Category: General

• Emaar’s property sales backlog reached to AED 51.9 billion (US$ 14.1 billion), to be recognized as revenue in coming years
• Malls revenue records 24% growth over the same period in 2021, supported by record tenant sales which surpasses pre-Covid level
• Hospitality revenue grew by 48% compared to the same period in 2021, reflecting the tourism sector’s robust post-pandemic recovery
• Acquisition of Dubai Creek Harbour for a consideration of AED 7.5 billion (US$ 2 billion) to be paid equally in cash and shares, offering
future profit potential in a highly desired area within Dubai
• Sale of Namshi for AED 1.2 billion (US$ 335 million) represents an excess of AED 127 million (US$ 35 million) on the total investment

Dubai, United Arab Emirates – 14 November 2022: Emaar Properties PJSC (DFM: EMAAR), announced continued growth in the first nine-month profitability, underpinned by robust property sales and growth in the performance of recurring revenue businesses.

Key performance highlights
Emaar recorded revenue during the first nine months of 2022 (“9M 2022”) amounting to AED 18.9 billion (US$ 5.1 billion) supported by the uptrend of the Dubai property market and continued growth in recurring revenue businesses. EBITDA and net profit of 9M 2022 increased by 47 per cent and 124 per cent respectively to AED 8.4 billion (US$ 2.3 billion) and AED 5.8 billion (US$ 1.6 billion) respectively as compared to 9M 2021, as a result of sustained revenue, improved margins and greater control on costs.

EBITDA and net profit for Q3 2022 increased by 12 per cent and 46 per cent respectively to AED 2.3 billion (US$ 626 million) and AED 1.5 billion (US$ 408 million), respectively, compared to similar period during last year.

Emaar successfully launched many projects both in the UAE and international markets. Led by new project launches and continued focus on sale of units in under-construction projects, Emaar has recorded highest ever group property sales of AED 26.9 billion (US$ 7.3 billion) during 9M 2022. Property sales backlog of Emaar reached to AED 51.9 billion (US$ 14.1 billion), which will be recognized as revenue in the coming years.

Emaar has also announced notable strategic transactions in the third quarter which reinforce the company’s strategy to focus on core pillars of the business and provide sustained long-term financial return and shareholder benefits.

The proposal to purchase Dubai Creek Harbour for an overall consideration of AED 7.5 billion (US$ 2 billion), to be paid equally in cash and shares of Emaar Properties PJSC, was approved by the Board of Directors as well as the shareholders in the general meeting.

The Board of Directors as well as shareholders of Emaar Properties PJSC have also approved the sale of Namshi to Noon for a total cash consideration of AED 1.2 billion (US$ 335 million), representing an excess of AED 127 million (US$ 35 million) over the total investment in Namshi.

An Emaar spokesperson said: “Q3 was another strong period for Emaar as we continue to build on momentum generated in the first half of the year. The strategic measures put in place following the pandemic are seeing fruition as all parts of the company benefit from increased consumer confidence and activity, particularly in the real estate market. As we move into Q4 2022, we are confident of a further uplift in our malls, hospitality, and retail assets as we head into the winter months and see a boost to the tourism and retail sectors.”

Emaar’s integrated masterplan developments remain popular with both domestic and foreign investors thanks to the company’s longstanding reputation for customer focus, superior design, construction quality, and innovation across all its market segments.

Emaar Development
Emaar Development PJSC (DFM: EMAARDEV), the UAE build-to-sell property development business, majority-owned by Emaar Properties, maintained strong property sales momentum in Dubai in Q3 and recorded 9M 2022 property sale of AED 23.2 billion (US$ 6.3 billion), 11 per cent higher than same period in 2021. Emaar Development reported 9M 2022 revenue of AED 9.3 billion (US$ 2.5 billion) and recorded an EBITDA of AED 3.3 billion (US$ 898 million).

Emaar International
Emaar’s international real estate operations recorded property sales of AED 3.7 billion (US$ 1 billion) for 9M 2022 and contributed revenue of AED 3.2 billion (US$ 871 million), representing 17 per cent of Emaar’s total revenue. The performance of international operations was led by successful operations in Egypt and India.

Emaar Malls Management
Emaar Malls Management LLC, the wholly owned shopping malls and retail arm of Emaar, recorded 24 per cent growth in 9M 2022 revenue compared to same period last year, reaching to AED 4 billion (US$ 1.1 billion). Emaar Mall Management achieved 9M 2022 EBITDA of AED 2.4 billion (US$ 653 million), 47 per cent higher than 9M 2021. All the assets of Emaar Mall Management have achieved record tenant sales during 9M 2022, surpassing 2019 pre-Covid tenant sales. Leasing occupancy of Emaar Malls Management’s assets stands at 96 per cent.

Dubai Hills Mall, unveiled on 17 February 2022, features an unmatched selection of retail, dining, and entertainment concepts has in no time became an iconic lifestyle destination. As at the end of September 2022, the Dubai Hills Mall was leased 87 per cent.

Hospitality, Leisure & Entertainment
The hospitality, leisure, entertainment and commercial leasing businesses of Emaar recorded revenue of AED 2.4 billion (US$ 653 million) for 9M 2022, a growth of 78 per cent compared to same period last year. Emaar’s hotels in the UAE, including joint ventures and managed hotels, achieved strong ADRs with average occupancy levels of 67 per cent during 9M 2022, providing further proof of robust post-pandemic recovery.

Emaar’s recurring revenue-generating businesses of malls, hospitality, leisure, entertainment and commercial leasing, together achieved 9M 2022 revenue of AED 6.3 billion (US$ 1.7 billion) recording a growth of 40 per cent compared to same period last year. These businesses represent a 33 per cent Emaar’s total revenue.

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Note to Editors:

About Emaar Properties

Emaar Properties PJSC, listed on the Dubai Financial Market, is a global property developer and provider of premium lifestyles, with a significant presence in the Middle East, North Africa and Asia. One of the world’s largest real estate companies, Emaar has a land bank of 1.7 billion sq. ft. in the UAE and key international markets.

With a proven track-record in delivery, Emaar has delivered over 88,400 residential units in Dubai and other global markets since 2002. Emaar has strong recurring revenue-generating assets with over 1,300,000 square meters of leasing revenue-generating assets and 33 hotels and resorts with 7,637 rooms (includes owned as well as managed hotels). Today, 51 percent of Emaar’s revenue is from its shopping malls & retail, hospitality & leisure and international subsidiaries.

Burj Khalifa, a global icon, The Dubai Mall, the world’s most-visited retail and lifestyle destination, and The Dubai Fountain, the world’s largest performing fountain, are among Emaar’s trophy destinations.

Follow Emaar on: Facebook: www.facebook.com/emaardubai, Twitter: www.twitter.com/emaardubai,Instagram: www.instagram.com/emaardubai.

For more information:

Jessica Little
PR Director
Email: jessicalittle@sevenmedia.ae
Phone Number: +971 58 176 3622

 

Dubai, 11th August 2022: Emaar Properties PJSC (DFM: EMAAR) announced today it would fully acquire Dubai Creek Harbour, the major development located along the historic Dubai Creek waterfront, from Dubai Holding for a consideration of AED 7.5 billion to be paid equally in cash and shares of Emaar Properties PJSC, thus making Dubai Holding the second largest shareholder of Emaar.

Emaar recorded sales of AED 4.2 billion in 2021 and AED 3.6 billion sales in Dubai Creek Harbour in the first half of 2022. Dubai Creek Harbour has approximately 100 million sq. ft of future development which will provide future profit potential to Emaar.

A spokesperson of Emaar said: “The purchase agreement with Dubai Holding represents another important achievement in Emaar’s rich history as we continue to expand our strategic land bank and build sustained value for our shareholders. We are determined to support the Government’s vision for sustainable urban development in Dubai while providing a redefined experience for residents and visitors.”

A spokesperson of Dubai Holding said: “We are pleased to announce the sale of Dubai Creek Harbour to Emaar, subject to finalisation. This is a landmark transaction that benefits both parties. As joint venture partners, we have created meaningful value in Dubai Creek Harbour, and the transaction represents a significant monetisation for us. We look forward to our investment in Emaar as a reference shareholder and the diversification benefits it offers, and we are confident that Dubai Creek Harbour will continue to reach greater heights and success.”

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 Note to Editors:

About Emaar Properties

Emaar Properties PJSC, listed on the Dubai Financial Market, is a global property developer and provider of premium lifestyles, with a significant presence in the Middle East, North Africa and Asia. One of the world’s largest real estate companies, Emaar has a land bank of 1.7 billion sq. ft. in the UAE and key international markets.

With a proven track-record in delivery, Emaar has delivered over 86,200 residential units in Dubai and other global markets since 2002. Emaar has strong recurring revenue-generating assets with over 1,300,000 square meters of leasing revenue-generating assets and 33 hotels and resorts with 7,470 rooms (includes owned as well as managed hotels). Today, 46 percent of Emaar’s revenue is from its shopping malls & retail, hospitality & leisure and international subsidiaries.

Burj Khalifa, a global icon, The Dubai Mall, the world’s most-visited retail and lifestyle destination, and The Dubai Fountain, the world’s largest performing fountain, are among Emaar’s trophy destinations.

Follow Emaar on: Facebook: www.facebook.com/emaardubai, Twitter: www.twitter.com/emaardubai, Instagram: www.instagram.com/emaardubai.

About Dubai Holding

Dubai Holding is a diversified global investment company with operations in 13 countries and employing over 20,000 people. Established in 2004, Dubai Holding touches the lives of millions of Dubai residents and visitors through its extensive portfolio of over AED 130 billion worth of assets that support the diversification and sustainable growth of Dubai’s economy across 10 key sectors: Real Estate, Hospitality, Leisure & Entertainment, Media, ICT, Design, Education, Retail, Manufacturing & Logistics and Science.

www.dubaiholding.com

www.twitter.com/dubaiholding

www.instagram.com/dubaiholding

www.facebook.com/dubaiholding

www.youtube.com/user/dubaiholding

https://www.linkedin.com/company/dubai-holding

For more information:

Eisha Rahul Mukerji

Senior PR Manager

Email: eishamukerji@sevenmedia.ae

Phone Number: +971 50 830 9173

 

  • EBITDA for the first half (January to June) of 2022 has increased by 15% to AED 2.564 billion (US$ 698 million) compared to the H1 2021.
  • Emaar’s sales backlog increased to AED 32.753 billion (US$ 8.917 billion), to be recognised as revenue in the coming years.

Dubai, United Arab Emirates; August 12, 2022: Emaar Development PJSC (DFM: EMAARDEV), the UAE build-to-sell property development business, majority-owned by Emaar Properties PJSC (DFM: EMAAR) achieved its highest ever property sales during the first half (January to June) of 2022 underpinned by recent successful launches creating value for the future. Property sales for H1 2022 is increased by 10% to AED 15.216 billion (US$ 4.143 billion) compared to AED 13.825 billion (US$ 3.764 billion) in H1 2021.

During first half of 2022, Emaar Development successfully launched fifteen projects in various master plans, such as Talia and Orania in The Valley, Elie Saab II and Bliss 2 in Arabian Ranches III, Rosewater, Lotus, Creek Palace, Orchid, Creek Crescent and Island Park I in Dubai Creek Harbour, St. Regis in Downtown Dubai, Address The Bay in Emaar Beachfront, Greenview 3 in Emaar South, Park Field in Dubai Hills Estate and Seagate in Rashid Yachts & Marina.

Performance Highlights

In the first six months of 2022 (January to June), Emaar Development reported EBITDA of AED 2.564 billion (US$ 698 million) an increase of 15% compared to the first six months of 2021 and revenue of AED 7.282 billion (US$ 1.983 billion).

Due to this exceptional performance, Emaar now has a robust sales backlog of AED 32.753 billion (US$ 8.917 billion), which will be recognised as future revenue for the business.

 “Our unwavering determination to deliver premium projects to the market, cashflow generation, and a strong pipeline of future projects have underlined our highest ever quarterly sales during Q2 2022. Our point of difference is our strategy of delivering integrated communities, providing amenities across retail, hospitality, and entertainment to further complement our premier residential assets. We are continuing to see investor demand for holistic master-planned developments, which has enabled us to achieve our strongest first-half growth on record in 2022,” an Emaar spokesperson said.

Dubai continues to lead the way as a business hub for trade, financial services, logistics, travel and hospitality, with emerging sectors witnessing growth such as technology, green energy, healthcare and education. The region attracts a community of skilled professionals, and investors continue to invest in the region’s steadfast growth potential, reflective in Emaar’s sales records for Q2 2022.

Delivery update

Emaar Development has delivered over 3,100 residential units during first half of 2022 across prime locations, including Dubai Hills Estate, Dubai Creek Harbour, Downtown Dubai, Emaar Beachfront, Arabian Ranches and Emaar South. As of June 2022, Emaar has delivered more than 55,100 residential units, with over 26,100 residences currently under development in the UAE.

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Note to editors:

About Emaar Development PJSC:

Emaar Development is a developer of residential and commercial build-to-sell (BTS) assets in the UAE. The company is behind iconic freehold master-planned communities in Dubai, including Emirates Living, Downtown Dubai, Dubai Marina, Arabian Ranches, Dubai Creek Harbour, Dubai Hills Estate, Emaar South and has delivered over 55,100 residential units since 2002. The company has a sales backlog of over AED 32.753 billion, and is a high cash flow generating business, highlighting the robust fundamentals of the company with over 26,100 residential units under development to be delivered.

For more information, please visit www.properties.emaar.com/en/investor-relations/.

For more information:

Jessica Little

PR Director

Email: jessicalittle@sevenmedia.ae

Phone Number: +971 58 176 3622

  • Half-year 2022 revenue increased by 10% to AED 13.575 billion (US$696 billion);
  • Malls revenue records 30% growth compared to H1 2021, supported by record tenant sales which surpasses pre-Covid level;
  • Hospitality revenue grew by 64% compared to H1 2021, reflecting the tourism sector robust post-pandemic recovery;
  • Recorded highest ever H1 UAE property sale of AED 15.244 billion (US$ 4.150 billion), 10% higher than H1 2021; and
  • Property sales backlog at AED 47.982 billion (US$ 063 billion), provides strong revenue visibility for the coming years.

Dubai, United Arab Emirates – 12 August, 2022: Emaar Properties PJSC (DFM: EMAAR), announced good growth in first half profitability, underpinned by robust property sales and growth in the performance of recurring revenue businesses. This performance is testament to the continued confidence in Emaar’s brand and overall post-pandemic recovery of Dubai’s economy, led by the real estate market.

Key performance highlights

Led by robust performance of its core property development business, and complemented by growing recurring revenue operations, Emaar recorded strong first half revenue of AED 13.575 billion (US$ 3.696 billion), growth of 10 per cent compared to H1 2021. H1 2022 EBITDA increased by 66 per cent to AED 6.112 billion (US$ 1.664 billion) compared to H1 2021 as a result of higher revenue with improving margins and continued cost optimization.

Successful launch of properties by Emaar, both in the UAE and international markets, and concerted focus on sales of under-construction projects resulted in Emaar achieving record first half group property sales of AED 17.672 billion (US$ 4.811 billion), an increase of 5 per cent compared to the H1 2021 sales of AED 16.842 billion (US$ 4.585 billion).

During the second quarter of 2022, Emaar recorded an increase in EBITDA of 53 per cent to AED 2.932 billion (US$ 798 million) compared to EBITDA of AED 1.922 billion (US$ 523 million) in the same period of 2021. Emaar’s Q2 2022 revenue stood at AED 6.940 billion (US$ 1.889 billion), an increase of 8 per cent compared to Q2 2021 revenue of AED 6.439 billion (US$ 1.753 billion).

The strong property sales backlog of AED 47.982 billion (US$ 13.063 billion) at the end of H1 2022, which will be recognised as revenue in the future, further underlines Emaar’s robust financial position in preserving high revenue, profitability and shareholders’ return in the foreseeable future.

An Emaar spokesperson said: “We have delivered strong second quarter results of Emaar by successfully carrying on the momentum built during the first quarter of 2022. Thanks to the post-pandemic uptick in the real estate market and strong recovery of our mall, hospitality and retail assets which increased our second quarter profit this year, in comparison to the same period in 2021. We are continuing to reap the benefits of long-term investment in human talent we made last year across all aspects of our business, and Emaar is again on track to generate attractive and sustainable returns for all stakeholders.”

“On a macro-economic level, Dubai’s growing economy and recent changes in areas such as commercial companies law and visa regulations are driving growth and attracting investment across many sectors, which indirectly increases demand for our products, underpinned by our continued focus on delivering high quality products and experiences that surpass our customers’ expectations.”

With an established reputation for excellence in design, build quality and innovation, Emaar consistently offers premium experiences and lifestyle opportunities across market segments; and its integrated masterplan developments continues to remain popular with local and international investors.

 Emaar Development

Emaar Development PJSC (DFM: EMAARDEV), the UAE build-to-sell property development business, majority-owned by Emaar Properties, maintained strong property sales momentum in Dubai, recording highest ever property sales in H1 of AED 15.216 billion (US$ 4.143 billion), 10% higher than same period in 2021. Emaar Development reported H1 2022 revenue of AED 7.282 billion (US$ 1.983 billion) and recorded 15 per cent growth in EBITDA to AED 2.564 billion (US$ 698 million).

Emaar International

Emaar’s international real estate operations recorded property sales of AED 2.428 billion (US$ 661 million) in H1 2022 and contributed revenue of AED 2.068 billion (US$ 563 million) which represents 15 per cent of Emaar’s total revenue, primarily driven by successful operations in Egypt and India.

Emaar Malls Management

Led by record tenant sales in H1 2022 at The Dubai Mall, surpassing 2019 pre-Covid tenant sales, Emaar Malls Management LLC, the wholly owned shopping malls and retail arm of Emaar Properties, recorded 30 per cent growth in H1 2022 revenue compared to same period last year, reaching AED 2.661 billion (US$ 725 million). Emaar Mall Management achieved H1 EBITDA of AED 1.644 million (US$ 448 million), 66 per cent higher than H1 2021. Leasing occupancy of Emaar Malls Management’s assets stands at 94 per cent.

Dubai Hills Mall, launched on 17 February 2022, brings an array of world-class shopping, leisure and entertainment brand portfolio and has quickly become a beloved and iconic lifestyle destination in the city. As at the end of H1 2022, the leasing occupancy was 84 per cent consisting of both international brands and home-grown concepts.

Hospitality, Leisure & Entertainment

The hospitality, leisure, entertainment and commercial leasing businesses of Emaar recorded revenue of AED 1.564 million (US$ 426 million) for H1 2022, grew over 93 per cent compared to H1 2021. Emaar’s hotels in UAE, including JV and managed hotels, boasting average occupancy levels of 71 per cent, further proof of the GCC’s tourism sector going strength to strength in post-pandemic recovery.

Emaar’s recurring revenue-generating businesses of malls, hospitality, leisure, entertainment and commercial leasing, together achieved H1 2022 revenue of AED 4.224 billion (US$ 1.150 billion) and EBITDA of AED 2.955 billion (US$ 805 million), recording a growth of 48 per cent and 78 per cent respectively compared to same period last year. These businesses represents 31 per cent and 48 per cent of Emaar’s total revenue and EBITDA respectively.

ESG and aligning to SDGs

Emaar, one of the largest real estate developers in the MENA region, is committed to the environment, social and governance areas and believe that responsible development can build a better future. We are in the process of establishing our Sustainability Strategy which will include establishing a strategy for reducing embodied carbon; developing the action plan for further reducing operational carbon; exploring greater use of recycled materials and alternatives; and strengthening our governance framework to prioritise and monitor ESG. Through our new strategies, we aim to take our whole portfolio to net zero carbon over time in line with UAE’s Net Zero 2050 strategic initiative, and keep growing social value and wellbeing in the communities where we operate.

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 Note to Editors:

About Emaar Properties

Emaar Properties PJSC, listed on the Dubai Financial Market, is a global property developer and provider of premium lifestyles, with a significant presence in the Middle East, North Africa and Asia. One of the world’s largest real estate companies, Emaar has a land bank of 1.7 billion sq. ft. in the UAE and key international markets.

With a proven track-record in delivery, Emaar has delivered over 86,200 residential units in Dubai and other global markets since 2002. Emaar has strong recurring revenue-generating assets with over 1,300,000 square meters of leasing revenue-generating assets and 33 hotels and resorts with 7,470  rooms (includes owned as well as managed hotels). Today, 46 percent of Emaar’s revenue is from its shopping malls & retail, hospitality & leisure and international subsidiaries.

Burj Khalifa, a global icon, The Dubai Mall, the world’s most-visited retail and lifestyle destination, and The Dubai Fountain, the world’s largest performing fountain, are among Emaar’s trophy destinations.

Follow Emaar on: Facebook: www.facebook.com/emaardubai, Twitter: www.twitter.com/emaardubai, Instagram: www.instagram.com/emaardubai.

For more information:

Jessica Little

PR Director

Email: jessicalittle@sevenmedia.ae

Phone Number: +971 58 176 3622

 

Emaar holds second day of special zoom conferences with key stakeholders

Emaar chairman Mohamed Alabbar has told real estate brokers to join him in fighting revive the industry, as the UAE gradually eases Covid-19 restrictions.

In the second of a series of calls with key Emaar stakeholders, Alabbar said: “We are in this together and we owe it to the city and to the country to work harder than ever to revive the real estate market.”

Alabbar outlined a series of on-going benefits for UAE real estate investors, and several steps being taken to help stimulate the market.

He said: “You, the agents, are ambassadors for Dubai and the UAE. We will do everything we can to support you with new and out of the box ideas. Whether it is through innovative digital offerings or focusing on the world class infrastructure and connectivity the UAE offers, I urge you today – do not sit still, grab this opportunity and work with us.”

About Emaar Properties PJSC

Emaar Properties PJSC, listed on the Dubai Financial Market, is a global property developer and provider of premium lifestyles, with a significant presence in the Middle East, North Africa and Asia. One of the world’s largest real estate companies, Emaar has a land bank of 1.6 billion sq. ft in the UAE and key international markets.

With a proven track-record in delivery, Emaar has delivered over 56,000 residential units in Dubai and other global markets since 2002. As the second largest developer outside of China, Emaar has strong recurring revenue generating assets with over 880,000 square meters of leasing revenue generating assets and 21 hotels and resorts with 4,679 rooms (includes owned as well as managed hotels). Emaar’s current pipeline of developments includes cutting-edge residential and mixed-use projects such as Dubai Hills Estate, Dubai Creek Harbour, Mina Rashid and Emaar South.

Emaar’s successful track record has been recognized by a number of awarding bodies including Forbes Magazine which in 2019 listed Emaar Properties among the Top 20 in a list of The World’s Best Regarded Companies. This is in addition to placing first in the Forbes Middle East 2017 list of 100 leading real estate companies in the Arab World.

Today, 46 per cent of Emaar’s revenue is from its shopping malls & retail, hospitality & leisure and international subsidiaries. Burj Khalifa, a global icon, and The Dubai Mall, the world’s most visited retail and lifestyle destination, are among Emaar’s trophy developments. Emaar has now announced, Dubai Creek Tower, a magnificent icon that will serve as the centrepiece of the Dubai Creek Harbour development, as well as Dubai Square, the retail metropolis of the future. For more information, please visit our website www.emaar.com

Emaar holds the final session of special virtual conferences with key stakeholders

Emaar chairman Mohamed Alabbar has told the UAE’s leading contractors that they must prepare for a new way of working as the economic activity gradually starts to pick up.

In the final of a special series of virtual conference calls with key stakeholders, Alabbar said: “None of us have faced anything like this before, and as we work together I am confident that as a company and a country we will come out of this crisis. But we must now prepare for a new way of working. There is a new normal, a new dawn, that awaits us.”

He added: “Together, we must look closely at our systems, our productivity, our efficiencies, our technologies. This is the time for us to take stock not just of our great achievements in the past two decades, but how we can continue to develop the UAE’s world class infrastructure, communities and cultures.”

Alabbar also committed to meeting with the contractors once every three months to review the on-going crisis, and to ensure their own stability. He explained: “You have grown with us on this incredible journey as true partners. Now is the time for us to protect you in any way we can, and make sure that both of us are in a strong position to benefit from the recovery that I am certain will come.”

About Emaar Properties PJSC

Emaar Properties PJSC, listed on the Dubai Financial Market, is a global property developer and provider of premium lifestyles, with a significant presence in the Middle East, North Africa and Asia. One of the world’s largest real estate companies, Emaar has a land bank of 1.6 billion sq. ft in the UAE and key international markets.

With a proven track-record in delivery, Emaar has delivered over 56,000 residential units in Dubai and other global markets since 2002. As the second largest developer outside of China, Emaar has strong recurring revenue generating assets with over 880,000 square meters of leasing revenue generating assets and 21 hotels and resorts with 4,679 rooms (includes owned as well as managed hotels). Emaar’s current pipeline of developments includes cutting-edge residential and mixed-use projects such as Dubai Hills Estate, Dubai Creek Harbour, Mina Rashid and Emaar South.

Emaar’s successful track record has been recognized by a number of awarding bodies including Forbes Magazine which in 2019 listed Emaar Properties among the Top 20 in a list of The World’s Best Regarded Companies. This is in addition to placing first in the Forbes Middle East 2017 list of 100 leading real estate companies in the Arab World.

Today, 46 per cent of Emaar’s revenue is from its shopping malls & retail, hospitality & leisure and international subsidiaries. Burj Khalifa, a global icon, and The Dubai Mall, the world’s most visited retail and lifestyle destination, are among Emaar’s trophy developments. Emaar has now announced, Dubai Creek Tower, a magnificent icon that will serve as the centrepiece of the Dubai Creek Harbour development, as well as Dubai Square, the retail metropolis of the future. For more information, please visit our website www.emaar.com

Dubai, United Arab Emirates; February 09, 2020: Emaar Malls (DFM: EMAARMALLS), the shopping malls and retail business majority-owned by Emaar Properties (DFM: EMAAR), recorded a 5 per cent increase in revenue to AED 4.673 billion (US$ 1.272 billion), compared to the 2018, AED 4.446 billion (US$ 1.210 billion). Overall net profit in 2019 amounted to AED 2.286 billion (US$ 622 million), similar to net profit for 2018 of AED 2.230 billion (US$ 607 million).

Revenue grew by 4 per cent to AED 1.261 billion (US$ 343 million) during the last quarter of 2019 (October to December) when compared to same period in 2018.

Namshi

Namshi, the regional e-commerce fashion and lifestyle platform was fully acquired in 2019 by Emaar Malls. The online retailer reported sales in Q4 2019 of AED 339 million (US$ 92 million), an increase of 40 per cent compared to the last quarter of 2018. During 2019, the wholly owned subsidiary of Emaar Malls recorded sales of AED 1.028 billion (US$ 280 million) increasing 21 per cent compared to the previous year. Namshi’s consistent success is attributed to its popular ‘Black November’ campaign and considerable growth in the Saudi market. 

Strong occupancy and footfall

Occupancy levels within Emaar Malls assets – The Dubai Mall, Dubai Marina Mall, Gold & Diamond Park, Souk Al Bahar and the Community Retail Centres – was consistent at 92 per cent. In 2019, there were approximately 136 million visitors collectively with The Dubai Mall maintaining its exceptional performance welcoming 84 million visitors in 2019. 

Engaging loyalty programs across Emaar Malls entities are said to have fueled the growth seen in 2019. Strategic partnerships including the Emirates Skywards programs play a vital role in the Emaar Malls customer engagement strategy.

Commenting on the 2019 performance, Mohamed Alabbar, Chairman of Emaar and Board Member of Emaar Malls, said: “2019 was a great year for Emaar Malls with occupancy and visitor levels growing steadily. This uptick is a result of our continuous innovation as we refresh the customer journey, diversify our portfolio and invest in opportunities to bring our destinations to life. Examples of this include the recently opened Zabeel Extension at The Dubai Mall and the complete acquisition of Namshi, both of which contributed to our achievements in 2019. We expect to see this success continue through 2020, as we focus on loyalty programs to drive repeat visits and open new destinations to welcome inbound tourism driven by Expo 2020.”

Upcoming Assets

In line with the Emaar growth strategy,  Emaar is set to open Dubai Hills Mall in Dubai Hills Estate in Q4 2020. The 2 million square foot retail establishment will feature nearly 550 retail and entertainment destinations including four major family entertainment and leisure centres along with a cineplex, hypermarket, seven anchor retail experience stores, and over 7,000 parking spaces. Emaar Malls is also redeveloping Meadows Village to increase its GLA by approximately 95,000 sq. ft, and is scheduled for completion in 2020, further enhancing its Community Retail Centres.

Emaar Malls has partnered with Time Out Group PLC and is set to open first Time Out Market in the region at Souk Al Bahar, an Arabic-style retail, entertainment and dining destination right at the heart of Downtown Dubai. The unique waterfront location just by The Dubai Fountain and adjacent to The Dubai Mall and Burj Khalifa is one of the region’s prime destinations, attracting millions of visitors each year.

At Time Out Market Dubai, visitors will get to explore and enjoy food from 16 of Dubai’s top chefs and celebrated restaurateurs with three lounges and cultural experiences. The carefully curated lifestyle experience is set to define a new niche for the city and complements the current culinary offering. Emaar Malls is committed to bringing innovative entertainment attractions by working with global partners such as Time Out. With the opening expected in Q4 2020, Time Out Market will occupy 30,000 sq. ft., accommodating around 670 seats.

  • Emaar Hospitality Group officially launches its 8th Address Hotel
  • Launch signifies the 19th hotel opening within the Emaar Hospitality Group Portfolio
  • Evolution of Emaar Hospitality Group’s new strategy encapsulates; asset light, international expansion and announcement of beach resorts

Dubai, United Arab Emirates, January 23rd 2020 – Emaar Hospitality Group celebrated the official opening of its latest project, Address Sky View, in Downtown Dubai.

Held at the hotel’s much anticipated rooftop restaurant, Ce La Vi, Emaar’s Chairman, Mr. Mohamed Alabbar, and Emaar Hospitality Group’s Chief Operating Officer, Chris Newman attended the ceremony and spoke to the company’s past accomplishments and future endeavors.

The Address Sky View opening showcased its importance with the appearance of Mr. Alabbar inaugurating the hotel. The Chairman of Emaar celebrated the four openings across Emaar Hospitality Group in 2019 [VIDA Emirates Hills; June 2019, VIDA Creek Harbour; September 2019, Address Fountain Views; October 2019 and Address Sky View; December 2019] before eluding to the vision for the group in the coming years touching on the new strategic positioning within the hospitality industry; as a hospitality provider, international expansion into Turkey, Saudi Arabia, Bahrain and further into Egypt, becoming asset light and finally the exciting news of their first beach resort openings.

The much anticipated announcement of upcoming projects that will expand Emaar Hospitality Group’s portfolio was also shared. Openings to expect in 2020 include;  the exciting new Address Beach Resorts in Dubai’s Jumeirah Beach, Fujairah, Bahrain and Egypt, Palace Beach Resorts in Sharjah and Fujairah and a VIDA Beach Resort in Umm Al Quwain.

“The opening of Address Sky View marks our 19th hotel in the UAE and is testament to our undoubted commitment to continuously placing Dubai in the frontline of innovative and luxurious destinations for visitors from around the world. Emaar Hospitality Group’s new strategy will only help evolve and introduce the brand to a global audience in other territories” commented Mr. Alabbar.

Featuring majestic views of Burj Khalifa and Downtown Dubai’s unique skyline, Address Sky View is made up of two towers, connected by a floating Sky Bridge in the heart of Downtown Dubai.

The hotel boasts 169 rooms and 551 apartments and a 70-metre long infinity pool. Complete with a range of culinary concepts and eateries, as well as a spa and fitness centers, guests can enjoy the minimalistic yet refined interiors of the hotel.

About Emaar Hospitality Group:
Emaar Hospitality Group LLC is a wholly owned subsidiary of Emaar Properties PJSC, the Dubai-based global property developer, and manages Emaar’s hospitality and leisure projects globally.

Defining its competency in operating mixed-use property developments, Emaar Hospitality Group manages a diversified portfolio of assets including hotels, serviced residences, golf clubs, a polo club, yacht club and lifestyle dining restaurants.

Emaar Hospitality Group has defined its credentials in the hotel industry with the launch of world-class brands, each with a distinct niche – Address Hotels + Resorts and Vida Hotels and Resorts, which are owned by Emaar Hospitality Group and Abu Dhabi National Hotels.

Address Hotels + Resorts has brought a fresh identity to the global hospitality and service sector by setting new benchmarks with its gracious hospitality and exceptional service standards. Address 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. Address Hotels + Resorts is set to operate hotels and serviced residences in Saudi Arabia, Egypt, Turkey, Bahrain, Maldives and other key markets in the region as well as in Dubai.

An upscale lifestyle hotel and residences brand, Vida Hotels and Resorts appeals to the next generation of business executives, entrepreneurs and leisure travellers. Positioned as a lively and vibrant hub where inspiring minds can create, connect and come alive, Vida hotels are a stimulating environment where style meets convenience and interactivity. Vida Hotels and Resorts has two properties in Dubai and is set to operate hotels and serviced residences in Abu Dhabi, Bahrain, Saudi Arabia and Egypt, and other key markets in the region as well as in Dubai.

The leisure assets of Emaar Hospitality Group include Arabian Ranches Golf Club, Dubai Polo & Equestrian Club and Dubai Marina Yacht Club.

About Emaar Properties PJSC:

Emaar Properties PJSC, listed on the Dubai Financial Market, is a global property developer and provider of premium lifestyles, with a significant presence in the Middle East, North Africa and Asia. One of the world’s largest real estate companies, Emaar has a land bank of 1.6 billion sq. ft in the UAE and key international markets.

With a proven track-record in delivery, Emaar has delivered over 56,000 residential units in Dubai and other global markets since 2002. Emaar has strong recurring revenue generating assets with over 880,000 square metres of leasing revenue generating assets and 21 hotels and resorts with 4,679 rooms (includes owned as well as managed hotels). Today, 46 per cent of the Emaar’s revenue is from its shopping malls & retail, hospitality & leisure and international subsidiaries.

Burj Khalifa, a global icon, and The Dubai Mall, the world’s most visited retail and lifestyle destination, are among Emaar’s trophy developments. Emaar has now announced, Dubai Creek Tower, a magnificent icon that will serve as the centrepiece of the Dubai Creek Harbour development, as well as Dubai Square, the retail metropolis of the future. For more information, please visit our website www.emaar.com

Follow us: www.facebook.com/emaardubai; www.twitter.com/emaardubai; www.instagram.com/emaardubai

Noon.com was among the brands that improved the most year-on-year

Dubai, United Arab Emirates – 23, January 2020: Emirates Airlines and Emaar topped the YouGov Brand Index ranking the best and most reliable brands in the UAE during 2019. The two brands scored 84.5and 80.5 points respectively in the overall ranking with Emaar growing 0.9 per cent year-on-year.

Almarai came in third place with 77.5 points overall, followed by Apple’s iPhone brand which ranked fourth with 76.1 points. A new entrant to the top five rankings was Emirates NBD which scored 74 points.

The Middle East e-commerce giant noon.com witnessed a remarkable improvement in the strength of its brand and loyalty of its customers. noon.com secured the tenth spot on a second YouGov list, which ranks the brands that achieved the steepest increase year-on-year. This list was topped by Pakistan International Airlines which grew by 18.1 points.

YouGov tracks brand advocacy ratings by measuring whether customers of the brands would recommend the brand to friends or colleagues, or whether they encourage others to ‘avoid’ the brand.

Set to initially launch in the UAE in 2020, Emaar Smart Home is a new, digitally connected home featuring the latest AI-powered smart home products from Xiaomi 

Dubai, UAE; January 21 2020: Emaar Properties PJSC signed a Memorandum of Understanding (MoU) with Xiaomi, a global technology leader with the world’s largest Internet of Things (IoT) consumer platform, to launch ‘Emaar Smart Home’ – a new, next-generation product for customers to experience the latest smart home technology powered by Artificial Intelligence (AI).

Emaar’s new product will launch in 2020 as an exclusive set of digitally-enabled residential developments, powered by Xiaomi and featuring a one-of-a-kind smart home experience with a comprehensive set of pre-installed smart home and IoT products. The MoU positions Emaar as the first developer outside of China to enter into a strategic partnership with Xiaomi for a smart home experience.

The new agreement is aligned with Emaar’s commitment to create communities that meet the demands of tomorrow’s customers. Emaar selected Xiaomi as its strategic partner for its global leadership within the smart home technology sector. With over 213 million connected smart devices, Xiaomi has an award-winning, extensive range of smart home technologies across entertainment, utilities, energy savings, security and wellness. This partnership adds a new dimension to Emaar’s diverse portfolio of products offering customers greater convenience and next generation living.

‘Emaar Smart Home’ will provide customers with connected smart home experiences that are controlled and monitored through Xiaomi’s Mi Home app. The app, along with products that support smart voice assistant controls, allows users to instantly and seamlessly manage their personal smart home ecosystem. For example, Xiaomi’s Mi Smart Door Lock provides security and convenience through keyless entry into the home using smartphones, wearables, and passcodes. Within the home, the Xiaomi Robot Vacuum can be scheduled to provide daily handsfree cleaning. Xiaomi’s smart home solutions are designed for maximum convenience and energy efficiency, making it possible for every corner of the house to be powered by smart devices.

Commenting on the product launch, Chairman of Emaar, Mohamed Alabbar said: “‘Emaar Smart Home’, is a testament to the commitment Emaar and Xiaomi share for creating advanced living experiences. Together, our partnership delivers a novel product never-before-seen in the region, offering connectivity, comfort and convenience for the customers of tomorrow, today. This is based on our collective understanding and insight into what customers will demand from us in the future.”

“One of Xiaomi’s core strategies focuses on Artificial Intelligence (AI) and the Internet of Things (IoT),” said Chew Shou Zi, Senior Vice President, President of International at Xiaomi. “With Emaar as our partner, we are confident that we will showcase just how advanced the latest Xiaomi smart home products are. We believe this partnership brings together two of the world’s foremost industry leaders with shared digital ambition, customer-centricity, and focus on high product quality. We are excited to be launching our range of smart home products in the region with Emaar.”

Beginning with the UAE, ‘Emaar Smart Home’ will be made available across the Middle East and North Africa as part of an upcoming rollout plan. Further details about ‘Emaar Smart Home’ and launch plans will be available in due course.

 

About Emaar Properties PJSC

Emaar Properties PJSC, listed on the Dubai Financial Market, is a global property developer and provider of premium lifestyle.s, with a significant presence in the Middle East, North Africa and Asia. One of the world’s largest real estate companies, Emaar has a land bank of 1.6 billion sq. ft in the UAE and key international markets.

With a proven track-record in delivery, Emaar has delivered over 56,000 residential units in Dubai and other global markets since 2002. As the second largest developer outside of China, Emaar has strong recurring revenue generating assets with over 880,000 square meters of leasing revenue generating assets and 21 hotels and resorts with 4,679 rooms (includes owned as well as managed hotels). Emaar’s current pipeline of developments includes cutting-edge residential and mixed-use projects such as Dubai Hills Estate, Dubai Creek Harbour, Mina Rashid and Emaar South.

Today, 46 per cent of Emaar’s revenue is from its shopping malls & retail, hospitality & leisure and international subsidiaries. Burj Khalifa, a global icon, and The Dubai Mall, the world’s most visited retail and lifestyle destination, are among Emaar’s trophy developments. Emaar has now announced, Dubai Creek Tower, a magnificent icon that will serve as the centerpiece of the Dubai Creek Harbour development, as well as Dubai Square, the retail metropolis of the future. For more information, please visit our website www.emaar.com

Follow us: www.facebook.com/emaardubai; www.twitter.com/emaardubai; www.instagram.com/emaardubai

 

About Xiaomi Corporation

Xiaomi Corporation was founded in April 2010 and listed on the Main Board of the Hong Kong Stock Exchange on July 9, 2018 (1810.HK). Xiaomi is an internet company with smartphones and smart hardware connected by an IoT platform at its core.

With the vision of being friends with its users and being the “coolest company” in the hearts of its users, Xiaomi is committed to continuous innovation, with an unwavering focus on quality and efficiency. The company relentlessly builds amazing products with honest prices to let everyone in the world enjoy a better life through innovative technology.

Xiaomi is currently the world’s fourth-largest smartphone brand, and has established the world’s leading consumer IoT platform, with more than 213 million smart devices (excluding smartphones and laptops) connected to its platform. Currently, Xiaomi products are present in more than 90 countries and regions around the world and have a leading foothold in many of them.

In July 2019, the company made the Fortune Global 500 list for the first time, ranking 468th among all, and 7th among internet companies. Xiaomi is the youngest company on the 2019 Fortune Global 500 list.