Company type | Public |
---|---|
DFM: EMAAR | |
Industry | Real estate |
Founded | 1997 |
Founder | Mohamed Alabbar |
Headquarters | , |
Key people |
|
Services | Commercial and residential property development |
Revenue | US$8.500 billion |
6,777,915,000 United Arab Emirates dirham (2017) | |
Total assets | 112,751,930,000 United Arab Emirates dirham (2017) |
Number of employees | 6,600 |
Subsidiaries | Emaar Developments, Memaar Building Systems, Emaar International, Emaar Hospitality, Emaar Malls, Emaar Hotels & Resorts, Emaar Retail, Emaar Community Management, Emaar Technologies, Emaar Industries and Investment, OBC El-Wigh Dubai, OBC El-Wigh India, Amlak Finance, Emaar Investment Holdings, Hamptons International Emaar India |
Website | www |
Emaar Properties (or simply Emaar) is an Emirati multinational real estate development company located in the United Arab Emirates. It is a public joint-stock company, listed on the Dubai Financial Market, and has a valuation of US$16.8 billion as of August 2023 against the Net Asset Valuation of US$37.6 billion (AED 138.1B) as of December 2022 based on the valuation of assets done by third party valuer. With six business segments and 60 active companies, Emaar has collective presence in 36 markets across the Middle East, North Africa, Asia, Europe and North America.
Emaar Properties Dubai is one of the largest real estate developers in the UAE and is known for various large-scale projects, such as developing Burj Khalifa, the tallest building in the world.
Emaar Properties was founded and incorporated in 1997 by chairman Mohamed Alabbar. [1] [2] Emaar has interests in both commercial and residential property development, as well as malls and hospitality. [3] The Dubai government initially owned 100 percent of the company while the founding shareholders held 24.3 percent when operations as a public company commenced after the IPO in 2000. [4] [5] The following year, Emaar announced plans to build Dubai Marina. [4] In 2000, Emaar Properties was listed on the Dubai Financial Market and became the first property company to offer shares to foreign nationals. [5] The first phase of the company's developmental projects began in 2001 when Emaar awarded the contract in a joint venture to build three of the six apartment towers. [6]
In 2003, the company revealed its plans for a signature development project, later known as Downtown Dubai. [7] The project consisted of two developments of historical proportions: Burj Khalifa and The Dubai Mall, the world's tallest building and world's largest mall respectively. [4] [7]
Emaar International LLC was established in 2004 and signified Emaar's expansion into foreign markets. [4] The company has undertaken projects in Africa, Asia, North America, and throughout the Middle East. [8] In 2005, Emaar Hotels & Resorts LLC was established in an exclusive deal with Giorgio Armani to launch a collection of luxury hotels in the designer brand's name. [9] Also in 2005, the high-rise Emaar Square Lifestyle Center was built in Istanbul, Turkey on top of the subterranean Emaar Square Shopping Mall. The 14-story mixed-use building provides residential units, amenity spaces, and retail space at the plaza level. [10]
The Dubai Mall officially opened in 2008, and Burj Khalifa in 2010. Despite a collapse in the real estate market in 2009, Emaar reported that Burj Khalifa had reached 80 percent occupancy by fall 2012. [4] By 2014, Emaar was holding over $11.4 billion in real estate investments. [11]
In 2009, John Laing Homes, a subsidiary of Emaar Properties which was acquired in 2006, [12] filed for Chapter 11 bankruptcy protection in the US Court for the District of Delaware. [13]
In July 2010, American businessman Lionel Lombard filed a lawsuit against Emaar Properties and its Chairman Mohamed Alabbar in a California federal court alleging he was wrongfully imprisoned and tortured because he had spoken up on behalf of Emaar foreign workers. The case was dismissed in November 2010 by Lombard. [14] [15]
In September 2012, Emaar launched the Address BLVD, a luxurious 72 storey hotel and hotel serviced apartment project in Downtown Burj Dubai adjacent to the Dubai Mall.
In 2014, Emaar Properties announced plans to sell shares of its malls and retail business to the public. [16] The IPO is one of the largest in the region since the global financial crisis. [16] Emaar Malls Group became a publicly traded company on the Dubai Financial Market in October 2014. Closing at 3.25 dirhams with approximately 535 million shares traded, the IPO was the largest in Dubai since 2007. [17] Also in 2014, Emaar opened the world's highest observation deck, At the Top, Burj Khalifa SKY. The highest man-made vantage point sits 555 metres up on the 148th floor of Burj Khalifa. [18]
Emaar marked the new year with the world's most watched New Year's Eve (NYE) celebration for 2015. [19] [20] According to Guinness World Records, Emaar oversaw the "Largest LED-Illuminated Façade" on the world's tallest man made structure" during the NYE celebrations. The record-setting display consisted of 70,000 LED panels that flashed coloured lights and projections of the country's leaders and other images on the Burj Khalifa. [21] Emaar reported a 16 percent rise in second-quarter net profit for 2015, [22] and that it has a land bank of over 235 million square metres. [23]
In March 2015, Emaar launched the Emaar Foundation to support the United Nations' World Food Programme and organizations such as Dubai Cares and the Dream for Future Africa Foundation. [24] The foundation delivered more than 3,000 meals a day during Ramadan through its Ramadan for All campaign from June to July 2015. [25]
In November 2020, Emaar Properties announced a profit fall of 48% from the beginning of the year until September. [26]
In December 2020, Alabbar stepped down as Emaar chairman but continued to oversee the day-to-day activities as managing director. [27]
The Dubai Mall, developed by Emaar Properties, is the second world's largest shopping mall. [28] It marked its soft opening in November 2008 and was inaugurated in May 2009. The mall has over 1,200 stores and 200 restaurants. [29] It is also home to Dubai Aquarium and Underwater Zoo, KidZania, Dubai Ice Rink and the largest cinema complex in the region, Reel Cinemas. [30] [31] [32] [33] In 2014, The Dubai Mall had over 80 million visitors, of which 40 percent were tourists from outside the region. [34] As an extension to Dubai Mall, Emaar began to develop a 55-storey residential building called Downtown Views. [35]
Another large development project commissioned by Emaar Properties of the Downtown Dubai area is the Dubai Fountain. The Dubai Fountain is the tallest performing fountain in the world and began operating in the spring of 2009. [36]
Emaar also developed the world's tallest building, Burj Khalifa, which opened in 2010. [37] [38] The building is 2,716.5 feet tall with 160 storeys that are primarily for residential purposes. [38] It is named after the Abu Dhabi ruler Sheikh Khalifa bin Zayed Al Nahyan. [38]
Emaar Properties has also developed a number of neighbourhoods throughout Dubai including Arabian Ranches, Dubai Marina, The Greens, The Meadows, The Lakes, and The Springs. These communities are built following a modern Arabic architecture style that includes colors. [39] In 2013, Emaar launched several other projects including The Address Residence Fountain Views I, II, and III, The Address Residence Sky View, Burj Vista, Boulevard Point and Vida Residence—all in Downtown Dubai. [40]
A further addition to Downtown Dubai from Emaar was the Opera District. Key features include the Dubai Opera House, the country's first dedicated opera house as well as design studios and other lifestyle amenities. [41]
In January 2015, Emaar Hospitality opened a boutique hotel, Manzil Downtown Dubai. The hotel is managed by Vida Hotels and Resorts and includes 200 rooms, suites with Burj Khalifa views, and access to a sports hub and several restaurants. [42] Emaar rolled out the region's first hop-on-hop-off transit system with the Dubai Trolley. [43] The trolley is also the world's first hydrogen-powered, zero-emission street tram system. [44]
In 2016, Emaar Properties announced plans to build the world's tallest structure, which would be taller than Burj Khalifa. It was expected to be completed by 2020. [45] [46] [ needs update ]
In 2017, it was announced that Creek Gate, a new residential project in Dubai Creek Harbour would be unveiled and that the hi-rise tower would be located in the Island district. If completed as planned, it would be almost three times larger than Downtown Dubai and the development would feature the world's next tallest structure Dubai Creek Tower. [47] [ needs update ]
Through various subsidiaries, Emaar has established property developments and projects in Pakistan, India, Jordan, Egypt, Lebanon, Morocco, the United States, Saudi Arabia, Syria, Iraqi Kurdistan, and Turkey. [48] Emaar Hospitality Group, the hospitality and leisure branch of Emaar, expanded its hotel and residence operations to Nigeria and Bahrain in 2015. [49] Some of the projects have included developments such as the Beit Misk in Lebanon, [50] the Jeddah Gate in Saudi Arabia, [51] and the Samarah Dead Sea Resort in Jordan that was outlined by the King Abdullah II Fund for Development. [52]
In 2002, Emaar Misr, an Egyptian subsidiary of Emaar Properties, completed the redevelopment of the Bibliotheca Alexandrina on the eastern harbor of Alexandria. [53] The new library facility stands almost exactly where the ancient Library of Alexandria existed. [54]
Emaar Misr began working on a $4 billion development project in 2005 initially called Cairo Grand Heights that was later renamed Uptown Cairo. [55] The project included building up an area as a residential, commercial, and recreational community. [56] [57]
In 2008, Emaar Misr began working on a tourist resort called Marassi in Sidi Abdel Rahman, located along the Mediterranean coast, that includes a hotel with 3,000 rooms, a marina, and a golf course. In 2018, Emaar Misr announced the re-innovation of a hotel called Al-Alamein Hotel and Resort, located in the New Alamein city on the Mediterranean coast. [58]
Emaar India has a portfolio of projects spanning all key segments of the Indian real estate industry, including residential, commercial, retail (malls) and hospitality. [59] [60] The company has a land bank of some 6,000 acres to be used for future development. [61] Its existing assets and ongoing projects, as also its land banks, are spread across India: Delhi NCR (particularly Gurugram), Mohali, Chennai, Hyderabad, Lucknow, Jaipur and Indore.
Emaar entered India in the early 2000s by winning the bid for the Hyderabad International Convention Centre, [62] A joint venture, the Cyberabad Convention Centre Private Limited (CCCPL), was floated specifically for this project, with the other partner being the Andhra Pradesh Industrial Infrastructure Corporation (APIIC). [63] The convention center, which has a total seating capacity of 4,000 seats (extendable to 6,500 seats) was completed in December 2005. [62]
In 2005, while the Hyderabad project was ongoing, Emaar entered into a joint venture to handle projects in India. Emaar India was founded in 2005 as a joint venture of Emaar Properties PJSC with MGF Developments Limited of India, in which Emaar was by far the larger equity partner and MGF was entrusted the operational responsibilities. [61] The joint venture executed several significant projects, such as the 2010 Commonwealth Games Village in Delhi. [64]
In April 2016, Emaar announced that it would separate from its joint venture partner and that the company would be divided vertically. Shortly after the announcement, Emaar filed the demerger scheme in the Delhi High Court, and Shravan Gupta of MGF resigned from his operational positions. Prashant Gupta is the current CEO of the company.
In pursuance of the intended demerger, the company is presently[ when? ] undergoing a restructuring exercise, wherein Emaar has taken control of all the ongoing projects of the company to ensure their completion at the earliest. [65] The company has committed to deliver 11,000 units by end of 2018, beginning with over 3,000 units in 2017 itself. [66]
In late 2021, a Memorandum of Understanding was signed between the governments of Dubai and Jammu & Kashmir to facilitate investment into certain marquee projects. Under the agreement, Emaar is to develop a shopping mall in Srinagar of 500,000 sq.ft. EMAAR is also considering other investments in hospitality and mixed use commercial and residential projects in Jammu city and in Srinagar city. [67] [68] [69]
The King Abdullah Economic City (KAEC), developed by Emaar, The Economic City (Emaar E.C.) is listed on Tadawul, the Saudi stock exchange, and is the largest private investment in Saudi Arabia. [70] The project includes the development of a special economic zone along the Red Sea coast 60 miles north of Jeddah. [4] [71] Emaar E.C. also heads the development of the KAEC port. The port is the first privately owned port for Saudi Arabia and was first opened in January 2014, but plans to further expand have been set in place after the generation of new financing. [71] The KAEC development is projected to be about the same size as Washington, D.C. when completed and the zone is estimated to house approximately 2 million people and assist in aiding the Saudi Arabian economy in expanding beyond oil to light and shipping industry. [71]
Emaar Properties first announced its plans for a large-scale development project in Syria in 2006. [72] The development, known as The Eighth Gate, includes three zones: a commercial center, waterfront and residential zone, and tourist area. [73] The project is a joint venture between Emaar Properties and IGO, an offshore investment and property development company. [73]
The Tuscan Valley development was Emaar's first project in Turkey. [74] Emaar completed the first phase of the Tuscan Valley venture by 2007, which included the development of luxury villas and commercial space just outside Istanbul. [70] In 2012, Emaar began developing an Emaar Square project. [74] The project plans include building Turkey's largest shopping mall and five-star hotels. [74] In 2013, Emaar Turkey, the wholly owned subsidiary of Emaar Properties, launched The Address Residences Emaar Square in Istanbul. [75] In 2017 Emaar Square Mall in Turkey was opened to the public. [76]
The Crescent Bay, Karachi is a 108-acre (440,000 m2) under-construction upscale mixed-use oceanfront development in Defence, Karachi, Pakistan. It is considered one of the biggest projects in Pakistan, with a cost of $2.4 billion. The development features a series of high and mid-rise towers for residential and commercial use, a shopping centre, a five-star beachfront hotel and a tower located in the heart of the project. [77]
The Canyon Views is a project of Emaar in Islamabad, Pakistan. [78]
Downtown Erbil is a project for a large-scale mixed-use complex in Erbil. The project was launched by Emaar Properties in 2013 and covers an area of 541,000 square meters. This area will[ needs update ] be used for residential apartments, hotels and a shopping mall. [79]
Emaar Properties posted a net profit of $712m for 2020. [80] Due to the COVID-19 pandemic, Emaar Malls Q1 profit dropped by 16% in 2021 as compared to 2020. [81]
The Burj Khalifa is a skyscraper in Dubai, United Arab Emirates. It is the world's tallest structure. With a total height of 829.8 m and a roof height of 828 m (2,717 ft), the Burj Khalifa has been the tallest structure and building in the world since its topping out in 2009, surpassing Taipei 101, the previous holder of that status.
Dubai Marina, aka Marsa Dubai, is a district in Dubai, United Arab Emirates. It is an artificial canal city built along a 3-kilometre (2 mi) stretch of the Persian Gulf shoreline. As of 2018, it has a population of 55,052. When the entire development is complete, it will accommodate more than 120,000 people in residential towers and villas. It is located on Interchange 5 between Jebel Ali Port and the area which hosts Dubai Internet City, Dubai Media City, and the American University in Dubai. The first phase of this project has been completed. Dubai Marina was inspired by the Concord Pacific Place development along False Creek in Vancouver, BC, Canada.
Mohamed Ali Alabbar is an Emirati businessman, best known as the founder of Emaar Properties, the developer of assets such as the Burj Khalifa and the Dubai Mall, as well as the founder and chairman of Eagle Hills, an Abu Dhabi-based private investment and real estate development company. Mohamed Alabbar is also the visionary behind Dubai Creek Tower. In a major update, he has said that Dubai Creek Tower, which was supposed to be the world’s tallest tower, is now being redesigned as ‘Female Burj Khalifa.’
Nakheel Tower was a planned skyscraper on hold in Dubai, United Arab Emirates by developer Nakheel. The project was previously called Al Burj. While the proposal changed over time, the tower was intended to be the tallest building in the world, surpassing the 828-metre (2,717 ft) Burj Khalifa which was completed in 2010.
Dubai Mall is a shopping mall in Dubai. It is the second-largest mall in the world by total land area and the 26th-largest shopping mall in the world by gross leasable area, tying with West Edmonton Mall and Fashion Island (Bangkok)—both of which are older than it. It has a total retail floor area of 8946,000 square metres (5,400,000 sq ft). Located in Dubai, United Arab Emirates, it is part of the 20-billion-dollar Downtown complex adjacent to the iconic Burj Khalifa, and includes over 1,200 shops. In 2011, it was the most visited building on the planet, attracting over 54 million visitors each year.
The Address Downtown, formerly The Address Downtown Dubai, is a 63-story, 302.2 m (991 ft) supertall hotel and residential skyscraper in the Burj Dubai Development Area of Dubai, United Arab Emirates. It was built by Emaar Properties.
The government of Dubai took a decision to diversify from a trade-based, oil-reliant economy to one that is service and tourism-oriented. This has made real estate and other developments more valuable, thus resulting in a property boom from 2004 to 2006. Construction on a large scale has turned Dubai into one of the fastest-growing cities in the world. There are a number of large-scale projects which are currently under construction or are to be constructed in the future. Due to the heavy construction which is taking place in Dubai, 30,000 construction cranes, which are 25% of cranes worldwide, are operating in Dubai. Due to the burst of construction, Dubai has acquired various building-related records, which include: the world's tallest tower, the world's largest shopping mall, the world's largest fountain and the world's tallest hotel. Also under construction is Dubailand, which will be almost twice the size of the Walt Disney World Resort.
Jeddah Tower or Burj Jeddah, previously known as Kingdom Tower, is a skyscraper construction project in Jeddah, Saudi Arabia. It is planned to be the first 1 km (3,281 ft) tall building and would be the world's tallest building or structure upon completion, standing 180 m (591 ft) taller than the Burj Khalifa. Located in the north side of Jeddah, it is the centerpiece of the Jeddah Economic City project. After almost five years of inactivity, development work on the project resumed in 2023.
Dubai Opera is a 2,000-seat, multi-format, performing arts centre, which is located within The Opera District in Downtown Dubai. It was developed by Emaar Properties to host a variety of performances and events including theatre, opera, ballet, concerts, conferences and exhibitions. Its plans were announced by Sheikh Mohammed bin Rashid Al Maktoum in March 2012 and it was completed in 2016. It opened on 31 August 2016 with a performance by Plácido Domingo. The first season featured Bizet's The Pearl Fishers opera and also the tenor José Carreras. Dubai Opera has flat floor capacity of 1,800 m2 (19,000 sq ft). This floor can be hired for weddings, gala dinners, fashion shows and exhibitions.
Arabtec Holding PJSC, Dubai's most heavily traded and largest construction group in GCC together with its subsidiaries, provided construction services for residential, commercial, oil and gas, infrastructure, power, facilities management, and property development sectors in the United Arab Emirates and internationally. It operated through Construction; Mechanical, Electrical and Plumbing; Oil & Gas, Infrastructure and Power; and other segments. The company was involved in the construction of high-rise towers, buildings, and residential villas, as well as drainage, electrical, mechanical, and plumbing contracting, and civil and infrastructure construction works. It also engaged in real estate investment, development, leasing, and management activities. In addition, the company manufactured precast panels and steel structures, as well as ready-mixed concrete
Downtown Dubai or The DubaiDowntown is a large-scale, mixed-use complex in Dubai, United Arab Emirates. It was developed by Emaar Real estate development company. Before 2000 this place called as Umm Al Tarif, later it's developed as the advance fecilitized city center of Dubai. It is home to some of the city's most notable landmarks, including Burj Khalifa, The Dubai Mall, and The Dubai Fountain. It covers an area of 2 square kilometres (0.77 sq mi), at an estimated cost of US$20 billion upon completion and, as of 2017, has a population of 13,201.
There are many tourist attractions in Dubai, resulting from the large scale construction boom. Dubai received 14 million tourists from all around the world in 2015. Euromonitor ranked the world's 150 most visited cities by international tourists in 2009; Dubai ranked 7th. Dubai welcomed 14.36M visitors in 2022. Dubai's economy relies on many sections of the "state", one of the most important being tourism, in 2014 total 70,475,636 passengers traveled through Dubai Airport. To maintain this important position in the tourism industry they are known to create big and impressive tourist attractions.
The Dubai Fountains are a choreographed fountain system located on the 12 hectare artificial Burj Khalifa Lake, at the center of the Downtown Dubai development in Dubai, United Arab Emirates. It was designed by WET Design, a California-based company also responsible for the fountains at the Bellagio Hotel Lake in Las Vegas. Illuminated by 6,600 lights and 50 colored projectors, it is 275 m (902 ft) long and shoots water up to 500 ft (152.4 m) into the air accompanied by a range of classical to contemporary Arabic and world music. It was built at a cost of AED 800 million.
Dubai Trolley is a tram system in Downtown Dubai. It includes a number of trams specially designed for Emaar Properties, with an operational speed of 10 km per hour. The trolleys are double-decker and can convey 50 passengers, who can ride on the open deck or the air-conditioned seating. They convey passengers free of charge.
Dar Al Arkan Real Estate (DAAR) (Arabic: دار الأركان) is a Saudi Arabian property development company. It is the largest developer by market value in Saudi Arabia. Dar Al Arkan is also involved in the acquisition, development, construction, maintenance, demolition, and restructuring of residential and commercial buildings. Based in Riyadh, it was established in 1994.
Kempinski The Boulevard Dubai, previously known as the Address Boulevard, is a 73-storey 370 m (1,214 ft) hotel in Downtown Dubai in Dubai, United Arab Emirates. It has 196 five-star-hotel rooms and 523 serviced residences. It is on the list of tallest buildings in Dubai and the list of tallest buildings in the world. It has a restaurant and 3 pools and has views of the Burj Khalifa.
Emaar India Limited is a real estate developer principally engaged in promotion, construction, development and sale of integrated townships, residential and commercial multi storied buildings, houses, flats, shopping malls, hotels, and other developments. The company develops residential and commercial projects in different parts of India, including Gurugram, Delhi/NCR, Mohali, Lucknow, Indore and other Indian cities.
Dubai Creek Tower is a supported observation tower to be built in Dubai, United Arab Emirates. The preliminary cost of the tower is AED 3.67 billion. It was expected to be completed in 2021 at the earliest, but the completion date is unknown since, as of now, the tower is on hold because of the COVID-19 pandemic. Finally, in 2024 the chairman of Emaar announced it was start soon.
Emaar Developments is the UAE-based property development arm of Emaar Properties. The company develops residential and commercial property, shopping malls and other retail assets, as well as hospitality and leisure attractions.
Shravan Gupta is an Indian businessman, serving as the chairman of MGF Group. He was previously a director at Emaar MGF Land.