Emaar Properties is showcasing its extensive international project portfolio of development value more than AED 220 billion (US$60 billion) at Cityscape Dubai 2006, the premier property development and investment event to be held at Dubai International Exhibition Centre from December 4 to 6. Emaar is the Platinum Sponsor of Cityscape Dubai 2006 and the Sponsor of Cityscape Press Club 2006.
The property developer will have its largest ever participation at Cityscape with a stand of area 825 sq m, four times bigger than last year. A quarter of the stand will set aside exclusively for highlighting King Abdullah Economic City, the largest ever project in the Middle East developed by Emaar the Economic City.
“As the pioneer of master-planned communities in Dubai, Emaar is extending its property development expertise through strategic partnerships and joint ventures internationally,” said Mr Issam Galadari, Managing Director - Emaar International, Middle East and North Africa. “This is in line with Emaar’s Vision 2010 of becoming one of the most valuable companies in the world through expansion and diversification, and is an important growth strategy to position Emaar as a global property developer.”
Emaar’s key international projects include King Abdullah Economic City – over AED 100 billion (US$26.6 billion) and Jeddah Hills – AED 41 billion (US$11.2 billion) in Saudi Arabia; Marassi – AED 6.39 billion (US$1.74) and Uptown Cairo – AED 14.7 billion (US$4 billion) in Egypt; Eighth Gate – AED 1.84 billion (US$500 million) in Syria; Marina Al Qussor – AED 6.9 billion (US$1.88 billion) in Tunisia; Amelkis II and III, Bahia Bay, Oukaimeden, Saphira and Tinja – AED 25.34 billion (US$6.9 billion) in Morocco; Canyon Views and Highlands, Islamabad and Crescent Bay, Karachi – AED 8.8 billion (US$2.4 billion) in Pakistan; and Tuscan Valley – AED 2.57 billion (US$700 million) in Turkey. Emaar also has the single largest foreign direct investment in the Indian real estate sector with a development outlay of AED 3.67 billion (US$1 billion).
“As the largest B2B real estate platform in the world with representation from 85 countries, Cityscape offers an ideal venue to showcase all our international project developments under one roof,” added Mr Galadari. “We will also highlight our recent international acquisitions - John Laing Homes, the second largest privately held homebuilder in the US; and Hamptons International, UK’s premier realtor – at Cityscape.”
Mr Nidal Jamjoom, Chief Executive Officer, Emaar the Economic City, will present a project showcase of King Abdullah Economic City on the second day of the Cityscape Conference. “The 168 million sq m King Abdullah Economic City plays an integral role in the overall economic development of Saudi Arabia,” said Mr Jamjoom. “The project signals a strategic move of Emaar from being a property developer to a full-spectrum city provider.”
Emaar also highlights its development initiatives in India through Emaar MGF Land Private Limited, its joint venture with real estate developer MGF Developments. Emaar MGF plans to develop residential plots, town houses and villas alongside shopping, landscaped gardens, civic facilities and amenities. There is also provision for opening international standard offices, special economic zones and IT parks. Emaar MGF will also build 10 to 15 luxury- and 40 to 45 business hotels with an initial investment of US$1 billion in the next 3 to 5 years. The company recently announced the roll out of 100 budget hotels in India over the next decade through its joint venture with Accor.
A number of celebrity guests are expected to visit Emaar’s stand – 7E10 – which will also have models and displays of Emaar’s projects in Dubai, including the up-and-coming Downtown Burj Dubai. The AED 73 billion (US$20 billion) development includes Burj Dubai, billed to be the world’s tallest tower when completed; The Dubai Mall, the world’s largest retail destination; residences, commercial spaces and leisure avenues.
Cityscape is an annual networking exhibition and conference focusing on all aspects of the property development cycle, and attracts key investors, developers, architects and designers, among others.
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, 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. For more information, visit www.emaar.com.
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