Emaar Properties records net operating profit of AED 2.343 billion (US$ 638 million) in first nine months of 2010

Emaar Properties records net operating profit of AED 2.343 billion (US$ 638 million) in first nine months of 2010

• Revenue for first nine months of the year was AED 8.320 billion (US$ 2.265 billion)
• Third-quarter 2010 revenue was AED 2.782 billion (US$ 757 million); net operating profit was AED 687 million (US$ 187 million)
• Company strengthens recurring revenue from hospitality and malls businesses

Dubai, UAE; October 27, 2010: Led by strong recurring revenue from its hospitality and malls businesses, Emaar Properties PJSC, the leading global property developer, recorded net operating profits of AED 2.343 billion (US$ 638 million) during the first nine months of 2010. These positive results demonstrate the significant gains that the company has achieved compared to the same period in 2009 – with net operating profits up over 67 per cent.

Revenue for the first nine months of the year reached AED 8.320 billion (US$ 2.265 billion), 53 per cent higher than the revenue of AED 5.429 billion (US$ 1.478 billion) in the first nine months of 2009.

Third quarter (July to September 2010) revenue for 2010 stood at AED 2.782 billion (US$ 757 million), 43 per cent higher than third quarter 2009 revenue of AED 1.948 billion (US$ 530 million).

Net operating profit for the third quarter of 2010 reached AED 687 million (US$ 187 million), which is at similar level as the profit for the third quarter of 2009.

In spite of the summer period, approximately 45% of the total units in Burj Khalifa, the world’s tallest building, have been handed over until the end of the third quarter 2010. The sales collection has been robust during the quarter providing additional liquidity to the company. In addition, with a view to convert short term liabilities into long term debt, Emaar launched a US$ 500 million of Convertible Notes due in 2015. The bond received overwhelming response with a demand in excess of US$ 3 billion. The Notes will be listed on the Luxembourg Euro MTF market subsequent to the approval at the Company’s Extraordinary General Meeting.

Mr Mohamed Alabbar, Chairman, Emaar Properties PJSC, said: “The solid results posted by Emaar during the first nine months of the year, marked by the delivery of our iconic tower Burj Khalifa, are testament to the strength of our diversified growth model. We have successfully focused on our strategy of geographic expansion in promising markets and delivered on our core competency of creating world-class real estate developments.”

He added: “Our strategic developments in shopping malls and hospitality are now yielding strong recurring revenues, which highlights our commitment to investing in the long term by adding value to our stakeholders. The challenges of the global financial slowdown are behind us, and we are entering a new phase of growth, complementing the vision of Dubai outlined by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President & Prime Minister and Ruler of Dubai.”




In the third quarter, Emaar continued handover of homes in Burj Khalifa, where the world’s first Armani Hotel Dubai also recorded robust occupancy levels. Emaar is currently completing orientation for the commercial suites in the tower, as well as for the residences.

Having successfully negotiated with contractors and consultants on several projects, Emaar is progressing with all its key property developments in Dubai, especially in Downtown Dubai, described as the “new heart of the city.”

Emaar further supported its shopping mall and leisure business segment by opening the region’s first boutique cineplex, the 6-screen Reel Cinemas at Dubai Marina Mall, and contributed to the city’s retail and hospitality sector through an array of promotions during the summer months aimed at driving international visitor flows.

Internationally, the first commercial offices in The Eighth Gate development in Syria were handed over within the Commercial Centre of the project, which is projected to become the leading business hub in the country. Earlier, Emaar handed over homes in Tuscan Valley Homes in Turkey and Canyon Views in Pakistan. Several landmark projects in Saudi Arabia, Jordan, Egypt and India will be completed in the coming months.

Mr Alabbar said: “Emaar has continuously focused on energising the domestic market by creating job opportunities and supporting ancillary industries. Our businesses complement this outlook by driving Dubai’s GDP growth, making Emaar an active partner in the Emirate’s socio-economic development and a driving force in realising the city’s ambitions.”

About Emaar Properties PJSC:
Emaar Properties PJSC, listed on the Dubai Financial Market, is a global property developer with a significant presence in key markets world-wide. Besides building residential and commercial properties, the company also has proven competencies in shopping malls & retail, hospitality & leisure, healthcare and financial services sectors.

Emaar inaugurated Burj Khalifa, the world's tallest building and free-standing structure, and has opened The Dubai Mall, the world’s largest shopping and entertainment destination.

In Saudi Arabia, Emaar is developing King Abdullah Economic City, the region's largest private sector-led project in Saudi Arabia, featuring a Sea Port, Central Business District, Industrial Zone, Educational Zone, Residential Communities and Resort District.

Emaar has joined hands with Giorgio Armani to strengthen its presence in hospitality. For more information, visit www.emaar.com.

Emaar Properties records 122 per cent growth in half-year net operating profits to AED 1,656 million (US$ 451 million)

Emaar Properties records 122 per cent growth in half-year net operating profits to AED 1,656 million (US$ 451 million)

• Half-year 2010 revenue increases 59 per cent to AED 5.538 billion (US$ 1.508 billion)
• Second-quarter net operating profit is AED 896 million (US$ 244 million) and revenue is AED 2,652 million (US$ 722 million)
• Highlight of the quarter is opening of Armani Hotel Dubai, setting new standards in global hospitality


Dubai, UAE; July 22, 2010: Marking significant gains in the company’s comparative financial performance over year 2009, Emaar Properties PJSC recorded half-year 2010 net operating profits of AED 1,656 million (US$ 451 million).

This corresponds to a 122 per cent growth over the half-year 2009 results, underscoring the effectiveness of Emaar’s strategy to focus on its core competency of value creation by building premium real estate master-developments in key geographic markets.

The revenue for the first six months of the year was AED 5.538 billion (US$ 1.508 billion), recording a growth of 59 per cent over half-year 2009 revenue of AED 3.481 billion (US$ 948 million).

Net operating profit for the second quarter ended 30 June, 2010 was AED 896 million (US$ 244 million), 18 per cent higher than the first-quarter 2010 net operating profit of AED 760 million (US$ 207 million). The net profit subsequent to considering the non business charges for the quarter is AED 802 million (US$ 218 million), a 6 per cent increase over the first quarter of the year.

Revenue for the second quarter recorded a growth of 37 per cent over second quarter 2009 revenue of AED 1.940 billion (US$ 528 million).

The highlight of second quarter 2010 was the opening of the world’s first Armani Hotel in Burj Khalifa, the world’s tallest building. In addition, the handover of units in Burj Khalifa started during the quarter with approximately 24 per cent handed over until June end.

In the process of implementing the strategy of concentrating on its core business, Emaar transferred the Hamptons International business in the UK, Europe and Asia to Countrywide at a consideration, which was similar to the purchase value of the business (in Sterling terms) it acquired in 2006. In addition, the Hamptons agency’s business in Middle East and North Africa was retained by Emaar to support its key geographic markets. The company also decided to transfer the management of Emaar Education’s schools in the UAE to Innoventures Educational Investments, a Dubai based premium education provider.

Mr Mohamed Alabbar, Chairman, Emaar Properties, said: “Over the past months, Emaar has undertaken a series of strategic initiatives to focus on value creation for our stakeholders. Our emphasis now is on strengthening our core competency of developing premium real estate projects, and building on our assets in promising emerging markets. This concerted approach has resulted in further strengthening our financial fundamentals, despite the challenges of the global financial climate.”

Mr Alabbar said that Emaar’s revenue model has effectively diversified with an increasing share from the rental & hospitality operations over the past year, a trend reflected in the half-year 2010 results.

“This is in line with our growth strategy, outlined in 2007, to further expand our revenue streams through strategic investments in key international markets as well as new business streams including shopping malls & retail and hospitality,” he explained.

Out of the 2009 full year’s revenue of AED 8.413 billion (US$2.290 billion), 25.8 per cent were from leasing and hospitality operations, and 8 per cent from international operations, compared to 90 per cent of the revenue coming only from Dubai property development in 2008.

Emaar has handed over homes in its master-planned communities in Turkey and Pakistan, and the company is currently on schedule with the completion and hand-over of landmark projects in India, Saudi Arabia, Jordan, Egypt and Syria over next 12 months. These markets are expected to contribute further to the revenue stream of the company.

Mr Alabbar said: “Our growth outlook is guided by the vision of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President & Prime Minister and Ruler of Dubai, who underscored the need for companies to evolve strategies that meet the realities of the new world. We will remain committed to building new revenue resources and realizing the full value of our assets by embracing change and tapping growth opportunities.”

About Emaar Properties PJSC:
Emaar Properties PJSC, listed on the Dubai Financial Market, is a global property developer with a significant presence in key markets world-wide. Besides building residential and commercial properties, the company also has proven competencies in shopping malls & retail, hospitality & leisure, healthcare and financial services sectors.

Emaar inaugurated Burj Khalifa, the world's tallest building and free-standing structure, and has opened The Dubai Mall, the world’s largest shopping and entertainment destination.

In Saudi Arabia, Emaar is developing King Abdullah Economic City, the region's largest private sector-led project in Saudi Arabia, featuring a Sea Port, Central Business District, Industrial Zone, Educational Zone, Residential Communities and Resort District.

Emaar has joined hands with Giorgio Armani to strengthen its presence in hospitality. For more information, visit www.emaar.com.

Emaar Properties wins awards for community management expertise

Emaar Properties wins awards for community management expertise

• Emaar wins award for ‘Education & Development Initiative’ and ‘Young Middle East Facilities Manager of the Year’ at Facilities Management ME Awards

Dubai, UAE; June 21, 2010: Emaar Properties PJSC, the global property developer, highlighted its commitment to strengthening community ties by clinching two top laurels at the Facilities Management Middle East Awards 2010 recently.

Emaar Community Management (ECM) the division dedicated to the management of Emaar’s communities, won the award for ‘Best Education & Development Initiative of the Year’ for its Community Cleanup Campaign, and Mr Naganandh Lakshmanan, Assistant Manager – ECM, was chosen as the ‘Young Middle East Facilities Manager of the Year.’

Mr Ahmad Al Matrooshi, Managing Director – UAE, Emaar Properties, said that Awards are a testament to the focus of Emaar in developing and sustaining integrated lifestyle neighbourhoods. “The Facilities Management Middle East Awards are a reiteration of the global best practices our Community Management team follows.”

Mr Matrooshi added: “The Awards highlight the cooperation and active participation of our community residents who made a difference with the Community Cleanup Campaign. Their participation is in line with the recently released guidelines by RERA under the Jointly-Owned Property Law.”

Emaar’s education and development initiative focused on bringing together the communities to highlight health, safety and security awareness through a Community Cleanup Campaign. This was further complemented through Emaar’s community newsletters, regularly sent out to all residents, which urged them to participate in the campaign, ensuring robust turnout.

Mr Lakshmanan was awarded with the Young Facilities Manager Award for his tireless work in the Dubai Marina towers community, where he worked to reduce costs and enhance efficiencies, thus achieving a cost saving of over AED 1.4 million in 2009. This in turn contributed to reducing the service fees for the community.

Emaar Community Management covers all aspects of the neighbourhoods, and work towards establishing vibrant communities by promoting the active participation of residents.

Photo Caption
Mr Jeevan J. D Mello (right), Senior Director, Emaar Community Management, receives Emaar’s Award for ‘Best Educational and Development Initiative’ at the Facilities Management Middle East Awards 2010 from Mr Bill Heath, Managing Director of MACE MACRO International.

Emaar’s commercial leasing offers customers choice of prime city locations

Emaar’s commercial leasing offers customers choice of prime city locations

• Customers can opt from offices in Emaar Square in Downtown Dubai and Emaar Business Park near The Greens
• Flexible office layouts, state-of-the-art amenities, ease of access and various leasing opportunities

Dubai, UAE; May 27, 2010: Emaar Properties PJSC, the global property developer, is offering commercial customers the opportunity to choose from two prestigious locations in Dubai for setting up business easily.

Emaar is leasing commercial space in Emaar Square, the dedicated business cluster in Downtown Dubai, and Emaar Business Park, Emaar’s first business community development near The Greens. Potential tenants will become part of established communities that are currently home to the headquarters of several leading multinational companies.

At Emaar Square and Emaar Business Park, the choice of top business locations in Dubai, customers can choose from fully-fitted or shell and core offices and flexible leasing opportunities. In addition to the location advantage of being part of vibrant business environments, the commercial offices at both fully-established projects feature modern business amenities, ease of access through the Dubai Metro and parking for staff and visitors.

Mr Ahmad Al Matrooshi, Managing Director – UAE, Emaar Properties, said the commercial developments by Emaar, offered for lease, will be advantageous to businesses given their proximity to Dubai’s business nerve centres. “The key preferences for commercial tenants are ease of access, location in a prestigious neigbourhoood and the amenities provided. In all these three criteria, Emaar Square and Emaar Business Park rank exceptionally high.”

He added: “In addition to establishing full-fledged residential communities, Emaar has also successfully developed dynamic business clusters over the years, which have gained strong response from the business community. With the leasing of Emaar Square and Emaar Business Park, businesses can leverage the growth environment offered by Dubai for businesses to grow and expand.”

At Emaar Square, the offices range in size from 3,500 to 28,000 sq ft while they are 4,000 to 25,000 sq ft in Emaar Business Park. The range of amenities include advanced telecom connectivity, a modern business centre, 24x7 security, maintenance and support teams, and parking facilities for staff members and visitors.

The offices are designed to the highest build quality, and are spacious, with liberal sunlight and airflow. The centrally air-conditioned offices have large windows overlooking views of the city. Both Emaar Square and Emaar Business Park offices can also be accessed by Dubai Metro, adding to the convenience of tenants.

Emaar Square is centrally located in Downtown Dubai, the 500-acre development by Emaar Properties. The most vibrant lifestyle destination in the city, Downtown Dubai hosts thousands of visitors and residents offering them a choice of leisure, entertainment, hospitality and retail offerings.

With over 1 million sq ft of prime office space, Emaar Square also has an additional 62,000 sq ft of retail options and business services in addition to boutique-style cafes and delis. The complex also has a VIP drop off area, express elevators and lawns that are ideal for corporate events.

Emaar Business Park is a four-building cluster situated directly opposite Dubai Marina and Emirates Living, and in easy access to Dubai Media City, Knowledge Village and Jebel Ali.

Tenants benefit from fully fitted offices with a range of amenities including advanced telecom systems, hi-speed Internet connectivity, video conferencing facilities and a central satellite television. All buildings are equipped with fiber optic risers and up-to-date technology for data transfer. Parking for over 2,000 cars and neighbouring retail facilities complement the business lifestyle.

For more details on commercial leasing, potential customers can contact Emaar at 800-EMAAR (36227).

Emaar has also launched an Agents’ Programme specifically for commercial leasing. This builds on the Agents’ Programme for residential property and highlights the growing interest in commercial property. Interested agents can contact Emaar at 800-EMAAR (36227).

About Emaar Properties PJSC:
Emaar Properties PJSC, listed on the Dubai Financial Market, is a global property developer with a significant presence in key markets world-wide. Besides building residential and commercial properties, the company also has proven competencies in shopping malls & retail, hospitality & leisure, healthcare and financial services sectors.
Emaar inaugurated Burj Khalifa, the world's tallest building and free-standing structure, and has opened The Dubai Mall, the world’s largest shopping centre.
In Saudi Arabia, Emaar is developing King Abdullah Economic City, the region's largest private sector-led project in Saudi Arabia, featuring a Sea Port, Central Business District, Industrial Zone, Educational Zone, Residential Communities and Resort District.
Emaar has joined hands with Giorgio Armani to strengthen its presence in hospitality. For more information, visit www.emaar.com.

Emaar’s cautious approach to managing costs and commitment to delivery drives 2010 growth strategy

Emaar’s cautious approach to managing costs and commitment to delivery drives 2010 growth strategy

• Focus on ‘affordable luxury’ segment to meet needs of youthful population in Emaar’s key growth markets
• 12th AGM reiterates commitment to project delivery and business segmentation
• Emaar currently operates in 16 countries and has over 94 million sq ft of completed real estate development


Dubai, UAE; April 29, 2010: Emaar Properties PJSC, the global property developer, announced today at its 12th Annual General Meeting that its growth strategy for 2010 derives strength and momentum from the cautious approach followed by the company in managing costs and reducing reliance on debt capital markets during 2009, one of the challenging years for businesses globally.

At the 12th AGM of Emaar, the assembly approved the non-distribution of dividends for 2009 and to reinvest the profits for the sustained, long-term growth of the company. The assembly also approved the Directors’ Report, Auditor’s Report and financial statements, and appointed Ernst & Young as the Auditors for the year 2010. The assembly also approved the report of the Board of Directors on the activities and financial position of the company for the fiscal year 2009, the balance sheet and profit & loss account.

Addressing shareholders, Mr Mohamed Alabbar, Chairman, Emaar Properties, explained that Emaar’s achievements in 2009 are a mark of the company’s inherent strength and robust fundamentals. “At Emaar, we have always adopted a cautious approach to managing costs at the early stage. We have made concerted efforts to reduce our reliance on debt capital markets and have depended mostly on internal resources.”

He said: “During the most challenging year for businesses globally, we focused on the timely completion of existing projects in Dubai and other global markets through efficient resource optimization.”

Among the key growth strategies for Emaar is its focus on developing real estate projects in the mid-market, affordable housing segment across all the countries in which it operates. Mr Alabbar said this focus on the “affordable luxury” segment will be complemented by the company’s continued commitment to project delivery and business segmentation. “We understand the need to develop real estate targeting the needs of youth in our markets. Emaar will meet their lifestyle aspirations.”

The crowning accomplishment of Emaar was the opening of Burj Khalifa, the world’s tallest building. “This singular feat of architecture and engineering reminds us that dreams, when grounded on firm foundations, will result in world-class achievements,” said Mr Alabbar. “All our business segments recorded tangible growth in 2009, with malls and hospitality making strong contributions to our revenue stream. Continuing this growth momentum, we recently opened the world’s first Armani Hotel in Burj Khalifa.”

Emaar today operates in 16 countries and has over 94 million sq ft of completed real estate development. The company delivered approximately 3,100 units during 2009, and revenues from malls and hospitality businesses increased significantly.

In 2009, Emaar Properties recorded annual net profits from continued operations of AED 2.051 billion (US$ 558.5 million) and annual revenue of AED 8.413 billion (US$ 2.290 billion).

About Emaar Properties PJSC:
Emaar Properties PJSC, listed on the Dubai Financial Market, is a global property developer with a significant presence in key markets world-wide. Besides building residential and commercial properties, the company also has proven competencies in shopping malls & retail, hospitality & leisure, healthcare and financial services sectors.

Emaar inaugurated Burj Khalifa, the world's tallest building and free-standing structure, and has opened The Dubai Mall, the world’s largest shopping centre.

In Saudi Arabia, Emaar is developing King Abdullah Economic City, the region's largest private sector-led project in Saudi Arabia, featuring a Sea Port, Central Business District, Industrial Zone, Educational Zone, Residential Communities and Resort District.

Emaar has joined hands with Giorgio Armani to strengthen its presence in hospitality. For more information, visit www.emaar.com.

Emaar Properties records 2009 annual net operating profit of AED 2.324 billion (US$ 633 million)

Emaar Properties records 2009 annual net operating profit of AED 2.324 billion (US$ 633 million)

• Annual revenue stands at AED 8.413 billion (US$ 2.290 billion)
• Fourth quarter revenue reaches AED 2.984 billion (US$ 812 million); net operating profit stands at AED 923 million (US$ 251 million)
• Recent company highlights include inauguration of Burj Khalifa
• Creates over 12,500 jobs through mall, hospitality and healthcare subsidiaries
• Opens first medical centre and two new hotels in Dubai


Dubai, UAE; February 11, 2010: Highlighting its global footprint with the recent inauguration of Burj Khalifa, the world’s tallest building, Emaar Properties PJSC announced today its financial results for the 12 months ended December 31, 2009. Annual net operating profits for the period reached AED 2.324 billion (US$ 633 million), as compared to the restated net operating profits of AED 4.236 billion (US$ 1.153 billion) in 2008. Annual revenue for 2009 was AED 8.413 billion (US$ 2.290 billion) as compared to the restated revenue of AED 10.717 billion (US$ 2.918 billion) in 2008. The restatement of the 2008 profit and revenue relates to change in accounting method from percentage completion to completed contract method of revenue recognition in accordance with International Financial Reporting standards (IFRS).

Fourth-quarter 2009 net operating profits stood at AED 923 million (US$ 251 million), 41 per cent higher than the third-quarter net operating profit of AED 655 million (US$ 178 million) and 149 per cent higher than the fourth quarter 2008 net operating profit of AED 370 million (US$ 101 million). Revenues for the last three months of 2009 reached AED 2.984 billion (US$ 812 million), 53 per cent higher than third-quarter 2009 revenue of AED 1.948 billion (nearly US$ 530 million) and 94 per cent higher than the fourth quarter 2008 revenue of AED 1.535 billion (US$ 418 million).

Emaar has delivered approximately 3,100 units during 2009 as compared to 4,900 units in 2008. However, the revenues by Malls and Hospitality businesses increased significantly. The company implemented a number of customer oriented policies, which assisted in maintaining its Gross Profit Margins at 2008 levels. These policies also enabled customers to settle their obligations towards properties delivered, which is also positively reflected in the revenues of the Company.

In spite of opening two hotels during the year – The Address Dubai Mall and The Address Dubai Marina, the selling, general and administration expenses in 2009 were maintained at 2008 levels through implementation of appropriate cost control mechanisms.

Although, the profitability levels were maintained for the core businesses of Emaar, the net operating profit decreased due to provisions made by the Company’s associated companies in the Financial Sector, Amlak Finance and Dubai Bank towards their loans and advances portfolio. The Company also recorded lower fee income on property transfers due to discontinuance of such charges and lower net interest income due to utilization of cash resources to complete investment assets (Malls and Hospitality) during the year.

The robust performance for the Company during 2009 - a challenging year internationally - is a result of concerted effort by the Company to optimize resource use. Emaar also worked closely with all stakeholders to make the Company resilient and deliver results.

Emaar’s Hospitality and Mall subsidiaries were significant contributors to the company’s revenue stream, with the year witnessing the opening of two new hotels and the grand inauguration of The Dubai Mall, the world’s largest shopping centre, which attracted more than 37 million visitors in its first year of operation.

Emaar Healthcare Group, the company’s healthcare subsidiary, opened its first world-class medical centre in Dubai late last year.

Overseas, Emaar projects in India, Egypt and Saudi Arabia, all reached advanced stages of completion and will be ready for handover this year.

Mr. Mohamed Alabbar, Chairman, Emaar Properties, said the company focused on the timely completion of existing projects across global markets through stronger resource optimization. “The crowning achievement in our track record of successful project management and delivery is the inauguration of Burj Khalifa. From delivering the world’s tallest building to the world’s largest shopping centre, and further strengthening our ability to build world-class communities such as Downtown Dubai, we have proved our commitment to delivery,” explained Mr. Alabbar.

Highlighting the success of Emaar’s diversified growth model, the company’s subsidiaries in hospitality & leisure and shopping malls & retail contributed to developing self-contained lifestyle communities in Dubai, which is also being rolled out in international markets.

“During an especially challenging period for economies across the globe, Emaar contributed to the socioeconomic growth and stability of Dubai by creating more than 12,500 new jobs through our subsidiaries. Domestic growth, catalysed by Burj Khalifa, will be the highlight of this year, as Emaar continues to focus on maximising long-term value for our shareholders,” said Mr. Alabbar.

He said that while Dubai will remain an integral part of the Emaar growth story, international markets and new businesses will also make considerable contributions. “The opening of Burj Khalifa has underscored the can-do ability of Dubai and is a testament to its sustained growth potential led by the vision of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai.”

This year, Emaar will also focus on middle income housing as a strategic growth area to meet the growing demand for homes in emerging markets. According to recent estimates, demand for residential property in India will be over 7.5 million units by 2013 of which 85 per cent is projected in the mid and affordable housing segment – a trend observed in Egypt, Pakistan and other emerging markets too.

Global firsts
Emaar Properties made global headlines with the inauguration of Burj Khalifa, which at 828 metres (2,716.5 ft), is the world’s tallest building and manmade structure. At 200 storeys, including 160 habitable levels, Burj Khalifa anchors the 500-acre Downtown Dubai mega-development, which also features The Dubai Mall.



The Dubai Mall has 1,200 retail outlets, including a range of flagship stores and global brands represented nowhere else in the Middle East. At the mall’s entertainment precinct, Emaar has introduced the region’s first SEGA Republic, an indoor theme park developed in partnership with SEGA Corporation; and Dubai’s largest megaplex, the 22-screen Reel Cinemas. Emaar has also opened KidZania®, the region’s first-of-its-kind children’s edutainment centre.

In 2009, Emaar also unveiled The Dubai Fountain, the world’s tallest performing fountain, which attracts thousands of visitors every day.

Business segmentation
Highlighting Emaar’s successful business segmentation strategy, in 2009 the company opened two new hotels in Dubai under The Address Hotels + Resorts brand. The Address Dubai Mall and The Address Dubai Marina increased the portfolio of Emaar’s own hotel brand to five, including The Address Downtown Dubai, The Palace - The Old Town, and The Address Montgomerie Dubai.

Emaar Hospitality Group made its successful foray internationally in 2009 with management contracts signed in France and Morocco. In Dubai, the hospitality & leisure subsidiary of Emaar also opened the Dubai Marina Yacht Club, revamped the Dubai Polo & Equestrian Club and strengthened Arabian Ranches Golf Club.

The performance of Emaar Hospitality Group was honoured globally with the company clinching the Arabian Business award for Hospitality Company of the Year 2008; World Travel Award’s Dubai’s Leading Lifestyle Hotel 2009, Middle East’s Leading New Hotel 2009; AHIC’S Best New Hotel 2009 for The Address Downtown Dubai; and Dubai’s leading City Resort for The Palace – The Old Town at the World Travel Awards.

International growth
In India, one of the company’s key growth markets, Emaar MGF Land Limited, the company’s joint venture in that country, has filed its Draft Red Herring Prospectus with the Securities and Exchange Board of India to enter the capital market with an initial public offering of AED 2.938 billion (INR38,500 million; US$830 million).

Emaar MGF Land Limited is also on course with the completion of the Commonwealth Games Village 2010, a residential complex set in 27.7 acres in Delhi with an estimated saleable area of 1.8 million sq feet.

Emaar has made considerable progress with its master-planned communities in India, Syria, Morocco, Jordan, Saudi Arabia and Egypt, with several hundred homes to be handed over this year.

With Tuscan Valley Houses in Turkey and Mirador Villas in Canyon Views in Pakistan, Emaar has already handed over its pioneering master-planned communities overseas – a trend that complements the company’s delivery track-record in Dubai.

Underscoring the continued commitment to excellence, Emaar won the ‘Best Developer in the Middle East and North Africa’ honour at the 2009 Euromoney Real Estate Awards. Emaar also won top laurels as ‘Best Developer in the UAE’ and ‘Best Developer in Saudi Arabia.’

About Emaar Properties PJSC:
Emaar Properties PJSC, listed on the Dubai Financial Market, is a global property developer with a significant presence in key markets world-wide. Besides building residential and commercial properties, the company also has proven competencies in shopping malls & retail, hospitality & leisure, education, healthcare and financial services sectors.

Emaar inaugurated Burj Khalifa, the world's tallest building and free-standing structure, and has opened The Dubai Mall, the world’s largest shopping centre.

In Saudi Arabia, Emaar is developing King Abdullah Economic City, the region's largest private sector-led project in Saudi Arabia, featuring a Sea Port, Central Business District, Industrial Zone, Educational Zone, Residential Communities and Resort District.

Emaar has joined hands with Giorgio Armani to strengthen its presence in hospitality. The company is also opening educational institutions and healthcare centres in South Asia, Middle East and North Africa and the Subcontinent.

Emaar holds 30 per cent equity in Dubai Bank, focused on retail and commercial banking. Emaar is also the largest shareholder in Amlak Finance, UAE's leading Islamic home financing company. For more information, visit www.emaar.com.

An 11-hectare green oasis envelops the foot of Burj Dubai

An 11-hectare green oasis envelops the foot of Burj Dubai

Environment-friendly cooling condensate system recovers 15 million gallons of water for irrigating gardens

Dubai, UAE; December 20, 2009: The world’s tallest building has a heart of green.

Burj Dubai, the world’s tallest building by Emaar Properties set to be inaugurated on January 4, 2010, stands tall amidst The Park, an 11-hectare green oasis that surrounds the foot of the tower. The Park has six spectacular water features, lush green gardens and colourful flowering trees.

As part of Burj Dubai’s ‘green’ initiative, the landscaping is irrigated using a unique condensate collection system. Water condensate from the tower’s cooling equipment is recovered, providing an estimated 15 million gallons of water a year, enough to fill 20 Olympic-sized swimming pools.

Celebrating the theme ‘A Tower in a Park,’ the landscaping of Burj Dubai has distinct divisions that serve the tower’s hotel, residential, spa and corporate office areas. In addition to lush greenery, each of the entrances to the tower has its own special water feature adding to the visual beauty of The Park with its sound and effects.

Mr Mohamed Alabbar, Chairman, Emaar Properties, said: “The design of The Park is also inspired by the core design concepts of Burj Dubai, based on the symmetries of the desert flower, Hymenocalis, and regional motifs. The Park creates a soothing oasis of green, and is a logical extension to the Emaar Boulevard, envisaged as one of the world’s finest boulevards.”

At the core of The Park design is a ‘water room’ located at the base of the tower and defined by walls of dancing jets and pools. While the water experience continues to become a focal feature for the visitors at each of the entrances, closer to the lake side The Park has a series of large reflecting pools with the infinity edges that cascade and visually link to the lake.

Fountains, palm fringed walkways and flowering trees line the base with special entry roads leading to the hotel and residential arrival courts. Each walkway has an assorted mix of flowering trees, green shrubs and ground covers.

The site furnishings, including the railings, benches and signs, incorporate the abstract imagery of Burj Dubai’s design inspiration, the Hymenocalis. Tightly spaced double rows of date palms create shade and scale, and extend as a green colonnade towards the Emaar Boulevard.

The plants used for landscaping include a choice of evergreen ficuses and cassias. Royal Poincianas, with their trademark bright red blooms, decorate the centre of the tower base. Acacias, Yellow Elders and Chaste trees add to the shrub and ground cover. Splashes of bougainvillea, white coloured flowers, concentric hedges of Carissa, low growing vines, several exotic succulents including aloes and agaves add to the allure of the park.

The Park of Burj Dubai is a true reflection of the tower’s teamwork and marks another first of sorts in global collaboration. It is a collective effort of Skidmore Owings and Merrill (SOM), the Chicago-based architects who also designed Burj Dubai, and SWA Group in California. WET, the designers of The Dubai Fountain, the world’s tallest performing fountain, developed the park’s six water features.

Joining this core team are Fisher Marantz Stone (lighting), Speirs & Major (festival lighting), Sinclair Knight Merz (security systems), Pelton Marsh Kinsella International (acoustics and ELV systems), Square Peg Design (signage), Hyder Consulting (civil and structural design) and Adrian Smith + Gordon Gill Architecture (the gatehouses and Armani/Pavillion).

Burj Dubai, a symbol of global collaboration, commitment and passion, stands tall at over 800 metres high and is located in the centre of Downtown Burj Dubai, described as the new heart of the city.

About Burj Dubai:
A mixed-use tower featuring the world’s first Armani Hotel Dubai and Armani Residences, alongside corporate suites, residences, retail and leisure facilities, Burj Dubai is at the centre of Downtown Burj Dubai, a 500-acre mega-development by Emaar Properties. Among an array of lifestyle amenities, the tower will have a public observation deck - At the Top, Dubai - on level 124.

Described as the new heart of Dubai, Downtown Burj Dubai encompasses The Dubai Mall, one of the world’s largest shopping and entertainment destinations; several hotels; offices and homes. A stellar attraction within the community is The Dubai Fountain, the world’s tallest performing fountain.

At over 800 metres, the Burj Dubai has already achieved the distinction of being the world's tallest structure surpassing the KVLY-TV mast (628.8 metres; 2,063 ft) in North Dakota, USA. The tower is taller than Taipei 101 in Taiwan, which at 508 metres (1,667 ft) has held the tallest-building-in-the-world title since it opened in 2004. Burj Dubai also surpassed the 31-year-old record of CN Tower, which at 553.33 metres (1,815.5 ft) has been the world’s tallest free-standing structure on land since 1976.

Designed by Chicago-based Skidmore, Owings and Merrill (SOM), Burj Dubai is constructed by high-rise experts South Korea’s Samsung Corporation. New York-based Turner Construction International is the project and construction manager. The tower employs the latest in wind engineering, structural engineering, structural systems, construction materials and construction methods.

About Emaar Properties PJSC:
Emaar Properties PJSC, listed on the Dubai Financial Market, is a global property developer with a significant presence in key markets world-wide. Besides building residential and commercial properties, the company also has proven competencies in shopping malls & retail, hospitality & leisure, education, healthcare and financial services sectors.

Emaar is set to inaugurate Burj Dubai, the world's tallest building and free-standing structure, and has opened The Dubai Mall, the world’s largest shopping and entertainment destination. In Saudi Arabia, Emaar is developing King Abdullah Economic City, the region's largest private sector-led project in Saudi Arabia, featuring a Sea Port, Central Business District, Industrial Zone, Educational Zone, Residential Communities and Resort District.

Emaar has joined hands with Giorgio Armani to strengthen its presence in hospitality. The company is also opening educational institutions and healthcare centres in South Asia, Middle East and North Africa and the Subcontinent.

Emaar holds 30 per cent equity in Dubai Bank, focused on retail and commercial banking. Emaar is also the largest shareholder in Amlak Finance, UAE's leading Islamic home financing company. For more information, visit www.emaar.com.

Emaar Properties records 2008 annual net operating profit of AED 5.578 billion (US$ 1.519 billion)

Emaar Properties records 2008 annual net operating profit of AED 5.578 billion (US$ 1.519 billion)

Dubai, UAE; February 12, 2009: Global property developer Emaar Properties PJSC has recorded annual net operating profits of AED 5.578 billion (US$ 1.519 billion) in 2008, 15 per cent lower than the net operating profits of AED 6.575 billion (US$ 1.790 billion) in 2007. Annual revenue was lower by 10 per cent to AED 16.015 billion (US$ 4.360 billion), from AED 17.869 billion (US$ 4.865 billion) in 2007. Earnings per share for the year relating to profit from operating activities in 2008 was AED 0.92 (US$ 0.25) compared to AED 1.08 (US$ 0.29) in the previous financial year.

Following the policy of conservative accounting, the Company recorded an inventory write down AED 0.919 billion (US$ 0.250 billion) relating to real estate inventory in J L Homes, US in the fourth quarter of 2008, where the economy is facing an unprecedented economic crisis. The Company recorded a profit of AED 0.924 billion (US$ 0.252 billion) prior to considering the aforementioned inventory write down in the fourth quarter and recorded a profit of AED 6.662 billion (US$ 1.814 billion) for the year prior to considering the total inventory write down during 2008. The lower revenue of AED 3.495 billion (US$ 0.952 billion) and operating profit of AED 0.924 billion (US$ 0.252 billion) for the fourth-quarter (October to December) 2008 (prior to considering the impact of inventory write down) has resulted in lower overall results for the year 2008. This is primarily due to slowing down of the real estate market in Dubai resulting from the current state of the global financial climate.

Emaar is concentrating on completing all the projects, which have commenced construction and have put new projects/ launches on hold to assist in reducing the real estate property supply in Dubai. The new launches in 2009 will be dependent on the review of the demand and supply situation at various income segment levels.

In view of the unprecedented slow down in the US real estate market, Emaar also decided to write down its investment in J L Homes by a total of AED 1.773 billion (US$ 0.483 billion) during the fourth quarter in order to be conservative in accounting for such an investment. This has resulted in the complete goodwill amount of AED 2.523 billion (US$ 0.687 billion) relating to J L Homes having been written off during 2008.

Mr Mohamed Alabbar, Chairman, Emaar Properties, said: “The primary focus of Emaar in the last quarter of the year was to mitigate the negative impact of the global financial crisis by facing up to the new economic realities and identifying innovative strategies to sustain businesses in an unprecedented downturn. We have placed emphasis on optimising resource use efficiency and maximising productivity, and will continue to build on our strategy of business segmentation and geographic expansion.”

He added: “This will continue to be our business approach in 2009 too, as we continuously strive to maximize shareholder value. Our expansion into other countries and new businesses including shopping malls, hospitality & leisure and education gained traction in 2008. We are thankful to our shareholders, who placed their unwavering trust in our efforts to maintain long-term sustainability.”

Mr Alabbar said that Emaar’s strategic growth objectives have been complemented by the initiatives of the Dubai Government under the leadership of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President & Prime Minister and Ruler of Dubai. “Rising up to face the economic concerns and boost market confidence, His Highness Sheikh Mohammed initiated several measures including the setting up of The Advisory Council, a high-level committee that will evaluate and recommend policies for economic growth. The Dubai Government is also focused on encouraging public spending and infrastructure development, which will in turn boost the property sector in the coming months.”

Business consolidation:
Emaar Properties marked year 2008 with several milestones in its growth including the opening of The Dubai Mall, one of the world’s largest shopping and entertainment destinations, and The Address, Downtown Burj Dubai, the first hotel brand to be owned and operated by Emaar.

Emaar also opened the Dubai Marina Mall and Dubai Marina Yacht Club, further additions to the company’s shopping malls and hospitality & leisure portfolio. This year, Emaar will open two hotels – The Address, Dubai Mall and The Address, Dubai Marina. “The emphasis on our new businesses also highlights our commitment to create integrated, self-sustaining neighbourhoods that energise the economy,” said Mr Alabbar. “Our varied projects have created several hundred direct and indirect jobs, thus assisting the economy during a crucial phase.”

In Dubai, Emaar is progressing with the construction of Burj Dubai, which will open this year. “Revisiting the project pipeline is a natural response to the new economic realities. We have also been negotiating with our partners to rationalize the project cost benefiting our shareholders and customers,” added Mr Alabbar.

Taking a thought-leadership role in strengthening investor confidence, Emaar had announced the ‘To Own’ scheme featuring the ‘Plan to Own’ and ‘Rent to Own,’ programmes - both of which have enabled customers to own property under more affordable terms within Emaar’s world-class master-planned communities in Dubai.

Strategic partnerships:
The 11-year-old company also strengthened its long-term growth goals through strategic partnerships locally and internationally. One of the highlights of year 2008 was the Memorandum of Understanding signed between Emaar Misr for Development, Emaar’s Egyptian subsidiary, and the Abu Dhabi Municipality to develop the 2.2 million sq m Sheikh Khalifa Bin Zayed Residential City in Cairo. The social housing project also marks Emaar’s all-encompassing development approach of meeting the lifestyle needs of all sections of the society.

Emaar also entered into a joint venture agreement with His Royal Highness Prince Meshal Bin AbdulAziz Al Saud, Chairman of Saudi Arabia’s Bayah Council, and owner of Al-Shoala Group of Establishment, to develop a 31 million sq m master-planned community, Rawabi Rumah, located near Riyadh.

Mr Alabbar said: “These global partnerships are an indication of the forward looking policies that govern the growth of Emaar. We are committed to enhancing value for all our stakeholders, and will look at building the company’s success further through innovation, by leveraging the opportunities that co-exist with current challenges.”
(Source:Emaar,Dubai)