Category: Business Segments

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.

Grand Drive at The Dubai Mall is now home to a brand-new pop-up F&B delight!

Dubbed ‘Grand Square’, the tasty hub, located at the main entrance to The Dubai Mall, is a series of upcycled shipping containers, offering some of the mall’s tastiest treats.

Open every day from 8am until midnight, flavour-seekers can visit these great outlets, giving you a taste of just some of the 200+ food and beverage outlets available within The Dubai Mall:

-Hum Yum, serving local Emirati cuisine

-Yuki No Hana, with show-stopping Japanese sweet treats

-It’s a Grind, café with fresh coffee and hot pancakes, crepes and waffles

-Jamba Juice, serving up fresh juices and healthy snacks

-Häagen-Dazs, for a delicious ice-cream snack

This unique new offering is sure to pop up on an Instagram feed near you, so head down and grab a pre-shopping treat!

For more information, visit www.thedubaimall.com or call 800 DUBAI MALL (800 38224 6255).

What: ‘Grand Square’ at The Dubai Mall

Time: Open daily from 8am until midnight

Venue: Grand Drive, The Dubai Mall

Iconic tower set in the heart of 6 sq km Dubai Creek Harbour defines a brand-new skyline for the nation and adds to its civic prideMore than 145 barrette piles used as foundation for The Tower at Dubai Creek HarbourAt 36,000 tonnes, the test load is the maximum carried on a single pile to date underlining strength and durability of the foundation
The Tower at Dubai Creek Harbour is all set to rise. Emaar Properties, the developer of Dubai Creek Harbour, a joint venture with Dubai Holding, today announced the completion of the pile foundations for the global icon.

In the coming days, the first structural facets of The Tower will be visible with several dedicated teams already on-site to accelerate the development work of The Tower at Dubai Creek Harbour, only ten minutes from the Dubai International Airport.

Emaar has set a new world-first with the foundation work for The Tower at Dubai Creek Harbour. The pile was tested to a load of over 36,000 tonnes – the maximum carried by a single foundation pile to date – and a statement on its strength and durability. More than 145 barrette piles have been used to form the foundation for The Tower at Dubai Creek Harbour, designed by Spanish-Swiss architect Santiago Calatrava Valls.

With its perfect combination of super-strong foundation, The Tower at Dubai Creek will leverage the latest advances in construction and engineering for its on-schedule completion, when it will open doors to the world to several observation decks that offer 360 degree views of the city and beyond. Among The Tower’s features are The Pinnacle Room and VIP Observation Garden Decks that recreate the splendour of the ‘Hanging Gardens of Babylon,’ one of the Seven Wonders of the Ancient World.

The 6 sq km Dubai Creek Harbour sits by the Dubai Creek, overlooks the Downtown Dubai skyline and is near the Ras Al Khor Wildlife Sanctuary, a biologically diverse wetland reserve and home to over 67 species of water birds, protected under the UNESCO Ramsar Convention. The Tower is also linked to a Retail District, one of the largest in the world.

The Tower adds incredible economic value to Dubai Creek Harbour where Emaar has unveiled exceptional residential projects including Creek Gate, Harbour Gate, The Cove, Dubai Creek Residences, Creekside 18, Harbour Views and Creek Horizon homes. All have gained strong investor interest from the region and international markets.

• Architectural influence draws on nautical references with most homes opening to spell-binding views of Dubai Marina and the Arabian Gulf, and steps from the Dubai Marina Mall

• One to four-bedroom apartments with elegant interiors and spacious balconies

Defining a new lifestyle choice in Dubai Marina, one of the largest waterfront developments, global developer Emaar Properties is unveiling an exceptional collection of branded residences that overlook the shimmering waters of the Arabian Gulf.

Vida Residences Dubai Marina brings a unique value proposition for customers with its exotic location in Dubai Marina and elegant Miami-style. As part of the Vida Dubai Marina Hotel, residences and Yacht Club, they will have within reach an assortment of lifestyle amenities and marine pursuits.

The residences share a range of amenities with the Vida Hotel, an upscale, contemporary hotel brand that brings a trendy and chic boutique-style approach and delivers stimulating environments for the new generation of business executives, entrepreneurs and leisure travellers.

Residents are in close proximity to Dubai Marina Mall with an assortment of outlets and leisure attractions. They are also in walking distance to the Dubai Metro and the Dubai Tram, and in direct access of Sheikh Zayed Road. In addition to beachfront attractions, residents are only a few steps away from Pier 7 Dubai Marina, which offers seven exciting culinary choices.

Ahmad Al Matrooshi, Managing Director of Emaar Properties, said: “Vida Residences Dubai Marina offers a distinctive lifestyle choice for residents who prefer waterfront living in a central location. With its focus on the nautical heritage of Dubai Marina, the homes are ideally suited as first homes for long-stays or as a holiday home, thus appealing to both UAE-based and international investors. Dubai Marina is one of the vibrant lifestyle destinations in the city and our new residences bring exceptional value for customers.”

Located in levels 14 to 56 to maximise views, Vida Residences Dubai Marina has only 360 one to four-bedroom apartments that take inspiration from Dubai Marina’s nautical legacy. The architecture is defined by simple, clean, geometric lines, with breeze blocks that allow for the play of light and shadow throughout the interior space. Timber paneling reminiscent of decking and precise metal detailing is an additional nautical reference.

Pastel coloured buildings, beach huts, vintage cars and Miami sunsets are the inspiration behind the calming colour palette offset with clean, fresh and neutral hard finishes. Lush vegetation is an important aspect of the interior referencing Miami’s tropical climate. Inside and outside spaces merge to create a harmonious environment. A comfortable and spacious lobby gives a warm welcome to guests. Benefitting from double height volume the lobby has a sense of verticality enhanced by warm oak timber wall planks.

All apartments have spacious balconies with stunning marina views. The homes assure a comfortable and relaxed feel with a pastel mint colour scheme, and contrasting patterned fabrics. Upholsteries are natural for a comfortable beachy look. Playful artwork in accent pastel colours add to the Miami touch.

Sales open on March 15, 2017. Customers can visit Emaar Sales Centre at Downtown Dubai, Dubai Hills Estate Sales Centre or Dubai Creek Harbour Sales Centre or the sales centre in Abu Dhabi on the ground floor of Al Nahda Tower. For more information, call 800 36227(UAE) or +9714 3661688 (International); or email: Sales_Enquiry@emaar.ae. Also, visit the online sales centre at www.emaar.com

Emaar offers long-term investors and end-users the opportunity to register for the Emaar Preferred Access programme, at www.emaar.com. More information on the project is also available through the new ‘Online Sales Centre’ feature on Emaar’s e-Services App that can be downloaded on iPads and iPhones.

• A luxury, 72-storey curvilinear tower of sheer elegance housing a city lifestyle resort and serviced residences managed by Address Hotels + Resorts

• Located in the heart of Downtown Dubai within walking distance of Burj Khalifa, The Dubai Mall, Souk Al Bahar, The Dubai Fountain and Dubai Opera

• Adjacent to Sheikh Zayed Road and near Dubai International Financial Centre and Dubai International Convention Centre

• 196 rooms and suites and 532 serviced residences with views of The Dubai Fountain, Burj Khalifa, Downtown Dubai and the Arabian Sea

• An air-conditioned travellator connects the Address Boulevard to Burj Khalifa, The Dubai Mall and The Dubai Mall Metro Station

Address Hotels + Resorts, the premium luxury hotel brand of Emaar Hospitality Group, today unveiled its new city lifestyle resort, Address Boulevard. It adds to Emaar Hospitality Group’s impressive and growing portfolio of luxury hospitality venues that have redefined the hotel industry and set new benchmarks in service standards.

Address Boulevard has 196 spacious rooms including 116 spacious Deluxe Rooms, 44 Deluxe Club Rooms, 28 One-Bedroom Suites, seven Two-Bedroom Suites and a luxurious Presidential Suite offering spectacular views of The Dubai Fountain and Burj Khalifa. In addition, there are 532 serviced apartments including duplexes and two penthouses, with short-term guests at the residences also guaranteed access to the hotel’s facilities.

Chris Newman, Chief Operating Officer of Emaar Hospitality Group, said: “Address Boulevard is another statement on the ambition of Emaar Hospitality Group to set new industry standards. A celebration of the hospitality excellence that we have brought to Dubai, it is uniquely positioned as a city lifestyle resort – which integrates all the romantic charm of a resort with the convenience, amenities and appeal of a city hotel. Address Boulevard is exceptional in all its facets – from the architecture to the interiors, the unobstructed views of iconic attractions, and our uncompromising approach to superior guest service.”

With its inspiring art-deco architecture, design and décor, Address Boulevard offers a unique experience for guests and builds on the strong credentials of Address Hotels + Resorts in managing mixed-use luxury hotels and serviced residences.

The new destination is inspired by classic European finesse underlined with contemporary understated luxury. A core theme of the hotel is the notion of timeless elegance. The interiors are influenced by the era of luxurious travel while exquisite craftsmanship is evident in public areas giving the property the feel of being surrounded by someone’s private art collection making family and business guests feel perfectly at home.

Appealing to leisure and business travellers, Address Boulevard enjoys an exclusive city location that is perfect for overseas visitors who yearn to be in close proximity to retail and leisure attractions. Within walking distance of The Dubai Mall, the world’s largest retail and entertainment destination, the hotel is also on the vibrant Mohammed bin Rashid Boulevard, offering an extensive choice of specialty food and beverage concepts, ideal for families and young visitors.

It is also in close to Dubai Opera, the recently opened multi-format performing arts venue in Downtown Dubai, assuring guests of cultural experiences like never before. Other attractions that are in walking distance for guests include Reel Cinemas at The Dubai Mall, Dubai Aquarium & Underwater Zoo, SEGA Republic, the largest of its kind indoor theme park in the region, and KidZania®, a dedicated children’s city.

Business guests have the convenience of being located near the Dubai International Financial Centre and Dubai International Convention Centre. The property can be effortlessly accessed from Sheikh Zayed Road and via the Dubai Metro. An air-conditioned travellator connects the Address Boulevard to Burj Khalifa/The Dubai Mall Metro Station and The Dubai Mall.

Mr Newman added: “While the location and amenities will be a key draw for visitors from across the globe, the value proposition and lifestyle choices offered by Address Boulevard ensure its credentials as a first-choice for discerning guests. The breathtaking view from the hotel and serviced residences, and the extensive choice of leisure and wellness pursuits differentiates it in the market.”

Art

One of the distinguishing features of the property is the incredible art installations that define the hotel’s interiors. A total of 48 artists and 251 pieces of art have contributed to delivering a remarkable set of works for visitors to enjoy. A specialist art consultancy commissioned a number of internationally-acclaimed, established and emerging artists to produce and install a wide-range of outstanding art pieces including aesthetically-mesmerising ceramic shapes, fascinating 3D maps of Dubai, a large sculpture titled ‘wings’, intriguing acrylic on mylar, silver leaf craft methods and a 46-piece bespoke collection of chandeliers inspired by diamonds and pearls and themed The Spirit of Timeless Luxury giving the venue the status of an art exhibition in a public space.

Rich Amenities

Among the differentiating features of Address Boulevard are the rich lifestyle amenities – especially in promoting wellness. The Spa at Address, set on a dedicated floor over an area of 700 sq metres, provides guests with luxurious therapies and skin care treatments. Guests can also revel in a spa pool, 10 dedicated single treatment rooms, one couple’s treatment suite and a private vitality pool. Other amenities include relaxation lounges, treatments and detoxifying packages and a modern fitness centre with multifunctional exercise facilities, along with locker rooms for men and women. There are three outdoor swimming pools including a family pool with slides, waterfall and children’s splash pad as well as an adult pool designed for visitors to the spa.

Adding to the convenience of families, the hotel has a Qix kids club, which is an exclusively designed centre that provides a holistic nurturing experience for children aged 3 to 12. Activities range from arts and crafts, games, storytelling, yoga and dynamic exercises. The outlets are operated by a team of youth experts who specialise in educational and participative engagement.

Dining choices

The signature dining space, The Restaurant at Address, simulates the experience of a luxurious European apartment of a well-travelled family in the 1920s providing classic dishes, and great food in sublime surroundings. A part of all properties under the portfolio of Address Hotels + Resorts, The Restaurant offers culinary delights and innovative beverages anytime of the day in a warm, cozy residential-styled venue with a variety of different rooms – including a Kitchen, Lounge, Living Room, and Library as popular meeting spots ideal for socialising or meetings. A stylish, considered and contemporary venue, the menu and the modular spaces have been designed to bring people together through the act of sharing, with the venue designed to create intimacy and tailored experiences through unique dining choices. Perfect for down time, the Reading Room resembles a library with wall to wall book shelves holding books on art, food, architecture, design and culture. Guests can enjoy a wide repertoire of beverages at The Library, Game Room or Music Room.

Events venues

The conference and meeting facilities at Address Boulevard are unrivalled in luxury and technology giving visitors flexibility to carry out their business or leisure activities. Creatively conceptualised spaces, offering interiors and services that influence a proactive and inspiring environment, are perfect for high-level meetings and events. From a multi-function room that can seat 80 people to intimate meeting rooms and a state-of-the-art Boardroom, Address Boulevard offers diverse choices that meet the requirements of business event planners and guests planning special events.

Address Hotels + Resorts has also marked its entry into international markets through three hotels and four serviced residences in Turkey, Bahrain and Egypt.

Through its three hotel brands – Address Hotels + Resorts, Vida Hotels and Resorts and Rove Hotels – Emaar Hospitality Group today operates ten hotels and three serviced residences in Dubai. The company has a strong roster of 18 upcoming hotels and 16 serviced residences in the UAE – in Dubai and Fujairah – as well as in international markets including Egypt, Bahrain, Turkey and Saudi Arabia.

For more details, please visit: addresshotels.com

Emaar Properties joined the leadership and people of the UAE to express its warm felicitations to Kuwait on the occasion of the country’s National Day with the iconic Burj Khalifa draped in the colours of Kuwait’s National Flag.

The celebrations on February 24 and 25, the Kuwait National Day, will witness the 828 metres (2,716.5 ft) Burj Khalifa illuminated using Kuwait’s National Flag colours in a strong demonstration of solidarity and warmth with the leadership and people of Kuwait. The illuminated displays will be held every 30 minutes from 7.45 to 11.45pm.

Burj Khalifa features At the Top, Burj Khalifa SKY, at 555 metres (1821 ft) high, which holds the Guinness World Record for the Highest Observation Deck. The tour also includes a stop-over at Level 125 that serves as a tribute to Arab arts and culture. Visitors can also tour At the Top, Burj Khalifa on Level 124.

• What: Kuwait National Day celebration

• Where: Burj Khalifa, Downtown Dubai

• When: Spectacular illumination every 30 minutes from 7.45 to 11.45pm

For more information, please visit: www.burjkhalifa.ae

Launched in conjunction with Dubai Aquarium & Underwater Zoo and Wevr, VRZOO showcases endangered species in an interactive, fun and educational experience.

Emaar Entertainment, the leisure and entertainment subsidiary of Emaar Properties, is launching a new interactive attraction, bringing guests face-to-face with endangered species from around the world with a new Virtual Reality experience, in conjunction with Dubai Aquarium & Underwater Zoo and Wevr, the leading virtual reality studio and content distributor.

‘VRZOO’ is a new attraction that focuses on awareness and conservation efforts by connecting guests with endangered animals in a uniquely immersive platform. Adventurers can explore two different takes on reality, one based on live-action footage, and the other a CGI virtual experience.

The live-action footage explores a 360-degree reality of locations including Uganda, South Africa, Maldives, Egypt, Australia and Mafia Island, where users experience a 3D encounter with some of the world’s most captivating species, all of which are on the brink of extinction. The CGI animation from Wevr’s iconic VR experience “theBlu: Season 1” directed by Jake Rowell, allows guests to embrace the wonder and majesty of the ocean through a deeply immersive room-scale VR experience. Users will explore multiple underwater habitats and come face-to-face with some of the most awe-inspiring species on the planet. Wevr, the award-winning VR studio, has customised “theBlu” for the VRZOO installation at Dubai Aquarium.

Maitha Al Dossari, Chief Executive Officer of Emaar Entertainment, said: “Emaar Entertainment is committed to providing visitors of all ages with interactive edutainment experiences. VRZOO is the latest addition, designed to broaden the mind and provide deeper connections to the world around us, using informative and interactive platforms. VRZOO demonstrates our commitment to education as we work toward a safe and more informed future for animals and humans alike.”

Paul Hamilton, General Manager & Curator, Dubai Aquarium & Underwater Zoo, said: “Educating the public about endangered species is a key priority at Dubai Aquarium & Underwater Zoo and we’re glad to be able to reflect that mission in the new VRZOO attraction. As we continue to expand our offering, VRZOO is the next step in diversifying our educational platforms. The experience brings adventurers closer than ever to incredible creatures such as African Elephants and Dugongs, in a safe environment, where they can come face-to-face in a way that’s not possible in the wild. VRZOO carries an important message in that all the species showcased could be lost forever in the near future without intervention. It is frightening to think that in our lifetime, some of these species may become extinct and only live on in VR for future generations.

“For Emaar Entertainment, the conservation journey started at Dubai Aquarium & Underwater Zoo with the world’s first Sand Tiger Shark artificial insemination programme; with this new initiative, we’re able to build on that, combining interactive technology and education in a fun, new way. We want people to feel a connection to the animals, and hope it leads to awareness and a deeper desire to get involved in conservation initiatives,” he added.

VRZOO is the latest technological addition to the Emaar Entertainment portfolio, following the introduction of the Discovery Channel Shark Week exhibition at Dubai Aquarium & Underwater Zoo, which features the world’s first interactive digital shark cage and a 20-metre long aquarium demi-tunnel, where the back wall of the tank is made up of LG LED screens. More recently, 80-metres of transparent LED screening and interactive robot sharks have been introduced – making The Dubai Mall home to one of the most tech-savvy aquariums in the world.

Emaar Entertainment is raising the bar for educational entertainment, with attractions at Dubai Aquarium & Underwater Zoo already including the likes of King Croc, Kraken’s Lair and underwater experiences including the Shark Feeding encounter and Underwater Scooter, designed to educate and dispel common misconceptions about sharks and encourage conservation efforts.

A range of items that support the conservation of wildlife and endangered species are currently available at The Discovery Channel Store at The Dubai Mall, giving guests a chance to begin contributing to worthy causes directly following their close-encounter experience.

Located near the iconic tunnel of Dubai Aquarium & Underwater Zoo, visitors can experience VRZOO for AED 30 for the 360 experience; or AED 50 for the CGI experience, by visiting Dubai Aquarium & Underwater Zoo ticket counters.

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.

Global developer Emaar Properties joined the UAE in celebrating India’s 68th Republic Day celebrations with a spectacular illumination of the iconic Burj Khalifa with the colours of the Indian national flag.

The visual expression of the tri-colours underlined the solidarity of the UAE and its people with India, with which the nation shares strong cultural and trade ties. The illumination will be held on January 25, a day prior to India’s Republic Day, as well as on January 26.

The LED show will be at 6:15 pm, 7:15 pm and 8:15 pm on both days with The Dubai Fountain performance complementing the grand illumination.

This year’s celebration is even more special with His Highness Sheikh Mohammed bin Zayed Al Nahyan, Abu Dhabi Crown Prince and Deputy Supreme Commander of the UAE Armed Forces, attending the Republic Day celebrations in New Delhi as chief guest. His Highness is leading a high-level delegation of ministers, senior officials and entrepreneurs to the country.

Emaar Properties has significant presence in India, one of its key international markets. The company had recently restructured its operations in the country to drive its ongoing developments and explore new growth opportunities.

At 828 metres (2,716.5 ft), the 200 plus storey Burj Khalifa has 160 habitable levels, the most of any building in the world. For more information, please visit: www.burjkhalifa.ae

Also secures ISO quality certification for customer satisfaction
The Guest Services Department at The Dubai Mall has been awarded two prestigious citations including a five-star accreditation by The International Standard for Service Excellence (TISSE2012) – making it the first mall in the world to receive the certification; and the ISO 10002:2014 quality management system for customer satisfaction. The accreditations were awarded following a series of comprehensive and in-depth evaluations.

Awarded by The International Customer Service Institute (TICSI), the five-star accreditation is designed to recognise organisations that deliver outstanding customer service, which sets them apart from others in their field and is based on the Seven Pillars Service Quality Model. This model assesses policies, products and services, premises, processes, people, and measures performance in terms of service quality.

The Dubai Mall Guest Services Department achieved 100 percent in six of the 7 categories – a tremendous achievement – with the certification assessment report stating that the score indicated that the organisation had fully adopted all the essential criterion regarding customer service delivery.

The ISO 10002:2014 quality management system for customer satisfaction, assesses organisational systems with regard to enhancing customer satisfaction by creating a customer-focused environment that is open to feedback, feedback handling, and enhancing the organisation’s ability to improve its customer service.

The Dubai Mall is the first retail and leisure destination globally to hold both of these certifications, highlighting its unique level of international excellence.

The five-star rating, coupled with the ISO certification, cements The Dubai Mall Guest Services Department’s commitment and dedication to providing the highest quality service to all visitors.

Visitors to The Dubai Mall can experience the five-star service at any of the Guest Services counters located throughout the mall.

For more information, visit www.thedubaimall.com or call 800 DUBAI MALL (800 38224 6255).