Category: Investor Relation

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).

18th AGM approves Board’s proposal regarding distribution of 15% cash dividend to shareholdersEmaar to focus on developing prime real estate assets that add long-term value for the stakeholders and energise the Dubai economyTo define 2016 with opening of Dubai Opera and roll out the magnificent tower at Dubai Creek HarbourEmaar to strengthen shopping malls & retail and hospitality & leisure businesses in Dubai and other international markets; new Retail District in Dubai Creek Harbour
Dubai, UAE; April 18, 2016: The 18th Annual General Meeting of global developer Emaar Properties PJSC today approved a cash dividend of 15 per cent of the share capital, equivalent to AED 1.074 billion (US$ 292 million), for distribution to the shareholders.

The meeting also approved the report by the Board on the activities and financial position of the company as well as the Auditor’s report for the financial year ending December 31, 2015. The AGM appointed Ernst & Young as the auditors for 2016.

The AGM also approved by special resolution the proposal by the Board of Directors to amend the Articles of Association of Emaar Properties in accordance with Federal Law No 2 of 2015 on Commercial Companies.

As per the Securities & Commodities Authority Resolution No 2.2015, cash dividend payments will be made either through iVESTOR Cards or via bank account transfer. Emaar has urged shareholders to secure their DFM Investor Number and update their payment method to either iVESTOR Card or Bank Account Transfer.

Mohamed Alabbar, Chairman of Emaar Properties, said that 2016 will be a significant growth year for Emaar having recorded robust results led by the positive growth of the Dubai economy.

“With all core sectors of the economy performing exceptionally well, and with the preparations for the Expo 2020 Dubai progressing in full swing, the coming years will witness healthy growth trends in Dubai that support all the three core businesses of Emaar – property development, shopping malls & retail and hospitality & leisure.”

“We are setting new benchmarks this year, particularly with the opening of Dubai Opera, a multi-format events venue in Downtown Dubai. Emaar has also rolled out the magnificent tower that will form the vibrant heart of Dubai Creek Harbour, a one-of-a-kind masterplannned community that will further energise the city by welcoming visitors from around the world,” he added.

Mr. Alabbar said that Emaar’s strategy of developing prime real estate assets that meet the real demand for world-class residences in central locations is further highlighted by the progress in Dubai Hills Estate and the launches of high-end homes in Downtown Dubai and Arabian Ranches. Emaar is also expanding its development portfolio in high-growth international markets including Saudi Arabia, Egypt, India and Turkey, among others, where the company has unveiled several world-class master-planned communities.

“The shopping malls business will gain further traction with the launch of a dedicated Retail District in Dubai Creek Harbour and the expansion of The Dubai Mall by another 1 million sq ft built-up area, while our hospitality business will see the ambitious launch of several new hotels and serviced residences in Dubai and other international markets under our three hotel brands including the newly launched value lifestyle Rove Hotels,” he said.

Mr. Alabbar said Emaar’s continued growth has been led by the guidance and vision for Dubai of His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai. “Our leadership has created a high-growth environment in Dubai. And it is our responsibility and duty to give back to our leadership and our nation for their support. For us, therefore, every project will also be a social commitment to create lasting value and driving all-round progress.”

With assets valued at over AED 165 billion (US$ 45 billion) and a land bank of 196 million sq m in the UAE and international markets, Emaar recorded full-year 2015 net operating profit of AED 4.383 billion (US$ 1.193 billion), 18 per cent higher than the FY2014, and revenue of AED 13.661 billion (US$ 3.719 billion), 33 per cent higher than the previous year.

In the UAE, total sales in 2015 were over AED 10.23 billion (US$ 2.79 billion) while sales across various international markets in 2015 were valued at AED 5.05 billion (US$ 1.37 billion). Emaar listed its country-subsidiary, Emaar Misr on the Egyptian Exchange, which recorded an increase in in-country revenue of 74 per cent in 2015.

The shopping malls & retail and hospitality & leisure businesses recorded recurring revenues of AED 5.788 billion (US$ 1.576 billion), 42 per cent of the total revenue. The hospitality & leisure business outperformed the broader hospitality market with the average annual occupancy at The Address Hotels + Resorts at 86 per cent.

Visitor arrivals across all Emaar Malls assets crossed 124 million in 2015, an increase of 9 per cent compared to 2014, with The Dubai Mall accounting for 80 million annual visitors. In 2015, revenue from international operations of Emaar increased by 46 per cent to AED 2.620 billion (US$ 713 million), accounting for 19 per cent of the total revenue.

Emaar has handed over more than 40,000 residential units in Dubai and other international markets to date. Over 33,600 units were handed over in the UAE since 2001. Over 79 per cent of the total units launched in Dubai in 2014 and 2015 and about 90 per cent of the total units launched in key international markets have been sold.

18th Annual General Meeting of Emaar Properties today (Monday, April 18, 2016) Dubai, UAE; April 18, 2016: The 18th Annual General Meeting (AGM) of Emaar Properties PJSC will be held today (Monday, April 18, 2016), 5pm, at the Diamond Ballroom of The Address Dubai Mall. If the meeting falls short of quorum, the next AGM will be held at on Monday, April 25 at the same time and venue.

The Emaar Properties AGM will discuss the proposal of the Board of Directors to distribute cash dividends amounting to 15 per cent of the share capital being 15 fils per share for the year 2015.

The meeting will also receive and approve the report by the Board on the activities and financial position of the company as well as the Auditor’s report for the financial year ending December 31, 2015. The AGM will also appoint the auditors for 2016.

Further, the meeting will also submit the proposal by the Board of Directors to approve by special resolution the amendment of the Articles of Association of Emaar Properties in accordance with Federal Law No 2 of 2015 on Commercial Companies.

In 2015, Emaar recorded net operating profit of AED 4.383 billion (US$ 1.193 billion), 18 per cent higher than the FY2014, and revenue of AED 13.661 billion (US$ 3.719 billion), 33 per cent higher than the previous year. The shopping malls & retail and hospitality & leisure businesses recorded recurring revenues of AED 5.788 billion (US$ 1.576 billion), 42 per cent of the total revenue.

AGM to discuss the Board’s proposal regarding distribution of 15% cash dividend to shareholdersEmaar recorded 18% growth in net operating profit and 33% growth in revenue during 2015 compared to 2014Focus of 2016 to developing prime real estate assets in Dubai and other international markets & strengthening malls & hospitality businessesEmaar Malls AGM to be held on April 19 to discuss proposal regarding distribution of 10% cash dividend to shareholders
Dubai, UAE; April 16, 2016: Global developer Emaar Properties PJSC will hold its 18th Annual General Meeting (AGM) on Monday, April 18, 2016, 5pm, at the Diamond Ballroom of The Address Dubai Mall. If the meeting falls short of quorum, the next AGM will be held on Monday, April 25 at the same time and venue.

The AGM of Emaar Malls (DFM: EMAARMALLS), the shopping malls and retail business majority-owned by global property developer Emaar Properties, will also be held on Tuesday, April 19, 2016, 5pm, at the Diamond Ballroom of The Address Dubai Mall. If it falls short of quorum, the next AGM will be held on Tuesday, April 26 at the same time and venue.

The Emaar Properties AGM will discuss the proposal of the Board of Directors to distribute cash dividends amounting to 15 per cent of the share capital being 15 fils per share for the year 2015. The meeting will also receive and approve the report by the Board on the activities and financial position of the company as well as the Auditor’s report for the financial year ending December 31, 2015. Furthermore the AGM will appoint the auditors for 2016.

Further, the meeting will also submit the proposal by the Board of Directors to approve by special resolution the amendment of the Articles of Association of Emaar Properties in accordance with Federal Law No 2 of 2015 on Commercial Companies.

The Emaar Malls AGM will discuss proposal of the Board of Directors regarding the distribution of dividends to the shareholders amounting to 10 per cent of the share capital being 10 fils per share as cash dividend. The meeting will also receive and approve the report of the Board of Directors on the activities and financial position of the company for year ended Dec. 31, 2015, and appoint auditors for the year 2016. The meeting will also seek to approve the amendment of the name of the company from Emaar Malls Group to Emaar Malls.

Mohamed Alabbar, Chairman of Emaar Properties, said: “Despite the challenges in the regional economic environment, Emaar recorded robust growth during 2015 led by our strategy to develop world-class real estate assets that reflect the aspirations of our customers. Our diversified business model, with increasing share of revenues from the shopping malls and hospitality operations, and the continued expansion in high-growth international markets also contributed to our healthy financial results.”

He added: “Our commitment is to create long-term value for our stakeholders, and we will continue to set high benchmarks through our development strategy for 2016. In this, our emphasis is on developing iconic new projects that support the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, to establish Dubai as a smart and sustainable city, and a preferred place to live, work and visit. With group sales in 2015 amounting to over AED 15.28 billion and a conservative capital structure, we are on track to record significant growth and boost profitability.”

In 2015, Emaar recorded net operating profit of AED 4.383 billion (US$ 1.193 billion), 18 per cent higher than the FY2014, and revenue of AED 13.661 billion (US$ 3.719 billion), 33 per cent higher than the previous year.

Emaar has a total backlog of AED 37.31 billion across all markets. In the UAE, total sales in 2015 were over AED 10.23 billion (US$ 2.79 billion) with a backlog of AED 25.81 billion (US$ 7.03 billion) to be recognised over the next four to five years. Sales across various international markets in 2015 were valued at AED 5.05 billion (US$ 1.37 billion).

The shopping malls & retail and hospitality & leisure businesses recorded recurring revenues of AED 5.788 billion (US$ 1.576 billion), 42 per cent of the total revenue. The hospitality & leisure business recorded revenues of AED 1.677 billion (US$ 457 million), outperforming the broader hospitality market with the average annual occupancy at The Address Hotels + Resorts at 86 per cent.

In 2015, Emaar Malls recorded a net profit of AED 1.656 billion (US$ 451 million) while rental income was AED 2.992 billion (US$ 815 million). Visitor arrivals across all Emaar Malls assets crossed 124 million in 2015, an increase of 9 per cent compared to 2014, with The Dubai Mall accounting for 80 million annual visitors, once again clinching the honour as the world’s most-visited shopping and leisure destination.

Emaar Malls has a gross leasable area of about 6 million sq ft. This is being expanded with the ongoing addition of another 1 million sq ft built-up area at The Dubai Mall’s Fashion Avenue. It will add another 150 international and local brands to the mall, adding more choice to visitors.

In 2015, revenue from international operations of Emaar increased by 46 per cent to AED 2.620 billion (US$ 713 million), accounting for 19 per cent of the total revenue. Emaar Misr, the Egyptian subsidiary of Emaar Properties, which is listed on The Egyptian Exchange, delivered superior growth across all metrics, achieving a 74 per cent increase in revenue in 2015 and 22 per cent growth in year-on-year sales.

To date, Emaar has handed over more than 40,000 residential units in Dubai and other international markets. Of these, to date, over 33,800 units were handed over in the UAE since 2001. About 79 per cent of the total units launched in 2014 and 2015 have been sold.

This year, Emaar is rolling out world-class residential projects in Dubai including in the Dubai Creek Harbour, a 6 sq km ultra-modern development located along the historic creek and near the Dubai International Airport. Recently approved by His Highness Sheikh Mohammed bin Rashid Al Maktoum, the development will feature ‘The Tower’, planned as an architectural wonder that will be as great as Burj Khalifa and Eiffel Tower.

Emaar has also recorded positive sales for its launches in Dubai Hills Estate, Dubai’s first ‘green city’ with homes set amidst leafy emerald avenues and green corridors, with its elegantly designed neighborhoods set around an 18-hole championship golf course.

Dubai Opera, the iconic centerpiece of The Opera District in Downtown Dubai, will open doors this year, creating a world-class cultural destination in the heart of the city.

Emaar will also open the first property under its new hotel brand Rove Hotels this year, apart from unveiling new hotels under The Address Hotels + Resorts portfolio.

With 196 million sq m of land bank in the UAE and international markets, Emaar has assets valued at over AED 154.51 billion (US$ 42 billion).

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

Emaar achieved full-year 2015 revenue of AED 13.661 billion (US$ 3.719 billion). This is 33 per cent higher than FY2014 revenues of AED 10.301 billion (US$ 2.805 billion).

The shopping malls & retail and hospitality & leisure businesses recorded recurring revenues of AED 5.788 billion (US$ 1.576 billion), 42 per cent of the total revenue. This is 8 per cent higher than the FY2014 revenue from the two businesses at AED 5.367 billion (US$ 1.461 billion).

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

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

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

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

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

Strong property sales

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

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

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

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

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

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

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

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

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

Growth in recurring revenues

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

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

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

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

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

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

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

The Sharjah Investment and Development Authority (Shurooq) has signed a partnership agreement with Emaar Properties and Eagle Hills, an Abu Dhabi-based property developer, to establish a new real estate company in Sharjah called Omran Properties. The aim of the partnership is to boost joint cooperation between the three parties and expand economic investments in the emirate.

The MoU was signed by Sheikha Bodour bint Sultan Al Qasimi, Chairperson of Sharjah Investment and Development Authority (Shurooq), and HE Mohammed Al Abbar, Chairman of Emaar Properties and Board member of Eagle Hills, on behalf of Emaar and Eagle Hills developers at Al Qasba in Sharjah. Through the agreement, Omran Properties will develop and manage the real estate sector in the emirate and beyond, as well as provide management and maintenance services to projects that concern all parties.

The agreement follows the three parties’ intention to strengthen inter-cooperation and exchange expertise in the field of property investment and to further develop it in the emirate of Sharjah and the UAE as a whole. Under the agreement, Shurooq acquires 34% of the company’s capital, while Emaar and Eagle Hills acquire 33% each.

The agreement aims to strengthen cooperation in the area of investment, support commercial, industrial and real estate projects in Sharjah. It also aims to set up companies that might help achieve the goals of Omran Properties, as well as share investment information that encourages development of the emirate’s economy. The two parties will offer all the support needed to promote investment in the emirate or abroad.

Sheikha Bodour Al Qasimi expressed her happiness at the signing of the agreement to establish Omran Properties. She said, “The agreement falls within Shurooq’s commitment to strengthen cooperation between corporates and organisations in the UAE, widen channels of investment in the emirate’s vital sectors, and apply the best practices pertaining to economic development and advancing vital facilities in Sharjah.”

She said: “We will seek through the new company to solidify relations based on trust and help develop and grow investments in the UAE, and Sharjah in particular, capitalizing on Emaar’s exceptional experience in property development and management of shopping malls, retail trade, and the hospitality and leisure industry.

Sheikha Bodour said that Sharjah’s economic sector is witnessing remarkable growth and further development thanks to the vision and directives of His Highness Sheikh Dr. Sultan bin Muhammad Al Qasimi, Member of the Supreme Council and Ruler of Sharjah.

She said, “His Highness Sheikh Dr Sultan Al Qasimi has instructed authorities to keep updating the comprehensive development strategy, and support investors and provide them with the needed facilities, as well as to persify the emirate’s sources of income to boost its economic resilience.”

The agreement will help all partners to achieve more as it acts as a starting point for mutually beneficial cooperation in launching new and high-end projects that serve economic and investment persity in the emirate and the UAE.

As per the agreement, the headquarters of Omran Properties will be based in Sharjah, with a possibility of further offices being set up in the region. The company will carry out investment business directly or through any of its subsidiaries or other related companies. The company’s activities will involve development and ownership of investments in the real estate sector, providing management and maintenance services, as well as the use and investment of corporate funds in a manner deemed appropriate.

HE Mohammad Al Abbar, said, “The emirate of Sharjah has made significant achievements and progress in persifying its economic resources, which is reflected in the investments in seaports, free zones and industrial sectors. Shurooq’s methods are in-line with the wise vision and guidance of His Highness Sheikh Dr. Sultan bin Muhammad Al Qasimi, Member of the Supreme Council and Ruler of Sharjah, towards economic persification. Shurooq has a powerful portfolio of investments that play a crucial role in advancing economic growth. The joint venture between Shurooq, Emaar and Eagle Hills is an example of the constructive public-private partnerships that can achieve economic growth. We are confident that investments and projects undertaken by ‘ Omran ‘ will have a good impact on increasing the performance of key development sectors in Sharjah, and enhancing the emirate’s economic competitiveness.”

Ahmed Al Matroushi, Managing Director of Emaar, said: “We would like to express our deepest thanks and appreciation to Shurooq for their confidence in the ability of Emaar to implement high-end real estate projects that bring added value to the national economy. Omran Properties aims to promote the persification of investment channels and the development of real estate projects that make the most of Emaar’s global expertise and capabilities in this area.”

He added: “There is no doubt that the innovative projects that will be launched by the new company will attract significant investment within vital sectors, including real estate development, shopping malls and hospitality, which would result in providing new job opportunities while supporting the small and medium-sized companies in Sharjah, and the UAE in general. ”

The Sharjah Investment and Development Authority (Shurooq) is the driving force behind the transformation of Sharjah into an investment, tourist and business destination. Shurooq also works dedicatedly to evaluate and follow-up on tourism, investment, and heritage-related infrastructure projects, as well as to contribute to the comprehensive development in the emirate. It provides facilities related to investment activity in collaboration with other bodies and organisations through the setting up of a comprehensive information centre that highlights investment opportunities in the emirate of Sharjah.