, Emaar has several major real estate projects under various stages of development in Dubai. An ISO9001:2000 quality certified company, Emaar is marching ahead with the construction of its AED 73 billion (US$20 billion) Downtown Burj Dubai mixed-use development that encompasses Burj Dubai, the world’s tallest tower when completed in 2008.
The company has joint ventures and projects across the region covering Saudi Arabia, India, Egypt, Turkey, Morocco, Bahrain, Syria, Jordan, Pakistan, Lebanon and Tunisia. In Saudi Arabia, Emaar is developing the US$26.6 billion (SR 100 billion) King Abdullah Economic City, the single largest private sector project in the Kingdom.
Emaar also entered the US market by acquiring John Laing Homes, the second largest privately held homebuilder in the US for AED 3.856 billion (US$1.050 billion). Emaar joined hands with The Turner Corporation, a leading international building services provider, to form a new entity, Turner International Middle East Ltd (Turner International ME) to jointly tap regional growth opportunities.
In a move that scaled up its core competency in product sales across the international arena, particularly the Western hemisphere, Emaar acquired Hamptons International, the UK-based subsidiary of premier property developer Wheelock Properties (Singapore) Ltd in a deal worth AED 562.45 million (US$153.05 million).
Last year the property developer announced plans to aggressively 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. 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.
Emaar’s education initiative will involve the establishment of international schools in the MENA region and India, which will offer premium quality education and an integrated curriculum for students ranging from kindergarten to tertiary levels. Emaar's healthcare diversification will see the company invest around AED 18.35 billion (US$5 billion) over the next decade in the MENA and South Asia markets with the construction of hospitals, clinics and medical centres and the investment in the provision of world-class healthcare services.
Emaar has diversified into related business lines to further build value for its shareholders, which includes the Government of Dubai. Emaar owns and manages EMRILL, a joint venture with the UK-based Carillion which provides innovative property and facilities management services. Emaar also holds 30 per cent 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.