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.