Emaar Properties (Emaar Developments or simply Emaar) is an Emirati multinational
real estate development
Real estate development, or property development, is a business process, encompassing activities that range from the renovation and re-lease of existing buildings to the purchase of raw Real Estate, land and the sale of developed land or parcels ...
company located in the
United Arab Emirates
The United Arab Emirates (UAE; ar, اَلْإِمَارَات الْعَرَبِيَة الْمُتَحِدَة ), or simply the Emirates ( ar, الِْإمَارَات ), is a country in Western Asia (The Middle East). It is located at th ...
. It is a
public joint-stock company
A joint-stock company is a business entity in which shares of the company's stock can be bought and sold by shareholders. Each shareholder owns company stock in proportion, evidenced by their shares (certificates of ownership). Shareholders are ...
, listed on the
Dubai Financial Market
The Dubai Financial Market (DFM) ( ar, سوق دبي المالي) is a stock exchange located in Dubai, United Arab Emirates. It was founded on 26 March 2000.
Overview
, there are 67 companies listed on DFM. Most of them are UAE-based companie ...
, and has a valuation of US$15.5 billion as of June 2021. With six business segments and 60 active companies, Emaar has collective presence in 36 markets across the
Middle East
The Middle East ( ar, الشرق الأوسط, ISO 233: ) is a geopolitical region commonly encompassing Arabian Peninsula, Arabia (including the Arabian Peninsula and Bahrain), Anatolia, Asia Minor (Asian part of Turkey except Hatay Pro ...
,
North Africa
North Africa, or Northern Africa is a region encompassing the northern portion of the African continent. There is no singularly accepted scope for the region, and it is sometimes defined as stretching from the Atlantic shores of Mauritania in ...
,
Asia
Asia (, ) is one of the world's most notable geographical regions, which is either considered a continent in its own right or a subcontinent of Eurasia, which shares the continental landmass of Afro-Eurasia with Africa. Asia covers an area ...
,
Europe
Europe is a large peninsula conventionally considered a continent in its own right because of its great physical size and the weight of its history and traditions. Europe is also considered a Continent#Subcontinents, subcontinent of Eurasia ...
and
North America
North America is a continent in the Northern Hemisphere and almost entirely within the Western Hemisphere. It is bordered to the north by the Arctic Ocean, to the east by the Atlantic Ocean, to the southeast by South America and the Car ...
.
Emaar Properties Dubai is one of the largest real estate developers in the UAE and is known for various large-scale projects such as developing
Burj Khalifa
The Burj Khalifa (; ar, برج خليفة, , Khalifa Tower), known as the Burj Dubai prior to its inauguration in 2010, is a skyscraper in Dubai, United Arab Emirates. It is known for being the world’s tallest building. With a total height ...
,
the tallest building in the world.
In 2021 and 2022, Emaar generated controversy when their Marassi project on Egypt’s mediterranean coast caused widespread erosion and great environmental damage of nearby beaches. Widespread outrage on social and traditional media has since been directed at the real estate firm, demanding reimbursement and an explanation. Emaar is said to have deviated from the building permits granted by Egyptian authorities to their project, hence creating unforeseen environmental deterioration of the surrounding beaches. Emaar was seen to ignore those concerns and to carry on with their damaging project activities.
History
1997–2005
Emaar Properties was founded and incorporated in 1997 by chairman
Mohamed Alabbar
Mohamed Alabbar ( ar, محمد علي العبار), (born November 8, 1956) is an Emirati businessman who is best known as the founder of Emaar Properties, the developer of assets such as the Burj Khalifa and the Dubai Mall, as well as the cha ...
.
As one of the leading developers in the UAE, Emaar has diversified interests in real estate including both commercial and residential property development, as well as malls and hospitality.
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.
The following year, Emaar announced plans to build
Dubai Marina
Dubai Marina ( ar, مرسى دبي), aka Marsa Dubai, is a district in Dubai, United Arab Emirates. It is an artificial canal city, built along a stretch of Persian Gulf shoreline. As of 2018, it has a population of 55,052. When the entire develo ...
.
In 2000, Emaar Properties was listed on the
Dubai Financial Market
The Dubai Financial Market (DFM) ( ar, سوق دبي المالي) is a stock exchange located in Dubai, United Arab Emirates. It was founded on 26 March 2000.
Overview
, there are 67 companies listed on DFM. Most of them are UAE-based companie ...
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.
![Dubai Downtown Model](https://upload.wikimedia.org/wikipedia/commons/9/93/Dubai_Downtown_Model.jpg)
In 2003, the company revealed its plans for a signature development project, later known as
Downtown Dubai
Downtown Dubai or The Dubai Downtown, is a large-scale, mixed-use complex in Dubai, United Arab Emirates. The Dubai Downtown was created by the Emaar Real Estate Development Company. Before 2000, the place was called Umm Al Tarif. It is home to so ...
.
The project consisted of two developments of historical proportions:
Burj Khalifa
The Burj Khalifa (; ar, برج خليفة, , Khalifa Tower), known as the Burj Dubai prior to its inauguration in 2010, is a skyscraper in Dubai, United Arab Emirates. It is known for being the world’s tallest building. With a total height ...
and
The Dubai Mall
The Dubai Mall ( ar, دبي مول "Dubai Mall") is a shopping mall in Dubai. It is the second largest mall in the world after the Iran Mall by total land area, and the 26th-largest shopping mall in the world by gross leasable area, tying with ...
, 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 ongoing projects in Africa, Asia, North America, and throughout the Middle East.
In 2005, Emaar Hotels & Resorts LLC was established in an exclusive deal with
Giorgio Armani to launch a collection of luxury hotels in the designer brand's name.
Also in 2005, the high-rise Emaar Square Lifestyle Center was built in Istanbul, Turkey on top of the subterranean Emaar Square Shopping Mall. The 14-story mixed-use building provides residential units, amenity spaces, and retail space at the plaza level.
2006–present
The Dubai Mall officially opened in 2008, and
Burj Khalifa
The Burj Khalifa (; ar, برج خليفة, , Khalifa Tower), known as the Burj Dubai prior to its inauguration in 2010, is a skyscraper in Dubai, United Arab Emirates. It is known for being the world’s tallest building. With a total height ...
in 2010. Despite a collapse in the real estate market in 2009, Emaar reported that Burj Khalifa had reached 80 percent occupancy by fall 2012.
By 2014, Emaar was holding over $11.4 billion in real estate investments.
In 2009, John Laing Homes, a subsidiary of Emaar Properties which was acquired in 2006, filed for Chapter 11 bankruptcy protection in the US Court for the District of Delaware.
In July 2010, American businessman Lionel Lombard filed a lawsuit against Emaar Properties and its Chairman Mohamed Alabbar in a California federal court alleging he was wrongfully imprisoned and tortured because he had spoken up on behalf of Emaar foreign workers. The case was dismissed in November 2010 by Lombard.
![UAE Dubai Marina img1 asv2018-01](https://upload.wikimedia.org/wikipedia/commons/e/e5/UAE_Dubai_Marina_img1_asv2018-01.jpg)
In September 2012, Emaar launched the Address BLVD, a luxurious 72 storey hotel and hotel serviced apartment project in Downtown Burj Dubai adjacent to the Dubai Mall.
In 2014, Emaar Properties announced plans to sell shares of its malls and retail business to the public.
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
The dirham, dirhem or dirhm ( ar, درهم) is a silver unit of currency historically and currently used by several Arab and Arab influenced states. The term has also been used as a related unit of mass.
Unit of mass
The dirham was a un ...
with approximately 535 million shares traded, the IPO was the largest in Dubai since 2007. 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.
Emaar celebrated the New Year with the world's most watched
NYE celebration for 2015. According to
Guinness World Records
''Guinness World Records'', known from its inception in 1955 until 1999 as ''The Guinness Book of Records'' and in previous United States editions as ''The Guinness Book of World Records'', is a reference book published annually, listing world ...
, Emaar won the title of 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. Emaar reported a 16 percent rise in second-quarter net profit for 2015, and that it has a land bank of over 235 million square metres.
In March 2015, Emaar launched the Emaar Foundation which supports the United Nations'
World Food Programme
The World Food Programme; it, Programma alimentare mondiale; es, Programa Mundial de Alimentos; ar, برنامج الأغذية العالمي, translit=barnamaj al'aghdhiat alealami; russian: Всемирная продовольствен ...
and organizations such as
Dubai Cares
Dubai Cares is a UAE-based global philanthropic organization that advocates for children's rights. It was founded on September 19, 2007 by Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.
The organi ...
and the Dream for Future Africa Foundation. The foundation delivered more than 3,000 meals a day during Ramadan through its Ramadan for All campaign from June to July 2015.
In November 2020, Emaar Properties announced a profit fall of 48% from the beginning of the year until September.
In December 2020, Alabbar steps down as Emaar chairman but will continue to oversee the day-to-day activities as managing director.
The Dubai Mall
The Dubai Mall ( ar, دبي مول "Dubai Mall") is a shopping mall in Dubai. It is the second largest mall in the world after the Iran Mall by total land area, and the 26th-largest shopping mall in the world by gross leasable area, tying with ...
, developed by Emaar Properties, is the second world's largest shopping mall.
It marked its soft opening in November 2008 and was inaugurated in May 2009. The Dubai Mall has over 1,200 stores and 200 restaurants.
It is also home to Dubai Aquarium and Underwater Zoo, KidZania, Dubai Ice Rink and the largest cinema complex in the region, Reel Cinemas.
In 2014, The Dubai Mall had over 80 million visitors, of which 40 percent were tourists from outside the region. As an extension to Dubai mall, Emaar has begun to develop a 55-storey residential building called
Downtown Views.
Another large development project commissioned by Emaar Properties of the Downtown Dubai area is The
Dubai Fountain. The Dubai Fountain is the tallest performing fountain in the world that began operating in the spring of 2009.
The length of the fountain spreads out to be twice the length of a football field (275 meters).
Emaar also developed the world's tallest building,
Burj Khalifa
The Burj Khalifa (; ar, برج خليفة, , Khalifa Tower), known as the Burj Dubai prior to its inauguration in 2010, is a skyscraper in Dubai, United Arab Emirates. It is known for being the world’s tallest building. With a total height ...
, which opened in 2010.
The building is 2,716.5 feet tall with 160 storeys that are primarily for residential purposes.
It is named after the
Abu Dhabi
Abu Dhabi (, ; ar, أَبُو ظَبْيٍ ' ) is the capital and second-most populous city (after Dubai) of the United Arab Emirates. It is also the capital of the Emirate of Abu Dhabi and the centre of the Abu Dhabi Metropolitan Area.
...
ruler
Sheikh Khalifa bin Zayed Al Nahyan
Sheikh Khalifa bin Zayed bin Sultan Al Nahyan ( ar, خليفة بن زايد بن سلطان آل نهيان; 7 September 1948 – 13 May 2022) was the second president of the United Arab Emirates and the ruler of Abu Dhabi, serving from ...
.
Emaar Properties has also developed a collection of neighbourhoods throughout Dubai including
Arabian Ranches
Arabian Ranches is an upscale gated villa community in Dubai, United Arab Emirates launched in 2004. Located in Wadi Al Safa 6, along Sheikh Mohammad Bin Zayed Road and in proximity to Dubai's Global Village. It includes the Arabian Ranches Golf ...
, Dubai Marina, The Greens, The Meadows, The Lakes, and The Springs. All communities built by Emaar properties are built in a similar architecture and are recognizable at first sight. They follow the modern Arabic architecture including colors.
In 2013, Emaar launched several other projects including The Address Residence Fountain Views I, II, and III, The Address Residence Sky View, Burj Vista, Boulevard Point and Vida Residence—all in Downtown Dubai.
A new addition to Downtown Dubai from Emaar is the Opera District. Key features include the
Dubai Opera House, the country's first dedicated opera house as well as an array of design studios and other lifestyle amenities.
In other strategic partnerships, Emaar and Meraas Holding is developing Dubai Hills Estate, the first phase of MBR City. The first residential apartment complex in Dubai Hills Estate, Mulberry at Park Heights, has been launched for sale.
Emaar Properties launched Dubai Creek Residences, a cluster of six residential towers at Dubai Creek Harbour. The first tower was launched in October 2014, followed by two more towers a month later.
In January 2015, Emaar Hospitality opened a lifestyle
boutique hotel
Boutique hotels are small inventory, design driven, unique hotels with their own character, personality and storytelling at the heart of their concept. Positioning is secondary for these hotels as they focus on authenticity and personalization ...
, 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. Emaar rolled out the region's first hop-on-hop-off transit system with the Dubai Trolley. The trolley is also the world's first hydrogen-powered, zero-emission street tram system.
Emaar Properties announced plans to build
the World's tallest structure, which would be taller than
Burj Khalifa
The Burj Khalifa (; ar, برج خليفة, , Khalifa Tower), known as the Burj Dubai prior to its inauguration in 2010, is a skyscraper in Dubai, United Arab Emirates. It is known for being the world’s tallest building. With a total height ...
. It is expected to be completed by 2020.
In 2017, it was announced that Creek Gate, a new residential project in Dubai Creek Harbour would be unveiled and that the hi-rise tower will be located in the Island district. When it is completed, it has been said that it will be almost three times larger than Downtown Dubai and that the development will feature the world's next tallest structure
Dubai Creek Tower
Dubai Creek Tower ( ar, برج خور دبي) is a supported observation tower to be built in Dubai, United Arab Emirates. The preliminary cost of the tower is AED 3.67 billion (). It was expected to be completed in 2022 at the earliest, ...
.
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, and Turkey.
Emaar Hospitality Group, the hospitality and leisure branch of Emaar, expanded its hotel and residence operations to Nigeria and Bahrain in 2015. Some of the projects have included developments such as the Beit Misk in
Lebanon
Lebanon ( , ar, لُبْنَان, translit=lubnān, ), officially the Republic of Lebanon () or the Lebanese Republic, is a country in Western Asia. It is located between Syria to the north and east and Israel to the south, while Cyprus li ...
, the Jeddah Gate in
Saudi Arabia
Saudi Arabia, officially the Kingdom of Saudi Arabia (KSA), is a country in Western Asia. It covers the bulk of the Arabian Peninsula, and has a land area of about , making it the fifth-largest country in Asia, the second-largest in the A ...
, and the Samarah Dead Sea Resort in
Jordan
Jordan ( ar, الأردن; tr. ' ), officially the Hashemite Kingdom of Jordan,; tr. ' is a country in Western Asia. It is situated at the crossroads of Asia, Africa, and Europe, within the Levant region, on the East Bank of the Jordan Rive ...
that was outlined by the King Abdullah II Fund for Development.
Egypt
In 2002, Emaar Misr, an Egyptian subsidiary of Emaar Properties, completed the redevelopment of the
Bibliotheca Alexandrina
The Bibliotheca Alexandrina (Latin for "Library of Alexandria"; arz, مكتبة الإسكندرية ', ) is a major library and cultural center on the shore of the Mediterranean Sea in Alexandria, Egypt. It is a commemoration of the Library ...
on the eastern harbor of Alexandria.
The new library facility stands almost exactly where the ancient Library of Alexandria existed.
Emaar Misr began working on a $4 billion development project in 2005 initially called Cairo Grand Heights that was later renamed Uptown Cairo.
The project included building up an area as a residential, commercial, and recreational community.
In 2008, Emaar Misr began working on a tourist resort called Marassi in Sidi Abdel Rahman, located along the Mediterranean coast, that includes a hotel with 3,000 rooms, a marina, and a golf course.
In 2018, Emaar Misr announced the re-innovation of a hotel called Al-Alamein Hotel and Resort, located on the Mediterranean coast.
India
Emaar India
Emaar India Limited is a real estate developer principally engaged in promotion, construction, development and sale of integrated townships, residential and commercial multi storied buildings, houses, flats, shopping malls, hotels, and other dev ...
has a portfolio of projects spanning all key segments of the
India
India, officially the Republic of India (Hindi: ), is a country in South Asia. It is the seventh-largest country by area, the second-most populous country, and the most populous democracy in the world. Bounded by the Indian Ocean on the so ...
n real estate industry, including
residential
A residential area is a land used in which housing predominates, as opposed to industrial and commercial areas.
Housing may vary significantly between, and through, residential areas. These include single-family housing, multi-family residen ...
,
commercial
Commercial may refer to:
* a dose of advertising conveyed through media (such as - for example - radio or television)
** Radio advertisement
** Television advertisement
* (adjective for:) commerce, a system of voluntary exchange of products and s ...
,
Retail (Malls) and
hospitality
Hospitality is the relationship between a guest and a host, wherein the host receives the guest with some amount of goodwill, including the reception and entertainment of guests, visitors, or strangers. Louis de Jaucourt, Louis, chevalier de J ...
.
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
Delhi, officially the National Capital Territory (NCT) of Delhi, is a city and a union territory of India containing New Delhi, the capital of India. Straddling the Yamuna river, primarily its western or right bank, Delhi shares borders w ...
NCR (particularly
Gurugram
Gurgaon (pronunciation: ʊɽɡãːw, officially named Gurugram (pronunciation: ʊɾʊɡɾaːm, is a city located in the northern Indian state of Haryana. It is situated near the Delhi–Haryana border, about southwest of the nationa ...
),
Mohali
Mohali, officially known as Sahibzada Ajit Singh Nagar, is a planned city in the Mohali district in Punjab (India), Punjab, India, which is an administrative and a commercial hub lying south-west of Chandigarh. It is the headquarters of the Moh ...
,
Chennai
Chennai (, ), formerly known as Madras ( the official name until 1996), is the capital city of Tamil Nadu, the southernmost Indian state. The largest city of the state in area and population, Chennai is located on the Coromandel Coast of th ...
,
Hyderabad
Hyderabad ( ; , ) is the capital and largest city of the Indian state of Telangana and the ''de jure'' capital of Andhra Pradesh. It occupies on the Deccan Plateau along the banks of the Musi River (India), Musi River, in the northern part ...
,
Lucknow
Lucknow (, ) is the capital and the largest city of the Indian state of Uttar Pradesh and it is also the second largest urban agglomeration in Uttar Pradesh. Lucknow is the administrative headquarters of the eponymous district and division ...
,
Jaipur
Jaipur (; Hindi Language, Hindi: ''Jayapura''), formerly Jeypore, is the List of state and union territory capitals in India, capital and largest city of the Indian States and union territories of India, state of Rajasthan. , the city had a pop ...
and
Indore
Indore () is the largest and most populous Cities in India, city in the Indian state of Madhya Pradesh. It serves as the headquarters of both Indore District and Indore Division. It is also considered as an education hub of the state and is t ...
.
Early projects
Emaar entered India in the early 2000s by winning the bid for the
Hyderabad International Convention Centre
The Hyderabad Information Technology and Engineering Consultancy City, abbreviated as HITEC City, is an Indian information technology, engineering, health informatics, and bioinformatics, financial business district located in Hyderabad, Telan ...
,
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).
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 future 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.
The joint venture executed several significant projects, such as the
2010 Commonwealth Games Village in
Delhi
Delhi, officially the National Capital Territory (NCT) of Delhi, is a city and a union territory of India containing New Delhi, the capital of India. Straddling the Yamuna river, primarily its western or right bank, Delhi shares borders w ...
.
In April 2016, Emaar announced that it would separate from its joint venture partner and that the company would be divided vertically. Shortly after the announcement, Emaar filed the demerger scheme in the Delhi High Court, and
Shravan Gupta of MGF resigned from his operational positions. Prashant Gupta is the current
CEO
A chief executive officer (CEO), also known as a central executive officer (CEO), chief administrator officer (CAO) or just chief executive (CE), is one of a number of corporate executives charged with the management of an organization especially ...
of the company.
In pursuance of the intended demerger, the company is presently undergoing a restructuring exercise, wherein Emaar has taken control of all the ongoing projects of the company to ensure their completion at the earliest. The company has committed to deliver 11,000 units by end of 2018, beginning with over 3,000 units in 2017 itself.
Future plans
After initiating the demerger and restructuring exercise, the company launched the "True Emaar lifestyle"
brand
A brand is a name, term, design, symbol or any other feature that distinguishes one seller's good or service from those of other sellers. Brands are used in business, marketing, and advertising for recognition and, importantly, to create an ...
campaign
Campaign or The Campaign may refer to:
Types of campaigns
* Campaign, in agriculture, the period during which sugar beets are harvested and processed
*Advertising campaign, a series of advertisement messages that share a single idea and theme
* Bl ...
to focus on establishing the brand 'Emaar India'.
In future, the company intends to develop its land bank of 6000 acres, with focus on the residential and hospitality sectors.
However, at present its focus is on the completion of all its ongoing projects.
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
Srinagar (English: , ) is the largest city and the summer capital of Jammu and Kashmir, India. It lies in the Kashmir Valley on the banks of the Jhelum River, a tributary of the Indus, and Dal and Anchar lakes. The city is known for its natu ...
of 500,000 sq.ft. EMAAR is also considering other investments in hospitality and mixed use commercial and residential projects in
Jammu
Jammu is the winter capital of the Indian union territory of Jammu and Kashmir (union territory), Jammu and Kashmir. It is the headquarters and the largest city in Jammu district of the union territory. Lying on the banks of the river Tawi Ri ...
city and in
Srinagar
Srinagar (English: , ) is the largest city and the summer capital of Jammu and Kashmir, India. It lies in the Kashmir Valley on the banks of the Jhelum River, a tributary of the Indus, and Dal and Anchar lakes. The city is known for its natu ...
city.
Saudi Arabia
The
King Abdullah Economic City
King Abdullah Economic City (KAEC, ; ar, مدينة الملك عبد الله الاقتصادية) is a megaproject announced in 2005 by King Abdullah bin Abdulaziz Al Saud, the former king of Saudi Arabia.
It was one of six megaprojects that ...
(KAEC), developed by Emaar, The Economic City (Emaar E.C.) is listed on
Tadawul
Saudi Stock Exchange () or Tadāwul () is a stock exchange in Saudi Arabia. Tadāwul was formed in 2007 as a joint stock company and the sole entity authorized to act as a securities exchange in Saudi Arabia, but trading began in 1954 as an inf ...
, the Saudi stock exchange, and is the largest private investment in
Saudi Arabia
Saudi Arabia, officially the Kingdom of Saudi Arabia (KSA), is a country in Western Asia. It covers the bulk of the Arabian Peninsula, and has a land area of about , making it the fifth-largest country in Asia, the second-largest in the A ...
.
The project includes the development of a special economic zone along the Red Sea coast 60 miles north of Jeddah.
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.
)
, image_skyline =
, image_caption = Clockwise from top left: the Washington Monument and Lincoln Memorial on the National Mall, United States Capitol, Logan Circle, Jefferson Memorial, White House, Adams Morgan, ...
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. The development, known as The Eighth Gate, includes three zones: a commercial center, waterfront and residential zone, and tourist area. 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. 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
Istanbul ( , ; tr, İstanbul ), formerly known as Constantinople ( grc-gre, Κωνσταντινούπολις; la, Constantinopolis), is the List of largest cities and towns in Turkey, largest city in Turkey, serving as the country's economic, ...
. 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
Istanbul ( , ; tr, İstanbul ), formerly known as Constantinople ( grc-gre, Κωνσταντινούπολις; la, Constantinopolis), is the List of largest cities and towns in Turkey, largest city in Turkey, serving as the country's economic, ...
.
In 2017 Emaar Square Mall
Emaar Properties (Emaar Developments or simply Emaar) is an Emirati multinational real estate development company located in the United Arab Emirates. It is a public joint-stock company, listed on the Dubai Financial Market, and has a valuation ...
in Turkey was opened to the public.
Pakistan
The Crescent Bay, Karachi
Crescent Bay is a under-construction upscale mixed-use oceanfront development in Defence, Karachi, Pakistan consisting of 50 towers. It is one of the biggest projects in Karachi, Pakistan.
The development features 50 high and mid-rise towers ...
is a very large and important project of Emaar in Pakistan. Crescent Bay 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.
The Canyon Views is a project of Emaar in Islamabad
Islamabad (; ur, , ) is the capital city of Pakistan. It is the country's ninth-most populous city, with a population of over 1.2 million people, and is federally administered by the Pakistani government as part of the Islamabad Capital T ...
, Pakistan
Pakistan ( ur, ), officially the Islamic Republic of Pakistan ( ur, , label=none), is a country in South Asia. It is the world's List of countries and dependencies by population, fifth-most populous country, with a population of almost 24 ...
.
Kurdistan region, Iraq
Downtown Erbil
Downtown Erbil is a mixed-use project featuring twin towers, residential and commercial space, hotels, malls and parks covering 541,000 square metres, located in Erbil, Iraqi Kurdistan
Iraqi Kurdistan or Southern Kurdistan ( ku, باشو ...
is a project for a large-scale mixed-use complex in Erbil
Erbil, also called Hawler (, ar, أربيل, Arbīl; syr, ܐܲܪܒܹܝܠ, Arbel), is the capital and most populated city in the Kurdistan Region of Iraq. It lies in the Erbil Governorate. It has an estimated population of around 1,600,000.
Hu ...
. The project was launched by Emaar Properties in 2013 and will cover an area of 541,000 square meters. This area will be used for residential apartments, hotels and a shopping mall.
Financial performance
Emaar Properties has posted a net profit of $712m for 2020.
Due to the ongoing pandemic, Emaar Malls Q1 profit dropped by 16% in 2021 as compared to 2020.
References
External links
{{Prone to spam, date=October 2022
Emaar Corporate website
Emirati companies established in 1997
Conglomerate companies established in 1997
Property companies of the United Arab Emirates
Companies based in Dubai
Companies listed on the Dubai Financial Market
Multinational companies headquartered in the United Arab Emirates
Emirati brands