Category: Business Segments

Q1 revenue grows 17% to AED 3.529 billion (US$ 961 million), led by significant progress in construction milestonesShopping malls & retail and hospitality & leisure businesses record revenue of AED 1.555 billion (US$ 423 million), 44% of the total revenueRevenue from international operations grew by 44% to AED 499 million (US$ 136 million) resulting from strong growth in EgyptDubai property sales increased by 70% to reach AED 4.194 billion (US$ 1.142 billion)Unveils iconic tower at Dubai Creek Harbour & marks record progress in first phase of Dubai Hills EstateDistributes dividend of 15% of the share capital, equivalent to AED 1.074 billion (US$ 292 million)
Dubai, UAE; May 1, 2016: Global developer Emaar Properties PJSC has recorded first-quarter (January to March) 2016 net profit of AED 1.205 billion (US$ 328 million). This is an increase of 17 per cent compared to the net profit of AED 1.026 billion (US$ 279 million) during the same period last year. Led by significant progress in construction of its projects, Emaar’s Q1 2016 revenue was AED 3.529 billion (US$ 961 million), 17 per cent higher than the Q1 2015 revenue of AED 3.024 billion (US$ 823 million).

Recurring revenues from the shopping malls and hospitality businesses during Q1 2016 were AED 1.555 billion (US$ 423 million), 44 per cent of the total revenue. International operations, led by the strong results primarily in Egypt among other markets, contributed AED 499 million (US$ 136 million) to revenue, a growth of 44 per cent over Q1 2015 revenue and accounting for 14 per cent of Emaar’s Q1 2016 revenue.

Mohamed Alabbar, Chairman of Emaar Properties, said: “The first-quarter results are a clear indicator of the growth we have achieved across all our three core businesses this year. Property sales in Dubai and other key international markets have gained momentum, a testament to our differentiating strength in offering the right property of choice for investors in premium locations.

“We are building on this positive trend by developing premium projects in exceptional locations, especially in Dubai, to support the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, to establishing the city as a global leader in all sectors, and to complement the preparations for the Expo 2020 Dubai. This is highlighted by the launch of the iconic new tower in Dubai Creek Harbour and the planned opening of Dubai Opera in Downtown Dubai this year. Both will serve as magnets for investors and visitors.” Alabbar added: “We are also launching a new Retail District in Dubai Creek Harbour and expanding The Dubai Mall, in addition to rolling out 35 new hotels and serviced residences in Dubai and other international markets. The sustained recurring revenue from these assets will help create long-term value for our stakeholders.”

Highlighting its commitment to shareholders, Emaar has distributed a cash dividend of 15 per cent of the share capital, equivalent to AED 1.074 billion (US$ 292 million) for the year 2015.

Property sector growth

Emaar recorded Q1 2016 revenue of AED 1.974 billion (US$ 537 million) from its property business, 32 per cent higher than the same period in 2015.

In Q1 2016, Emaar has recorded strong sales of AED 5.151 billion (US$ 1.402 billion), a growth of 41 per cent over Q1 2015, led by robust sales in Dubai. The value of sales in Dubai during this quarter reached AED 4.194 billion (US$ 1.142 billion), 70 per cent higher than the first quarter of 2015.

In Egypt, where Emaar Misr, the subsidiary of Emaar Properties is listed on The Egyptian Exchange, sales during the first three months amounted to AED 683 million (US$ 186 million).

Property sales in Dubai were led by strong investor interest in Harbour Views at Dubai Creek Harbour, The Address Residences Dubai Opera and premium Sidra villas in Dubai Hills Estate. Emaar has awarded construction contract for Dubai Creek Residences in Dubai Creek Harbour and construction is progressing as per schedule.

Dubai Hills Estate has also evolved as a smart and green city with visitors treated to green avenues, serene lakes, waterbodies and roads. Featuring a brand-new championship golf course, it has achieved significant progress in construction. Premium villas have been developed that exude style and sophistication.

Building recurring revenue assets

During Q1 2016, Emaar Malls (DFM: EMAARMALLS), the shopping malls and retail business majority owned by Emaar, recorded revenues of AED 833 million (US$ 227 million) and net profit of AED 529 million (US$ 144 million), recording a growth of 22 per cent. Emaar Malls also distributed 10 per cent of the share capital, equivalent to AED 1.301 billion (US$ 354 million), as cash dividend to the shareholders.

Emaar’s hospitality, commercial leasing and entertainment businesses reported revenues of AED 722 million (US$ 197 million) during the first quarter of 2016.

The Address Hotels + Resorts, its flagship hotel brand, achieved 93 per cent occupancy rate during the first quarter, higher than the industry average.

Emaar Hospitality Group is rolling out the first property under its new Rove Hotels, a contemporary midscale hotel and residences brand developed as a joint venture with Meraas, in May. Rove Downtown Dubai, located right next to The Dubai Mall and with direct access to restaurants along Mohammed bin Rashid Boulevard, will feature 420 rooms.

With 196 million sq m of land bank in the UAE and key international markets, Emaar has assets valued at over AED 165.7 billion (US$ 45.1 billion).

An upscale boutique hotel concept, Vida Hotels and Resorts are urban hubs where inspiring minds meet and connectHotel and serviced residences complex located in the heart of Jeddah Gate, the elegant master-planned mixed-use development community by Emaar Middle East202 hotel rooms in a 14 floor tower and 162 serviced residences in a 25 floor tower for sale with amenities including innovative restaurant concepts, events spaces, spa, fitness centre and swimming pool.
Emaar Hospitality Group, the hospitality and leisure subsidiary of global developer Emaar Properties, has marked its ambitious expansion to Saudi Arabia with the unveiling of its first hotel and serviced residence property in Jeddah Gate.

The 14 storey Vida Jeddah Gate hotel tower and the 25 storey Vida Residences Jeddah Gate tower are centrally located in Jeddah Gate, the elegant master-planned community by Emaar Middle East. The hotel and serviced residences offer sweeping views of Jeddah Gate and beyond, and are effortlessly accessible from the city centre.

There are 202 thoughtfully designed hotel rooms and suites in addition to the 162 serviced residences, which will be for sale, available in 1, 2, 3 and 4-bedrooms. The residences are ideal for families and professionals and will benefit from being served by dedicated Vida Hotels and Resorts staff members.

Family-friendly, Shari’ah compliant and environmentally responsible, the development takes design cues from Islamic heritage and the façade and textures will be reminiscent of Saudi architectural styles. It is envisaged as an exceptional hospitality offering that stands for upscale boutique style ambience, sophisticated energy and cultural inspiration.

Only five minutes away from the Al Haramain Express Train Station, Vida Jeddah Gate Hotel and Vida Residences Jeddah Gate are located near the headquarters of major banking institutions and the Jeddah Chamber of Commerce & Industry. The development is also in close proximity to the main railroad linking the two Holy Cities of Makkah, only 30 minutes away, and Madinah, only three hours away.

A refreshingly unique hotel and serviced residences concept for the new generation of business executives, entrepreneurs and leisure travellers, Vida Jeddah Gate and Vida Residences Jeddah Gate are distinguished by the warmth, simplicity and youthful vitality they exude. They create an invigorating environment for the younger generation and families with their focus on smart technology, elegant design, unobtrusive service standards and a fantastic location.

Chris Newman, Corporate Director of Operations at Emaar Hospitality Group, said the first expansion of the company’s operations into Saudi Arabia is underpinned by the renewed focus of the Kingdom to strengthen its tourism sector and the reputation of Jeddah as a hub for business and commerce.

“The new generation of Saudi entrepreneurs and professionals will find that the design, service, quality and facilities we offer will more than meet their expectations. Guests will enjoy the fact we have integrated technology into everything we do and offer fast connectivity. As a young brand for Emaar Hospitality Group, Vida Hotels and Resorts offers something new and different in terms of hotel experiences and Vida Jeddah Gate and Vida Residences Jeddah Gate will deliver exceptional experiences and value to our guests and residents for the first time in the Kingdom,” he added.

Vida Jeddah Gate will offer guests a wide breadth of amenities including an all-day dining restaurant, lobby lounge for quick bites, a signature restaurant and a bistro. It will have a dedicated events space that can host up to 120 people, ideal for corporate and social events. A fully-fledged spa and fitness centre, podium level pool, kids club and pool lounge will further celebrate a relaxed lifestyle. All these facilities are also accessible for Vida Residences Jeddah Gate residents.

With a total gross floor area of 519,204 sq ft, nearly equally split between the hotel and serviced residences, the new hospitality project is deploying the latest advances in green building design and construction to reduce the project’s energy footprint.

Vida Jeddah Gate and Vida Residences Jeddah Gate will contribute to the focus of the Saudi Commission for Tourism & National Heritage to strengthen the Kingdom’s tourism sector. Saudi Arabia recorded a 25 per cent increase in tourist arrivals in the first half of 2015.

Emaar Hospitality Group owns and manages a diversified portfolio of assets including hotels, serviced residences, leisure assets and a dedicated Lifestyle Dining division in Dubai. It has also expanded to international markets including Turkey, Egypt, and Bahrain.

Emaar Hospitality Group has three hotel brands, each addressing a distinct niche: The Address Hotels + Resorts which is a premium luxury lifestyle brand, Vida Hotels and Resorts offering an upscale boutique experience and the contemporary midscale Rove Hotels, a joint venture with Meraas, a Dubai based holding company.

The Vida Hotels and Resorts brand is built on the fundamental brand values of freedom, flawless service, and responsibility and brings an unprecedented level of urban sophistication. It has two flagship properties in Dubai – Vida Downtown Dubai and Manzil Downtown Dubai – and marked its first international expansion with the Vida Marassi Al Bahrain and Vida Residences Marassi Al Bahrain.

Two-tower development, a first for Rove Hotels, with dedicated hotel and serviced residences480-room hotel located centrally with direct link to Dubai International Convention Centre and Dubai International Financial CentreRove Home Satwa to feature 157 serviced residences in Satwa neighbourhood
Emaar Hospitality Group, the hospitality and leisure subsidiary of global developer Emaar Properties, today announced the launch of Rove Satwa, the seventh property under Rove Hotels, the new mid-market, new generation lifestyle brand.

A joint venture of Emaar and Meraas, a Dubai based holding company, Rove Hotels plans to roll out 10 hotels in Dubai by 2020 with over 2,660 rooms, unfolding a brand-new, contemporary mid-market hotel concept that will support the Expo 2020 Dubai.

Rove Satwa, located centrally in the Satwa neighbourhood with direct links through a walkway to the Dubai International Convention Centre and Dubai International Financial Centre, also marks the introduction of the first serviced residences under the Rove brand, named Rove Home.

An elegantly designed two-tower development, another first for Rove Hotels, will feature two dedicated towers – one for the 480-room Rove Satwa hotel and the other for the Rove Home Satwa with 157 branded residences.

Announcing the launch of Rove Satwa and Rove Home Satwa at the Arabian Travel Market (ATM 2016), Chris Newman, Corporate Director of Operations at Emaar Hospitality Group, said the seventh property under Rove Hotels complements the Dubai Tourism Vision 2020, announced by His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai.

“Rove Hotels addresses the growing need of the fast-growing value-conscious leisure and business travellers by offering them a value hospitality experience in central locations in the city. Serving as a smart, cultural hub for visitors, Rove Satwa will appeal to the value conscious, socially connected generation and modern traveller who explores without borders,” he said.

Chris Newman said the introduction of the Rove Home branded residence concept with Rove Home Satwa builds on the strong demand for value housing in Dubai. “We are pushing the boundaries in the affordable home sector with Rove Home Satwa, where investors have two advantages: the first is the opportunity to own a thoughtfully designed home at their price-points in a central location, and the second is to enjoy the fuss free service offered by Rove Hotels.”

Rove Satwa will feature all the distinguishing characteristics that make Rove Hotels an aspirational midscale brand. It will offer effortless connectivity, assured by the central location and ease of access to the Dubai Metro and public transport.

Further, Rove Satwa will also celebrate Dubai’s cultural heritage through thought-provoking artworks, specially commissioned for the hotel, by Emirati and local artists. This integration of local culture and arts into the hotel’s ethos assures a series of Instagrammable moments that will appeal to the culture-conscious, trendy global traveller.

The interiors of Rove Satwa and Rove Home Satwa draw influences from the neighbourhood, defined by Dubai’s heritage and modern outlook. All rooms are designed to deliver contemporary comfort and are spacious at 26 sq metres. Designer mattresses, a modern bathroom with power rain showers, 48-inch TV screens with media hub and free Wi-Fi are other essential features.

Designed for the tech-savvy generation, Rove Satwa and Rove Home Satwa will assure effortless connectivity throughout the guest journey. A Rove App will serve as a self-serve check-in station for the hotel, while late 2pm checkouts add to the traveller’s convenience. The hotel will also have a 24-hour self-service laundromat, boutique convenience store, luggage lockers and safety deposit boxes.

The Daily, the inimitable dining out destination at Rove Hotels, will feature at Rove Satwa too, serving as a culturally stimulating social hub. It serves as an all-day neighbourhood hangout with quality coffee and healthy comfort food inspired from across the globe served till late.

There will be flexible setups for meetings, events, networking and digital hangouts, through well-connected meeting rooms that can soon be booked online by the hour. A ‘Pit Stop’ is another specialty that is designed for more relaxed gatherings. A 24-hour gym, a welcoming pool and sun deck are other amenities for a relaxed lifestyle.

The Rove Hotels brand is simple yet inspirational, and forever true to its multi-cultural Dubai roots. Its hotels provide a social and cultural hub for international explorers, where efficiency and fuss-free are at the heart of the offering.

Announces expansion of The Address Hotels + Resorts to Fujairah and Vida Hotels and Resorts to Saudi Arabia14 new hotels and 10 serviced residences in the UAE; 5 hotels and 6 serviced residences in high-growth international marketsUnveils new concept in contemporary midscale serviced residences with first Rove HomeSigns partnership agreement with Dubai Opera as its ‘Official Hotel Partner’
Emaar Hospitality Group, the hospitality and leisure subsidiary of global developer Emaar Properties, today announced its expansion plan, highlighted by 35 new hotels and serviced residences to open under its three flagship brands – The Address Hotels + Resorts, Vida Hotels and Resorts and Rove Hotels – in Dubai, the UAE and key international markets.

The landmark expansion by the home-grown Dubai hospitality provider was unveiled on the sidelines of the Arabian Travel Market (ATM 2016), the leading, international travel and tourism event being held until April 28 at the Dubai International Convention Centre. Emaar Hospitality Group has a three-year agreement to be the Hotel Partner of the premier event.

Addressing a press conference, Chris Newman, Corporate Director of Operations at Emaar Hospitality Group, said that the high-profile expansion of the company includes the opening of new properties in Dubai, as well as new management contracts to operate hotels and serviced residences in Fujairah in the UAE and Saudi Arabia. Emaar has also signed management contracts for upcoming hotels and serviced residences projects in Bahrain, Turkey and Egypt.

“In just eight years since our inception, we have developed three compelling hotel brands with distinctive niches. Today, we are taking our home-grown expertise to international markets and newer geographies. The scope and scale of our expansion is set to establish Emaar Hospitality Group as a premier provider of world-class hospitality not just in the UAE but globally,” added Newman.

The new openings will take the total number of new hotel rooms being added by Emaar Hospitality Group in the UAE to 3,835 and the number of new serviced residences to 4,249. Internationally, Emaar will add to its portfolio 707 hotel rooms and 833 serviced residences.

Currently, Emaar Hospitality Group operates four hotels and two serviced residences in Dubai under The Address Hotels + Resorts, a premium luxury hotel and residences brand, and two hotels under Vida Hotels and Resorts, an upscale boutique lifestyle hotel and residences brand. Together, they offer 1,060 hotel rooms and 891 serviced residences. Emaar also manages the Nuran Marina Serviced Residences at Dubai Marina – the first of the serviced residences under the Nuran brand with 90 furnished residences which are fully serviced.

Launch of Rove Hotels

Among the highlights of Emaar Hospitality Group’s expansion is the roll-out this year of its new Rove Hotels, a contemporary new midscale hotel and residences brand developed as a joint venture with Meraas, a Dubai-based holding company. Rove Downtown Dubai, the first hotel under the brand, will open doors to guests in May offering 420 rooms, located right next to The Dubai Mall and with direct access to restaurants along Mohammed bin Rashid Boulevard.

At ATM, Emaar Hospitality Group also announced the launch of the Rove Satwa hotel with 480 rooms offering direct access to the Dubai International Convention Centre and Dubai International Financial Centre.

The twin-tower, located in the Satwa neighbourhood, will also feature Rove Home Satwa, the first serviced residence concept under Rove Hotels, with only 157 serviced residences open for sale to investors in the future.

Other upcoming properties under Rove Hotels in Dubai include: Rove Port Saeed (270 rooms next to the Dubai International Airport), Rove Oud Metha (286 rooms near Dubai Healthcare City), Rove Dubai Marina (384 rooms in Dubai Marina), Rove Al Jafiliya (270 rooms near Dubai World Trade Centre), and Rove At The Park (458 rooms next to Dubai Parks and Resorts). With three more properties to be announced soon, Rove Hotels plans to operate 10 hotels with over 2,660 keys to support the ongoing preparation for Expo 2020 Dubai.

Expanding The Address Hotels + Resorts

One of the key expansions by Emaar Hospitality Group in the UAE is its partnership with Eagle Hills, an Abu Dhabi-based private real estate investment and development company, to operate The Address Fujairah Resort + Spa, located in Sharm, known for its breathtaking mountain and sea views.

In addition to offering 196 luxury hotel rooms, The Address Hotels + Resorts will also operate 177 apartments set in four residential buildings as well as 10 luxurious villas under The Address Residences Fujairah Resort + Spa.

The Address Hotels + Resorts is also expanding in Dubai with the addition of three new hotels including The Address Boulevard Dubai (196 rooms and suites), The Address Sky View Dubai (169 rooms) and The Address Fountain Views Dubai (193 rooms) – all located in Downtown Dubai. The Address Downtown Dubai, with 196 rooms, is currently being redeveloped.

The new additions to the serviced residences portfolio in Dubai include: The Address Residences Boulevard Dubai (532), The Address Residences Sky View (524), The Address Residences Fountain Views (774) and The Address Residences Dubai Opera (809). The Address Residences Downtown Dubai with 626 fully-serviced homes is also being redeveloped.

The Address Hotels + Resorts has also secured international management agreements to operate hotels and serviced residences in Egypt with The Address Marassi Golf Resort + Spa and The Address Residences Marassi Golf Resort + Spa; in Turkey with The Address Istanbul, The Address Residences Istanbul and The Address Residences Emaar Square, and in Bahrain with The Address Marassi Al Bahrain and The Address Residences Marassi Al Bahrain.

Vida’s pan-Gulf expansion

In a significant move, Vida Hotels and Resorts, is entering the Saudi Arabian market with its first hotel and serviced residence project in Jeddah Gate, an elegant master-planned community by Emaar Middle East.

Vida Jeddah Gate has 202 thoughtfully designed rooms located in the heart of the development and Vida Residences Jeddah Gate with 162 serviced residences in 1, 2, 3 and 4-bedrooms ideal for families and business travellers.

Vida is also expanding to Bahrain through a management contract to operate the Vida Marassi Al Bahrain with 160 rooms offering sea-facing views, and the Vida Residences Marassi Al Bahrain with 140 elegant 1, 2, 3 and 4-bedroom homes in an idyllic setting.

In Dubai, Vida Hotels and Resorts is also expanding its footprint with two new hotels – Vida The Hills Dubai (157 rooms) and Vida Townsquare Dubai (160 rooms) – and three new serviced residences – Vida Residences The Hills (136 residences), Vida Residences Downtown Dubai (334 residences) and Vida Residences Townsquare Dubai (172 residences).

Partnership with Dubai Opera

Emaar Hospitality Group has also signed a strategic partnership agreement with Dubai Opera, the world-class multi-format performing arts venue opening this year in The Opera District in Downtown Dubai. As the ‘Official Hotel Partner of Dubai Opera,’ Emaar Hospitality Group assets will host the guests of the premier venue, host galas for selected premieres and private functions, and arrange special amenities for VIPs, among others. The partnership further reiterates Emaar’s strong home-grown competencies in providing exceptional hospitality experiences in Dubai.

“Across all our properties, the fundamental values that have defined our industry credentials will remain relevant – a superb location, exemplary customer service and a commitment to creating value for our guests,” concluded Newman.

18th AGM approves Board’s proposal regarding distribution of 15% cash dividend to shareholdersEmaar to focus on developing prime real estate assets that add long-term value for the stakeholders and energise the Dubai economyTo define 2016 with opening of Dubai Opera and roll out the magnificent tower at Dubai Creek HarbourEmaar to strengthen shopping malls & retail and hospitality & leisure businesses in Dubai and other international markets; new Retail District in Dubai Creek Harbour
Dubai, UAE; April 18, 2016: The 18th Annual General Meeting of global developer Emaar Properties PJSC today approved a cash dividend of 15 per cent of the share capital, equivalent to AED 1.074 billion (US$ 292 million), for distribution to the shareholders.

The meeting also approved the report by the Board on the activities and financial position of the company as well as the Auditor’s report for the financial year ending December 31, 2015. The AGM appointed Ernst & Young as the auditors for 2016.

The AGM also approved by special resolution the proposal by the Board of Directors to amend the Articles of Association of Emaar Properties in accordance with Federal Law No 2 of 2015 on Commercial Companies.

As per the Securities & Commodities Authority Resolution No 2.2015, cash dividend payments will be made either through iVESTOR Cards or via bank account transfer. Emaar has urged shareholders to secure their DFM Investor Number and update their payment method to either iVESTOR Card or Bank Account Transfer.

Mohamed Alabbar, Chairman of Emaar Properties, said that 2016 will be a significant growth year for Emaar having recorded robust results led by the positive growth of the Dubai economy.

“With all core sectors of the economy performing exceptionally well, and with the preparations for the Expo 2020 Dubai progressing in full swing, the coming years will witness healthy growth trends in Dubai that support all the three core businesses of Emaar – property development, shopping malls & retail and hospitality & leisure.”

“We are setting new benchmarks this year, particularly with the opening of Dubai Opera, a multi-format events venue in Downtown Dubai. Emaar has also rolled out the magnificent tower that will form the vibrant heart of Dubai Creek Harbour, a one-of-a-kind masterplannned community that will further energise the city by welcoming visitors from around the world,” he added.

Mr. Alabbar said that Emaar’s strategy of developing prime real estate assets that meet the real demand for world-class residences in central locations is further highlighted by the progress in Dubai Hills Estate and the launches of high-end homes in Downtown Dubai and Arabian Ranches. Emaar is also expanding its development portfolio in high-growth international markets including Saudi Arabia, Egypt, India and Turkey, among others, where the company has unveiled several world-class master-planned communities.

“The shopping malls business will gain further traction with the launch of a dedicated Retail District in Dubai Creek Harbour and the expansion of The Dubai Mall by another 1 million sq ft built-up area, while our hospitality business will see the ambitious launch of several new hotels and serviced residences in Dubai and other international markets under our three hotel brands including the newly launched value lifestyle Rove Hotels,” he said.

Mr. Alabbar said Emaar’s continued growth has been led by the guidance and vision for Dubai of His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai. “Our leadership has created a high-growth environment in Dubai. And it is our responsibility and duty to give back to our leadership and our nation for their support. For us, therefore, every project will also be a social commitment to create lasting value and driving all-round progress.”

With assets valued at over AED 165 billion (US$ 45 billion) and a land bank of 196 million sq m in the UAE and international markets, Emaar recorded full-year 2015 net operating profit of AED 4.383 billion (US$ 1.193 billion), 18 per cent higher than the FY2014, and revenue of AED 13.661 billion (US$ 3.719 billion), 33 per cent higher than the previous year.

In the UAE, total sales in 2015 were over AED 10.23 billion (US$ 2.79 billion) while sales across various international markets in 2015 were valued at AED 5.05 billion (US$ 1.37 billion). Emaar listed its country-subsidiary, Emaar Misr on the Egyptian Exchange, which recorded an increase in in-country revenue of 74 per cent in 2015.

The shopping malls & retail and hospitality & leisure businesses recorded recurring revenues of AED 5.788 billion (US$ 1.576 billion), 42 per cent of the total revenue. The hospitality & leisure business outperformed the broader hospitality market with the average annual occupancy at The Address Hotels + Resorts at 86 per cent.

Visitor arrivals across all Emaar Malls assets crossed 124 million in 2015, an increase of 9 per cent compared to 2014, with The Dubai Mall accounting for 80 million annual visitors. In 2015, revenue from international operations of Emaar increased by 46 per cent to AED 2.620 billion (US$ 713 million), accounting for 19 per cent of the total revenue.

Emaar has handed over more than 40,000 residential units in Dubai and other international markets to date. Over 33,600 units were handed over in the UAE since 2001. Over 79 per cent of the total units launched in Dubai in 2014 and 2015 and about 90 per cent of the total units launched in key international markets have been sold.

18th Annual General Meeting of Emaar Properties today (Monday, April 18, 2016) Dubai, UAE; April 18, 2016: The 18th Annual General Meeting (AGM) of Emaar Properties PJSC will be held today (Monday, April 18, 2016), 5pm, at the Diamond Ballroom of The Address Dubai Mall. If the meeting falls short of quorum, the next AGM will be held at on Monday, April 25 at the same time and venue.

The Emaar Properties AGM will discuss the proposal of the Board of Directors to distribute cash dividends amounting to 15 per cent of the share capital being 15 fils per share for the year 2015.

The meeting will also receive and approve the report by the Board on the activities and financial position of the company as well as the Auditor’s report for the financial year ending December 31, 2015. The AGM will also appoint the auditors for 2016.

Further, the meeting will also submit the proposal by the Board of Directors to approve by special resolution the amendment of the Articles of Association of Emaar Properties in accordance with Federal Law No 2 of 2015 on Commercial Companies.

In 2015, Emaar recorded net operating profit of AED 4.383 billion (US$ 1.193 billion), 18 per cent higher than the FY2014, and revenue of AED 13.661 billion (US$ 3.719 billion), 33 per cent higher than the previous year. The shopping malls & retail and hospitality & leisure businesses recorded recurring revenues of AED 5.788 billion (US$ 1.576 billion), 42 per cent of the total revenue.

The Address Fujairah Resort + Spa is the first development for Eagle Hills in the UAE; includes a hotel, serviced residences and branded villasLocated in Fujairah, the mixed-use development has a promenade that stretches 500 metres along the coast line, beach access, and a PlazaThe Address Residences Fujairah Resort + Spa includes 4 residential buildings, 10 villas encompassing 5 beach villas and 5 garden villas
Abu Dhabi, April 12, 2016: Abu Dhabi-based private real estate investment and development company, Eagle Hills, in partnership with The Address Hotels + Resorts, today unveiled The Address Fujairah Resort + Spa, the first development of its kind in the United Arab Emirates.

Located in Sharm in Fujairah, famous for its breathtaking landscape of mountains and sea views, The Address Fujairah Resort + Spa is situated south of Al Aqah beach and only 21 kilometres south of Dibba Al Fujairah, offering uninterrupted sea views.

The mixed-use development will offer the emirate’s residents and visitors a holistic experience of hospitality, leisure and entertainment. The project comprises The Address Fujairah Resort + Spa hotel, and The Address Residences Fujairah Resort + Spa, the latter spanning four residential buildings that include 105 two-bedroom units, 60 three-bedroom units, 12 four-bedroom units, and ten villas that include five beach villas and five garden villas. There will be over 432 parking spaces available for residents and visitors.

The project is set to serve as Fujairah’s ultimate leisure and lifestyle destination with a 500-metre promenade, beach access, and unique plaza providing unparalleled culinary options. Guests and owners will enjoy a range of exclusive five-star amenities at The Address hotel.

Commenting on the launch, Low Ping, CEO of Eagle Hills, said: “This is the first development for Eagle Hills in the UAE, after having launched large-scale projects in Bahrain, Jordan, Serbia, Morocco and Nigeria. The Address Fujairah Resort + Spa is envisaged to become one of the most sought-after hospitality venues in the emirate, bringing a unique value proposition to residents and tourists alike. The breathtaking landscape of Fujairah will add an exclusive charm to the project’s superb location, wedded with five-star luxury, superior service and tangible guest benefits.”

Chris Newman, Corporate Director of Operations, Emaar Hospitality Group, said: “The Address Fujairah Resort + Spa further strengthens our footprint in the UAE, and builds on the exceptional hospitality experiences we already deliver in Dubai. We have strong competencies in managing hotels, serviced residences and branded villas, assuring world-class service for our guests and tenants, while creating long-term value for the owners. The development will contribute significantly to Fujairah’s tourism sector, supporting the concerted efforts by the government to establish the emirate as a leisure destination.”

Apart from award-winning properties in Dubai, The Address Hotels + Resorts marked its entry into international markets with its first fully-fledged hotel and serviced residences property in Turkey. It is also working with Eagle Hills on The Address Marassi Al Bahrain, a five-star hotel, and The Address Residences Marassi Al Bahrain. In other management contracts, it operates The Address Marassi Golf Resort & Spa in Egypt.

AGM to discuss the Board’s proposal regarding distribution of 15% cash dividend to shareholdersEmaar recorded 18% growth in net operating profit and 33% growth in revenue during 2015 compared to 2014Focus of 2016 to developing prime real estate assets in Dubai and other international markets & strengthening malls & hospitality businessesEmaar Malls AGM to be held on April 19 to discuss proposal regarding distribution of 10% cash dividend to shareholders
Dubai, UAE; April 16, 2016: Global developer Emaar Properties PJSC will hold its 18th Annual General Meeting (AGM) on Monday, April 18, 2016, 5pm, at the Diamond Ballroom of The Address Dubai Mall. If the meeting falls short of quorum, the next AGM will be held on Monday, April 25 at the same time and venue.

The AGM of Emaar Malls (DFM: EMAARMALLS), the shopping malls and retail business majority-owned by global property developer Emaar Properties, will also be held on Tuesday, April 19, 2016, 5pm, at the Diamond Ballroom of The Address Dubai Mall. If it falls short of quorum, the next AGM will be held on Tuesday, April 26 at the same time and venue.

The Emaar Properties AGM will discuss the proposal of the Board of Directors to distribute cash dividends amounting to 15 per cent of the share capital being 15 fils per share for the year 2015. The meeting will also receive and approve the report by the Board on the activities and financial position of the company as well as the Auditor’s report for the financial year ending December 31, 2015. Furthermore the AGM will appoint the auditors for 2016.

Further, the meeting will also submit the proposal by the Board of Directors to approve by special resolution the amendment of the Articles of Association of Emaar Properties in accordance with Federal Law No 2 of 2015 on Commercial Companies.

The Emaar Malls AGM will discuss proposal of the Board of Directors regarding the distribution of dividends to the shareholders amounting to 10 per cent of the share capital being 10 fils per share as cash dividend. The meeting will also receive and approve the report of the Board of Directors on the activities and financial position of the company for year ended Dec. 31, 2015, and appoint auditors for the year 2016. The meeting will also seek to approve the amendment of the name of the company from Emaar Malls Group to Emaar Malls.

Mohamed Alabbar, Chairman of Emaar Properties, said: “Despite the challenges in the regional economic environment, Emaar recorded robust growth during 2015 led by our strategy to develop world-class real estate assets that reflect the aspirations of our customers. Our diversified business model, with increasing share of revenues from the shopping malls and hospitality operations, and the continued expansion in high-growth international markets also contributed to our healthy financial results.”

He added: “Our commitment is to create long-term value for our stakeholders, and we will continue to set high benchmarks through our development strategy for 2016. In this, our emphasis is on developing iconic new projects that support the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, to establish Dubai as a smart and sustainable city, and a preferred place to live, work and visit. With group sales in 2015 amounting to over AED 15.28 billion and a conservative capital structure, we are on track to record significant growth and boost profitability.”

In 2015, Emaar recorded net operating profit of AED 4.383 billion (US$ 1.193 billion), 18 per cent higher than the FY2014, and revenue of AED 13.661 billion (US$ 3.719 billion), 33 per cent higher than the previous year.

Emaar has a total backlog of AED 37.31 billion across all markets. In the UAE, total sales in 2015 were over AED 10.23 billion (US$ 2.79 billion) with a backlog of AED 25.81 billion (US$ 7.03 billion) to be recognised over the next four to five years. Sales across various international markets in 2015 were valued at AED 5.05 billion (US$ 1.37 billion).

The shopping malls & retail and hospitality & leisure businesses recorded recurring revenues of AED 5.788 billion (US$ 1.576 billion), 42 per cent of the total revenue. The hospitality & leisure business recorded revenues of AED 1.677 billion (US$ 457 million), outperforming the broader hospitality market with the average annual occupancy at The Address Hotels + Resorts at 86 per cent.

In 2015, Emaar Malls recorded a net profit of AED 1.656 billion (US$ 451 million) while rental income was AED 2.992 billion (US$ 815 million). Visitor arrivals across all Emaar Malls assets crossed 124 million in 2015, an increase of 9 per cent compared to 2014, with The Dubai Mall accounting for 80 million annual visitors, once again clinching the honour as the world’s most-visited shopping and leisure destination.

Emaar Malls has a gross leasable area of about 6 million sq ft. This is being expanded with the ongoing addition of another 1 million sq ft built-up area at The Dubai Mall’s Fashion Avenue. It will add another 150 international and local brands to the mall, adding more choice to visitors.

In 2015, revenue from international operations of Emaar increased by 46 per cent to AED 2.620 billion (US$ 713 million), accounting for 19 per cent of the total revenue. Emaar Misr, the Egyptian subsidiary of Emaar Properties, which is listed on The Egyptian Exchange, delivered superior growth across all metrics, achieving a 74 per cent increase in revenue in 2015 and 22 per cent growth in year-on-year sales.

To date, Emaar has handed over more than 40,000 residential units in Dubai and other international markets. Of these, to date, over 33,800 units were handed over in the UAE since 2001. About 79 per cent of the total units launched in 2014 and 2015 have been sold.

This year, Emaar is rolling out world-class residential projects in Dubai including in the Dubai Creek Harbour, a 6 sq km ultra-modern development located along the historic creek and near the Dubai International Airport. Recently approved by His Highness Sheikh Mohammed bin Rashid Al Maktoum, the development will feature ‘The Tower’, planned as an architectural wonder that will be as great as Burj Khalifa and Eiffel Tower.

Emaar has also recorded positive sales for its launches in Dubai Hills Estate, Dubai’s first ‘green city’ with homes set amidst leafy emerald avenues and green corridors, with its elegantly designed neighborhoods set around an 18-hole championship golf course.

Dubai Opera, the iconic centerpiece of The Opera District in Downtown Dubai, will open doors this year, creating a world-class cultural destination in the heart of the city.

Emaar will also open the first property under its new hotel brand Rove Hotels this year, apart from unveiling new hotels under The Address Hotels + Resorts portfolio.

With 196 million sq m of land bank in the UAE and international markets, Emaar has assets valued at over AED 154.51 billion (US$ 42 billion).

So much more than opera, Dubai Opera will be the centre stage of all arts, a home to all genres. From ballet and classical, through to musicals and theatre, comedy, family, rock, pop and jazz. Get ready to be truly captivated.

An impressive calendar of 49 world class performances of opera, ballet, classical and family entertainment previewing the future of Dubai’s newest international cultural offeringEmaar’s iconic multi-format events venue will host The Pearl Fishers, a soul-stirring romantic opera as first full production, this Autumn, that serves as a cultural tribute to the city’s heritageInaugural production complements stellar architecture of Dubai Opera that draws inspiration from the Arabian dhowsAccomplished artists to perform at Dubai Opera include Placido Domingo, The Russian State Ballet and Orchestra of Siberia, Vienna Concert Verein, the final world tour of José Carreras, Hussain Al Jassmi, Ballet Flamenco Sara Baras and Anoushka Shankar, among others
Dubai Opera, the city’s first purpose-built multi-format performing arts theatre situated in the heart of Downtown Dubai, will celebrate its first performance this Autumn with a concert by legendary Spanish tenor, conductor and art administrator Plácido Domingo.

Described as the ‘King of Opera,’ and the ‘greatest operatic artist of modern times,’ Domingo has sung over 4,000 performances of 147 roles in addition to conducting more than 500 performances. He is named by the Guinness Book of Records for his repertoire and for having received 101 curtain calls after a performance – Verdi’s Otello at the Vienna State Opera.

The Domingo concert will be followed with Dubai Opera hosting the soul-stirring historic opera The Pearl Fishers. The three-act opera by the French composer Georges Bizet, to a libretto by Eugène Cormon and Michel Carré, serves as an ode to the rich heritage of Dubai, with its history seeped in adventurous pearl-diving expeditions by its people. It also complements the architectural splendour of Dubai Opera, which derives its inspiration from the Arabian dhow.

First performed in 1863, The Pearl Fishers narrates the story of two men’s promise of eternal friendship that is tested by their love for the same woman. The highlight of the opera, The Pearl Fishers Duet is among the best-known in Western opera. The Pearl Fishers, which has enticed opera lovers the world over for its lyrical quality, will be performed by Fondazione Teatro Lirico “Giuseppe Verdi, Trieste.”

Mohamed Alabbar, Chairman of Emaar Properties, said: “With a world-class line-up of performances in the opening year itself, Dubai Opera is defining its credentials as the cultural hub of the region. The diversity of events that the multi-format venue showcases places our city on part with the cultural capitals of the world, welcoming art lovers from all over to our city. From hosting legendary names in performing arts to exceptional artists who have won rave international reviews, Dubai Opera’s calendar of events raises the bar for the cultural scene in Dubai.”

Jasper Hope, Chief Executive of Dubai Opera, said: “Dubai Opera is bringing a spectacular calendar of performances – from defining operas to exhilarating ballets and compelling classical music in our opening year. The line-up of performances will be a revelation for culture-lovers in the city. We are bringing world-class performers to Dubai who will appeal to residents and tourists alike and will help broaden even further the incredible international appeal of Dubai.”

While The Pearl Fishers will be performed in Autumn, opera lovers will be further enthralled with the masterpiece comedy by Gioachino Rossini, The Barber of Seville. Set to an Italian libretto by Cesare Sterbini, based on the French comedy by Pierre Beaumarchais, the opera buffa in two acts marked its debut in 1816, and will be performed by Fondazione Teatro Lirico “Giuseppe Verdi, Trieste.”

Other highlights during the year also include: Opera without Words, an evening of Italian Opera’s greatest overtures and interludes performed by Fondazione Teatro Lirico Giuseppe Verdi, Trieste and conducted by Francesco Quattrocchi. It brings the magnificent orchestral pieces by the greatest opera composers that have taken on a life of their own.

Giselle performed by The Russian State Ballet and Orchestra of Siberia, is considered as one of the great Romantic ballets. It was first performed in 1841 and focuses on the love of a peasant girl who dies of a broken heart after discovering her lover is betrothed to another.

Also by The Russian State Ballet and Orchestra of Siberia, Coppelia is set to Leo Delibes’ beautiful score. It is a captivating and entertaining family ballet based on a story by E.T.A. Hoffmann about an eccentric toymaker who has built a life-sized doll, Coppélia, and daydreams of her coming to life.

Dubai Opera comes alive to the strains of the Mozart Gala performed by Vienna Concert Verein followed by Postcards from Vienna, and then will host Impossible, described as the ‘most dangerous show’ the city has ever seen. It features the world’s best illusionists live on stage in a magic spectacular that will thrill and amaze audiences of all ages.

Dubai Opera then welcomes on stage the renowned Catalan tenor, José Carreras, who celebrates ‘A Life in Music,’ his final world tour. One of the Three Tenors along with Domingo and Luciano Pavarotti, Carreras is highly acclaimed for his performances in the operas of Verdi and Puccini.

The music fest continues as Emirati singer Hussain Al Jassmi takes centrestage followed by the unmatched brilliance of Vivaldi’s The Four Seasons featuring Fabio Biondi and Europa Galante.

Spain’s foremost Flamenco superstar, Sara Baras, comes to Dubai Opera with Voces, Suite Flamenca, a show that pays tribute to six flamenco luminaries. Directed, staged and choreographed by the versatile artist Baras, it has gained international acclaim for its exhilarating music.

Sitar player and composer Anoushka Shankar who has five Grammy® Award nominations and is the youngest – and first female – recipient of a British House of Commons Shield, brings her 2016 work, Land of Gold, focusing on the refugee crisis in the world.

Discover the world of Bejart Ballet Lausanne, which brings Ballet for Life and a Ballet Gala of Seven Greek Dances, Piaf and Bolero, a masterpiece by Maurice Bejart.

Audiences can also watch the acclaimed show, The Nutcracker on Ice featuring the Imperial Ice Stars. Set against a backdrop of colourful scenes and projections, opulent costumes, magic tricks and special effects, the cast of World, European and National Championship level skaters dance to Tchaikovsky’s glorious score.

Multi-award winning international sensation, Slava’s Snowshow will come to Dubai Opera over the Festive Season. It is a universal and timeless theatrical poetic spectacle that has unanimously enchanted and empowered the imagination of audiences around the world. Experience a joyous dream-like world that culminates in a breathtaking blizzard leaving audiences literally knee deep in snow.

Further performances including a number of high profile names and productions will be announced in due course. Tickets can be booked online at: www.dubaiopera.com

Dubai Opera overlooks the majestic Burj Khalifa and spell-binding Dubai Fountain. It offers the ultimate flexibility of a proscenium arch theatre, an acoustic concert hall and a 2,000 sq m flat floor event space. With a built-up area of over 35,500 sq m, Dubai Opera is an integral part of The Opera District, a dedicated cultural and lifestyle hub launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai.

Architectural features of a new iconic destination, designed by Santiago Calatrava Valls, unveiled at an exclusive preview in DubaiWith design influenced by the natural contours of the lily and the region’s Islamic culture, The Tower will be crowned by The Pinnacle RoomThe Tower to establish Dubai Creek Harbour as one of the most desired residential and leisure destinations in the city
A glittering new icon will define Dubai’s skyline with Emaar Properties today unveiling the design elements and architectural features of a magnificent tower in the heart of Dubai Creek Harbour.

His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, chose the design by renowned Spanish/Swiss neo-futuristic architect, structural engineer, sculptor and painter Santiago Calatrava Valls, from a competitive international design pitch for this new landmark.

The Tower serves as the vibrant core of Dubai Creek Harbour, a 6 sq km world-class masterplannned development that is two times the size of Downtown Dubai and located 10 minutes from the Dubai International Airport. The waterfront development is centred off the Dubai Creek, the cradle of Dubai’s history and culture, and in close proximity to the Ras Al Khor National Wildlife Sanctuary, protected under the UNESCO Ramsar Convention and home to over 67 species of water birds.

Mohamed Alabbar, Chairman of Emaar Properties, said: “The Tower in Dubai Creek Harbour is our tribute to the positivity, energy and optimism that Dubai and the UAE celebrate, led by a leadership committed to all-round progress. A shining beacon of hope for the world, celebrating diversity and human achievements, this new iconic landmark further highlights the country’s ambition and futuristic vision and enhances our nation’s pride. It will be the destination for the world to visit, enjoy and celebrate life, as Dubai prepares to host the Expo 2020.

He added: “The design by Santiago Calatrava, chosen after a competitive pitch from the world’s top architects, was a perfect fit to our requirement for a landmark that defined our urban core for Dubai Creek Harbour. It integrates not just design excellence but also strong environmental and smart-tech considerations. With The Tower, we are delivering a compelling destination that will add long-term economic value to Dubai and the UAE. It will also position Dubai Creek Harbour as one of the most desired residential, leisure and touristic attractions, providing visitors and residents with a modern, luxurious and sustainable environment in which to live, work, learn and entertain.”

Fadel Al Ali, Chief Executive Officer of Dubai Holding, said: “We are extremely proud that our joint venture partnership with Emaar will deliver a new landmark in Dubai; a distinctive addition to the city’s skyline and a symbol of architectural excellence. Unveiling The Tower design is an important step for the Dubai Creek Harbour project. This development will offer a lifestyle choice that is unprecedented in Dubai, in what will be one of the most sought after residential and tourist areas of the city. Our partnership with Emaar is progressing well and we are extremely excited by the way this project is coming to life.”

Santiago Calatrava Valls said: “From the beginning, my team and I have tried to put the best of ourselves into this project, since it is very special and is a great honour to participate. The collaboration with such a prestigious firm as Emaar Properties makes it even more exciting and demanding. The design has clear reference to the classic art from the past and the culture of the place while serving as a great technological achievement. In my whole career, I have perceived technology as a vehicle to beauty and to art. This project envisages an artistic achievement in itself, inspired by the idea of welcoming people, not only from Dubai and the UAE, but from the entire world. It is a symbol of an abiding belief in progress.”

Calatrava’s accomplished works include the World Trade Centre Transportation Hub in New York, Calgary Peace Bridge, the Olympic Sports Complex in Athens and the Turning Torso Tower in Malmö, which was recently awarded with the Ten Year Award from the Council on Tall Buildings & Urban Habitat (CTBUH), among others.

His design philosophy is to fuse architectural expression, structural innovation, functional efficiency and environmental benefits into one single imaginatively bold gesture that responds to, and transcends, the challenges of each unique site. Each project therefore creates a sense of place that enhances the setting – functionally, environmentally and communally.

Design Palette

The Tower at Dubai Creek Harbour draws design inspiration from the lily and evokes the image of a minaret, which is a common feature and distinctive aspect of Islamic culture. The elongated oval-shaped bud and geometric texture set the template for the observation decks. The slender stem serves as the analogy for the structure, which is engineered to its most efficient diameter. It is linked to the ground with sturdy cables, in turn, inspired by the delicate ribbing of the lily leaves. The cable array gives the structure its strength, anchoring the ‘bud’ securely to the ground with technical precision using modern engineering materials.

The Experiences

Offering unprecedented experiences for 360 degree views of the city and beyond, the crowning glory of The Tower will be The Pinnacle Room opening to grand views of the sky. The VIP Observation Garden Decks recreate the splendour of the ‘Hanging Gardens of Babylon,’ one of the Seven Wonders of the Ancient World. An engineering marvel awaits visitors, the piece-de-resistance being the fully glazed rotating balconies that extend outward, rotating outside the skin of the tower. The tower will also have a world-class boutique hotel for visitors.

Precision Engineering

The design will be finalised following elaborate wind tunnel testing and all mandatory seismic testing. Every aspect of The Tower is designed and being developed to the highest international standards of safety – from the choice of materials to the technology being used. All local government codes and regulations will be adhered to with close co-ordination and guidance from the concerned authorities.

A Visual Spectacle

Celebrating the iconic status of The Tower, the lighting will emphasise the ‘flower bud’ design as a floating element at the top of the structure, serving as a beacon of light at night. The structural core and tension cables will be gently and dynamically illuminated. Movement Lighting will be used to enhance not only the visitor journey but also the view from outside.

Green Features

The Tower takes into consideration environmental and sustainability features that will serve as industry benchmarks. It starts with the thoughtful design with an environment-friendly tram service to be integrated for effortless access. On-foot visitors have a multitude of access points on to the plaza. A number of green corridors are envisaged for pedestrian access and effortless connectivity with Dubai Creek Harbour.

Emaar has unveiled high-end residences in Dubai Creek Harbour including Dubai Creek Residences, Creekside 18, and most recently, Harbour Views homes in The Island District, a vibrant lifestyle hub. All homes open to premium views of the Dubai Creek, a stylish marina with a yacht club, the adjacent Ras Al Khor natural bird sanctuary and the impressive skyline of Downtown Dubai. The residences also open to the spectacular views of The Tower.

A bustling 4.5km Creek Boardwalk envelopes the Island District, assuring residents unbeatable lifestyle choices. Among the nearby amenities are event spaces, galleries, fascinating water features and a trendy Vida hotel that all add to the quality of life.