Category: Business Segments

The ‘Light Up 2018’ spectacle in Downtown Dubai to usher in the New Year is set to be an official Guinness World Records title attempt that will add to the UAE’s pride.

With preparations fully afoot for an innovative show with layers of surprises, Emaar’s bid for the Guinness World Records will be in the celebrations category, with specific details to be revealed in due course.

The ‘Light Up 2018’ spectacle will celebrate the UAE’s achievements and also pay tribute to the founding father of the nation, the late Sheikh Zayed bin Sultan Al Nahyan, to mark the ‘Year of Zayed’ in 2018. The festivities will span Downtown Dubai with Burj Khalifa, the global icon, taking centerstage with a never-before marvel.

Emaar is working closely with government and private sector entities in organising the event, with special viewing decks being set up for the public in Burj Park, South Ridge and the Mohammed bin Rashid Boulevard. A dedicated viewing platform for 100 people with determination will also be arranged.

The ‘Light Up 2018’ celebrations will kick off at 5pm starting with The Dubai Fountain shows and live deejay, and continue till 1am. The public are urged to be at the venue by 6pm.

The event will be broadcast live on televisions globally and beamed on big screens in Downtown Dubai. The experience can be watched online at www.mydubainewyear.com.

For further details, please visit www.mydubainewyear.com.

What: ‘Light Up 2018’ Downtown Dubai

When: December 31, 2017

Where: Downtown Dubai

A NEVER-BEFORE SPECTACLE AWAITS RESIDENTS AND VISITORS TO THE UAE THIS NEW YEAR’S EVE AS EMAAR PREPARES TO HOST ANOTHER EDITION OF ITS GALA CELEBRATION.

Emaar is celebrating the dawn of the New Year with its all-new ‘Light Up 2018’ spectacle in Downtown Dubai with festivities spanning Burj Khalifa, the global icon, and scintillating water-music performances at The Dubai Fountain.

The whole of Downtown Dubai will come alive to the celebrations that will have several surprises in store this year – unraveled only on New Year’s Eve to delight one and all!

The façade of Downtown Dubai’s iconic buildings will serve as the canvas for the spectacular show that is set to a specially choreographed music. The entire show is coordinated and produced by a team of world-class experts.

Celebrating the pride of the nation and the spirit of positivity that marks Dubai, #MyDubaiNewYear at Downtown Dubai also marks the coming together of several government and private sector entities joining hands with Emaar to deliver an evening of resplendence.

Dubai Department of Tourism & Commerce Marketing, Roads & Transport Authority, Dubai Police, Dubai Civil Defence and Dubai Health Authority, among other governmental entities, are supporting the event to offer a seamless experience for visitors.

Special viewing platforms will be set up across Burj Park, the primary venue of the event, as well as across Downtown Dubai. The public are invited to arrive early by 6pm and to use public transport; Dubai Metro will offer extended operating hours for their convenience.

The event will be broadcast live on televisions globally and beamed on big screens in Downtown Dubai. The experience can be watched online at www.mydubainewyear.com. A Twitter Live Stream can be viewed by following @MyDowntownDubai.

Lighting up the evening sky with #LightUp2018, Emaar is setting the stage for ushering in the New Year with a performance that will dazzle the world and put the global spotlight on the UAE and Dubai. For further details, please visit www.mydubainewyear.com.

• What: ‘Light Up 2018’ Downtown Dubai

• When: December 31, 2017

• Where: Downtown Dubai

Emaar Development PJSC (“Emaar Development” or the “Company”), the UAE build-to-sell (“BTS”) property development business of Emaar Properties PJSC (“Emaar Properties”), today listed its shares on the Dubai Financial Market (“DFM”) following a bell ringing ceremony by Mohamed Alabbar, Chairman of Emaar Development. The Company is now trading under “EMAARDEV”.

The shares of Emaar Development were priced at AED 6.03 per share, within the Company’s initial price range, giving the Company a market capitalisation of approximately AED 24.1 billion (US$6.56 billion) at the time of listing.

Final allocations were approximately 93.8% to qualified investors (the “Qualified Offering”) and 6.2% to inpidual and other investors (the “Retail Offering”).

Mohamed Alabbar, Chairman of Emaar Development, said: “Today is a transformative day for Emaar Development, and marks an important next step in our work of shaping cities of the future. Already a flagship brand and a market leader in Dubai, our successful IPO demonstrates that regional and international investors are excited by our proven business model; specifically, our backlog of AED 41 billion; our high cash flows; and our targeted pidend yield of 8.6% for the next three years, which the Company believes is higher than our competitors, and expected to increase in the future.”

“Additionally, today marks a milestone for the Dubai Financial Market, a maturing financial centre well-positioned to benefit from Dubai’s position as a global investment hub. I would like to express my gratitude to the Securities and Commodities Authority and the Dubai Financial Market for their excellent support and assistance during the IPO process. We are confident that this is just the beginning of a bright future for Emaar Development and our shareholders.”

BofA Merrill Lynch, EFG Hermes UAE Limited, Emirates NBD Capital, First Abu Dhabi Bank and Goldman Sachs International are the Joint Global Coordinators for the offering. Emirates NBD and First Abu Dhabi Bank are the Lead Receiving Banks.

Emaar’s strategic support for the club strengthens the national sports initiative, says Khalifa Saeed SulaimanOur support is aimed at building a highly competitive sports team in line with the aspirations of the leadership and the community, says Mohamed Alabbar
Dubai, UAE; September 25, 2017: Shabab Al-Ahli Dubai Club has signed a strategic partnership agreement with Emaar Properties PJSC marking the company’s sponsorship of the team for the current season. The agreement was signed by HE Khalifa Saeed Sulaiman, Director-General of the Department of Protocol and Hospitality in Dubai, and Mohamed Alabbar, Chairman of Emaar Properties, in the presence of senior representatives of both entities, at Emaar headquarters.

HE Khalifa Saeed Sulaiman thanked Emaar for its strategic partnership and its support to strengthening the sport in the UAE. He added that the sport will see significant strategic changes following the announcement by His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President & Prime Minister and Ruler of Dubai, merging Al-Ahli, Al Shabab and Dubai Clubs as one entity named Shahab Al-Ahli Club.

His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Dubai Executive Council, is the Chairman of the new club, with His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, as the First Vice Chairman; and His Highness Sheikh Ahmed bin Mohammed bin Rashid Al Maktoum, Chairman of the Mohammed bin Rashid Al Maktoum Knowledge Foundation, as the Second Vice Chairman.

HE Khalifa said that the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum is to strengthen the sport, build the team’s skills further, and provide more opportunities for Emirati football to achieve significant accomplishments regionally and internationally at high-level tournaments.

Alabbar said that Emaar’s support underlines its corporate social responsibility to partner in initiatives that add to the pride of the nation. “The private sector has a key role in supporting the sport in the UAE and in empowering the team to compete globally, thereby meeting the aspirations of our leadership and the community.”

He added that the UAE has a wealth of young football talent, and the strategic partnership with the Club is part of Emaar’s strategy to strengthen its role in promoting the sport. “Shabab Al-Ahli Dubai Club brings the combined strength of three Clubs. This integration marks the right direction in the growth of football in the UAE, and will enable the team to achieve remarkable success at various regional and international tournaments.”

Developed by Meraas, 20 million sq ft ‘Dubai Harbour’ features the iconic Dubai Lighthouse, cruise port & MENA’s largest marinaEmaar to develop 10 million sq ft of residences and an Address hotel project in Dubai Harbour, between Palm Jumeirah and JBRLocated between Palm Jumeirah and JBR, Dubai Harbour will integrate Sky Dive Dubai, Dubai International Marine Club and Logo Island in one spectacular tourist destination
Emaar Properties today announced that it will develop about 10 million sq ft of waterfront residences and a brand-new hotel project at Dubai Harbour, the 20 million sq ft destination developed by Meraas. Dubai Harbour was launched earlier this year by His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai.

Emaar’s residences and hotel development will have a spectacular waterfront location in Dubai Harbour, between the Jumeirah Beach Residences and The Palm Jumeirah. Drawing on its proven strength in developing and handing over high quality residential and hospitality projects, Emaar will focus on building a series of elegantly designed high-rise residential apartments overlooking the Arabian Gulf.

Emaar’s hospitality project will be operated by its Address Hotels + Resorts and will include branded residences. It will add value to destination through an extensive array of luxurious amenities, restaurants, as well as wellness and leisure facilities set in a breathtaking location.

Emaar’s new residential project will bring incredible value for residents as they become part of one of the region’s vibrant destinations that features the upcoming Dubai Lighthouse, a modern cruise port with two terminals and the Middle East and North Africa region’s largest marina. The residential neighbourhood developed by Emaar will be part of an integrated tourist destination, with the masterplan set to integrate Sky pe Dubai, Dubai International Marine Club and Logo Island under Dubai Harbour.

His Excellency Abdulla Al Habbai, Group Chairman of Meraas, said: “Meraas is committed to bringing innovative destinations and experiences to life that are aligned with the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, and the strategic objectives outlined in Dubai Tourism Vision 2020 and Dubai Plan 2021. Developments such as Dubai Harbour are central to our efforts to define Dubai as a preferred place to live, work and visit and include several unique features that will create incremental value for the local economy and drive growth in the maritime tourism sector. We are confident that our collaboration with Emaar will reinforce our mission of creating a world-class destination that appeals to people around the globe.”

Mohamed Alabbar, Chairman of Emaar Properties, said: “Developing our share of land in Dubai Harbour, an iconic luxury waterfront destination, to create world-class residences and hospitality projects will add to our portfolio of prime developments in spectacular locations in Dubai. With its array of maritime-oriented lifestyle and leisure attractions, Dubai Harbour will be one of the vibrant leisure and tourism hubs of the city. It adds to the track-record of Meraas in delivering unique destinations. Adding to Emaar’s Dubai Real Estate Development business, the residences and hotel project in Dubai Harbour will create significant long-term value for our shareholders. Emaar’s new development will also complement the vision of HH Sheikh Mohammed bin Rashid Al Maktoum in establishing Dubai as a global tourism and lifestyle hub.”

Emaar’s plots of land on Dubai Harbour are ideally situated to develop a stylish community with the homes as well as the hotel project offering direct beachfront access. Residents and guests step out to a relaxing ambience by the beach in addition to a range of marina pursuits in easy proximity.

Emaar’s hotel project will stand out for the exceptional service standards offered by Address Hotels + Resorts, the flagship brand of Emaar Hospitality Group. Positioning its messaging as ‘Where life happens’, Address Hotels + Resorts offers a more personal and engaging experience to guests in a premium lifestyle environment, enriching the lives of its guests with luxury, style and elegance.

Dubai Harbour will feature an advanced multi-modal transport infrastructure comprising an excellent road network in addition to air and sea connectivity. There will also be a futuristic public transport system, water stations, pedestrian bridge, jogging and cycling tracks.

The upcoming Dubai Lighthouse will add further economic value to the neighbourhood in addition to creating a new skyline. An architectural icon, the 135-metre-high Dubai Lighthouse will have an observation deck offering 360 degree views of Palm Jumeirah and Bluewaters, home of Ain Dubai, the worlds’ tallest and largest observation wheel.

Among other features of Dubai Harbour, developed by Meraas and that make Emaar’s residential projects attractive to investors, are the 1,100-berth marina that accommodates small, medium and superyachts, a cruise ship port and two terminals that can welcome around 1.2 million passengers annually, a shopping mall of 875,000 sq ft, an events arena, and innovative food and beverage concepts.

FORMATS THE HTML CODES.FORMATFIX THE HTML TO BE XHTML COMPLIANTFIX WRITE VALIDATE THAT THE TEXT IS XHTML COMPLIANT.VALIDATE PROOFING
• Sky Walk is a 30-metre-long cantilever structure with 45 metres of walking distance opening to spectacular views of Burj Khalifa and The Dubai Fountain

• Adventure seekers can take in the spectacular views from 200 metres high as they navigate Sky Walk in safety harnesses

• Half-oval shaped structure is fabricated using 350 tonnes of structural steel; raised using strand jacking technology by a global team of experts

Emaar Properties today announced the launch of an exhilarating tourist attraction that will especially appeal to adventure lover with the new Sky Walk, a 200-metre high cantilever observation corridor in the Address Sky View development in Downtown Dubai. Sky Walk offers the unique experience of taking in spectacular views from a height of 200 metres as the visitors navigate the observation corridor in safety harnesses, walking literally ‘outside the building.’

Sky Walk joins the league of Emaar’s other iconic attractions such as At the Top, Burj Khalifa SKY. It opens to the entire expanse of Downtown Dubai including its famed attractions such as Burj Khalifa and The Dubai Fountain. The views expand further afield to the upcoming new icon Dubai Creek Tower and of the Arabian Gulf. At level 53 of Address Sky View, and suspended at the imposing height of 200 metres, Sky Walk is another first-of-its-kind in Downtown Dubai.

Address Sky View, a residential and hospitality project, also features the iconic 85-metre-long Sky Bridge, at 220 metres high, featuring eight units of luxurious Sky Collection Duplexes, a 70-metre-long infinity pool and other amenities.

A global team of over 300 engineering, construction and design experts worked on the project over a period of one year to achieve a new milestone as the Sky Walk, weighing over 350 tonnes of structural steel, has been lifted to position using customised strand jacking technology.

The 30-metre long cantilever Sky Walk, fixed to the structure of one of the two Address Sky View towers, is a half-oval structure offering 45 metres of walking distance. To ensure maximum comfort level of visitors, high-tech tuned damping parts are being fixed underneath the Sky Walk.

Mohamed Alabbar, Chairman of Emaar Properties, said: “Address Sky View is one of the prestigious upcoming developments in Downtown Dubai that not only features a world-class hotel and serviced residence but also the iconic Sky Bridge and now a new Sky Walk. Appealing to adventure seekers, Sky Walk will add to the touristic appeal of the city and offer visitors a never-before experience. Lifting the Sky Walk in place is a true engineering feat accomplished seamlessly by a team of experts from across the world. Sky Walk is another demonstration of the global collaboration that our nation promotes.”

The international team working on the project had to address several design challenges for Sky Walk from the use of extensive loads of steel to the ambient temperature difference. They introduced several innovative approaches for the on-schedule progress of Sky Walk construction.

Among the engineering features, a 4-metre high steel girder was designed to hold the huge load of the Sky Walk that will be transferred to the core walls of the Address Sky View tower. The main body was assembled and erected in situ using high-capacity cranes that are not commonly used in the region.

The Sky Walk Steel Structure was divided into two main pieces, the girder with a total weight of almost 250 tonnes, and the Sky Walk with a total weight of almost 350 tonnes. Special high-capacity hydraulic jacks were imported from Switzerland to lift the two main steel pieces.

Each element was assembled on the ground over a period of three months from May to August 2017 and lifted into position using Strand Jacking Technology. The Sky Walk truss, the heaviest component, was lifted to the height of 200 meters using high-capacity hydraulic jacks and cables.

The lifting of Sky Walk was accomplished through detailed planning, team work and the use of advanced technology. It had to take into consideration high wind speeds and the high ambient temperature during summer. Each element was lifted and erected following the highest standards of safety and security

Linked directly to The Dubai Mall Metro station through a travellator, the 60-floor Address Sky View towers are 260 meters high, and offers spectacular views of Downtown Dubai and the city. It is designed by Skidmore, Owings and Merrill, the architects of Burj Khalifa, and will feature 169 luxurious hotel rooms on 12 levels with amenities including restaurants, lounges, a world-class event venue, meeting rooms, three pools including a rooftop pool and a spa. Address Residences Sky View will have 551 serviced residences that are fully furnished with floor-to-ceiling windows.

Address Sky View hotel and Address Residences Sky View are operated by Address Hotels + Resorts, the premium luxury hotel and serviced residences brand under Emaar Hospitality Group, a subsidiary of Emaar Properties.

For more details on Address Sky View, log on to:www.emaar.com

Set directly at the periphery of the Central Park, 17 Icon Bay homes offers direct views of Burj Khalifa, Dubai Creek Tower and the Ras Al Khor Wildlife Sanctuary6 sq km Dubai Creek Harbour is only 10 minutes from Dubai International Airport; Sale of 17 Icon Bay homes to commence on August 29
Dubai, UAE; August 29, 2017: Emaar Properties brings an elegant new residential choice, defined by its picturesque setting in the heart of the Island District of Dubai Creek Harbour, the 6 sq km mega-development only 10 minutes from the Dubai International Airport.

A 43-storey sleek residential tower, 17 Icon Bay, the new project to be launched for sale on August 29, 2017, stands out for the direct views it offers of Burj Khalifa, the global icon; Dubai Creek Tower and the Ras Al Khor Wildlife Sanctuary, protected by the UNESCO Ramsar Convention and home to over 67 species of water birds.

The serene setting of the 17 Icon Bay homes is complemented by a focus on wellness and living in harmony with nature through family-oriented spaces including walking trails by a dense grove of trees, children’s play areas, a swimming pool, landscaped leisure deck, multi-function room and modern fitness facilities.

With about 300 apartments featuring 1, 2 and 3 bedrooms, 17 Icon Bay is strategically located by the tip of the Central Park neighbourhood, and offers effortless access to a wide range of retail, F&B and leisure that are set along a 4.5 km-long Creek Boardwalk. It is also in close proximity to event spaces, galleries, parks, water attractions and a trendy Vida hotel in Dubai Creek Harbour. Furthermore, 17 Icon Bay is located within walking distance from Dubai Creek Tower, the new icon that will feature the world’s highest observation decks.

Ahmad Al Matrooshi, Managing Director of Emaar Properties, said: “Dubai Creek Harbour is one of the most sought-after residential destinations in the city, its value underpinned further by the Dubai Creek Tower, the new global icon, and a dedicated retail district. 17 Icon Bay, our newest residential project, offers three distinctive advantages – its central location on the Island District, spectacular views of the Dubai skyline, the iconic Dubai Creek Tower, the historic creek and the Ras Al Khor Wildlife Sanctuary, and ease of access to a wide range of wellness and leisure amenities. The homes will offer a serene getaway right in the heart of the city.”

17 Icon Bay has an elegant architecture with vertical elements that accentuate the height of the tower, The interior spaces are thoughtfully designed to ensure the utmost comfort of residents and to maximise the views.

A podium space on the first floor provides communal and active areas interconnected with the residential tower. It includes dedicated zones for a variety of leisure activities that ensure the privacy and comfort of the residents. Ample vegetation is incorporated within the podium landscape to encourage all-day usage of the space, and offer shaded areas.

The sale of 17 Icon Bay residences in Dubai Creek Harbour, developed as a joint venture with Dubai Holding, will commence on August 29, 2017. Customers can visit the Dubai Creek Harbour Sales Pavilion in Ras Al Khor, Emaar Sales Centre at Downtown Dubai, the Dubai Hills Estate Sales Centre on Umm Suqeim Road and the Emaar Sales Centre in Abu Dhabi at the Al Nahda Tower on 4th Street, Corniche.

For more information, call 800 36227(UAE) or +9714 3661688 (International); or email: Sales_Enquiry@emaar.ae. Also, visit the online sales centre at www.emaar.com

Emaar offers long-term investors and end-users the opportunity to register for the Emaar Preferred Access programme, at www.emaar.com. More information on the project is also available through the new ‘Online Sales Centre’ feature on Emaar’s e-Services App that can be downloaded on iPads and iPhones.

The Dubai Mall, the flagship retail and leisure destination of Emaar Malls, has launched a brand-new feature to its dedicated app. The wayfinding App makes it easier than ever to navigate around its more than 1,200 stores, 200 F&B outlets and host of entertainment attractions including the newly launched replica of Dubai Creek Tower that is the centerpiece of the Grand Atrium.

Available on both IOS and Android devices, users can simply input the store or F&B outlet they’re looking for and be seamlessly guided through the mall with ease, with the technology behind the app acting as an indoor GPS system.

The Dubai Mall has been a pioneer in introducing innovative digital technologies that enhance the visitor experience. In addition to free Wi-Fi, the mall focuses on leveraging advanced digital tools to create additional value for its visitors through the customer journey.

The dedicated App, for instance, offers customers a wealth of information on the mall and its stores at their fingertips. Easy to use, it enables users to discover everything they need to know about their favourite retailers, and keep up to date with any promotions or events. The App can also be used to directly book tickets for attractions and services.

Among the many attractions at The Dubai Mall is the replica of Dubai Creek Tower. The mall now hosts daily shows that narrate the amazing facts of the global icon in the making, through a series of 16 LED screens presenting visual narratives on the design philosophy and making. Crafted by skilled engineers and professionals, the replica in aluminum and 3D-printed cladding elements weighs 3,000 kg, and took over 4,000 hours to be completed.

To use the wayfinding system, simply download the free app for The Dubai Mall, select your destination and you’ll be on your way! The Dubai Mall’s mobile app is available on AppStore and Google Play.

A new family retail district, Dubai Hills Mall will have over 2 million sq ft gross leasable area Over 750 retail and F&B outlets anchored by a 65,000 sq ft hypermarket in addition to a range of family entertainment & leisure choices including a dedicated cineplex with over 20 screensRegional retail and leisure destination strategically located at the intersection of Umm Suqeim Street and Al Khail Road, with planned Dubai Metro extensionAttractive streetscapes, vibrant boulevard, marketplace and outdoor concert areas
Emaar Properties today announced the launch of ‘Dubai Hills Mall,’ a family retail district located in the heart of Dubai Hills Estate, the 11 million sq m master-planned green oasis set in easy proximity to Al Maktoum International Airport and Downtown Dubai.

A regional retail and leisure destination scheduled to open late-2019, Dubai Hills Mall will have a gross leasable area (GLA) of over 2 million sq ft (187,500 sq m). It will be home to more than 750 outlets including a range of ‘fast fashion’ retail and F&B choices featuring a wide array of restaurants and cafes.

Dubai Hills Mall will also feature four major family entertainment and leisure centres including a cineplex, a 65,000 sq ft hypermarket, seven anchor retail experience stores, and dedicated parking spaces for over 7,000 vehicles. The mall will add to the lifestyle choice of residents in Dubai Hills Estate, featuring several residential communities including golf-course villas, thoughtfully designed townhouses and apartments with spectacular views.

The mall offers seamless access from Sheikh Zayed Road, Mohammed bin Zayed Road, Umm Suqeim Road and Al Khail Road. Dubai Hills Mall will also have a dedicated link to the Dubai Metro and other public transport. Active streetscapes and a vibrant boulevard, with F&B outlets, retail stores and an outdoor concert area define it as a family-first destination that redefines the shopping mall experience.

HE Abdulla Al Habbai, Group Chairman of Meraas, said: “Dubai Hills Mall is an innovative concept that will redefine the shopping malls and retail sector of the city. With the retail and trade sector contributing to about 30 per cent of Dubai’s GDP, it is important to ensure its sustained competitiveness through such lifestyle destinations that welcome visitors from around the world in addition to serving the local community. As the centrepiece of Dubai Hills Estate, a smart city of the future, the Dubai Hills Mall will bring incredible value to the mega-development and further energise Dubai’s retail sector.”

Mohamed Alabbar, Chairman of Emaar Properties, said: “We are developing Dubai Hills Mall with a fresh concept where the focus is not just on providing retail and leisure choices but also for visitors to create memories and lifestyle experiences. Integrating advanced technology features with the principles of a regional mall, it will be a socially and culturally inspiring space for people, young and old, residents and visitors, to meet, connect and relax.” He added: “Dubai Hills Mall will stand out in the retail sector, and support the tourism and hospitality sectors through highly engaging leisure and entertainment attractions. With a choice of event venues, the mall will host year-round activities for families. Elegantly designed and thoughtfully laid out, Dubai Hills Mall’s convenient location serves several established neighbourhoods in Mohammed bin Rashid City and the catchment areas of Arabian Ranches and other lifestyle communities.”

Dubai Hills Mall will be a centerpiece of Dubai Hills Estate, one of the largest master-planned communities in the city developed by Emaar Properties as a joint venture with Meraas. It will feature a total green area of over 23 million sq ft that includes a championship golf course, and a central park spreading over an area of about 1.9 million sq ft. The golf course overlooks the Downtown Dubai skyline. Set around the golf course are over 4,400 villas and townhouses, and 22,000 apartments. Emaar has launched exclusive residential neighbourhoods in Dubai Hills Estate that have gained strong investor response.

Defining the value proposition of ‘where life is extraordinary,’ Dubai Hills Estate is already coming to life with significant progress achieved on the construction of villas, roads, green avenues, serene lakes and waterbodies. A welcoming Street of Dreams gives the first and full magnificent view of the lifestyle that awaits residents. Dubai Hills Mall will further add to the community by offering a strong retail and leisure offer with its appeal to be amplified further with hotels and other entertainment attractions.

Revenue for half-year 2017 is AED 7.866 billion (US$ 2.142 billion), an increase of 8% over the same period in 2016Emaar plans to list its UAE Real Estate development business through up to 30% equity offering; strong growth in sales underlines significant interest of customers in Emaar’s property developmentsRevenue from international development grew up by 64% to AED 1.697 billion (US$ 462 million) representing 22% of total revenue
Dubai, UAE; August 14, 2017: Emaar Properties PJSC recorded a growth in net profit by 15 per cent to AED 2.837 billion (US$ 772 million) during the first six months (January to June) of 2017 (H1 2017), compared to AED 2.475 billion (US$ 674 million) during the same period last year. H1 2017 revenue is AED 7.866 billion (US$ 2.142 billion), an increase of 8 per cent over H1 2016 revenue of AED 7.257 billion (US$ 1.976 billion).

Recurring revenue from Emaar’s shopping malls & retail, hospitality & leisure, commercial leasing and entertainment businesses in H1 2017 is AED 3.016 billion (US$ 821 million), which represents 38 per cent of the total revenue.

Emaar’s revenue from its international development recorded a growth of 64 per cent in H1 2017 to AED 1.697 billion (US$ 462 million), compared to the H1 2016 international revenue of AED 1.032 billion (US$ 281 million). This was underpinned by significant progress in projects achieved in key markets including Egypt, Turkey, India and Saudi Arabia, among others. Emaar’s international development now contribute 22 per cent to the total Group revenue.

In the second quarter (April to June) of 2017 (Q2 2017), Emaar recorded a net profit of AED 1.453 billion (US$ 396 million), an increase of 14 per cent over Q2 2016 net profit of AED 1.270 billion (US$ 346 million).

A customer-focused digital organisation Mohamed Alabbar, Chairman of Emaar Properties, said the positive performance builds on Emaar’s ongoing focus on project delivery and being a customer-centric organisation. “Organisation-wide, we are marking a transformational change to strengthen project management and service excellence led by digital technology. At every stage of development, we place emphasis on being more efficient and responsive to the aspirations of our customers, and to create long-term value for our stakeholders.”

“This complements the transition of the nation into a smart economy led by the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai. As a year-round tourism and retail destination, and with a focus on infrastructure development, the UAE has evolved as a global business and leisure hub, and through our projects, we are contributing to the nation in driving sustained economic growth.”

Emaar’s commitment to value creation for shareholders was highlighted by the company distributing a cash dividend of 15 per cent of the share capital, equivalent to AED 1.074 billion (US$ 292 million).

To provide superior value to all Emaar’s shareholders for their unwavering support to the company since 1997, Emaar has announced its plan to list its UAE Real Estate development business through up to 30 per cent share offering on the Dubai Financial Market (DFM).

The funds raised through the sale of equity will be primarily distributed as dividends to shareholders. This will ensure that the value of this business is properly recognised, thereby enhancing value for Emaar shareholders.

Smart city hubs of the future During the first six months of 2017, Emaar recorded property sales in Dubai of AED 10.814 billion (US$ 2.944 billion), 22 per cent higher than AED 8.9 billion (US$ 2.42 billion) during the same period in 2016, underlining the significant customer interest in Emaar’s projects.

This growth was led by residential launches in Emaar’s flagship projects including Dubai Creek Harbour, Downtown Dubai, Dubai Hills Estate and Emaar South – the smart city hubs of the future. The new residential project launches in the first six months of the year included: Downtown Views II and Vida Dubai Mall in Downtown Dubai, Vida Residences in Dubai Marina, Creek Gate, Harbour Gate and Creek Rise in Dubai Creek Harbour, Park Heights I & II and Maple 3 in Dubai Hills Estate and Golf Views apartments and Urbana III stacked townhouses in Emaar South.

A highlight of Emaar’s property development portfolio was the completion of foundation work for the Dubai Creek Harbour Tower. More than 145 barrette piles have been laid to depths of over 72 metres to secure the super-tall structure. Emaar also achieved the challenging engineering feat of designing, constructing and lifting an iconic Sky Bridge that links the new Address Sky View hotel with the Address Residences Sky View in Downtown Dubai.

With robust sales in Dubai, Emaar now has a total backlog of AED 49.5 billion (US$ 13.5 billion) including a backlog of over AED 40 billion (US$ 10.9 billion) in Dubai, to be recognised in the next few years, a testament to the company’s strong financial fundamentals.

Steady growth in recurring revenue Emaar Malls (DFM: EMAARMALLS), the shopping malls and retail business majority-owned by Emaar Properties, reported H1 2017 net profit of AED 1.021 billion (US$ 278 million), 3 per cent higher than H1 2016 net profit of AED 987 million (US$ 269 million). Emaar Malls revenue in H1 2017 is AED 1.624 billion (US$ 442 million), similar to H1 2016 revenue of AED 1.618 billion (US$ 441 million).

As part of the digital transformation initiatives, Emaar Malls acquired a 51 per cent stake in Namshi, the leading online fashion retailer in the Middle east. This complements its focus on multi-channel retailing, and creating long-term value for its stakeholders. At its second Annual General Meeting in April, Emaar Malls distributed 10 per cent of the share capital, equivalent to AED 1.301 billion (US$ 354 million) as cash dividend to the shareholders.

The shopping mall assets of Emaar Malls welcomed over 65 million visitors in the first half of 2017, an increase of 7 per cent over H1 2016.

The hospitality & leisure, commercial leasing and entertainment businesses of Emaar recorded H1 2017 revenue of AED 1.392 billion (US$ 388 million), which is 7 per cent higher than the H1 2016 revenue of AED 1.298 billion (US$ 353 million).

Emaar further strengthened its hospitality portfolio in the first half of the year with the opening of three properties – Address Boulevard in Downtown Dubai, Rove Healthcare City and Rove Trade Centre. Occupancy levels at Address Hotel + Resorts were 82 per cent, higher than industry average. The hospitality business has also expanded its geographic footprint with management agreements to operate hotels in Saudi Arabia, Bahrain, Egypt and Turkey. Today, the Group has over 27 upcoming projects in the pipeline in the UAE and in international markets.

In Q2 2017, Emaar Turkey opened Emaar Square Mall, a world-class retail and leisure destination located in the heart of Emaar Square in Istanbul, an elegant master-planned development, showcasing some of the world’s leading retail, entertainment and gastronomy brands to assure visitors a memorable experience.

One of the world’s largest real estate companies, Emaar has a land bank of about 188 million sq m in the UAE and key international markets. With a proven track-record in delivery, Emaar has delivered over 43,200 residential units in Dubai and other global markets since 2001.