Category: Investor Relation

Significant value creation for Emaar shareholdersOne of the largest IPOs since the listing of Emaar MallsEmaar has recorded real estate sales of AED 9.7 billion (US$ 2.64 billion) in the UAE until 31 May 2017; an increase of 24% from 2016UAE projects backlog amounts to AED 40 billion (US$ 10.9 billion)
Dubai, UAE; June 7, 2017: Emaar Properties PJSC, the global real estate company, has announced plans to list its UAE Real Estate development business in order to create significant value for its shareholders. The IPO will be the largest since the Emaar Malls IPO in 2014.

Subject to market conditions, Emaar will offer up to 30 per cent of Emaar’s UAE Real Estate Development business through a share offering on the Dubai Financial Market (DFM). The funds raised through the sale of equity will be primarily distributed as dividends to Emaar’s shareholders.

The decision to list Emaar’s UAE Real Estate Development business was a result of an internal review of Emaar’s asset values. This indicated the importance of highlighting the value of this business as a major contributor to the overall profitability of Emaar through an independent listing. Investors who value the proven development track record of Emaar can invest directly in this business and benefit from the strong growth profile of the company’s UAE development business. In turn, this will enhance Emaar’s overall valuation as the value of this important business is properly recognised in the market.

Emaar’s real estate development in UAE has recorded significant growth over last five years. Real estate sales increased from AED 4.2 billion (US$ 1.14 billion) in 2012 to AED 14.4 billion (US$ 3.92 billion) in 2016. Until end of May 2017, the business recorded sales of AED 9.7 billion (US$ 2.64 billion), 24 per cent above the same period in 2016. Total backlog as at the end of May 2017 is AED 40 billion (US$ 10.9 billion). This backlog represents the value of properties sold but where related revenues have not been recognised.

Mohamed Alabbar, Chairman of Emaar Properties, said: “We are thankful to His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President & Prime Minister and Ruler of Dubai, for his guidance and inspiration that has been the driving force of Emaar’s success. The proposed listing and the additional dividend to our shareholders including Government of Dubai underlines our commitment to provide superior value to all our shareholders for their unwavering support to the company since its inception in 1997.

“Over the years, we have generated significant returns from our UAE real estate development business and it continues to be a strong driver of growth for the group. As Emaar’s other businesses have grown and expanded, we wanted to ensure that investors who value the UAE Real Estate Development business the most, the foundation of Emaar’s success, can do so directly. This will ensure that the value of this business is properly recognised, thereby enhancing value for all Emaar shareholders.”

Mr. Alabbar added: “We are drawing on our success to create a new Emaar defined by an expanded development pipeline in Dubai anchored by iconic structures such as The Tower at Dubai Creek Harbour. Emaar’s value proposition is an unwavering commitment to provide the best-in-class service to our customers, which will be the main pillar for the UAE Real Estate Development business to achieve significant successes. We have high-calibre professionals who lead our various businesses and we are also investing in young talent.”

Emaar has handed over around 34,000 units in Dubai since 2001 and currently has a significant land bank of 24 million sq. m in the UAE. The total development area on these lands is approximately 30 million sq. m.

Focused on its strategy of shaping the future today, Emaar has several mega-developments ongoing in Dubai including the 11 million sq m Dubai Hills Estate, a ‘green city within the city,’ developed as a joint venture with Meraas Holding, which will feature a world-class retail hub and an 18-hole championship golf course.

Having delivered the iconic Burj Khalifa, Emaar is now developing The Tower in Dubai Creek Harbour, billed to be one of the fascinating attractions in the world. It is set in the heart of a 6 sq. km mega-development, developed as a joint venture with Dubai Holding and will feature a dedicated retail district for high-end brands.

Another smart development for the future, set near the venue of Expo 2020 Dubai, is Emaar South, a next-generation lifestyle destination in the new aviation and logistics hub of the city, Dubai South.

Q1 2017 revenue increases by 15% to AED 4.072 billion (US$ 1.109 billion)Recurring revenues from malls, hospitality, entertainment and leisure businesses at AED 1.592 billion (US$ 433 million), 39% of the total Group revenueRevenue from international operations grew by 62% to AED 806 million (US$ 219 million), 20% of total revenueDistributes AED 1.074 billion (US$292 million), equivalent to 15% of share capital, as cash dividend to shareholders for 2016
Dubai, UAE; May 14, 2017:Emaar Properties PJSC recorded a net profit of AED 1.384 billion (US$ 377 million) in the first quarter (January to March) 2017, an increase of 15 per cent over the same period last year at AED 1.205 billion (US$ 328 million).

Total revenue for Q1 2017 was AED 4.072 billion (US$ 1.109 billion), an increase of 15 per cent over Q1 2016 revenue of AED 3.529 billion (US$ 961 million).

Recurring revenues from the malls, hospitality, entertainment and leisure businesses of Emaar were AED 1.592 billion (US$ 433 million) in Q1 2017 contributing 39 per cent of the total Group revenue.

Emaar’s international operations recorded Q1 2017 revenue of AED 806 million (US$ 219 million), an increase of 62 per cent over Q1 2016 revenue of AED 499 million (US$ 136 million), accounting for 20 per cent of the total Group revenue.

At the Annual General Meeting of Emaar Properties, shareholders have approved to distribute a cash dividend of AED 1.074 billion (US$ 292 million), equivalent to 15 per cent of the share capital.

Focus on value creation

Mohamed Alabbar, Chairman of Emaar Properties, said that the positive results achieved by Emaar across its operations underlines the focus of the company on continued value creation for its stakeholders. “Along with our core business of creating premium real estate in Dubai and other international markets, our malls, hospitality and leisure businesses have also recorded growth. This is driven by our new customer-oriented digital strategy that helps optimise our resource use and enhance efficiency.”

He added: “We have seen an increase in property sales in Dubai, and we are on track with our construction milestones. Emaar’s performance underpins the positive economic environment of Dubai led by the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President & Prime Minister and Ruler of Dubai.”

Strong property sales

Emaar recorded robust property sales of AED 6.049 billion (US$ 1.647 billion) during Q1 2017 in Dubai. This is 44 per cent higher than the value of property sales in Dubai during Q1 2016 at AED 4.194 billion (US$ 1.142 billion), and 115 per cent higher than the figures for Q4 2016 at AED 2.810 billion (US$ 765 million). The Group now has a backlog of AED 46.245 billion (US$ 12.591 billion) to be recognised as revenue in the next few years.

The property business in Dubai was highlighted by new residential launches in Downtown Dubai, Dubai Marina and joint venture projects under Dubai Hills Estate, Dubai Creek Harbour and Emaar South.

Emaar accomplished a key milestone with the completion of the pile foundations for the new global icon The Tower, designed by Santiago Calatrava, in Dubai Creek Harbour. Emaar has also achieved significant construction progress on the projects in Dubai Hills Estate, which now has green avenues, lakes, waterbodies and roads.

The new property launches in Q1 2017 includes Downtown Views II, located in the Zabeel area of Downtown Dubai, Vida Residences in Dubai Marina, Creek Gate and Harbour Gate in Dubai Creek Harbour and Golf Views apartments and Urbana III stacked townhouses in Emaar South.

Expanding malls and hospitality operations During Q1 2017, Emaar Malls (DFM: EMAARMALLS) recorded revenues of AED 836 million (US$ 228 million), similar to Q1 2016 revenue of AED 833 million (US$ 227 million).

Net profit from the malls business during Q1 2017 was AED 539 million (US$ 147 million), similar to Q1 2016 net profit of AED 529 million (US$ 144 million) and 19 per cent higher than Q4 2016 net profit of AED 452 million (US$ 123 million).

The shopping mall assets of Emaar Malls, including its flagship – The Dubai Mall – welcomed over 34 million visitors in Q1 2017, 10 per cent higher than Q1 2016. With a gross leasable area of about 6 million sq ft in Dubai, Emaar Malls is expanding The Dubai Mall’s Fashion Avenue by another 1 million sq ft built-up area this year. Additionally, The Dubai Mall is adding new retail and leisure attractions with the Boulevard, Fountain Views and Zabeel expansions.

Emaar’s hospitality, commercial leasing and entertainment businesses reported revenues of AED 756 million (US$ 206 million) during Q1 2017, an increase of 5 per cent over the same period last year at AED 722 million (US$ 197 million).

Emaar’s hospitality segment marked the launch of two new hotels in Q1 2017 including Address Boulevard, a city lifestyle resort under the portfolio of Address Hotels + Resorts, and Rove Healthcare City. A contemporary midscale brand, Rove Hotels are being developed as a joint venture with Meraas Holding with plans to roll out 10 hotels in Dubai by 2020.

The premium upscale The Address branded hotels under Emaar Hospitality Group recorded an average occupancy of 92 per cent during Q1 2017, higher than the industry average. Emaar is in the course of expanding its hospitality business with 26 upcoming projects in the UAE, Turkey, Egypt, Saudi Arabia and Bahrain.

With 190 million sq m of land bank in the UAE and key international markets, Emaar assets are valued at around AED 179 billion (US$ 49 billion).

Focus on added value creation for shareholders and strengthening customer service

Dubai, UAE; April 17, 2017: The 19th Annual General Meeting (AGM) of Emaar Properties PJSC today declared a cash dividend of 15 per cent of the share capital, equivalent to AED 1.074 billion (US$ 292 million), for distribution to the company’s shareholders.

The AGM also approved the report of the Board of Directors on the activities and financial position of Emaar, the Auditor’s report, and balance sheet for 2016. Ernst and Young was appointed as the auditor for 2017. The assembly also approved the Employees Incentive Scheme.

Mohamed Alabbar, Chairman of Emaar Properties, said that Emaar has created sustained value for shareholders through its competencies premium real estate, malls and hospitality. “The leadership of His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, inspires us to push our boundaries and expand our operations with the goal of creating added value for our stakeholders.”

He added: “Our ambition is to further strengthen customer loyalty and enhance our brand value. We will achieve this with our absolute focus on being a customer-centric organisation. We will also strengthen our financial performance by maintaining a robust balance sheet. Across all our businesses, we focus on bringing high-calibre professionals while also shaping the next generation of young future leaders. Our new growth approach is led by the digital transformation of our operations, which will transform our company and ensure that we are future-ready.”

In 2016, Emaar recorded net profit of AED 5.233 billion (US$ 1.425 billion), and revenues of AED 15.540 billion (US$ 4.231 billion). Recurring revenues from Emaar’s shopping malls, hospitality, entertainment and leisure businesses was AED 5.976 billion (US$ 1.627 billion), 38 per cent of the total Group revenue. Emaar’s international operations reported revenue of AED 2.665 billion (US$ 726 million), 17 per cent of the total Group revenue.

The performance of Emaar’s real estate sales in Dubai recorded notable growth during 2016 at AED 14.4 billion (US$ 3.92 billion). Sales across various international markets in 2016 were valued at AED 3.9 billion (US$ 1.1 billion). The Group now has a backlog of AED 42.977 billion (US$ 11.701 billion) to be recognised in the next few years.

Emaar also strengthened its landbank, notably in Dubai, without capital investment through joint ventures and strategic partnerships. The company’s land bank in the UAE now stands at over 24 million sq m taking its total land bank across all markets to over 190 million sq m.

Robust growth of malls and hospitality

Emaar Malls (DFM: EMAARMALLS), the shopping malls & retail business majority-owned by Emaar Properties, recorded a net profit of AED 1.874 billion (US$ 510 million) and revenue of AED 3.227 billion (US$ 879 million) in 2016.

The shopping malls assets of Emaar Malls together welcomed 125 million visitors during 2016. The Dubai Mall continues to be the world’s most visited retail and leisure destination, having welcomed 80 million visitors per annum for the past three consecutive years.

The hospitality & leisure, commercial leasing and entertainment business of Emaar recorded revenues of AED 2.749 billion (US$ 748 million) in 2016. Average occupancy of hotels under Emaar Hospitality Group in Dubai was 85 per cent, higher than the industry average.

Emaar’s growth has been led by an overall improvement in productivity in all performance indicators. The company has introduced a new procurement approach that generates savings. Customer service satisfaction levels have also increased across all operations – real estate, malls, hospitality and entertainment.

Emaar is now developing The Tower in Dubai Creek Harbour, billed to be one of the fascinating attractions in the world. Emaar is also strengthening Dubai’s retail sector through new retail precincts in Dubai Creek Harbour and Dubai Hills Estate. Another smart development for the future is Emaar South in Dubai South, a next-generation lifestyle destination in the new aviation and logistics hub of the city, located near the venue of Expo 2020 Dubai.

Focus on added value creation for shareholders and strengthening customer service

Dubai, UAE; April 17, 2017: The 19th Annual General Meeting (AGM) of Emaar Properties PJSC today declared a cash dividend of 15 per cent of the share capital, equivalent to AED 1.074 billion (US$ 292 million), for distribution to the company’s shareholders.

The AGM also approved the report of the Board of Directors on the activities and financial position of Emaar, the Auditor’s report, and balance sheet for 2016. Ernst and Young was appointed as the auditor for 2017. The assembly also approved the Employees Incentive Scheme.

Mohamed Alabbar, Chairman of Emaar Properties, said that Emaar has created sustained value for shareholders through its competencies premium real estate, malls and hospitality. “The leadership of His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, inspires us to push our boundaries and expand our operations with the goal of creating added value for our stakeholders.”

He added: “Our ambition is to further strengthen customer loyalty and enhance our brand value. We will achieve this with our absolute focus on being a customer-centric organisation. We will also strengthen our financial performance by maintaining a robust balance sheet. Across all our businesses, we focus on bringing high-calibre professionals while also shaping the next generation of young future leaders. Our new growth approach is led by the digital transformation of our operations, which will transform our company and ensure that we are future-ready.”

In 2016, Emaar recorded net profit of AED 5.233 billion (US$ 1.425 billion), and revenues of AED 15.540 billion (US$ 4.231 billion). Recurring revenues from Emaar’s shopping malls, hospitality, entertainment and leisure businesses was AED 5.976 billion (US$ 1.627 billion), 38 per cent of the total Group revenue. Emaar’s international operations reported revenue of AED 2.665 billion (US$ 726 million), 17 per cent of the total Group revenue.

The performance of Emaar’s real estate sales in Dubai recorded notable growth during 2016 at AED 14.4 billion (US$ 3.92 billion). Sales across various international markets in 2016 were valued at AED 3.9 billion (US$ 1.1 billion). The Group now has a backlog of AED 42.977 billion (US$ 11.701 billion) to be recognised in the next few years.

Emaar also strengthened its landbank, notably in Dubai, without capital investment through joint ventures and strategic partnerships. The company’s land bank in the UAE now stands at over 24 million sq m taking its total land bank across all markets to over 190 million sq m.

Robust growth of malls and hospitality

Emaar Malls (DFM: EMAARMALLS), the shopping malls & retail business majority-owned by Emaar Properties, recorded a net profit of AED 1.874 billion (US$ 510 million) and revenue of AED 3.227 billion (US$ 879 million) in 2016.

The shopping malls assets of Emaar Malls together welcomed 125 million visitors during 2016. The Dubai Mall continues to be the world’s most visited retail and leisure destination, having welcomed 80 million visitors per annum for the past three consecutive years.

The hospitality & leisure, commercial leasing and entertainment business of Emaar recorded revenues of AED 2.749 billion (US$ 748 million) in 2016. Average occupancy of hotels under Emaar Hospitality Group in Dubai was 85 per cent, higher than the industry average.

Emaar’s growth has been led by an overall improvement in productivity in all performance indicators. The company has introduced a new procurement approach that generates savings. Customer service satisfaction levels have also increased across all operations – real estate, malls, hospitality and entertainment.

Emaar is now developing The Tower in Dubai Creek Harbour, billed to be one of the fascinating attractions in the world. Emaar is also strengthening Dubai’s retail sector through new retail precincts in Dubai Creek Harbour and Dubai Hills Estate. Another smart development for the future is Emaar South in Dubai South, a next-generation lifestyle destination in the new aviation and logistics hub of the city, located near the venue of Expo 2020 Dubai.

FY 2016 revenues increase 14% to AED 15.540 billion (US$ 4.231 billion)Recurring revenue from shopping malls, hospitality, entertainment and leisure businesses increased to AED 5.976 billion (US$ 1.627 billion), 38% of total revenueQ4 (Oct to Dec) 2016 net profit increases 56% to AED 1.613 billion (US$ 439 million);Q4 revenue grew by 16% to AED 4.437 billion (US$ 1.208 billion)Total sales of Dubai real estate in FY 2016 valued at AED 14.4 billion (US$ 3.92 billion), 41% increase over FY 2015During FY 2016, witnessed the unveiling of ‘The Tower at Dubai Creek Harbour,’ and opening of the iconic Dubai Opera to public hosting some of world’s best showsOpens the first two Rove hotels, a new contemporary mid-market hotel brand
Dubai, UAE; February 14, 2017: Global developer Emaar Properties PJSC recorded a robust full-year 2016 net profit of AED 5.233 billion (US$ 1.425 billion), 28 per cent higher as compared to the FY 2015 net profit of AED 4.082 billion (US$ 1.111 billion). Emaar achieved FY 2016 revenues of AED 15.540 billion (US$ 4.231 billion), an increase of 14 per cent over FY 2015 revenues of AED 13.661 billion (US$ 3.719 billion).

Highlighting the strength of its diversified business model, recurring revenues from Emaar’s shopping malls, hospitality, entertainment and leisure businesses for 2016 was AED 5.976 billion (US$ 1.627 billion) similar to 2015, despite the ongoing redevelopment at The Address Downtown Dubai. The recurring revenue businesses now account for 38 per cent of the total Group revenue.

Emaar’s international operations recorded revenue of AED 2.665 billion (US$ 726 million) during FY 2016 accounting for 17 per cent of the total Group revenue.

With increase in revenue contribution from real estate, the performance of the malls and hospitality businesses, the fourth-quarter (October to December) 2016 net profit of Emaar increased by 56 per cent to AED 1.613 billion (US$ 439 million) compared to Q4 2015 net profit of AED 1.034 billion (US$ 281 million), and 41 per cent higher than the Q3 (July to September) 2016 net profit of AED 1.145 billion (US$ 312 million).

Revenue for Q4 2016 was AED 4.437 billion (US$ 1.208 billion), 16 per cent higher than the Q4 2015 revenue of AED 3.812 billion (US$ 1.038 billion), and 15 per cent more than the Q3 2016 revenue of AED 3.846 billion (US$ 1.047 billion).

Emaar has handed over around 41,500 residential units, 33,947 of them in Dubai. Highlighting its strong development potential, Emaar has a land bank of 190 million sq m globally including a significant 25 million sq m in the UAE.

Investments in premium real estate contributed to robust property sales in Dubai during 2016 at AED 14.4 billion (US$ 3.92 billion), which is 41 per cent higher than the FY 2015 sales value of AED 10.23 billion (US$ 2.79 billion). Sales across various international markets in 2016 were valued at AED 3.9 billion (US$ 1.1 billion). The Group now has a backlog of AED 42.977 billion (US$ 11.701 billion) to be recognized in the next few years, underlining its strong financial fundamentals.

Highlighting the confidence of regional and international investors in Emaar, in 2016 the company concluded a US$ 750 million Sukuk listed on Nasdaq Dubai at competitive pricing.

Future Now strategy

Mohamed Alabbar, Chairman of Emaar Properties, said that the impressive growth achieved by the company in 2016 underlines the success of the company’s long-term investments in creating sustained value for its stakeholders.

He added: “Emaar’s growth reflects the dynamism of the UAE, which has evolved as a global hub for business and leisure. As the nation sets new milestones in futuristic developments, Emaar will continue to invest in next-generation technology to deliver modern lifestyles that meet the lifestyle aspirations of our youth and future generations.

“This ‘future now’ strategy sets the foundation for our growth in the coming years, which reflects the growth aspirations of Dubai as a smart and sustainable city, steered by the visionary leadership of His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai.”

New icons of the future

Emaar’s strategy of shaping the future today was defined in 2016 with Dubai Hills Estate, the 11 million sq m ‘green city within the city,’ which will also feature a world-class retail hub and is set around an 18-hole championship golf course.

Emaar has set another new milestone in urban development with the launch of The Tower in Dubai Creek Harbour, billed to be one of the iconic attractions in the world, and set in the heart of a 6 sq km mega-development. Also featuring a retail district for high-end brands, Dubai Creek Harbour creates a brand-new skyline for the nation.

Emaar has also launched Emaar South, a next-generation lifestyle destination in the new aviation and logistics hub of the city, Dubai South.

Having created tremendous value to the economy through Downtown Dubai, Emaar delivered a compelling icon in the 500-acre mega-development – Dubai Opera in The Opera District. A cultural hub, it serves as a magnet for talent from across the world, and is a must-visit attraction for visitors to the city.

Proven strength in malls and hospitality

Emaar Malls (DFM: EMAARMALLS), the shopping malls & retail business majority-owned by Emaar Properties, recorded a net profit of AED 1.874 billion (US$ 510 million) during 2016, an increase of 13 per cent over the FY 2015 net profit of AED 1.656 billion (US$ 451 million). FY 2016 revenue recorded a growth of 8 per cent to AED 3.227 billion (US$ 879 million) compared to FY 2015 revenue of AED 2.992 billion (US$ 815 million).

The shopping malls assets of Emaar Malls together welcomed 125 million visitors during 2016, similar to annual footfall during 2015. The Dubai Mall set a similar footfall level of 80 million visitors for third consecutive year despite ongoing expansion in and around the mall, reiterating its reputation as the world’s most-visited retail and lifestyle destination.

With a gross leasable area of about 6 million sq ft in Dubai, Emaar Malls is on schedule with the expansion of The Dubai Mall’s Fashion Avenue by another 1 million sq ft built-up area this year. Over 150 international brands will be added apart from some of Dubai’s first international F&B and leisure choices. Additionally, The Dubai Mall will undertake the Boulevard, Fountain Views and Zabeel expansions adding new retail and leisure attractions.

The hospitality & leisure, commercial leasing and entertainment business of Emaar recorded revenues of AED 2.749 billion (US$ 748 million) during the year ended 31 December 2016.

Average occupancy of hotels under Emaar Hospitality Group in Dubai during the year ended 31 December 2016 was 85%, higher than the industry average and 5 per cent higher than last year.

Rove Hotels, a new contemporary mid-market hotel and residences brand (a joint venture with Meraas Holding), opened two hotels – Rove Downtown Dubai and Rove City Centre in 2016. In all 10 Rove Hotels will open in Dubai, adding over 3,700 rooms, just in time for Expo 2020. Emaar Hospitality Group is also expanding its portfolio to international markets with projects in Saudi Arabia, Bahrain, Egypt and Turkey and a development pipeline of about 35 hotels and serviced residences in Dubai and international markets.

Developer of the Year

Emaar won the prestigious recognition as the ‘Developer of the Year’ at the Arabian Business Achievement Awards 2016. It highlights Emaar’s proven track-record in delivering consistent value for its stakeholders, and its strong competencies in delivering premium real estate assets in Dubai and other international markets.

Net profit for Q3 2016 of AED 1.145 billion (US$ 312 million), 36% higher than during the same period in 2015Revenue for the first nine months of 2016 is AED 11.103 billion (US$ 3.023 billion), 13% higher than during the same period in 2015Shopping malls & retail, and hospitality & leisure businesses record recurring revenues of AED 4.278 billion (US$ 1.165 billion), 39% of the total revenueProperty sales in Dubai at AED 11.601 billion (US$ 3.158 billion), 54% higher than the same period in 2015 underlining the strong demand for homes in Emaar’s developmentsThe iconic dhow-shaped Dubai Opera, a hub performing arts in Dubai, unveiled to public during Q3 2016Unveils golf course master planned development in Dubai South with the launch of Urbana, a staked townhouse project
Dubai, UAE; November 8, 2016: Global property developer Emaar Properties recorded 19 per cent growth in net profit to AED 3.620 billion (US$ 986 million) during the first nine months (January to September) of 2016 compared to a net profit of AED 3.048 billion (US$ 830 million) during the same period in 2015.

Revenue for the first nine months of 2016 was AED 11.103 billion (US$ 3.023 billion). This is an increase of 13 per cent over the revenue of AED 9.849 billion (US$ 2.681 billion) during the same period last year.

The combined revenue from the shopping malls & retail and hospitality & leisure businesses during the first nine months of 2016 stood at AED 4.278 billion (US$ 1.165 billion), similar to same period in 2015 despite the ongoing development at The Address Downtown Dubai hotel this year. Today, these two business segments account for 39 per cent of the total revenue of Emaar.

Emaar’s international operations recorded revenue of AED 1.696 billion (US$ 462 million) during the first nine months of 2016. This accounts for 15 per cent of the total revenue.

With total sales of AED 14.689 billion (US$ 3.999 billion) during the first nine months of 2016, which is 28 per cent higher than the sales of AED 11.442 billion (US$ 3.115 billion) during the same period last year, Emaar now has a backlog of AED 47.576 billion (US$ 12.953 billion) to be recognised in the next few years. This demonstrates the financial fundamentals of the company and the continued value it will create for its stakeholders.

Positive growth in third-quarter 2016

During the third quarter (July to September) 2016, Emaar recorded a net profit of AED 1.145 billion (US$ 312 million), which is 36 per cent higher than the Q3 2015 net profit of AED 843 million (US$ 230 million).

Revenue for Q3 2016 was AED 3.846 billion (US$ 1.047 billion), 16 per cent higher than the Q3 2015 revenue of AED 3.329 billion (US$ 906 million).

A smart company for the future

Mohamed Alabbar, Chairman of Emaar Properties, said: “Our focus for 2016 has been to maximise operational efficiency and drive profitability, while strengthening our revenue stream through new developments in prime real estate assets, malls and hotels in Dubai.

“The vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, is to create a smart city of the future. This has always been our inspiration to push our boundaries and be more innovative. Dubai Creek Harbour, Dubai Hills Estate and the ongoing expansion of Downtown Dubai are examples of our commitment to create city hubs with digital lifestyle features that meet the aspirations of the future generation.”

Mr. Alabbar said that Emaar is drawing on the potential of digital technologies to enhance efficiency and customer service. “Across all our operations – from project design to development and after-sales service, we are being even more customer-oriented. With technology changing modern lifestyles, we aim to be more agile, responsive and relevant to ensure that we create long-term value for our stakeholders.”

Property sales in Dubai

Emaar recorded significant growth in property sales in Dubai, its primary market. During the first nine months of 2016, sale from its launches in its home-market accounted for AED 11.601 billion (US$ 3.158 billion). This is 54 per cent higher than the sales of AED 7.513 billion (US$ 2.045 billion) in Dubai during the same period in 2015.

The growth in investor base was underpinned by new residential launches in Dubai Creek Harbour, one of the world’s largest mega-developments; Dubai Hills Estate, a premium lifestyle community; and in Downtown Dubai. Emaar unveiled new cultural and touristic icons with the launch of The Tower in Dubai Creek Harbour and the opening of Dubai Opera in Downtown Dubai. Both have catalysed sales of residences in the two communities.

Among the new launches this year are: The Address Residences Dubai Opera, Act One Act Two and Il Primo in Downtown Dubai, premium Fairway & Parkway Vistas and Sidra villas in Dubai Hills Estate, 52/42 prime waterfront development in Dubai Marina; Creek Horizon and Harbour Views in Dubai Creek Harbour.

Emaar also commenced the sales on Emaar South its newest mega-development in Dubai South, just minutes from the Al Maktoum International Airport and in easy proximity to the Expo 2020 Dubai site, with the launch of Urbana stacked townhouses. A dedicated golf district, the nearly 7 sq km Emaar South is one of the key components of the newly planned city. Featuring more than 15,000 residences, the project will be a smart neighbourhood that will also create several hundred new jobs in the hospitality, retail and leisure sectors.

Growth in recurring revenues

Emaar Malls (DFM: EMAARMALLS), the shopping malls & retail business majority-owned by Emaar Properties, recorded a net profit of AED 1.422 billion (US$ 387 million) during the first nine months of 2016, 16 per cent higher than AED 1.221 billion (US$ 332 million) recorded in the same period last year. Revenue during the first nine months of 2016 from the malls business is AED 2.392 billion (US$ 651 million), 10 percent higher than the same period last year.

The hospitality & leisure, commercial leasing and entertainment business of Emaar recorded revenues of AED 1.886 billion (US$ 513 million) during the first nine months of 2016. The average occupancy in the flagship Address + Resorts in Dubai during the first nine months of 2016 was 85 per cent, higher than the industry average and 2 per cent higher than the same period last year. The Address Hotels + Resorts and Vida Hotels and Resorts are expanding its footprint to Bahrain, Egypt and Turkey to operate hotels and serviced residences, as well as across the UAE.

Emaar launched Rove Hotels, a joint venture with Meraas Holding, and opened its first property – Rove Downtown Dubai – to strong guest response. In all, 10 Rove Hotels will open in Dubai, adding over 3,700 rooms, in central locations across the city, just in time for Expo 2020 Dubai. The Address Boulevard Dubai, a brand new addition to the portfolio will open soon, while two new Rove Hotels are expected to be unveiled before year end.

The opening of Dubai Opera, a multi-format venue for opera, theatre, concerts, art exhibitions, orchestra and film, has also energised the hospitality business, in addition to adding to the civic pride of the city.

Emaar has assets valued at over AED 165.7 billion (US$ 45.1 billion) and a land bank of 196 million sq. m in Dubai and international markets. Emaar has handed over more than 40,865 homes to date, cementing its strong track-record in project delivery.

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

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

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

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

Strong fundamentals

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

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

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

Positive Second-Quarter 2016

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

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

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

First choice for homes

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

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

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

Growing recurring revenues

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

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

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

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

Value for stakeholders

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Emaar Malls has a gross leasable area of about 6 million sq ft. This is being expanded with the ongoing addition of another 1 million sq ft built-up area at The Dubai Mall’s Fashion Avenue to add another 150 leading international and local brands. These retail sector expansions will offer additional lifestyle choices for the 2.5 billion plus people, especially high net worth individuals, who are only four hours flying distance from Dubai.

Emaar Hospitality Group is also expanding its portfolio with 35 new hotels and serviced residences to open under its three flagship brands – The Address Hotels + Resorts, Vida Hotels and Resorts and Rove Hotels – in Dubai, the UAE and key international markets. In addition to opening of new properties in Dubai, the company has secured new management contracts to operate hotels and serviced residences in Fujairah in the UAE and Saudi Arabia. Emaar has also signed management contracts for upcoming hotels and serviced residences projects in Bahrain, Turkey and Egypt.

Emaar recorded first-quarter (January to March) 2016 net profit of AED 1.205 billion (US$ 328 million), an increase of 17 per cent compared to the same period last year. Led by significant progress in construction of its projects, Emaar’s Q1 2016 revenue was AED 3.529 billion (US$ 961 million), 17 per cent higher than the Q1 2015.

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

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

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

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

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

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

Property sector growth

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

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

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

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

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

Building recurring revenue assets

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

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

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

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

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