Category: General

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).

Emaar Properties honoured the winners of the eighth Emirates Classic Car Festival for an exceptional showcase of classic vehicles, which were evaluated for various parameters including upkeep, value, originality, uniqueness, finishes, and visual aesthetics.

Representatives from Emaar and the Automobile & Touring Club of United Arab Emirates (ATCUAE) were present at the award ceremony, which was held on Saturday, March 26 at Emaar Pavilion, in the presence of Patrick Rollet, president of the Fédération Internationale des Véhicules Anciens (FIVA). Rollet’s attendance of this year’s edition highlights FIVA’s recognition and support of the Emirates Classic Car Festival as the Middle East’s premier showcase of classic cars.

Ahmad Al Matrooshi, Emaar Properties Managing Director, and Mohammed Ben Sulayem, President of ATCUAE, presented the awards to the owners of the winning cars that were driven down the red carpet during the award ceremony.

The winners in the various categories are: The Best in Show Award (1950 Mercedes Benz 170 – Received by Select Nano), The UAE Award (Mohammad Al Tahery for his Mercedes Benz 450 SL), The Dubai Award (Balint Szeoke for his Skoda Felicia), The Emaar Award (Tomini Classics for the Ferrari Dino), European Car Award (Gargash Family for the Mercedes Benz 220S), American Car Award (Khalil Gerges for his Chevrolet Corvette Stingray 1963), British Car Award (General Tariq Al Qimzi for his Ford Consul), Best Open Top Award (Tarek Hasbini for his Mercedes Benz Pagoda), Pre-World War II Award (Sharjah Old Car Museum for the Rolls-Royce), Heritage Car Award (Abdullah Khalid for his Mercedes 300), Best Recreation Award (Porsche Zagato 1958 – Received by Select Nano), Club Merit Award (The UAE Classic Mini Cooper Club), Best Microcar Award (Majid Saleh Al Nimr for his Mini Cooper Rover), Modern Classic Award (Wayne Stewart for his Cadillac Fleetwood Talisman), Classic Truck Award (Tariq Javiad for his late 1960’s Pinzgauer), Custom 4×4 Award (Nostalgia for the Land Rover Minerva), First Public Choice Award (Mr. Hasnain for his Bentley S1 1957), 2nd Public Choice Award (Nostalgia for the Citroen Traction Avant), 3rd Public Choice Award (Mohammed Yusuf for his Mercedes Benz 280SE), Custom Motorcycle Award (Marco Moto for the Street Tracker Royal Enfield 500cc), Classic Motorcycle Award (Tomini Classics for the 1972 Harley Davidson XR750 TT) and Original Motorcycle Award (Hayder Al Ani for his 1952 MV Augusta 125cc TEL).

Winners of the three new categories for the 2016 edition include: Concours Legendary Award (Adel Rajab for his Mercedes Benz 1955 300 SEL Gullwing), Concours D’Elegance Award (TT Custom for the 1957 Desoto Sportsman) and Concours Best Design Award (Tomini Classics for the 1976 Lancia Stratos HF).

Thousands of spectators visited the 4-day spectacular event held at Mohammed Bin Rashid Boulevard, the bustling lifestyle destination in Downtown Dubai. Organised by Emaar, in association with ATCUAE and the UAE Ministry of Culture, Youth & Community Development, the festival was one the largest to date with over 350 classic cars, trucks and motorbikes on view, some over 100 years old.

An outstanding breadth of classic European and American vehicles, dating back from 1916 to 1986, by world-renowned manufacturers including Mercedes, Bentley, Rolls-Royce, Aston Martin, Harley Davidson and Chevrolet, were on display at the festival.

One of the most-awaited events in Dubai’s calendar, the expanded festival also included this year an exclusive photography exhibition titled “ECCF Through the Lens of Dave Saunders” and movie screenings on classic cars at Emaar Pavilion, as well as live restorations of a 1926 Ford Model T Coupe and 1974 Honda CB 550.

The Emirates Classic Car Festival returns to Downtown Dubai from March 24 to 27. Bigger and better than ever, over 300 classic cars, motorbikes and trucks, some over 100 years old, will take centre stage at the eighth edition of the festival which is widely regarded as the Middle East’s premier showcase of classic cars.

Organised by Emaar Properties, in association with the Automobile & Touring Club of United Arab Emirates (ATCUAE) and the UAE Ministry of Culture, Youth & Community Development, the Emirates Classic Car Festival will enthral auto-enthusiasts of all levels with an unparalleled showcase of automobile-excellence and a packed programme of exciting events, set against the glorious backdrop of Mohammed Bin Rashid Boulevard.

In its largest edition to date, the Emirates Classic Car Festival will open doors for visitors to a spectacular breadth of classic European and American cars, motorbikes and trucks by world-renowned manufacturers including Mercedes, Bentley, Rolls Royce, Aston Martin, Harley Davidson and Chevrolet. The vehicles, dating from 1916 to 1986, will be featured along Mohammed Bin Rashid Boulevard.

Several of the cars and motorbikes at the festival come from the private collections of classic car enthusiasts in the UAE, while a number of them have been flown in from across the GCC, the wider Middle East, Europe and the US.

The festival’s opening ceremony will be held on March 24, 4pm, at Emaar Pavilion, Downtown Dubai. Following the ribbon cutting, VIP guests will be treated to a tour of an exclusive photography exhibition and a preview of this year’s cars.

Open to public, the Emirates Classic Car Festival has been expanded for 2016 and will now also feature movie screenings on classic cars at Emaar Pavilion and live restorations of a 1926 Ford Model T Coupe and 1974 Honda CB 550 in front of VIDA Downtown Dubai. The restored car and motorcycle will be presented and driven down the red carpet at the end of the festival.

Ahmad Al Matrooshi, Managing Director of Emaar Properties, said: “The Emirates Classic Car Festival has become a highlight of the Dubai social calendar. It is an unmatched opportunity for auto-enthusiasts of all ages to come together to celebrate the aesthetic brilliance and evolution of the ‘classic car’ and we are very pleased to welcome more models than ever this year. Furthermore, with the addition of live restorations, a photography exhibition and movie screenings, the eighth edition of the festival is the biggest and most exciting to date, underlining Downtown Dubai as the lifestyle and cultural destination in the city.”

Mohammed Ben Sulayem, President of the Automobile and Touring Club of the UAE, said: “Once again the Emirates Classic Car Festival will provide a wonderful opportunity for UAE enthusiasts and international participants to share their passion for beautiful and historic vehicles. It is very encouraging to see how the event continues to expand, with new features added this year, and I’m especially looking forward to the live restorations.”

The cars will be evaluated by a panel of judges, including automobile experts, for a number of prizes based on criteria including upkeep, value, originality, uniqueness, finishes, and visual aesthetics. The public will also have the opportunity to vote for their classic car of choice during their visit to the festival. Voting opens on March 24 and the winners will be honoured at the closing ceremony on March 26 at 4pm at Emaar Pavilion.

This year, the Emirates Classic Car Festival has introduced an exciting new category to the awards; the ‘Concours d’Elegance’. This will recognise cars that have been given upholstery, paint, plating and mechanical restoration to a standard that far exceeds that of the car when it was in ‘mint’ condition (when it left the factory).

The Emirates Classic Car Festival is free to visit and is one of the headlining events held in Downtown Dubai, a thriving lifestyle destination, described as ‘The Centre of Now.’

Emaar Properties PJSC, the global property developer, will mark Earth Hour 2016 on March 19, with its developments and lifestyle communities taking part in the global initiative to raise awareness on energy conservation and climate change.

The event, held this year under the theme, ‘Shine a Light on Climate Action,’ is a World Wildlife Fund (WWF) initiative to encourage the world to reduce its energy consumption and usage of power for one hour, by switching off all non-essential lights from 8:30pm to 9:30pm.

The iconic assets of Emaar including Burj Khalifa, The Dubai Mall, The Dubai Fountain, Dubai Marina Mall, Souk Al Bahar, Gold & Diamond Park and The Address Hotels + Resorts, as well as new construction projects such as Dubai Creek Harbour and Dubai Hills Estate and residents in various lifestyle communities will observe Earth Hour by switching off all non-essential external and internal lighting and appliances. Only lighting that is essential for security and safety will be maintained.

Additionally, Emaar has urged its employees to support the initiative on an individual level in their homes and to take part in the social media campaign launched by WWF in this regard.

‘Earth Hour’ is an annual event that brings together hundreds of organisations and thousands of people, all actively participatingin this mass call to action for a greener world.

Full-year revenue grows 33% to AED 13.661 billion (US$ 3.719 billion)Recurring revenue from shopping malls & retail and hospitality & leisure businesses in 2015 records 8% increase to AED 5.788 billion (US$ 1.576 billion)Net operating profit for Q4 2015 was AED 1.335 billion (US$ 363 million), 58% higher than Q3 2015 and 28% higher than Q4 2014Total sales value of residential units in 2015 at AED 15.28 billion (US$ 4.16 billion)
Dubai, UAE; February 10, 2016: Global developer Emaar Properties PJSC recorded full-year 2015 net operating profit of AED 4.383 billion (US$ 1.193 billion), 18 per cent higher than the FY2014 net operating profit of AED 3.724 billion (US$1.014 billion).

Emaar achieved full-year 2015 revenue of AED 13.661 billion (US$ 3.719 billion). This is 33 per cent higher than FY2014 revenues of AED 10.301 billion (US$ 2.805 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. This is 8 per cent higher than the FY2014 revenue from the two businesses at AED 5.367 billion (US$ 1.461 billion).

Revenue from international operations of Emaar, which has an impressive footprint across the Middle East, North Africa, South Asia and USA increased by 46 per cent to AED 2.620 billion (US$ 713 million) compared to AED 1.791 billion (US$ 488 million) in FY2014. Emaar’s international operations now account for 19 per cent of the total revenue.

Emaar’s net operating profit for the final quarter (October to December) 2015 was AED 1.335 billion (US$ 363 million), 58 per cent higher than the third-quarter (July to September) 2015 figures of AED 843 million (US$ 230 million) and 28 per cent higher than same period last year. Revenue for Q4 2015 was AED 3.812 billion (US$ 1.038 billion), 15 per cent more than the Q3 2015 revenue of AED 3.329 billion (US$ 906 million) and 58 per cent higher than same period last year.

Mohamed Alabbar, Chairman of Emaar Properties, said that the positive growth is underpinned by Emaar’s strategy of creating long-term value for its stakeholders by developing premium real estate assets and strengthening its shopping malls & hospitality businesses which provide a recurring revenue stream that supports the company’s sustainable growth plan.

“Our businesses benefited from the positive performance of Dubai’s economy with the core sectors of retail, hospitality, tourism and aviation setting impressive milestones in 2015. We will continue to support the goals of Dubai Plan 2021 announced by His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President & Prime Minister and Ruler of Dubai, to establish Dubai as the preferred place to live, work and visit. The expansion of our flagship Downtown Dubai, which will see the opening of Dubai Opera this year, and our joint venture mega-developments such as Dubai Creek Harbour and Dubai Hills Estate, will further contribute to the smart and sustainable urban infrastructure of the city.”

“Our diversified development approach and the emphasis we place on world-class project management enable us to address market challenges efficiently. Through resource use optimisation and by focusing on maximising efficiency across all our operations, we will continue to build on our growth during 2016,” added Mr. Alabbar.

Strong property sales

During 2015, demand for residential property in Dubai has been strong with total sales at AED 10.23 billion (US$ 2.79 billion). Sales across various international markets during the same period were valued at AED 5.05 billion (US$ 1.37 billion).

Emaar Misr, the Egyptian subsidiary of Emaar Properties, which is listed on The Egyptian Exchange, achieved an increase of 22 per cent in year-on-year sales in 2015 to EGP 8.644 billion (US$ 1.108 billion).

To date, Emaar has handed over more than 40,000 residential units in Dubai and other international markets. Of these, to date, over 33,600 units were handed over in Dubai.

Through 2015, Emaar marked the launch of several prestigious projects in Dubai including Dubai Creek Residences, Creekside 18 and Harbour Views within Dubai Creek Harbour, a 6 sq km ultra-modern development located along the historic creek and near the Dubai International Airport. With spectacular views of the Dubai Creek, the Ras Al Khor Wildlife Sanctuary and the Downtown Dubai skyline, the development is anchored by The Island District with a 4.5 km boardwalk, a vibrant retail and leisure precinct, and a new iconic structure.

Recently approved by His Highness Sheikh Mohammed bin Rashid Al Maktoum, the development will also feature ‘The Tower’, envisioned as another landmark and tourist attraction in the UAE. Inspired by Islamic architecture and meeting requirements of modern times, as well as local environment and culture, the iconic structure is designed by Santiago Calatrava Valls, renowned Spanish/Swiss architect, structural engineer, sculptor and painter. The Tower is planned as an architectural wonder that will be as great as Burj Khalifa and Eiffel Tower. Construction on The Tower will start in the coming months.

A joint venture between Emaar and Meraas Holding, the approximately 2,700 acre Dubai Hills Estate is another innovative development, envisaged as Dubai’s first ‘green city’ with homes set amidst leafy emerald avenues and green corridors. Dubai Hills Estate’s elegantly designed neighborhoods are set around an 18-hole championship golf course.

The ongoing projects of Emaar in Dubai, in various stages of progress, include: The Address Boulevard Dubai; The Address Fountain Views I, II and III; The Address Sky View; Vida Residences Downtown Dubai; BLVD Crescent; BLVD Heights; Boulevard Point; Burj Vista and Downtown Views – all in Downtown Dubai.

Emaar is also developing Opera Grand, Forte and The Address Residences Dubai Opera, premium collections of residences in The Opera District of Downtown Dubai, which is anchored by Dubai Opera, an iconic centerpiece set to open later this year.

Emaar’s development pipeline in Dubai also includes Aseel, Lila, Palma, Rosa, Rasha, Samara, Azalea and Yasmin homes in Arabian Ranches; The Hills and Vida Residences The Hills in Emirates Living; Acacia at Park Heights, Mulberry at Park Heights and Maple – in Dubai Hills Estate.

Growth in recurring revenues

The hospitality & leisure business recorded FY2015 revenues of AED 1.677 billion (US$ 457 million). Hospitality revenues now account for 12 per cent of the total revenue of Emaar.

Emaar’s flagship hotel brands, The Address Hotels + Resorts and Vida Hotels and Resorts recorded strong occupancy levels in 2015, reflecting the increase in tourist arrivals to Dubai last year. The average annual occupancy at The Address Hotels + Resorts was 86 per cent, higher than the industry average.

Emaar will roll out the first hotel under the new Rove Hotels brand in the coming months. Developed as a joint venture with Meraas Holding, Rove is a contemporary mid-market lifestyle hotel brand. Emaar currently has over 2,660 keys under the Rove brand in various stages of development to support the ongoing preparation for Expo 2020 Dubai.

The Address Hotels + Resorts and Vida Hotels and Resorts have also signed management contracts to operate hotels and serviced residences in high-growth international markets such as Egypt, Turkey, Nigeria and Bahrain.

With approximately 6 million sq ft of gross leasable area, Emaar Malls (DFM: EMAARMALLS), the shopping malls & retail business majority-owned by Emaar Properties, posted a net profit of AED 1.656 billion (US$ 451 million) for FY2015. This is 23 per cent higher than the FY2014 net profit of AED 1.351 billion (US$ 368 million).

Emaar Mall’s FY2015 revenues recorded a growth of 11 per cent to AED 2.992 billion (US$ 815 million), compared to AED 2.694 billion (US$ 733 million) in FY2014. Visitor arrivals across all Emaar Malls assets crossed the landmark 124 million in 2015, an increase of 9 per cent compared to 2014.

Emaar has strong fundamentals with a land bank of approximately 195 million sq m in Dubai and international markets.