Emaar Properties
{{Short description|Emirati real estate development company}}
{{Infobox company
| name = Emaar Properties PJSC
| logo = Emaar logo.svg
| logo_size = 256px
| image =
| image_caption =
| trading_name =
| type = Public
| traded_as = {{Dubai Financial Market|EMAAR}}
| industry = Real estate
| predecessor =
| foundation = {{start date and age|1997}}
| founder = Mohamed Alabbar
| location_city = Dubai
| location_country = United Arab Emirates
| area_served =
| key_people = {{ubl|Jamal Bin Theniyah
{{small|(chairman)}}|Ahmed Jawa
{{small|(vice chairman)}}|Zishan Baig
{{small|(MD - India)}}}}
| services = Commercial and residential property development
| revenue = US$8.500 billion
| owner =
| num_employees = 6,600
| parent =
| divisions =
| subsid = 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, representation in the Europe - GlobOwnrGroup
| homepage = {{URL|http://www.emaar.com}}
}}
Emaar Properties (or simply Emaar) is an Emirati real estate development company located in the United Arab Emirates.{{Cite web |date=2024-05-18 |title=Singapore Money Laundering Suspects Invested Huge Sums in Dubai Property |url=https://www.occrp.org/en/dubai-unlocked/singapore-money-laundering-suspects-invested-huge-sums-in-dubai-property |website=OCCRP |language=en}}{{Cite web |last=Al Helou |first=Elias |title=Emaar Development reports 66 percent surge in property sales, exceeding $13 billion in Q1-Q3 |url=https://economymiddleeast.com/news/emaar-development-reports-66-percent-surge-in-property-sales-exceeding-13-billion-in-q1-q3/ |access-date=2025-04-14 |website=Economy Middle East |language=en-US}} The two largest shareholders are Dubai ruler Mohammed bin Rashid Al Maktoum and the UAE's sovereign wealth fund Investment Corporation of Dubai.
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. Emaar has played a pivotal role in shaping the modern skyline of Dubai and has expanded its footprint internationally.
Emaar Properties Dubai is one of the largest real estate developers in the UAE and is known for various large-scale projects, such as building Burj Khalifa, the tallest building in the world.
History
=1997–2005=
Emaar Properties was founded and incorporated in 1997 by chairman Mohamed Alabbar.{{cite news | url=http://www.khaleejtimes.com/DisplayArticle09.asp?xfile=data/business/2005/February/business_February381.xml§ion=business | title=Emaar Properties growing from strength to strength | first=Moushumi Das | last=Chaudhury | date=19 February 2005 | newspaper = Khaleej Times | access-date = 23 September 2014}}{{cite magazine | url = http://investing.businessweek.com/research/stocks/snapshot/snapshot_article.asp?ticker=EMAAR:UH | archive-url = https://archive.today/20130628201437/http://investing.businessweek.com/research/stocks/snapshot/snapshot_article.asp?ticker=EMAAR:UH | url-status = dead | archive-date = June 28, 2013 | title = Emaar Properties Pjsc (EMAAR:DFM)| magazine = BusinessWeek | access-date=23 September 2014}}{{Cite web |last=Mughal |first=Waqar |title=Mohamed Alabbar |url=https://www.forbesmiddleeast.com/lists/most-impactful-real-estate-leaders-2024/mohamed-alabbar/ |access-date=2025-04-14 |website=Forbes Lists |language=en-US}} Emaar has interests in both commercial and residential property development, as well as malls and hospitality.{{Cite web |title=Dubai's Latest Mega-Projects Should Worry You |url=https://www.businessinsider.com/dubais-projects-concern-2014-7 |access-date=2025-04-14 |website=Business Insider |language=en-US}} 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.{{cite book | last = Covell | first = Jeffrey L. | date = 2014 | title = International Directory of Company Histories | editor = Jay P. Pederson | volume = 220 | location = Detroit | publisher = St. James Press}}{{cite magazine | last = Bhoyrul| first = Anil | title = Mohamed Alabbar: The only way is up | date = 31 March 2013 | magazine = Arabian Business}} The following year, Emaar announced plans to build Dubai Marina.
In 2000, Emaar Properties was listed on the Dubai Financial Market{{Cite web |date=2015-01-05 |title='When greed isn't good': Mohamed Alabbar on the current fluctuations in the region's stock markets - Arabian Business: Latest News on the Middle East, Real Estate, Finance, and More |url=https://www.arabianbusiness.com/interviews/property/when-greed-isn-t-good-mohamed-alabbar-on-current-fluctuations-in-region-s-stock-markets-577151 |access-date=2025-04-14 |website=www.arabianbusiness.com |language=en-US}} and became the first property company to offer shares to foreign nationals. 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.{{cite web | url = http://www.gulfconstructiononline.com/news/2572_Joint-venture-wins-Emaar-towers-deal.html | title = Joint venture wins Emaar towers deal | date = 1 October 2001 | publisher = Gulf Construction Online | access-date=23 September 2014}}
File:Dubai Downtown Model.jpg]]
In 2003, the company revealed its plans for a signature development project, later known as Downtown Dubai.{{cite web |url=http://ameinfo.com/blog/real-estate-&-property-management/emaar-properties/regions-largest-property-developer-emaar-showcases-world-class-projects-to-dubai-delegates/ |title=Region's largest property developer, EMAAR, showcases world-class projects to Dubai 2003 delegates |date=17 September 2003 |publisher=AME Info |access-date=23 September 2014 |url-status=dead |archive-url=https://web.archive.org/web/20141123215905/http://ameinfo.com/blog/real-estate-%26-property-management/emaar-properties/regions-largest-property-developer-emaar-showcases-world-class-projects-to-dubai-delegates/ |archive-date=23 November 2014 }} The project consisted of two developments: Burj Khalifa and The Dubai Mall, the world's tallest building and world's largest mall respectively. Emaar International LLC was established in 2004 and signified Emaar's expansion into foreign markets. The company has undertaken projects in Africa, Asia, North America, and throughout the Middle East.{{Cite news |last=Parasie |first=Nicolas |date=2014-04-06 |title=Q&A: Emaar's Chairman Strives for International Mix with Dubai Flavour |url=https://www.wsj.com/articles/BL-250B-1438 |access-date=2025-04-14 |work=Wall Street Journal |language=en-US |issn=0099-9660}}
=2006–present=
The Dubai Mall officially opened in 2008, and Burj Khalifa in 2010. By 2014, Emaar was holding over $11.4 billion in real estate investments.{{cite web| url=http://www.bidnessetc.com/business/emaar-properties-pjsc-is-down-over-last-month-but-can-rebound/| title=Emaar Properties PJSC Is Down Over Last Month But Can Rebound| first=Bob | last=Cramer| date=1 July 2014| publisher=Bidness ETC| access-date=15 September 2014| archive-url=https://web.archive.org/web/20140805155957/http://www.bidnessetc.com/business/emaar-properties-pjsc-is-down-over-last-month-but-can-rebound/| archive-date=5 August 2014| url-status=dead}} In 2007, the company was majority-owned by Dubai's government.{{Cite news |date=August 10, 2007 |title=Land-for-stock deal gives Dubai control of Emaar |url=https://www.reuters.com/article/idUSL18554042/ |access-date=2025-04-14 |work=Reuters |language=en-GB}} In 2009, John Laing Homes, a subsidiary of Emaar Properties which was acquired in 2006,{{Cite web |last= |date=2006-06-02 |title=Dubai's Emaar Acquires John Laing Homes in $1 Billion Deal |url=https://archive.nytimes.com/dealbook.nytimes.com/2006/06/02/dubais-emaar-acquires-john-laing-homes-in-1-billion-deal/?_php=true&_type=blogs&_r=0 |access-date=2025-04-14 |website=DealBook |language=en}}{{Cite web |date=2009-01-18 |title=John Laing Homes reviewing all options for funding |url=https://www.denverpost.com/2009/01/18/john-laing-homes-reviewing-all-options-for-funding/ |access-date=2025-04-14 |website=The Denver Post |language=en-US}} filed for Chapter 11 bankruptcy protection in the US Court for the District of Delaware.{{cite news | url = https://www.latimes.com/archives/la-xpm-2009-feb-20-fi-bankrupt20-story.html | title = John Laing Homes files for Chapter 11 | newspaper = Los Angeles Times | date = 20 February 2009 | access-date = 23 September 2014 | last=Vincent | first=Roger }}
In July 2010, American businessman Lionel Lombard filed a lawsuit against Emaar Properties{{Cite web |date=2009-01-18 |title=Dubai's Emaar faces US wrongful imprisonment case |url=https://www.denverpost.com/2009/01/18/john-laing-homes-reviewing-all-options-for-funding/ |access-date=2025-04-14 |website=Reuters |language=en-US}} 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.{{cite news| agency=Reuters | url=http://arabnews.com/economy/article83506.ece |title=Emaar Properties dismisses charges in US lawsuit | newspaper=Arab News |date=2010-07-13 |access-date=2011-11-14 |url-status=dead |archive-url=https://web.archive.org/web/20111014123529/http://arabnews.com/economy/article83506.ece |archive-date=2011-10-14 }}{{cite web | url = http://law.justia.com/cases/federal/district-courts/california/caedce/2:2010cv01740/210019/18 | title = Lombard v. Emaar USA et al – Document 18 | publisher = Justia | date = 30 November 2010 | access-date = 23 September 2014 }}
File:UAE Dubai Marina img1 asv2018-01.jpg district]]
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.{{Cite web |last=Deulgaonkar |first=Parag |date=2013-01-17 |title=Emaar to launch new luxury tower in Downtown Dubai - News - Emirates - Emirates24{{!}}7 |url=https://www.emirates247.com/news/emirates/emaar-to-launch-new-luxury-tower-in-downtown-dubai-2013-01-17-1.491434 |access-date=2025-04-14 |website=www.emirates247.com |language=en}} In 2014, Emaar Properties announced plans to sell shares of its malls and retail business to the public.{{Cite news |last=Lohade |first=Nikhil |date=2014-03-16 |title=Emaar's Retail Unit IPO Plan Draws Cheers |url=https://www.wsj.com/articles/BL-250B-1345 |access-date=2025-04-14 |work=Wall Street Journal |language=en-US |issn=0099-9660}} The IPO is one of the largest in the region since the global financial crisis. 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.{{cite web| url=https://www.bloomberg.com/news/2014-10-02/emaar-malls-rises-20-as-dubai-s-biggest-ipo-since-2007-debuts.html| title=Emaar Malls Rises as Much as 21% in Biggest Dubai IPO in 7 Years| last1=Khan| first1=Sarmad| last2=Sharif| first2=Arif| date=2 October 2014| publisher=Bloomberg| access-date=19 February 2015}} 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.{{Cite web |title=Burj Khalifa opens world's highest observation deck |url=https://www.breakingtravelnews.com/news/article/burj-khalifa-opens-worlds-highest-observation-deck/ |access-date=2025-04-14 |website=Breaking Travel News}}
Emaar marked the new year with the world's most watched New Year's Eve (NYE) celebration for 2015.{{cite web| url=http://www.news.com.au/world/fireworks-around-the-world-light-the-night-for-new-years-eve/story-fndir2ev-1227171544300| title=Fireworks around the world light the night for New Year's Eve| date=1 January 2015| publisher=News Limited| access-date=19 February 2015}}{{cite web| url=http://www.constructionweekonline.com/article-31997-emaars-nye-spectacular-was-worlds-most-watched/| title=Emaar's NYE spectacular was world's most-watched| first=Hannah | last=Raven| date=4 January 2015| publisher=Construction Week| access-date=19 February 2015}} 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.{{cite web| url=http://www.arabiangazette.com/breathtaking-fireworks-spectacle-and-led-facade-on-burj-khalifa-for-2015/| title=Breathtaking fireworks spectacle and LED facade on Burj Khalifa for 2015| date=31 December 2014| publisher=Arabian Gazette| access-date=19 February 2015| archive-date=8 November 2018| archive-url=https://web.archive.org/web/20181108184750/https://arabiangazette.com/breathtaking-fireworks-spectacle-and-led-facade-on-burj-khalifa-for-2015/| url-status=dead}} Emaar reported a 16 percent rise in second-quarter net profit for 2015,{{cite news| url=https://www.reuters.com/article/emaar-properties-results-q-idUSL5N10D0BX20150802| title=Dubai's Emaar Properties Q2 net profit rises 16 pct| date=August 2, 2015| first=Matt | last=Smith| work=Reuters| access-date=December 29, 2015}} and that it has a land bank of over 235 million square metres.{{cite web|url=http://www.thenational.ae/business/property/emaar-properties-profit-on-track-for-1-billion|title=Emaar Properties profit on track for $1 billion|publisher=The National|date=15 April 2015|access-date=1 July 2015| first=Frank | last=Kane}}
In November 2020, Emaar Properties announced a profit fall of 48% from the beginning of the year until September.{{Cite web |date=November 11, 2020 |title=REFILE-Dubai's Emaar reports nine-month profit almost cut in half |url=https://www.reuters.com/article/business/healthcare-pharmaceuticals/refile-dubais-emaar-reports-nine-month-profit-almost-cut-in-half-idUSL8N2HX3VU/ |access-date=2020-11-15 |website= |publisher=Reuters |location=}} In December 2020, Alabbar stepped down as Emaar chairman but continued to oversee the day-to-day activities as managing director.{{Cite web |date=2020-12-13 |title=Alabbar steps down as Emaar chairman |url=https://www.arabnews.com/node/1776626/business-economy |access-date=2025-04-14 |website=Arab News |language=en}}{{Cite web |last=Mansoor |first=Zainab |date=2020-12-13 |title=Mohamed Alabbar steps down as Emaar's chairman |url=https://gulfbusiness.com/emaar-chairman-alabbar-steps-down/ |access-date=2025-04-14 |language=en-US}} The Dubai Mall, developed by Emaar Properties, is the world's second largest shopping mall.{{cite news| url=http://www.reuters.com/article/emaar-malls-sukuk-idUSL5N0OS2OY20140611| title=UPDATE 2-Dubai's Emaar Malls attracts strong demand for debut sukuk| first=Archana | last=Narayanan| date=11 June 2014| work=Reuters| access-date=15 September 2014}} It marked its soft opening in November 2008 and was inaugurated in May 2009. The mall has over 1,200 stores and 200 restaurants.{{cite web| url=http://www.theaustralian.com.au/news/features/dubai-mall-is-the-most-popular-place-on-the-planet-why/story-e6frg8h6-1226974116141#| title=Dubai Mall is the most popular place on the planet. Why?| first=John | last=Arlidge | date=5 July 2014 | newspaper=The Australian | access-date=15 September 2014}} It is also home to Dubai Aquarium and Underwater Zoo, KidZania, Dubai Ice Rink and the largest cinema complex in the region, Reel Cinemas.{{cite magazine| url=http://www.arabianbusiness.com/dubai-mall-unveils-giant-octopus-attraction-559080.html| title=Dubai Mall unveils giant octopus attraction| date=24 July 2014| magazine=Arabian Business | access-date=15 September 2014}}{{Cite web |last=XPRESS |date=2019-07-23 |title=Dubai Mall to open UAE's largest Cineplex |url=https://gulfnews.com/uae/dubai-mall-to-open-uaes-largest-cineplex-1.478543 |access-date=2025-04-14 |website=Gulf News: Latest UAE news, Dubai news, Business, travel news, Dubai Gold rate, prayer time, cinema |language=en}}{{cite web |title=U Wang Young |url=https://uwangyoung.store/ |access-date=15 September 2014 |publisher=The Dubai Mall}}{{Cite web |last=KidZania |title=KidZania |url=https://www.thedubaimall.com/en/Entertain/KidZania.aspx |access-date=2025-04-14 |website=Dubai Mall |language=en}} In 2014, The Dubai Mall had over 80 million visitors, of which 40 percent were tourists from outside the region.{{cite web|url=http://gulfbusiness.com/2015/02/dubai-mall-sees-80m-visitors-2014/|title=Dubai Mall Sees 80m Visitors in 2014|magazine=Gulf Business|date=10 February 2015|access-date=1 July 2015|last=Sophia|first=Mary|archive-date=24 June 2015|archive-url=https://web.archive.org/web/20150624073952/http://gulfbusiness.com/2015/02/dubai-mall-sees-80m-visitors-2014/|url-status=dead}} As an extension to Dubai Mall, Emaar began to develop a 55-storey residential building called Downtown Views.{{cite web|last1=Views|first1=Downtown|title=Downtown Views is the upcoming 55 storey residential building by Emaar connecting Dubai mall.|url=http://downtownviews.info/en/About.html|website=Downtown Views|publisher=Anamika Murali|access-date=21 February 2017}}
Emaar Properties's Dubai Fountain is the tallest performing fountain in the world and began operating in the spring of 2009.{{cite news| url=http://gulfnews.com/life-style/leisure/dubai-fountain-a-splash-of-notes-1.859634| title=Dubai Fountain: A splash of notes| first=Sharmila| last=Dhal| date=1 September 2011| newspaper=Gulf News| access-date=15 September 2014| archive-date=16 September 2014| archive-url=https://web.archive.org/web/20140916034200/http://gulfnews.com/life-style/leisure/dubai-fountain-a-splash-of-notes-1.859634| url-status=dead}} Emaar developed the world's tallest building, Burj Khalifa, which opened in 2010.{{Cite news |last=Critchlow |first=Stefania Bianchi And Andrew |date=2010-01-05 |title=Burj Dubai Tower Opens |url=https://www.wsj.com/articles/SB10001424052748703580904574638111667658806 |access-date=2025-04-14 |work=Wall Street Journal |language=en-US |issn=0099-9660}}{{cite news| url=http://latimesblogs.latimes.com/money_co/2010/01/dubai-burj-tower-opening-tallest-building.html| title=Monument to excess? Dubai opens world's tallest building| first=Tom | last=Petruno| date=4 January 2010| newspaper=Los Angeles Times | access-date=15 September 2014}} The building is 2,716.5 feet tall with 160 storeys that are primarily for residential purposes. It is named after the Abu Dhabi ruler Sheikh Khalifa bin Zayed Al Nahyan.{{Cite web |date=2010-01-04 |title=Monument to excess? Dubai opens world's tallest building |url=https://www.latimes.com/archives/blogs/money-company/story/2010-01-04/monument-to-excess-dubai-opens-worlds-tallest-building |access-date=2025-04-14 |website=Los Angeles Times |language=en-US}}
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.{{cite magazine| url=http://www.arabianbusiness.com/emaar-launches-new-dubai-residential-project-504541.html| title=Emaar launches new Dubai residential project| first=Andy | last=Sambidge| date=10 June 2013| magazine=Arabian Business | access-date=15 September 2014}} In 2013, Emaar launched 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.{{cite web| url=http://gulfbusiness.com/2013/09/emaar-launches-sale-of-the-address-residence-in-dubai/#.U_-Gp_ldVXY| title=Emaar Launches Sale Of The Address Residence In Dubai| first=Aarti| last=Nagraj| date=16 September 2013| magazine=Gulf Business| access-date=15 September 2014| archive-date=27 June 2015| archive-url=https://web.archive.org/web/20150627200916/http://gulfbusiness.com/2013/09/emaar-launches-sale-of-the-address-residence-in-dubai/#.U_-Gp_ldVXY| url-status=dead}} 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.{{cite web| url=http://gulfbusiness.com/2014/03/emaar-reveals-details-about-2000-seat-opera-house-in-dubai/#.U_-I2_ldVXY| title=Emaar Reveals Details About 2,000-Seat Opera House In Dubai| first=Aarti | last=Nagraj| date=18 March 2014| magazine=Gulf Business | access-date=15 September 2014| archive-date=19 August 2015| archive-url=https://web.archive.org/web/20150819014953/http://gulfbusiness.com/2014/03/emaar-reveals-details-about-2000-seat-opera-house-in-dubai/#.U_-I2_ldVXY| url-status=dead}}
File:Burj Khalifa.jpg owns Burj Khalifa, the world's tallest building standing at {{convert|828|m|adj=on}}.]]
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.{{cite web| url=http://gulfbusiness.com/2015/01/emaar-opens-new-boutique-hotel-manzil-downtown-dubai/| title=Emaar Opens New Boutique Hotel Manzil Downtown Dubai| first=Mary| last=Sophia| date=8 January 2015| magazine=Gulf Business| access-date=19 February 2015| archive-date=20 April 2015| archive-url=https://web.archive.org/web/20150420073201/http://gulfbusiness.com/2015/01/emaar-opens-new-boutique-hotel-manzil-downtown-dubai/| url-status=dead}} Emaar rolled out the region's first hop-on-hop-off transit system with the Dubai Trolley.{{Cite web |last=Al-Mahmoud |first=Zaid |date=2015-04-21 |title=Emaar Launches Hydrogen-Powered Dubai Trolley |url=https://www.dubaitripguide.com/emaar-launches-hydrogen-powered-dubai-trolley/ |access-date=2025-04-14 |website=Dubai Trip Guide |language=en-US}} The trolley is also the world's first hydrogen-powered, zero-emission street tram system.{{Cite web |date=2015-04-21 |title=Emaar rolls out Dubai Trolley tram system - Construction Week Online |url=https://www.constructionweekonline.com/projects-tenders/article-33373-emaar-rolls-out-dubai-trolley-tram-system |access-date=2025-04-14 |language=en-US}} 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.{{Cite news |last=Parasie |first=Nicolas |date=2016-04-10 |title=Dubai Developer Emaar Plans New 'World's Tallest' Tower |url=https://www.wsj.com/articles/dubai-developer-emaar-plans-new-worlds-tallest-tower-1460289927 |access-date=2025-04-14 |work=Wall Street Journal |language=en-US |issn=0099-9660}}{{Cite news|url=https://www.bbc.com/news/world-middle-east-36010002|title=New Dubai tower 'to surpass' world's tallest building Burj Khalifa | publisher=BBC | work=BBC News |date=10 April 2016 | location=UK |language=en-GB|access-date=2016-04-11}}{{update-inline|reason=It is 2024 now. Four years after 2020. The Burj Khalifa remains, apparently, the world's tallest building. Presumably this speculation is outdated now? IE: Wrong? |date=January 2024}}
International projects
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.{{cite web| url=http://www.emaar.com/en/what-we-do/communities/| title=Emaar Properties-Premier Developer of Integrated Lifestyle Communities| publisher=Emaar Properties| access-date=18 September 2014| archive-date=16 December 2018| archive-url=https://web.archive.org/web/20181216115247/https://www.emaar.com/en/what-we-do/communities/| url-status=dead}} Some of the projects have included developments such as the Beit Misk in Lebanon,{{cite web|url=http://www.executive-magazine.com/business-finance/real-estate/lebanon-home-on-a-mountain |title=Lebanon – Home on a mountain | first=Nada | last=Nohra |date=3 September 2009 |publisher=Executive Magazine |access-date=19 February 2015 |url-status=dead |archive-url=https://web.archive.org/web/20150219213028/http://www.executive-magazine.com/business-finance/real-estate/lebanon-home-on-a-mountain |archive-date=19 February 2015 }} the Jeddah Gate in Saudi Arabia,{{cite magazine| url=http://www.arabianbusiness.com/emaar-launch-luxury-home-sales-at-saudi-project-525972.html| title=Emaar to launch luxury home sales at Saudi project| first=Andy | last=Sambridge| date=12 November 2013| magazine=Arabian Business| access-date=19 February 2015}} and the Samarah Dead Sea Resort in Jordan.{{cite web| url=http://www.albawaba.com/business/emaar-international-jordan-showcases-samarah-dead-sea-resort| title=Emaar International Jordan showcases Samarah Dead Sea Resort| date=6 December 2007| publisher=Albawaba Business| access-date=19 February 2015}}
=USA=
In 2008, Emaar acquired John Laing Homes—then the second-largest privately held developer in the United States for $1 billion in cash. This acquisition led to the formation of Emaar North America, which oversaw major real estate projects across the U.S. and Canada. Among its most notable developments was Beverly West, an ultra-luxury condominium tower in Los Angeles that attracted high-profile residents including Ellen DeGeneres and The Weeknd. The division was led by Dario De Luca and Paul Spradling.
=Egypt=
Emaar Misr began working on a $4 billion development project in 2005 on the Moqattam Plateau in Cairo, initially called Cairo Grand Heights that was later renamed Uptown Cairo.{{cite web |date=22 May 2006 |title=Emaar Misr signs MoU with Egypt's Bibliotheca Alexandrina for waterfront redevelopment project |url=http://www.albawaba.com/business/emaar-misr-signs-mou-egypt%E2%80%99s-bibliotheca-alexandrina-waterfront-redevelopment-project |access-date=18 September 2014 |publisher=Albawaba Business}} The project included building up an area as a residential, commercial, and recreational community.{{cite web |last=Lloyd-Jones |first=Trevor |date=18 August 2005 |title=Emaar unveils blueprint for US$4 billion Cairo Heights |url=http://www.bi-me.com/main.php?id=1869&t=1 |url-status=dead |archive-url=https://web.archive.org/web/20150219212103/http://www.bi-me.com/main.php?id=1869&t=1 |archive-date=19 February 2015 |access-date=18 September 2014 |publisher=Business Intelligence Middle East}}{{cite web |date=8 February 2009 |title=Emaar Misr Makes Strong Progress on Marassi for on-schedule Completion |url=http://www.dubaichronicle.com/2009/02/08/emaar-misr-makes-strong-progress-on-marassi/ |access-date=18 September 2014 |publisher=Dubai Chronicle}}
In 2006, Emaar Misr, an Egyptian subsidiary of Emaar Properties, completed an agreement with the Bibliotheca Alexandrina to redevelop part of its property on the eastern harbor of Alexandria.{{cite web| url=http://m.arabianbusiness.com/emaar-books-egypt-library-job-208744.html| title=Emaar books Egypt library job| first=Sean | last=Cronin| date=27 May 2006| publisher=ConstructionWeek| access-date=18 September 2014| archive-url=https://web.archive.org/web/20150201161523/http://m.arabianbusiness.com/emaar-books-egypt-library-job-208744.html| archive-date=1 February 2015| url-status=dead}} The new library facility stands almost exactly where the ancient Library of Alexandria existed,{{cite web| url=http://www.uaeinteract.com/docs/EMAAR_subsidiary_signs_pact_for_project_in_Egypt/20896.htm| title=Emaar subsidiary signs pact for project in Egypt| date=22 May 2006| publisher=UAE Interact| access-date=18 September 2014}} however the project has never materialized.
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. The project also included the renovation of the well known Al-Alamein Hotel located within the property.{{cite news| url=http://www.thenational.ae/business/travel-tourism/egypt-revels-in-tourism-boom| title=Egypt revels in tourism boom| first=Amena | last=Bakr| date=3 September 2008| newspaper=The National | location=UAE | access-date=18 September 2014}}
=India=
Emaar India has a portfolio of projects spanning all key segments of the Indian real estate industry, including residential, commercial, retail (malls) and hospitality.{{Cite web|url=http://www.emaar-india.com/|title=Emaar: Global Real Estate Company in India|website=www.emaar-india.com/}}{{Cite web|url=https://www.emaar.com/en/what-we-do/communities/india/|title=Real Estate Developments in India {{!}} Emaar Properties|website=www.emaar.com|language=en|access-date=2017-09-15|archive-date=2017-09-15|archive-url=https://web.archive.org/web/20170915161421/https://www.emaar.com/en/what-we-do/communities/india/|url-status=dead}} The company has a land bank of some 6,000 acres to be used for future development. 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.
==Early projects==
Emaar entered India in the early 2000s by winning the bid for the Hyderabad International Convention Centre,{{cite news| url=http://www.business-standard.com/article/companies/emaar-mulls-more-projects-in-india-106010901025_1.html| title=Emaar mulls more projects in India| date=9 January 2006| newspaper=Business Standard| access-date=18 September 2014}} 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).{{cite news|url=http://www.business-standard.com/article/companies/why-did-the-law-take-forever-to-catch-up-with-emaar-mgf-113060600737_1.html |title=Why did the law take forever to catch up with Emaar MGF? |newspaper=The Business Standard | date=7 June 2013}} The convention center, which has a total seating capacity of 4,000 seats (extendable to 6,500 seats) was completed in December 2005.
==Joint Venture phase==
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.{{Cite news| url=http://timesofindia.indiatimes.com/business/india-business/emaar-india-to-invest-rs-2000-cr-in-2yrs-to-complete-projects/articleshow/58558410.cms | title=Emaar India to invest Rs 2,000 cr in 2yrs to complete projects | newspaper=The Times of India |access-date=2017-09-14}} The joint venture executed several significant projects, such as the 2010 Commonwealth Games Village in Delhi.{{Cite web| url=https://www.emaar.com/en/what-we-do/communities/india/commonwealth-games-village-delhi.aspx|title=Commonwealth Games Village in Delhi | publisher=Emaar Properties | website=emaar.com|language=en|access-date=2017-09-14}}
In April 2016, Emaar announced that it would separate from its joint venture partner and divide the company 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?|date=January 2024}} undergoing a restructuring exercise, wherein Emaar has taken control of all the ongoing projects of the company to ensure their completion at the earliest.{{Cite news |date=April 14, 2016 |title=Dubai-based Emaar to separate from Indian partner MGF, ending decade-old joint venture |url=http://economictimes.indiatimes.com/industry/indl-goods/svs/construction/dubai-based-emaar-to-separate-from-indian-partner-mgf-ending-decade-old-joint-venture/articleshow/51805849.cms |work=Economic Times}} The company has committed to deliver 11,000 units by end of 2018, beginning with over 3,000 units in 2017 itself.{{Cite news|url=http://www.business-standard.com/article/companies/emaar-india-to-deliver-11-000-flats-by-2018-in-haryana-117090200330_1.html|title=Emaar India to deliver 11,000 flats by 2018 in Haryana|last=ANI|date=2017-09-02|work=Business Standard India|access-date=2017-09-14}}
==Future plans==
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.{{Cite web|last=Nandy|first=Madhurima|date=2022-01-03|title=Emaar to develop shopping mall in Srinagar|url=https://www.livemint.com/companies/news/emaar-to-develop-shopping-mall-in-srinagar-11641198922831.html|access-date=2022-01-03| website=livemint.com |language=en}}{{Cite web|agency=Press Trust of India|title=Dubai's Emaar group to develop 5 lakh sq ft shopping mall in Srinagar|url=https://www.greaterkashmir.com/business/dubais-emaar-group-to-develop-5-lakh-sq-ft-shopping-mall-in-srinagar|access-date=2022-01-03|website=Greater Kashmir|date=3 January 2022 |language=en}}{{Cite news|last=Haidar|first=Faizan|title=Emaar group to develop shopping mall in Srinagar|work=The Economic Times|url=https://economictimes.indiatimes.com/industry/services/property-/-cstruction/emaar-group-to-develop-shopping-mall-in-srinagar/articleshow/88661414.cms?from=mdr|access-date=2022-01-03}}
=Saudi Arabia=
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.{{cite web| url=https://www.pbs.org/wnet/wideangle/episodes/the-sand-castle/export-dubai/1845/| title=The Sand Castle:Dubai| date=24 July 2007| publisher=PBS| access-date=18 September 2014}} The project includes the development of a special economic zone along the Red Sea coast 60 miles north of Jeddah.{{cite news| url=https://www.reuters.com/article/emaar-ec-ports-idUSL6N0PH06R20140706| title=Saudi's Emaar EC says port unit agrees capital hike to fund expansion| date=6 July 2014| work=Reuters| access-date=18 September 2014}} 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. 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.
=Syria=
Emaar Properties first announced its plans for a large-scale development project in Syria in 2006.{{cite web| url=http://www.albawaba.com/business/500m-mixed-use-project-be-developed-emaar-syria| title=$500m mixed-use project to be developed by Emaar in Syria| date=12 June 2006| publisher=Albawaba Business| access-date=18 September 2014}} The development, known as The Eighth Gate, includes three zones: a commercial center, waterfront and residential zone, and tourist area.{{cite news| url=http://www.khaleejtimes.com/kt-article-display-1.asp?xfile=data/business/2005/October/business_October381.xml§ion=business| title=Emaar unveils massive Syrian expansion plan| date=19 October 2005| newspaper=Khaleej Times | access-date=18 September 2014}} The project is a joint venture between Emaar Properties and IGO, an offshore investment and property development company.
=Turkey=
The Tuscan Valley development was Emaar's first project in Turkey.{{cite web| url=https://www.bloomberg.com/news/2012-12-19/emaar-obtains-500-million-financing-facility-for-turkey-project.html| title=Emaar Obtains $500 Million Financing Facility for Turkey Project| first=Arif | last=Sharif| date=19 December 2012| publisher=Bloomberg| access-date=18 September 2014}} 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. In 2012, Emaar began developing an Emaar Square project. The project plans include building Turkey's largest shopping mall and five-star hotels. In 2013, Emaar Turkey, the wholly owned subsidiary of Emaar Properties, launched The Address Residences Emaar Square in Istanbul.{{cite web|url=http://www.ttgmena.com/Emaar-Turkey-launches-The-Address-Residences-in-Istanbul-sales/ |title=Emaar Turkey launches The Address Residences in Istanbul sales |date=4 March 2013 |publisher=TTG Mena |access-date=19 February 2015 |url-status=dead |archive-url=https://web.archive.org/web/20150219205736/http://www.ttgmena.com/Emaar-Turkey-launches-The-Address-Residences-in-Istanbul-sales/ |archive-date=19 February 2015 }}In 2017, Emaar Square Mall in Turkey was opened to the public.{{cite news |title=Emaar Square Mall in Turkey opens |url=https://www.khaleejtimes.com/business/retail/emaar-square-mall-in-turkey-opens |access-date=21 June 2021 |work=Khaleej Times |language=en}}
=Pakistan=
{{Main|Emaar Pakistan}}
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.{{Cite web|url=https://tribune.com.pk/story/204627/dha-takes-over-crescent-bay-project-on-the-rocks/|title=DHA takes over: Crescent Bay project on the rocks|date=July 8, 2011|website=The Express Tribune}}
The Canyon Views is a project of Emaar in Islamabad, Pakistan.{{Cite web|url=https://emaarpakistan.pk/canyon-views-islamabad/|title=Canyon Views Islamabad}}
=Iraqi Kurdistan=
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{{update-inline|reason=Text appears to date from 2014. Which is a decade ago.... |date=January 2024}} be used for residential apartments, hotels and a shopping mall.[http://www.emaar.com/index.aspx?page=emaarinternational-Erbil Emaar Erbil], Emaar Properties Website. Retrieved 2014-01-30
Management
References
{{Reflist}}
External links
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- [http://www.emaar.com/ Emaar Corporate website]
Category:Emirati companies established in 1997
Category:Conglomerate companies established in 1997
Category:Real estate companies of the United Arab Emirates
Category:Companies based in Dubai
Category:Companies listed on the Dubai Financial Market
Category:Multinational companies headquartered in the United Arab Emirates