Emaar unveils Nuran Serviced Residences as latest subsidiary in growing portfolio

Published June 5th, 2006 - 06:35 GMT

Emaar Properties, the one of the world’s leading property developers, has announced its latest subsidiary as part of its ongoing expansion into new markets and sectors. Nuran Serviced Residences is the developer’s latest offering in the leisure and hospitality sector and will deliver premier fully-serviced residences in world class locations onto the Dubai property and hospitality market.

Nuran Serviced Residences are set to make their market debut at three of Emaar’s most popular developments. First to be released onto the market is Nuran Al Majara at Dubai Marina, followed by Nuran Al Alka Residences at The Greens and The Residences at Burj Dubai Downtown.

“Emaar is looking forward to introducing world class leisure and hospitality projects onto the market. With the emergence of Nuran Serviced Residences, Emaar is delivering world class lifestyle options with luxurious, fully furnished and fully serviced residences in some of Dubai’s most prestigious locations and providing the Dubai real estate market with even greater depth,” said Esther Wai, General Manager, Nuran Serviced Residences.

Contemporary in design in an intimate environment with attention to detail that is characteristic of all Emaar properties, Nuran Serviced Residences will add another dimension to Dubai’s high end property and hospitality market that is set to be the lead choice among senior management and professionals in search of the ultimate home-away-from-home in luxury urban lifestyles.

Featuring first class facilities such as luxury swimming pool, state-of-the-art gymnasium and located within Dubai’s most sought after property hot spots, Nuran Serviced Residences will be a leader amongst the many.

To find out more about Emaar leisure and hospitality visit www.emaar.com

About Emaar Properties PJSC:
Emaar Properties, the Dubai-based Public Joint Stock Company and No, 1 real estate company in the world, 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 first quarter ended 31 March 2006 reached AED 1.517 billion (US$406.9 million) – an impressive rise on the AED 1.325 billion (US$355.4 million) for the equivalent period. Emaar’s net profits for the year ended 31 December, 2005 climbed 180 per cent, to a record AED 4.731 billion (US$1.288 billion). The figures represent a substantial increase on the AED 1.691 billion (US$460 million) for the year 2004.

The company has witnessed tremendous growth since its inception in 1997 and boasts a rapidly growing tenant base with more than 13,000 homes handed over to satisfied customers to date. Currently, it has several major real estate projects under various stages of development in Dubai including Arabian Ranches, Dubai Marina, Emirates Hills, The Views, The Meadows, The Springs, The Lakes and The Greens. The company also owns and manages the Gold and Diamond Park.

Emaar has started construction on its most ambitious UAE project to date, the AED 73 billion (US$20 billion) Burj Dubai Downtown development, which comprises the Burj Dubai - the tallest tower in the world when completed in 2008, The Dubai Mall, Burj Dubai Boulevard, The Lofts, The Old Town, The Old Town Island, The Residences, Business Hub, Burj Views, man-made lakes, landscaped parks and gardens. The company has joint ventures and projects across the region covering Saudi Arabia, Egypt, Syria, Morocco, Turkey, India and Pakistan.

Last year the award winning property developer announced plans to aggressively expand the retail sector with investments of over AED 15 billion (US$4 billion) to develop approximately 100 malls in the mega emerging markets of the Middle East, North Africa 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.

Recently the company also announced plans to expand its investments into the education and healthcare business. The 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.

While continuing to actively pursue expansion in its core business of innovative, high quality real estate development, Emaar has diversified into related business lines to further build value for its 59,000 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 further information, please visit www.emaar.com.


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