Emaar Developments

Last updated

Emaar Developments
Company type Public
DFM:  EMAARDEV
IndustryReal estate
Founded1997
Headquarters
Dubai
,
United Arab Emirates
Key people
 Mohamed Alabbar, Founder
Bader Hareb, CEO
ServicesCommercial and residential property development
RevenueUS$2.4 billion
Number of employees
400 approx.
Parent Emaar Properties
Website www.emaar.com

Emaar Developments is the UAE-based property development arm of Emaar Properties. [1] The company develops residential and commercial property, shopping malls and other retail assets, as well as hospitality and leisure attractions.

Contents

Background

Emaar Development is headed by founder Mohammed Alabbar and CEO Chris O'Donnell. [2] With the support of the parent company, Emaar Properties, Emaar Development has developed projects such as Emirates Living, Dubai Marina and Downtown Dubai. [3]

Since 2002, Emaar Development has delivered over 34,500 residential units, [4] and, according to JLL, approximately 22 percent of all freehold residential units in Dubai are located in Emaar Development's communities. [5] [6] Emaar Development oversees all aspects of an integrated lifestyle master plan community development, from its initial concept development and design, through construction, to sales and marketing. Partnering with regional construction firms, they maintain oversight and seek to ensure that their projects are completed within budget and to the agreed standards. [7]

Emaar Development's projects typically contain residential units, such as apartments, townhouses or villas, that are built for sale ("BTS assets"); commercial units, including offices, retail space, educational and medical facilities which are built for leasing to occupiers by Emaar Properties or its subsidiaries ("BTL assets"); and recreational amenities such as parks, water features and other outdoor space. Certain projects also contain hotels, polo and golf clubs, which are built for operation by Emaar Properties or its subsidiaries ("BTO assets"). [8] [9] [10]

Notable projects

Downtown Dubai

Downtown Dubai is an urban, mixed-use development, incorporating the worlds tallest building, the Burj Khalifa, and the world's largest mall, The Dubai Mall. [11]

Within Downtown Dubai, current developments include:[ citation needed ]

Burj Khalifa

The Burj Khalifa is the world's tallest building, with a total height of 829.8 metres (2,722 ft) and a roof height (excluding antenna) of 828 m (2,717 ft). [15] [16] Construction began in 2004 and the building was opened in 2010. [17] The total cost of construction is estimated to be US$1.5 billion. [18]

The building was opened in 2010 as part of a new development called Downtown Dubai. [18] It was designed to be the centrepiece of large-scale, mixed-use development. Originally named Burj Dubai, it was later renamed in honour of the ruler of Abu Dhabi and president of the United Arab Emirates, Khalifa bin Zayed Al Nahyan. [19]

Dubai Mall

Opened on 4 November 2008, Dubai Mall the world's largest shopping centre by total area covered, and is the 21st largest shopping mall in the world by grossable area. [20] [21]

It contains over 1,200 stores [20] and in 2011, was the world's most visited building, attracting over 54 million visitors each year. [20] [22]

At over 13 million square feet, the Dubai Mall has a total internal floor area of 5.9 million square feet (55 ha) and leasable space of 3.77 million square feet (35 ha). [23] [24] Dubai Mall includes: [25] [23]

Dubai Marina

Launched in 2003, Dubai Marina is an urban development constructed around a series of artificial canals. [26] It spans a 3 km stretch of waterfront and is home to a number of residential, commercial, and leisure properties, including the Jumeirah Beach Residence, Dubai Marina Mall, and the Al Sahab Towers.

To create the man-made marina, the developers brought the waters of the Persian Gulf into the site of Dubai marina, creating a new waterfront. Upon completion, it is claimed to be the world's largest man-made marina. [26]

Current developments

Emaar Development is responsible for a number of on-going developments in the UAE. These include a number of large scale, master-planned communities and urban developments.

Arabian Ranches

Construction of the 1,650-acre Arabian Ranches private residential development began in 2012. [27] It consists of a number of individual communities, each with their own architectural style. The project also encompasses commercial and leisure facilities, including an 18-hole Golf Course and Dubai Equestrian & Polo Club. [28] It is scheduled for completion in 2019 and, once finished, will contain over 4,000 villas.

Arabian Ranches is a wholly owned project under development, and as of 30 September 2017, 99% of the residential units in the development had been sold. [29]

Dubai Creek Harbour

Emaar Development has a joint development agreement for Dubai Creek Harbour with 50% of the economic benefits. [30]

It consists of 9 distinct districts and contains the site for the flagship Dubai Creek Tower, this 1,480-acre mixed-use development was announced in 2013. [31] Upon completion, it will be home to a variety of residential, commercial, and leisure facilities. Dubai Creek Harbour is situation near to Ras Al Khor Wildlife Sanctuary and Downtown Dubai. [32]

The Dubai Creek Tower is scheduled to surpass the Burj Khalifa as the world's tallest building. [33] [34] It has been designed by architect Santiago Calatrava. [35]

Dubai Hills Estate

Announced in 2013, this mixed-use development is the first stage in the construction of Mohammed bin Rashid City (MBR City). [36] It will be a 'city within a city' that will spread over an area of 2,700 acres and will be home to several residential neighbourhoods, leisure facilities, and commercial properties – including the Dubai Hills Mall. [37] [38] Two Metro lines and three stations will serve the development when completed. Some of the development – predominately residential units – have already launched, and are set around an 18-hole Championship golf course.

Dubai Hills Estate is a consolidated joint venture with Meraas Estates LLC. A total of 5,279 total units are under development.

The development will include:

Emaar Beachfront

Emaar Beachfront is a master-planned gated community in Dubai, UAE. The project was announced in September 2017 and its initial offering of residential units sold out immediately. [39] One of the development's key features is access to two beaches which, when combined, total 1.5 km of waterfront access. [40] As of November 2018, a total of three residential projects have been launched at Emaar Beachfront. The first project to be launched was Beach Vista followed by Sunrise Bay and Marina Vista. [41]

At least four alleged Aussie Cartel members, a group of Australian criminals, own apartments in the Sunrise Bay Tower 1 of Emaar Beachfront. [42]

Emaar South

Emaar South is one of the principal components in Emaar Development's Dubai South project. [43] Emaar South was announced in August 2016 and, upon completion, will encompass 22,700 residential units, leisure facilities, public amenities, and commercial properties, spread over a 6,700,000m² site. [44]

It is located close to the Dubai Expo 2020 site, and is strategically positioned between Dubai and Abu Dhabi.

Emaar South is a joint venture project with DACC (Dubai Aviation City Corporation), owned in equal shares.

Other projects

See also

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References

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  2. ↑ "Emaar Development PJSC: Company Profile". Bloomberg. Retrieved 12 June 2018.
  3. ↑ "Emaar Development lPO raises Dh4.8 billion in largest Dubai listing in three years". The National. Retrieved 12 June 2018.
  4. ↑ "Emaar Development full-year 2017 net income climbs 30%". The National. Retrieved 12 June 2018.
  5. ↑ "Emaar Development's $1.5 Billion Dubai IPO Fully Subscribed". Bloomberg.com. 2 November 2017. Retrieved 12 June 2018.
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  7. ↑ "Listed UAE property companies report 30% rise in combined first-quarter profits". Arab News. 4 June 2018. Retrieved 12 June 2018.
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  13. ↑ "Address Sky View hotel sold to Evergreen Hospitality". Hotelier Middle East. 7 January 2021.
  14. ↑ "Placido Domingo opens Dubai Opera". Archived from the original on 19 May 2021. Retrieved 12 June 2018.
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  18. 1 2 "Dubai opens world's tallest building". USATODAY.COM. Retrieved 12 June 2018.
  19. ↑ "Dubai opens world's tallest building". USATODAY.COM. Retrieved 12 June 2018.
  20. 1 2 3 Anderson, Collin (2012). Evolution of a Retail Streetscape: DP Architects on Orchard Road. Images Publishing. ISBN   9781864704624.
  21. ↑ "Work on Dubai Hills Mall 60% complete according to Emaar – Middle East Construction News" . Retrieved 12 June 2018.
  22. ↑ "The Dubai Mall | Emaar Malls". www.emaar.com. Retrieved 12 June 2018.
  23. 1 2 "Gulfnews: Dubai Mall: A milestone harks back to humble origins". 9 January 2009. Archived from the original on 9 January 2009. Retrieved 12 June 2018.
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  26. 1 2 "The Dubai Marina in Dubai Designed by Architects HOK Canada Inc – Verdict Designbuild". Verdict Designbuild. Retrieved 12 June 2018.
  27. ↑ "Arabian Ranches Villas & Townhouses, Dubai". Lookup.ae – Real Estate. Real Information. Archived from the original on 12 June 2018. Retrieved 12 June 2018.
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  29. ↑ Nair, Deepthi. "January sees subdued property sales in Dubai". www.khaleejtimes.com. Retrieved 12 June 2018.
  30. ↑ "Emaar Development Financial Statement" (PDF).
  31. ↑ "Dubai Creek Harbour in UAE | Emaar Properties". www.emaar.com. Retrieved 12 June 2018.
  32. ↑ "$1bn Dubai Creek Tower hits construction milestone". ArabianBusiness.com. Retrieved 12 June 2018.
  33. ↑ "The Tower at Dubai Creek Harbour will be Open in 2020". flashydubai.com. Retrieved 12 June 2018.
  34. ↑ "Dubai Real Estate: The Tower at Dubai Creek Harbour – Live Trading News". Live Trading News. 26 May 2017. Archived from the original on 28 August 2018. Retrieved 12 June 2018.
  35. ↑ "'The Tower' at Dubai Creek Harbour to emit a 'beacon of light'". ArabianBusiness.com. Retrieved 12 June 2018.
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  37. ↑ "Emaar completes 60% of Dubai Hills Mall construction" . Retrieved 12 June 2018.
  38. ↑ "Dubai Hills Estate in UAE | Emaar Properties". www.emaar.com. Archived from the original on 8 January 2018. Retrieved 12 June 2018.
  39. ↑ "Emaar announces Dh1bn of sales at new Dubai beach scheme – Masterkey Properties". Masterkey Properties. 22 January 2018. Retrieved 12 June 2018.
  40. ↑ "Emaar Beachfront to offer Miami beach-style living in Dubai – Middle East Construction News" . Retrieved 12 June 2018.
  41. ↑ "EMAAR BEACHFRONT – DUBAI HARBOUR". Off-Plan Properties. Retrieved 11 November 2018.
  42. ↑ "How Dirty Money Finds a Home in Dubai Real Estate - OCCRP". How Dirty Money Finds a Home in Dubai Real Estate - OCCRP. 2024.
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  45. ↑ "Seascape By Emaar". Emaar Seascape. Retrieved 26 October 2023.
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