Category: General

In a strong demonstration of its solidarity with the nation’s leadership and saluting their vision, Emaar Properties marked the UAE Flag Day today at Dubai Opera, its iconic new attraction in Downtown Dubai.

Commemorating the path-breaking efforts of the nation’s founding fathers, the late Sheikh Zayed bin Sultan Al Nahyan and the late Sheikh Rashid Bin Saeed Al Maktoum, the UAE Flag Day celebrations symbolize the nation’s colossal achievements.

Emaar’s team saluted the focus of the UAE leadership, President HH Sheikh Khalifa bin Zayed Al Nahyan; Vice President & Prime Minister and Ruler of Dubai HH Sheikh Mohammed bin Rashid Al Maktoum, and Their Highnesses the Members of the Supreme Council, for steering the nation as one of the most modern in the world, assuring every resident justice, peace, safety and security.

Emaar’s senior management accompanied the Emarati workforce, and other staff members to hoist the flag at 11am, joining governmental entities and others across the nation to pledge allegiance to the National Flag, a symbol of unity, dignity and national affiliation.

Celebrating the theme of this year’s UAE Flag Day of ‘Raise it High… Raise it Proud,’ the ceremony at Dubai Opera was a befitting tribute with the venue’s architectural design, proudly inspired from the nation’s heritage, while its cultural calendar marks the evolution of Dubai and the UAE as a hub for arts and culture in the region.

The Emaar team’s display of national solidarity was underlined by their pride in the nations many achievements, and the exemplary values that the leadership has set for every National, and resident in the country.

Global developer Emaar Properties PJSC today announced the appointment of Veresh Sita, an international technology professional with deep expertise in developing customer-oriented solutions and experiences, as its Chief Digital Officer (CDO).

Veresh joins Emaar from Alaska Airlines, where he was CIO, responsible for overseeing an organisation of 300 IT professionals and investing in the airline’s infrastructure, enterprise systems and technical innovation. He also has strong expertise in the real estate sector having worked as the CIO and CDO for Seattle-based Colliers International, helping transform its information and technology services department.

Bringing nearly 25 years of experience in information technology, Veresh is mandated with developing a new digital strategy that will drive Emaar’s growth. He will also prioritise Emaar’s technology roadmap to assure seamless customer service delivery and strengthen the company’s agility and responsiveness in a fast-changing landscape.

Mohamed Alabbar, Chairman of Emaar Properties, said: “Emaar is moving into the next era of growth centred on the new digital ecosystem that is shaping customer outlook and preferences. In today’s fast-evolving world, organisations that lead are the ones that can automate at scale, are agile and highly responsive to the needs of customers.

“With our strong international footprint and persified business competencies, Emaar’s strategy to create long-term value will be led by innovative, tech-driven business and enterprise systems. Veresh has proven global expertise in reengineering technology platforms that will contribute tremendously to the organisation’s growth.”

Veresh said: “It is an honour to lead the technology and digital transformation for Emaar Properties, a developer of architectural icons, and the pioneer in developing integrated master-planned communities. It gives me the opportunity to be part of a global company with a truly global technology mandate. Emaar’s success is led by its relentless focus on customer service excellence that will continue to be the key objective of our new digital strategy. My focus will be on building high performance teams that love working together and deliver digital transformation through customer-oriented digital platforms, automation at scale, product-based developments, and velocity & continuous service delivery.”

As CDO, Veresh will be responsible for developing systems that assure exceptional client service across multiple geographies. He will also work to deliver the highest level of IT services and availability on a day-to-day basis needed by the Group’s overall operation. He will also be a key contributor to the company’s strategic business decisions.

Veresh has also worked as Director – Global Business Systems Solutions at Starbucks Coffee Company, leading the largest business process and systems transformation in the company’s history. He has been named as ‘Best CIO of a Large Company’ by the Puget Sound Business Journal in 2013.

Born and raised in South Africa, he has a bachelor’s degree in commerce/business information systems from the University of Witwatersrand in Johannesburg, South Africa. He is involved in mentoring youth and business professionals.

The Roads and Transport Authority (RTA) has signed two MoUs with Dubai Electricity & Water Authority (DEWA) and Emaar Properties for continuing their roles in co-organizing the Dubai International Project Management Forum (DIPMF) over the next three years (2017-2019). Starting from the next edition, the Forum will see the decoration of winners of the Hamadan bin Mohammed Project Management Innovation Award. The signing of the MoUs culminates the successful partnership between the RTA, DEWA and Emaar Properties over the past three editions (2014-2016).

The MoUs were signed at the sidelines of the DIPMF which was concluded yesterday, by HE Mattar Al Tayer, Director-General and Chairman of the Board of Executive Directors of the RTA on behalf of the RTA; HE Saeed Mohammed Al Tayer, Managing Director and CEO of DEWA on behalf of DEWA; and HE Mohammed Al Abbar, Chairman of Emaar on behalf of Emaar.

Al Tayer was pleased with the MoUs that signal the continuation of partnership in organizing the DIPMF, which is held under the patronage of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council. “This partnership contributes to realize the objectives of the Forum which showcases the pioneering upswing seen by Dubai emirate under the wise leadership of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. Dubai is one of the leading cities worldwide in ensuring project management and adopting the highest international standards in constructing mega projects such as Burj Khalifa, Palm Jumeirah, Dubai Metro, Dubai Tram, Dubai Airports and giant ports, besides utilizing the outcomes of this Forum for future projects such as Expo 2020 which is expected to attract 25 million visitors, 70% of them will come from outside the UAE, and set to create more than 277,000 jobs.

Al Tayer pointed to the great success of previous DIPMF editions in terms of perfect organization, and huge attendees exceeding 2,000 participants per event. He also highlighted the various topics addressed such as engineering, construction, project management, sports, energy, environment, sustainability, future shaping, smart cities, among others. DIPMF crowned its success by launching Hamdan bin Mohammed Award for Innovation in Project Management, and winners will be honored in the 2017 edition.

For his part, HE Mohammed Al Abbar, Chairman of Emaar Properties, said: “DIPMF is a leading platform in showcasing the exceptional achievements made by Dubai thanks to adopting the best practices in undertaking mega projects.”

“DIPMF reflects the wise vision of HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai aimed at cementing the standing of Dubai as a global hub for innovation in constructing infrastructure that shape the future of smart cities,” noted Al Abbar.

Based on Dubai Strategic Plan 2021 and Dubai Smart vision, the emirate has succeeded in delivering unprecedented projects that have become a source of pride, epitomizing the true values of dedication and unlimited ambition thanks to the auspices of Emaar Properties to the event, as an organizing partner.

HE Saeed Mohammed Al Tayer, Managing Director and CEO of Dubai Electricity and Water Authority was pleased with continuity of partnership with the RTA to ensure further cooperation, enhance the global reputation of the DIPMF and further up the leading standing enjoyed by the emirate of Dubai worldwide in this vital field.

“We are pleased to continue our close cooperation with the RTA to achieve the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE and Ruler of Dubai, to enhance the prestige of global standing enjoyed by the Emirate of Dubai in the fields of finance, business, tourism, green economy and sustainability. The partnership with the RTA in organizing this Forum is part of our endeavors to achieve innovation in project management, especially green projects through sustainability of resources, besides nurturing clean, healthy and sustainable environment & green solutions, enhancing energy consumption & efficient management of solid waste, saving resources, establishing sustainable communities, and focusing on research & planning to consolidate sustainable development,” elaborated the Managing Director and CEO of Dubai Electricity and Water Authority.

Revenue for the first six months of 2016 is AED 7.257 billion (US$ 1.976 billion), 11% higher than same period in 2015Recurring revenue from shopping malls & retail and hospitality & leisure at AED 2.916 billion (US$ 794 million), 40% of the total revenueProperty sales in Dubai at AED 8.854 billion (US$ 2.411 billion), 45% higher than same period in 2015, highlighting strong investor demand for Emaar’s iconic developmentsLaunch of The Tower in Dubai Creek Harbour marks a new milestone in development strategy of EmaarSecond half of 2016 to be defined by opening of Dubai Opera and ongoing expansion of The Dubai Mall as well as launch of new masterplannned developments
Dubai, UAE; July 31, 2016: Global developer Emaar Properties recorded a robust increase of 12 percent in net profit to AED 2.475 billion (US$ 674 million) in the first six months (January to June) of 2016, compared to the net profit of AED 2.205 billion (US$ 600 million) during the same period last year. The half-year 2016 revenue is AED 7.257 billion (US$ 1.976 billion), 11 percent higher than the H1 2015 revenue of AED 6.520 billion (US$ 1.775 billion).

Underlining the strength of its diversified business model, Emaar’s recurring revenues from its malls & retail and hospitality & leisure segments recorded an impressive AED 2.916 billion (US$ 794 million), which is 40 percent of the total H1 2016 revenue, and in line with the cumulative revenue from these businesses during H1 2015 at AED 2.900 billion (US$ 790 million) despite the ongoing development of The Address Downtown Dubai.

Cementing the success of its international expansion, revenues from Emaar’s global operations were AED 1.032 billion (US$ 281 million) during H1 2016. The global operations now account for 14 percent of the total revenue.

Emaar recorded total sales at AED 10.44 billion (US$ 2.842 billion) during the first half of 2016 and now has a formidable backlog of AED 45.90 billion (US$ 12.50 billion), to be recognised over the next 3 to 4 years, highlighting its fundamentals for long-term profitability.

Strong fundamentals

Mohamed Alabbar, Chairman of Emaar Properties, said that the strong half-year results highlight the success of Emaar’s growth strategy to consolidate its position as the largest developer of iconic projects in Dubai with a sizeable sales backlog, and to build its recurring revenues.

“We are in one of the most exciting phases of our growth story having launched a brand-new icon for the city – The Tower at Dubai Creek Harbour – and the imminent roll-out of Dubai Opera in Downtown Dubai. We are scaling up our malls business with the launch of a Retail District in Dubai Creek Harbour and the expansion of The Dubai Mall. We are also strengthening our hospitality portfolio with 35 new hotels and serviced residences in the UAE and international markets.”

He added: “Our commitment is to create long-term value for our stakeholders, and in this, we are inspired by His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, to challenge ourselves and push our boundaries. We will continue to explore opportunities to develop new land banks in Dubai through integrated developments that support the Dubai Plan 2021 and the preparations for Expo 2020.”

Positive Second-Quarter 2016

In the second-quarter (April to June) of 2016, Emaar sustained its growth trend with net profit at AED 1.270 billion (US$ 346 million), an increase of 8 percent over the profit during same period in 2015 of AED 1.179 billion (US$ 321 million).

Revenue for Q2 2016 stands at AED 3.728 billion (US$ 1.015 billion), which is higher by 7 percent compared to the Q2 2015 revenue of AED 3.496 billion (US$ 952 million). This was result of Emaar’s focus on on-scheduled construction progress and the achievement of new milestones that contributed to higher revenue recognition.

During Q2 2016, revenue from shopping malls & retail and hospitality & leisure businesses were AED 1.361 billion (US$ 371 million). International revenues in Q2 2016 were also healthy at AED 533 million (US$ 145 million), up by 7 percent compared to the Q1 2016 revenue from global operations at AED 499 million (US$ 136 million).

First choice for homes

Emaar’s property business recorded positive growth during H1 2016 with revenue of AED 4.341 billion (US$ 1.182 billion), which is 20 percent higher than the property business revenue during H1 2015 at AED 3.620 billion (US$ 986 million).

The total property sales for H1 2016 is at AED 10.44 billion (US$ 2.842 billion), an increase of 23 percent over H1 2015 of which AED 8.854 billion (US$ 2.411 billion) of sales is in Dubai, 45 percent higher than the property sales in Dubai during the first six months of 2015.

The Dubai sales were led by the launch of The Address Residences Dubai Opera & Il Primo in Downtown Dubai, premium Fairway Vistas & Sidra villas in Dubai Hills Estate, 52/42 prime waterfront development in Dubai Marina and Harbour Views at Dubai Creek Harbour. Demand for homes in Dubai Creek Harbour spiked with the launch of The Tower.

Growing recurring revenues

Emaar Malls (DFM: EMAARMALLS), the shopping malls and retail business majority-owned by Emaar Properties, reported H1 2016 net profit of AED 987 million (US$ 269 million), 17 percent higher than the net profit of AED 845 million (US$ 230 million) during the same period last year.

Revenue for H1 2016 from the malls business is AED 1.618 billion (US$ 441 million), 11 percent higher than the H1 2015 revenue of AED 1.452 billion (US$ 395 million).

The hospitality & leisure, commercial leasing and entertainment businesses recorded H1 2016 revenue of AED 1.298 billion (US$ 353 million).

Occupancy levels at The Address Hotels + Resorts were 86 percent, higher than the industry average. The Address Boulevard Dubai, a brand new addition to the portfolio will open soon. Emaar launched the first mid-market brand hotel – the Rove Downtown Dubai – this year with nine more Rove hotels scheduled to open in central locations by 2020.

Value for stakeholders

Emaar has been upgraded to Baa3 long-term issuer rating by Moody’s Investor Service with ‘stable’ outlook highlighting its financial strength and ability to create sustained shareholder value through its ongoing projects and assured recurring revenues from its malls and hospitality businesses.

Demonstrating strong value creation, Emaar and Emaar Malls together distributed over AED 2.375 billion (US$ 647 million) in dividends this year. Emaar has handed over more than 40,600 homes already, and has over 14,000 residential units in development in the UAE. With total assets valued at over AED 165.7 billion (US$ 45.1 billion), Emaar has a land bank of 196 million sq m in UAE and international markets that will support its long-term growth.

H1 2016 revenue gains 11% over H1 2015 to AED 1.618 billion (US$ 441 million)Q2 2016 net profit is 11% higher and revenue is 9% higher than Q2 2015The Dubai Mall’s Fashion Avenue and Zabeel expansion progressing as per schedule; new Retail District to be developed in Dubai Creek Harbour; mall and community areas to feature in Dubai Hills Estate
Dubai, UAE; July 27, 2016: Emaar Malls (DFM: EMAARMALLS), the shopping malls and retail business majority-owned by global property developer Emaar Properties (DFM: EMAAR), has reported first-half (January to June) 2016 net profit of AED 987 million (US$ 269 million), 17 percent higher than the net profit of AED 845 million (US$ 230 million) during the same period last year.

Revenue for the H1 2016 is AED 1.618 billion (US$ 441 million), 11 percent higher than the H1 2015 revenue of AED 1.452 billion (US$ 395 million).

Sustaining the growth momentum set, Emaar Malls recorded a net profit of AED 458 million (US$ 125 million) during the second-quarter (April to June) of 2016, an 11 percent growth over the same period last year at AED 412 million (US$ 112 million).

Revenue too recorded sustained growth during Q2 2016 at AED 785 million (US$ 214 million), an increase of 9 percent over Q2 2015 revenue of AED 721 million (US$ 196 million).

Mohamed Alabbar, Chairman of Emaar Malls, said: “Our exceptional portfolio of malls assets has redefined Dubai’s retail sector and contributes significantly to the city’s economy. Our focus has been to offer unprecedented retail choices for our visitors in truly world-class environments. Emaar Malls assets serve as a magnet for visitors from across the world, especially high net worth individuals who now regard Dubai as their go-to destination for luxury retail.

“We are now taking the growth of Emaar Malls to the next level to create long-term value for our stakeholders through the ambitious new Retail District in Dubai Creek Harbour, which will be linked directly to the iconic tower that will welcome visitors from around the world.”

He added: “The robust growth of Emaar Malls during the first-half of the year highlight Dubai’s premier position as a global hub for luxury retail and world-class leisure attractions led by the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai. We will continue to build on this momentum, and support the city’s core sectors of tourism and hospitality through innovative and creative approaches to strengthen our malls business.”

Overall gross leasable area (GLA) occupancy across the assets of Emaar Malls remained 96 percent during the first half of 2016, similar to the previous year. Emaar Malls has distributed a cash dividend of 10 percent of the share capital, equivalent to AED 1.3 billion (US$ 354 million), setting a new benchmark in value creation for the company’s shareholders. In addition to the new Retail District in the Dubai Creek Harbour Emaar Malls is expanding The Dubai Mall’s Fashion Avenue by 1 million sq ft built up area to deliver over 600,000 sq ft gross leasable area, in addition to plans for the mall’s Boulevard expansion, Fountain Views and Zabeel expansions.

Dubai Hills Estate, the 11 million sq. m master-planned community easily accessible from Mohammed bin Zayed and Sheikh Zayed Road, will also feature a centrally located mall and community retail areas as well as a boutique mall for high-end brands.

Emaar Malls is also developing the Springs Village with over 245,000 sq ft gross leasable area in addition to expanding its community malls brand, ‘The Souk.’ The first under the portfolio – The Ranches Souk in Arabian Ranches II – is today a thriving community retail centre. ‘The Souk’ is being rolled out across its existing assets including The Meadows and The Springs and future community malls projects.

Emaar Properties PJSC will mark the launch of an exclusive collection of elegantly designed homes in Dubai Hills Estate on July 14, 2016.

A green city within the city, the 11 million sq m Dubai Hills Estate is set to welcome its first residents later this year, ensuring that customers into the new mid-rise tower become part of a fully-established neighbourhood.

The first key launch this summer, the newly launched homes offer customers the opportunity to be part of a distinctive community highlighted by a central park, a championship golf course, a world-class mall, two lifestyle hotels, a bustling boulevard with modern cafes and restaurants, and over 45 km of trekking trails.

A joint venture with Meraas Holding, Dubai Hills Estate is effortlessly accessible from Sheikh Zayed Road, and is located at the crossroads of Al Qudra and Sheikh Mohammed bin Zayed Road.

Only 147 residences, comprising 1, 2 and 3-bedroom apartments, are now offered for sale at the new tower in the Acacia at Dubai Hills Estate community. The homes offer panoramic views of the central park or the boulevard.

The lush-green neighbourhood adds to the harmony of living in a development that celebrates an outdoor lifestyle. All homes have high-quality finishes and residents will have access to world-class amenities including a championship golf course and tennis academy.

Ahmad Al Matrooshi, Managing Director of Emaar Properties, said: “We are launching the new mid-rise tower in Dubai Hills Estate, one of the highly sought-after communities just in time to meet the growing interest from international investors who travel to Dubai this summer, and for customers who wish to be part of a vibrant lifestyle neighbourhood.

“Dubai Hills Estate brings a unique value proposition to Dubai serving as a green oasis in the heart of the city, only minutes away from Downtown Dubai and other business centres. Families will be assured of a ‘wellness lifestyle’ at the new residences that also open to spectacular vistas of a central park.”

Marking the first phase of the Mohammed bin Rashid City, Dubai Hills Estate is highlighted by is the harmonious blend of modern lifestyle luxuries with an abundance of choices for active outdoor pursuits.

One of the largest master-planned communities in the city, Dubai Hills Estate will have a total green area of over 2.2 million sq m that includes the golf course, and a central park spreading over an area of about 180,000 sq m. The golf course alone occupies 1.29 million sq m, and overlooks Burj Khalifa and the Downtown Dubai skyline. Surrounding the golf course will be over 4,400 villas and townhouses and some 22,000 apartments.

The mega-development will also have a centrally located mall and community retail areas including a boutique mall for high-end brands, two world-class hotels, schools, tennis and sports centres, and a bustling boulevard of about 7 km with innovative leisure, retail and F&B choices.

Apart from the cycling tracks and walkways, Dubai Hills Estate aims to promote an environmentally sustainable lifestyle with effortless connectivity to public modes of transport including a Dubai Metro link. A dedicated Dubai Hills Rail line will connect residents and visitors to the two international airports in the city.

The new collection of residences will be launched at the Dubai Hills Estate Sales Centre and across Emaar Sales Centres on July 14 from 8:30am. 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. For more details on Acacia at Dubai Hills Estate, please contact +9714 366 1688 (International) or 800 36227 (UAE), or email: Sales_Enquiry@emaar.ae.

Over AED 2.375 billion (US$ 646 million) distributed in dividends this year by Emaar and Emaar MallsWith sales backlog of AED 28.3 billion to be recognised in the next 4 to 5 years in the UAE, Emaar has a development pipeline of about 13,000 residential unitsThe Tower at Dubai Creek Harbour, Emaar’s new iconic development, will further catalyse Dubai’s core economic sectors including tourism and retailThe Dubai Mall expansion, new Retail District in Dubai Creek Harbour and ongoing expansion of Emaar Hospitality Group assets drive recurring revenuesEmaar Hospitality Group is expanding its portfolio with 35 new hotels and serviced residences in the UAE and other global markets
Global developer Emaar Properties PJSC (DFM: EMAAR) has been upgraded to Baa3 long-term issuer rating by Moody’s Investor Service with ‘stable’ outlook highlighting its financial strength and ability to create sustained shareholder value through its ongoing projects and assured recurring revenues from its malls and hospitality businesses.

Mohamed Alabbar, Chairman of Emaar Properties, said: “The upgraded ratings underline the strong financial fundamentals of the company and our focus on sustained value creation for our stakeholders. This year, Emaar and Emaar Malls together have distributed over AED 2.375 billion (US$ 646 million) in dividends, defining the significant value that we bring to our shareholders. We are continuing to build on our robust credentials with iconic projects that support the vision of HH Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President & Prime Minister and Ruler of Dubai, to establish the city as a global hub of business, tourism and leisure.”

He added: “Emaar has recorded significant growth in property sales in our core market of Dubai and other international markets. We have a total backlog in the UAE alone valued at AED 28.3 billion to be recognised over the next four to five years. Having delivered over 40,200 homes already, we have nearly 13,000 residential units in development in the UAE, defining a robust development pipeline. Our land bank of over 195 million sq m in Dubai and international markets supports our growth aspirations.”

He added: “The Dubai Creek Harbour development anchored by the iconic tower, the progress achieved on Dubai Hills Estate, the ongoing expansion of The Dubai Mall, and the opening of Dubai Opera this year – are all strong growth drivers for the company that create long-term value. This upgraded rating is a firm testament to the international investor confidence in our growth strategies and our ability to deliver on our promise.”

In its report, Moody’s stated: “We believe that Emaar’s market leadership position and balance sheet strength – in combination with stable recurring revenues and a sizeable property sales backlog – will support the company’s credit profile during the currently challenging market conditions and as it enters a phase of elevated capex ahead of the Dubai World Expo 2020.”

Among the headline developments of Emaar is The Tower at Dubai Creek Harbour, a new icon that will contribute significantly to the tourism and retail sectors of the city. It will also create outstanding value for the 6 sq km master-planned development similar to the strong value creation by Burj Khalifa for Downtown Dubai and the city as a whole.

Designed by renowned Spanish/Swiss neo-futuristic architect, structural engineer, sculptor and painter Santiago Calatrava Valls, The Tower serves as the vibrant core of Dubai Creek Harbour, which is two times the size of Downtown Dubai and located 10 minutes from the Dubai International Airport. It is billed to be the destination for the world to visit, enjoy and celebrate life, as Dubai prepares to host the Expo 2020.

Welcoming more than 124 million visitors across its malls assets in 2015 and over 31 million visitors during the first quarter of 2016, Emaar is expanding its portfolio with the launch of a dedicated Retail District in Dubai Creek Harbour that will be linked to the new tower that forms the vibrant heart of the development.

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 to add another 150 leading international and local brands. These retail sector expansions will offer additional lifestyle choices for the 2.5 billion plus people, especially high net worth individuals, who are only four hours flying distance from Dubai.

Emaar Hospitality Group is also expanding its portfolio with 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. In addition to opening of new properties in Dubai, the company has secured 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.

Emaar recorded first-quarter (January to March) 2016 net profit of AED 1.205 billion (US$ 328 million), an increase of 17 per cent compared to 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.

Emaar recorded Q1 2016 revenue of AED 1.974 billion (US$ 537 million) from its property business alone, 32 per cent higher than the same period in 2015. Overall sales value was AED 5.151 billion (US$ 1.402 billion) with the value of sales in Dubai at AED 4.194 billion (US$ 1.142 billion), 70 per cent higher than the first quarter of 2015.Today, Emaar has assets valued at over AED 165.7 billion (US$ 45.1 billion).

Building on its impressive track record of delivering a global and perse array of lifestyle dining options, Emaar Hospitality Group is adding Mexican street food to its repertoire with the upcoming opening of Brickhouse in collaboration with Maximal Concepts, a multi-award winning restaurant group in Asia.

The new restaurant from Hong Kong is located on the Mohammed Bin Rashid Boulevard, adjacent to the boutique lifestyle hotel, Manzil Downtown Dubai, with both indoor seating and an outdoor terrace. Brickhouse promises to deliver vibrancy and community spirit that were key to the success of the original restaurant.

Brickhouse’s philosophy falls back on the fundamentals of what makes food exciting in the first place: great ingredients, sensible and simple preparation cooked by people who really care. The best ingredients will always be in style. With its focus on traditional Mexico City street food, its infectious energy and perfect location make Brickhouse a simple feel-good sanctuary to eat, network or converse with friends, guaranteeing a social as well as a unique dining experience that marks a significant addition to Emaar’s repertoire of lifestyle dining outlets.

Executive Chef Justin Haefler helms the original Brickhouse restaurant. He joined the team from Rick Bayless’ restaurants in California working closely for three years with Bayless, often referred to as one of the greatest Mexican chefs in the US. Brickhouse has been awarded as the ‘Top 5 Concept Restaurant in the World’ by the Manual, ‘Best Restaurant’ by Foodie Magazine and ‘Best Restaurant’ for four consecutive years from 2013 to 2016 by Tatler Magazine.

The venue is unique but uncomplicated, with creative designs that appeal to Dubai’s young and trendy go-getters who value vibrant and artistic surroundings. With an engaging outdoor space, a relaxed atmosphere is created, interfacing with the interior-dining ambience. Brickhouse keeps its walls alive by inviting local street artists to cover them in art, thereby promoting local and international artists.

Chris Newman, Corporate Director of Operations at Emaar Hospitality Group, said: “With over 40 restaurants already in our portfolio, launching Brickhouse in Dubai marks a new step in our expansion plans. Our objective is to introduce an eclectic yet exciting concept that combines homemade authentic food that appeals to the city’s passionate food-lovers with a design-focused interior. Brickhouse aims to be a local eatery involved with the community and part of Dubai life and artistic scene. Our outlets are associated with the highest standards in every aspect, where our F&B professionals are highly trained. We are committed to continuing outstanding service through such innovative dining-concepts that underline our strength as a home-grown hospitality company with an increasing international reputation.”

Brickhouse Dubai is set to open shortly and the timing will be weekdays from 12pm until midnight and weekends from 12pm until 1am.

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.