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About Emaar Properties
Emaar Properties is a global property development and management company with headquarters located in Dubai, UAE. It is one of the largest real estate developers in the Middle East with expertise in building premium property and was established in 1997. The property portfolio of Emaar includes residential (housing communities), commercial (offices, shopping malls) and multi-use (hotels and resorts) projects.
The CEO of Emaar Properties is Amit Jain, a former management consultant from India with in-depth experience in the real estate and banking industries. Mohamed Alabbar is the company's Founder, Board Member and Managing Director and also the Chairman of Eagle Hills (a real estate developer in Abu Dhabi) as well as Americana Group (a multibillion-dollar food company in the Middle East) and a member of the Dubai Expo 2020 Higher Committee of the Government of Dubai.
The company operates globally across the Middle East, East Asia, North America, North Africa and Europe and has 60 subsidiaries in 36 different markets. Emaar has launched various developments in Saudi Arabia, the United States, India, Egypt, Pakistan, Jordan, Lebanon, Morocco and Turkey. In 2005 Emaar Hospitality Group, the hospitality and leisure branch of Emaar, expanded its hotel and resort chain into Nigeria and Bahrain. Among other renowned international projects are the Beit Misk in Lebanon, the Samarah Dead Sea Resort in Jordan, and Jeddah Gate in Saudi Arabia.
Emaar Properties was founded as a public joint-stock company on 23 June 1997 by Mohamed Ali Rashed Alabbar, and incorporated on 29 July 1997. After it was listed on the Dubai Financial Market (EMAAR:DFM) on 25 March 2000, Emaar Properties became one of the first companies on the DFM to open its capital to foreign nationals, allowing them to own up to 20% of the company's shares. In 2001, Emaar Properties became the first developer in the region to offer long-term leasehold properties and in 2002 they were the first to convert to freehold sale.
The first project of Emaar Properties was Dubai Marina. In 2000 the company announced their plans to build a residential district along the 2-mile-long shore of the Arabian Gulf. The first phase of the project, comprising six residential towers, began in 2001 and was completed prior to the IMF and World Bank conference in 2003.
In 2003, Emaar announced another project, later known as Downtown Dubai. The key features of this project was the construction of two buildings of record-breaking proportions – the Burj Khalifa and The Dubai Mall, now known as the world’s tallest building and the largest shopping center in the world respectively. The Dubai Mall opened in 2008, and The Burj Khalifa opened to the public in 2010.
In 2012, the company revealed their plans to open The Address BLVD, a luxury hotel and serviced apartments located in Downtown Dubai, adjacent to The Dubai Mall.
In 2013, Emaar launched several developments in Downtown Dubai, including Boulevard Point, The Address Residence Fountain Views, Burj Vista, The Address Residence Sky View, and Vida Residence. Later that year, a joint venture of Emaar Properties and Meraas Holding began the development of Dubai Hills Estate, which was the first phase of Mohammed Bin Rashid City. Mulberry at Park Heights became the company's first apartment complex in Dubai Hills.
In 2014, a new addition to Downtown Dubai was announced – the Opera District. The main sightseeing in the district was the Dubai Opera House, a 2,000-seat opera house which was the first of its kind in the country. Emaar Properties also launched Dubai Creek Residences – six residential towers in Dubai Creek Harbor.
In 2017, Emaar revealed their new residential project – Creek Gate in Dubai Creek Harbor. The company said that upon completion it would be three times larger than Downtown Dubai and it will feature the world's next tallest building – Dubai Creek Tower, which is currently in the completion stages.
In December 2020, Mohamed Alabbar stepped down as a Chairman and entered the company as a Managing Director.
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Today, Emaar Properties is considered one of the most trusted and renowned real estate developers in the UAE. According to Forbes, as of May 2021, the company's revenue was estimated at USD 6.1 billion.
Despite the coronavirus pandemic, the company demonstrated a good increase on year-on-year numbers. Emaar benefits from strong support of the Dubai government, which owns 32% of the company's shares. Emaar's Managing Director, Mohamed Alabbar said: "Our performance in 2020 is a direct result of our ability to move quickly, adapt to new business conditions and utilize our existing resources to access new opportunities. We continue to embrace technology to help grow our business, while at the same time closely adhere to the cost discipline that helps us achieve better results in each quarter."
The financial results of the company for 2020 showed that Emaar Properties' net profit was USD 712 million, which is 58% lower than in 2019 (USD 1.7 billion). Revenues in 2020 were USD 5.3 billion, which is 20% lower than in 2019 (USD 6.7 billion). The overall property sales of the company were USD 2.9 billion, of which USD 1.7 billion accounted in the UAE. The company has a total sales backlog of USD 9.9 billion, with USD 6.7 billion in the UAE.
However, the company's finances seem to be getting better in 2021. As of May 2021, Emaar Properties reported property sales of USD 1.93 billion in the first quarter, which is 83% higher than in the previous year (USD 1.05 billion in Q1 2020). Revenues for the first quarter of 2021 were USD 1.63 billion, 12% higher compared to revenues for the same period in 2020 (USD 1.45 billion). The company's net profit increased by 8% from USD 166 million in Q1 2020 to USD 179 million in Q1 2021.
The company has handed over 74,500 residential properties in Dubai and international markets and is currently developing over 26,000 residential units in the UAE and another 12,000 units abroad.