Category: Business Segments

• Emaar’s revenue for the first half of the year increased by 46%, fed by strong growth in property development and malls business

• Emaar Development records strong property sales of AED 6.229 billion (US$ 1.696 billion) in the first six months, with a tota/ current backlog of AED 38.502 billion (US$ 10.482 billion)

• Malls, hospitality, leisure and entertainment businesses report 17% growth in revenue to AED 3.536 billion (US$ 963 million) over same period last year

Dubai, UAE; August 14, 2018: Emaar Properties (DFM: EMAAR) recorded revenue for the first half of 2018 of AED 11,474 billion (US$ 3.124 billion), 46 per cent higher than HI 2017 revenue of AED 7.866 billion (US$ 2.142 billion), led by strong construction progress and growth in malls business.

Emaar’s net profit grew by 18 per cent to AED 3.344 billion (US$ 910 million), prior to considering the effect of the IPO of Emaar Development (DFM: EMAARDEV), compared to the net profit of AED 2,837 billion (US$ 772 million) during the same period in 2017. The net profit for the first half of 2018 after considering impact of Emaar Development IPO in 2017 is AED 2.981 billion (US$ 812 million), an increase of 5 per cent over same period last year.

Emaar Development, the UAE build-to-sell property development business majority-owned by Emaar Properties, recorded impressive sales of residential properties in the UAE, valued at AED 6.229 billion (US$ 1.696 billion) during the first six months of the year, highlighting strong investor appeal for Emaar Development’s projects. The total sales backlog of Emaar Development is AED 38.502 billion (US$ 10,482 biElion) to be recognised as revenue in the coming years, underpinning the strong long-term fundamentals of the company.

Emaar’s malls, hospitality, leisure and entertainment businesses recorded revenue of AED 3.536 billion (US$ 963 million), 17 per cent higher than the same period in 2017 at AED 3.016 billion (US$ 821 million), which represents 31 per cent of the total revenue.

Revenue for the second quarter (April to June) 2018 was AED 5,888 billion (US$ 1,603 billion), 55 per cent higher than the Q2 2017 revenue of AED 3.794 billion (US$ 1 *033 billion). Net profit for Q2 2018 grew by 16 per cent to AED 1.679 billion (US$ 457 million), prior to effect of Emaar Development’s IPO. Net profit after considering Emaar Devefopment IPO was AED 1.480 billion (US$ 403 million), 2 per cent higher than the Q2 2017 net profit of AED 1.453 billion {US$ 396 million).

Mohamed Alabbar, Chairman of Emaar Properties, said: “The strong financial performance of the company during the half-year highlights the strength of Dubai’s economy and its appeai to international investors and tourists. While our property business recorded positive growth with several new residentiaE destinations launched in Dubai, our malls, hospitality, leisure and entertainment business benefited from the increase in tourist arrivals and boost in domestic spending. Our focus continues to be on creating premium real estate assets and strengthening the competencies of our malls and hospitality business to add value to our stakeholders.”

In property business, Emaar has launched several residential projects in Dubai Creek Harbour, Dubai Hills Estate, Downtown Dubai and Emaar South, as well as the unveiled Emaar Beachfront, a private island destination. The Faunches recorded strong interest from international investors underfining Emaar’s reputation for superior design, build quality and timely delivery.

Emaar Malls (DFM: EMAARMALLS) reported HI 2018 revenue of AED 2.103 billion (US$ 573 million), 29 per cent higher than the HI 2017 revenue of AED 1.624 billion (US$ 442 million). Emaar is further expanding its malls business with the launch of Dubai Square, a retail metropolis of the future in Dubai Creek Harbour, the six square kilometre mega-development only 10 minutes from the Dubai International Airport and Downtown Dubai. Ushering in the future of retail the new precinct will also feature the Middle East’s largest-of-its-kind Chinatown.

Emaar is progressing in the construction of Dubai Hills Mall, a regional mall, in Dubai Hills Estate with 2 million square feet gross teasable area. The shopping mall assets of Emaar Malls — The Dubai Mall, Dubai Marina Mail, Souk Af Bahar, Gold & Diamond Park and community shopping centres together weEcomed over 67 million visitors during the first six months of the year, 3 per cent more than the 65 million visitor footfall in HI 2017.

Emaar’s hospitality, commercial leasing and entertainment businesses reported revenues of AED 1.433 billion (US$ 390 million) during the first six months of the year, 3 per cent higher than the HI 2017 revenue of AED 1.392 billion (US$ 388 million). Emaar Hospitality brands — Address Hotels + Resorts, Vida Hotels and Resorts and Rove Hotels – continue to record higher occupancy than Dubai’s industry average. Emaar Hospitality Group signed several management contracts in the UAE and in global markets, and now has over 50 hotel projects — operational and upcoming – in its portfolio currently.

• With 81 berths for yachts and superyachts, Creek Marina will celebrate life with a carnival of boats, yachts, and a gravity-defying interactive fountain

• Ready for the opening of Creek Marina later this year with a dazzling selection of shopping, dining, leisure, and a world-class yacht club

• Creek Marina will open as preparations are afoot to welcome first residents of Dubai Creek Harbour early 2019

If you cherish the yachting lifestyle, if you love the thrills of a setting sail, here is your dream destination right in the heart of Dubai.

Dubai Creek Harbour has unveiled one of the world’s finest city-harbour getaways, the Creek Marina in the heart of Creek Island Dubai, the premier residential and leisure district of the six square kilometre mega-development, only 10 minutes from the Dubai International Airport and the iconic Burj Khalifa in Downtown Dubai.

With spectacular views of the Downtown Dubai skyline as well as the Dubai Creek, the one-of-its-kind waterfront destination will be home to elegant residences, sweeping landscaped parkland, gourmet restaurants, cafes and entertainment venues.

A winding boulevard encircles the Creek Island Dubai delighting residents and visitors with a breadth of unparalleled lifestyle choices. Several construction milestones have been achieved on the various residential developments in Dubai Creek Harbour.

Creek Marina is set to open in December this year, even as preparations are ongoing to welcome the first residents in Dubai Creek Harbour early 2019.

At Creek Marina, you explore, you dream and discover a new way of life by the very heart and soul of the city, the historic Dubai Creek, the cradle of commerce and culture. Creek Marina is also adjacent to the Ras Al Khor Wildlife Sanctuary, a haven for migratory birds including the famous pink flamingos as well as soothing stretches of mangroves.

With the monumental Dubai Creek Tower shining bright, and Dubai Square, opening doors to post-modern concepts in retail and leisure, both next-door, Creek Marina offers that perfect complement to a vibrant lifestyle choice that celebrates all good things marine.

Nearly three-fourth of a kilometre long and about a quarter wide, the Creek Marina is billed to be the new Riviera of the Middle East. With its oyster design, a throwback to the city’s rich pearling history, it will serve as a refreshing new leisure destination for visitors to Dubai from all over the world, and residents in Dubai Creek Harbour.

Creek Marina will have a capacity of over 81 single- and double-berths and will feature a dedicated world-class Yacht Club with an impressive array of shopping and dining facilities. Facilities such as fuelling services, upgraded power outlets and pedestal units will ensure smooth sailing for all throughout the year.

Creek Marina will also offer a dazzling selection of high-end retail, dining and leisure venues. Its vibrant promenade will welcome visitors with palm trees and will feature trendy cafes, high-end restaurants, fashion outlets and street-food vendors too, pampering visitors with choices never-before.

The promenade has aesthetically designed shaded resting areas constructed using environment-friendly, sustainable elements. In an elegant double-shell shape, the shelters are designed to provide shade and thermal comfort. Super-thin and lightweight, these structures have minimal base footprint making them appear to float effortlessly above the ground. They also require minimal maintenance and help reduce energy consumption.

A specially designed, gravity-defying interactive fountain will delight visitors of all ages, while world-class art installations will charm the trend-setters and connoisseurs of fine living. Adding to the convenience of the visitors are over 1,500 parking spaces. Further, at the Creek Marina Terminus, with a sculptural viewing deck and three intertwined ring walkways, visitors they can take in fantastic views of the Marina and the astounding city-skyline framed by Burj Khalifa.

Creek Marina will also be home to the Vida Harbour Point, a 286-room upscale lifestyle hotel similar to harbour hotels in cities such as Singapore and Shanghai, where style meets convenience, and is scheduled to open in 2019.

Dubai Creek Harbour, the 6 square kilometre development is a joint venture of Emaar with Dubai Holding, and also feature world-class hotels, green parks and gardens, several cultural attractions, glistening canals, lush parklands, landscaped promenades, pedestrian walkways, cycle paths, and city bus routes.

Brings the best in high-end retail inspired by the world’s leading retail destinations to create a spectacular new gateway to global retailSet in the heart of Dubai Creek Harbour, Dubai Square features extensive retail choices, unique dining concepts and world-class leisure attractionsTechnological innovation permeates every aspect with a focus on ‘omnichannel retailing’ where customers shop predominantly via mobiles or at a retail store
The future of retail is here: Dubai Holding and Emaar Properties have announced the launch of Dubai Square, a new retail metropolis that pushes the boundaries of modern retail and leisure in Dubai Creek Harbour by drawing on next-generation technology.

Blurring the boundaries of online and in-mall shopping, integrating indoor and outdoor, and delivering a social experience like none other, the all-new Dubai Square is designed for the new era of customers, digital, connected and tech-savvy, and setting a benchmark for retail experiences in the 21st century.

Dubai Square was revealed today at an exclusive retailers event that offered a fully-immersive experience for the participants. Through state-of-the-art 3D projection technologies, they were given an overview of the world of opportunities that await them in partnering with the bold and ambitious development that will transform the retail landscape.

Disruptive innovation in retail

His Excellency Abdulla Al Habbai, Chairman of Dubai Holding, said: “Dubai is experiencing tremendous tourist inflow and continues to rank highly as a holiday destination for people from many different parts of the world. The city’s appeal is anchored in its strong leisure and entertainment, retail and hospitality industry, the foundations of which Dubai Holding helped build and strengthen over time. The destinations we have delivered, such as Jumeirah Burj Al Arab, JBR, Global Village and Business Bay, are some of the most recognisable urban landmarks of today. Dubai Square is our new retail and leisure destination, and with this we aim to actually redefine the shopping experience by introducing a variety of innovative concepts. This is our latest endeavour to bring the best to Dubai, as part of Dubai Holding’s promise, ‘for the good of tomorrow’.”

Al Habbai added: “Dubai Holding has always been at the forefront of Dubai’s socio-economic growth through our contributions in building a range of strategic sectors. The retail sector is one of the pillars driving happiness amongst tourists, locals and residents alike, and as such remains a key focus for us. We continue to play an important role in its development for the benefit of Dubai’s future, in line with our Leadership’s vision of a happy and prosperous nation.”

His Excellency Mohamed Alabbar, Chairman, Emaar Properties, said: “Dubai Square disrupts the traditional mall and retail experience. Focused on the aspirations of the new generation of customers, it reflects the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, to position Dubai as a global hub and a smart city. Dubai Square will play a pivotal role in further establishing Dubai as the next champion of global retail.

Alabbar added: “With Dubai Square, we are delivering a new destination experience that will bring incredible value to our retail partners. Dubai Square is where technology meets the human touch, and retail meets next-generation entertainment. With its omnichannel offering, it not only drives in-store retail but also the online engagement of brands with customers. With its location in Dubai Creek Harbour, and by serving as the closest mega-retail district to millions of passengers passing through the Dubai International Airport, it meets the real need for a new generation lifestyle destination, especially given Dubai’s growth in population and tourist arrivals.”

Inspired by the world’s best destinations

Dubai Square is set in the heart of Dubai Creek Harbour, the 6 square kilometre mega-development only 10 minutes from the Dubai International Airport and the iconic Burj Khalifa by Emaar, as well as set by the historic Dubai Creek. Adjacent to Dubai Creek Tower, the astonishing new icon, Dubai Square – in its totality – represents a 2.6-million square metre (about 30 million square feet) retail, hospitality and residential district for the future.

With Dubai being the fourth most visited destination in the world, Dubai Square will also be the closest mega-retail district to millions of visitors passing through Dubai International Airport, which is just 10 minutes away. In addition to serving the over 3 million population of Dubai, and over 13 million unique transit passengers to Dubai, it will also serve over 2.5 billion people who are only 4 hours flying time from Dubai. It will play a central role in driving retail sales in Dubai, expected to be over US$43.8 billion (AED 160 billion) by 2021, and serving the estimated 20 million tourists to the city by 2020.

Following in the footsteps of Dubai’s postmodern evolution, Dubai Square will also feature an eclectic mixture of styles and references. The inspiration comes from leading cities across the world, with the fashion selection at the retail outlets drawn from London’s Oxford Street, Los Angeles’s Beverly Hills, Paris’s Champs-Élysées, Tokyo’s Ginza, Piazza della Republica in Florence and Madrid’s Plaza Mayor, to name a few.

Dubai Square will be linked directly to the Dubai Creek Tower through a cutting-edge underground extension. Here, they can revel at a plaza at the base of the Tower. The Plaza is a clock-shaped haven of landscaping, palm trees and water features sprawling across half a kilometre of land – the length of ten Olympic sized swimming pools.

Designed for the modern consumer

Dubai Square is designed with the modern consumer in mind. Offering experiences that go well beyond traditional shopping, it offers an assortment of spaces to socialise in an authentic city atmosphere, and raise the bar on ‘quality time’.

Equivalent to the size of more than 100 football pitches – with over 750,000 square metres (8.07 million sq ft) of gross floor retail space – Dubai Square pushes the boundaries of design and mall layout. Dubai Square has nearly more than twice the gross leasable area of The Dubai Mall.

Dubai Square is spread across three levels, each presenting a unique set of experiences to the customer. Skylights, glazed roofs and shopfront windows will be part of the sensory visitor experience. Parks, patches of green and lush landscaping will provide a natural balance to state-of-the-art facilities. Special LED technology is set to drive impactful and interactive backdrops and delight customers throughout their journey.

Driven by tech innovation

Technological innovation permeates every aspect of Dubai Square’s function. Championing ‘omnichannel retailing’, it will offer customers a seamless blend of shopping via desktop, mobile or at a retail store. The physical and the digital at Dubai Square co-exist in harmony, with stores acting as showrooms for their online presences.

Digital conveniences will include custom-designed mobile apps, quick checkout solutions, search and barcode scanning applications, radio-frequency identification technology, mobile payments and click-and-collect services. Dubai Square will also be a playground for tech brands around the world. It will also be home to innovators in the automotive, computing, sustainable technologies, 3D printing, drones, artificial intelligence and other emerging industries.

Chinatown and three levels of joyful retail and leisure

Dubai Square will be home to the Middle East’s largest of its kind Chinatown, offering a wide range of retail attractions on the league of similar precincts globally. The Chinatown draws on the presence of over 200,000 Chinese nationals living in the UAE and the thousands of tourists arriving annually to the country. It builds on the strong Chinese investments in the UAE and the momentum gained by Chinese tourist arrivals with the introduction of visa on arrival by the country.

In addition, Dubai Square’s ground floor features a groundbreaking events arena and a broad spectrum of event spaces on streets and alleys. The first floor has a magnificent four-lane boulevard lined with luxury retail, dining and leisure outlets.

Unique immersive experiences will elevate the fashion offering at Dubai Square with special VIP dressing rooms, smart fitting rooms with interactive mirrors, curated private fashion collections, personalised AI recommendations, 3D printed clothing and accessories, fashion museums and more.

Across the boulevard is a grand luxury avenue, with high-profile brands and a dazzling piazza, and scores of casual dining restaurants. The second floor is a family-friendly haven featuring an impressive array of activities at ‘Ice Adventure’, as well as a cutting-edge Cineplex, a waterpark, sports arena, supermarket and a metro link.

An unbeatable entertainment repertoire

Dubai Square’s entertainment repertoire will delight and astound each visitor. A futuristic entertainment arena with 3-D projection mapping, theatrical sound and lighting, high wire rigging and other cutting-edge attributes is at the heart of the offering. This world-class entertainment venue is set to host concerts and theatre shows, celebrity performances, acrobatics shows, museum-quality exhibitions and more in the way of fun for all ages.

Redefining the culinary experience

Visitors to Dubai Square can lose themselves in a choice of global gastronomy. Whether it’s nouvelle cuisine they crave, fusion, vegan, Peruvian, French-Vietnamese or a new dining concept, they will be impressed by the high-quality of service in cutting-edge facilities. Specially designed apps for ordering food and beverage on the premises will minimise queuing and long wait-times, while others are set to provide personalised dining recommendations and 3D-printed food delicacies. Dubai Square will also have live cooking stations, street vendors, festive pop-up markets, grab-and-go F&B offerings and an organic market, assuring consumers are spoilt for choice.

A crossroads for great art

Dubai Square also features an Art District, serving as a crossroads for artists and art lovers from around the world. From tall, Giacometti-style sculptures to small terracotta statues, from permanent exhibitions to ephemeral performance art, from large-scale concerts to one-man shows, the universal language of art will come to life here. In addition to serving as a creative hub for young designers, performers and other creatives, year-round immersive events will integrate retail with dance, drama, literature, painting, music, photography, cinema and other art forms.

The Art District will be driven by Art Emaar, an initiative launched recently to bring new aesthetic experiences to Emaar’s master-planned developments and to engage people through various arts and culture initiatives, underpinned by the showcases of works by eminent artists such as Janet Echelman, Mark Quinn, and Emmanuel Moreaux, among others.

A thriving lifestyle destination

A one-of-its-kind modern master-planned destination, Dubai Creek Harbour is located along the historic Dubai Creek in the heart of the city. It is only 10 minutes from the Dubai International Airport and the iconic Burj Khalifa by Emaar in Downtown Dubai, and next to the Ras Al Khor Wildlife Sanctuary, which is protected under the UNESCO Ramsar Convention, and is a biologically diverse wetland reserve home to migratory birds including pink flamingos and over 450 animal species as well as rich mangroves.

Dubai Creek Harbour will brim with exceptional residential towers; a vibrant new precinct that ushers in the future of retail – Dubai Square; the spectacular Creek Marina with a modern yacht club; parks, green spaces and promenades; and world-class hotels. Schools, hospitals and recreational facilities in the vicinity, as well as Dubai’s upcoming iconic mosque, will round off the ideal family and tourist destination. It will feature four Dubai Metro links adding to the connectivity to the Dubai Creek District.

With over 7.3 million sq m of residential space, nearly 940,000 sq m of retail precincts, 300,000 sq m of commercial space, over 66,000 sq m of cultural space, 700,000 sq m of parks and open spaces, and 24 hotels with 5,800 rooms, Dubai Creek Harbour will serve as a strong economic catalyst for Dubai. When completed, Dubai Creek Harbour will be home to over 200,000 people, and be a thriving economy that drives the tourism, retail and hospitality sectors of the city.

Emaar also announces move to launch three dedicated pavilions in Beijing, Shanghai and Guangzhou, all three cities connected to Dubai by Emirates AirlineEmaar will expand its hospitality business into China with the introduction of the premium luxury Address Hotels + Resorts brand
Emaar today announced a landmark development that will further strengthen UAE-China relations, coinciding with the historic visit of President Xi Jinping of China to the UAE.

To honour Chinese expatriates in the UAE and further bolster business ties with China, Emaar will develop the Middle East’s largest Chinatown within the retail district of Dubai Creek Harbour, its six-square-kilometre mega-development, only 10 minutes from the Dubai International Airport and the iconic Burj Khalifa.

The retail precinct will occupy a central location within Dubai Creek Harbour – a destination which will be home to the world’s new icon, Dubai Creek Tower, and encompass vibrant lifestyle elements. Set by the Dubai Creek waterway, elegantly designed homes in Dubai Creek Harbour will offer spectacular views of the city’s dramatic skyline, the waterfront and the Ras Al Khor Wildlife Sanctuary – home to over 450 animal species and migratory birds, including pink flamingos.

Further strengthening Emaar’s outreach to China, the company also announced that it will open three dedicated pavilions in China – Beijing, Shanghai and Guangzhou, all cities served by direct daily flights to Dubai on Emirates Airline. The three offices will promote tourism, education, trading and investment between UAE and China.

In a third significant announcement, Emaar will expand its premium luxury hotel and serviced residences brand, Address Hotels + Resorts, to China. Discussions are ongoing to develop and operate Address branded hotels in key cities in the country, given the strong appeal and familiarity that the brand enjoys among Chinese tourists.

Mohamed Alabbar, Chairman of Emaar Properties, said: “The visit of Chinese President Xi Jinping to the UAE is historic and will further strengthen UAE-China relations, underpinned by initiatives such as the UAE-China Week announced by His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai.

“The UAE and China share strong bilateral trade and cultural relations, which are bolstered by the presence of over 200,000 Chinese citizens who live in the UAE and the hundreds of thousands of Chinese visitors that the nation welcomes annually. The development of the new Chinese retail and lifestyle district at Dubai Creek Harbour – as well as Emaar’s expansion into China, both in property and hospitality – highlight our commitment to the country, and our focus on contributing to the strength and success of UAE-China relations.”

Emaar’s expansion to China complements the ‘One Belt, One Road’ initiative announced by President Xi Jinping, in which the UAE will have a significant part to play, in addition to benefiting from the extraordinary development programme. According to estimates by McKinsey, the ‘One Belt One Road’ initiative could potentially cover one-third of the world’s population, one-third of global GDP, and about one-quarter of all goods and services in the global economy.

Emaar’s new China-focused initiatives build on the strong Chinese investment in the UAE as well as the continued growth of Chinese visitors to the country, especially following the visa-on-arrival status granted to Chinese nationals by the UAE in 2016.

China is the fourth largest visitor source market for Dubai, with tourist and business traveller arrivals at 401,000 between January 1 and May 31, 2018, a growth of nine per cent over the same period in 2017. Emaar’s hotels are among the most-preferred by Chinese visitors, given their central location and effortless access to lifestyle destinations such as The Dubai Mall.

Emaar marked the Chinese New Year with a spectacular dragon-themed light and sound show on Burj Khalifa in Downtown Dubai, and hosted festivities at The Dubai Mall. Downtown Dubai and its attractions including Burj Khalifa, The Dubai Mall and The Dubai Fountain are among the most popular destinations for Chinese visitors.

More details of the dedicated district for Chinese products, featuring the foremost brands from the country as well as global fashion brands that appeal to Chinese tourists, will be revealed over the coming months.