Category: Business Segments

Founder & Chairman of Emaar Properties shares the company’s success story with students

Mohamed Alabbar, Founder and Chairman of Emaar Properties, shared the success story of Emaar with over 80 students at the prestigious Harvard Business School in Boston.

Harvard Business School Senior Lecturer Sid Yog selected Emaar as the subject of a case study titled Emaar: The Center of Tomorrow, Today for his second-year elective MBA course Investing in Emerging Markets.

The case study on Emaar was conducted by Yog and Research Associates Esel Cekin and Marc Homsy, following an intensive review of the company’s operations and detailed interviews with the senior management.

The case evaluates how Emaar addressed the challenges of the global financial crisis and the tough measures that Alabbar put in place to steer the company to become “the only real estate developer in Dubai to have continuous positive returns during the global financial crisis.” It also recognises the transformational impact that Emaar has had on the physical landscape of Dubai.

During his visit to the Harvard Business School campus, Alabbar presented Emaar’s growth story. In less than two decades of operation, Emaar has become the leading player in the Middle East’s property development industry and has delivered highly-demanded residential communities, iconic shopping malls and hotel developments.

Alabbar said: “Our founding vision was to shape the future through our pioneering model of integrated master-planned communities. Today, we have defined the future of cities through our world-class developments that not only deliver a sense of belonging to residents but also catalyse local economies. We have always focused on long-term value creation for our stakeholders and we consistently deliver on our promise.”

Alabbar shared his strategic outlook for the company and highlighted its digital transformation. “This is the era of digital transformation for Emaar. Across all aspects of our operations we are leveraging the potential of digital technologies to enhance efficiency, productivity and customer service standards. Today’s era is defined by how agile, flexible and responsive we are not only to the demands of customers but also to a shifting market landscape.”

Alabbar also presented e25, a new start-up initiative that he has launched within Emaar. e25 is a team of 25 under 25 year olds that will bring a new engine of ideas and innovations to the company and shape its future leaders.

Emaar Hospitality Group becomes the first international hotel operating company to offer incentive-fee-only management agreements, creating mutually beneficial opportunities for owners and operatorsThe new contractual model removes the customary base management fee and links the operator’s fee earnings exclusively to generated profit rather than revenue
Emaar Hospitality Group, the hospitality and leisure business of Emaar Properties PJSC, has introduced an industry-defining model for hotel management agreements.

This is a marked departure from the prevalent fee structure in the hospitality sector, where hotel operators receive a base fee as a percentage of gross revenue and an incentive fee based on the gross operating profit.

The alternative model offered by Emaar Hospitality Group is based only on an incentive fee, which is driven by the operator’s ability to generate profits rather than revenues.

In an industry where the majority of global fees earned are linked to revenue, the new model aligns the interests of the owner and operator as it focuses on profit generation, replacing the emphasis on top-line results with a focus on bottom line achievement.

Olivier Harnisch, Chief Executive Officer of Emaar Hospitality Group, said the new management fee model sets an industry benchmark. “There will be greater responsibility on the operator to drive operating profits that will create sustained and long-term value for hotel owners, unlike under the prevailing model, where the operator earns a base management fee regardless of operating expenses.

“The distribution landscape in the hotel industry has changed dramatically over the past years and we feel that profit is a more powerful indicator of operator performance than revenue. We are leveraging our experience both as a hotel owner and operator in developing the new model. With ten years of history in developing and operating three industry leading hotel brands, we understand the operations side of hotels, and as part of the publicly listed Emaar Properties, we are also focused on continued value creation,” said Harnisch.

“The new model brings two core strengths: One, it enhances owner-operator relationships with greater onus on the operator to drive profitability. Two, it creates lasting value for hotel owners, even in the face of challenging economic conditions as the operator will focus on minimising operating expenses and strengthening profits,” explained Harnisch.

Emaar Hospitality Group has already signed several management contracts to operate hotels in the UAE, Saudi Arabia, Bahrain, Turkey and Egypt for other developers and hotel owners. The new model is offered in addition to standard model and gives the hotel owners the opportunity to choose between the two.

“With the new model, we are looking to expand our footprint in the UAE and other international markets to operate hotels with a clear commitment on our side to enhance operating profits. We have evaluated the market landscape in preparing the new model, and we see it as an ideal fit to all geographies,” said Harnisch.

Globally, the hospitality sector is relooking at owner-operator contracts with consideration given to how profits and revenues are apportioned. A study by CharlesRussselSpeechlys* observes that with the base fee and share of profit structure, owner and operator risk and reward are totally unaligned, “as the internal rate of return that operators generate from revenue-based fee was normally sufficient to make the contract profitable for the operator” irrespective of the hotel’s profitability.

Unlike many international hotel operating companies that are shedding their property and focusing on hotel management agreements, Emaar Hospitality Group is not only expanding its management contract expertise but also strengthening its own development pipeline with a total of 20 hotel projects – in Dubai and Fujairah – as well as in international markets including Egypt, Bahrain, Turkey and Saudi Arabia.

Located on Reem Island, Vida Beach Reem Island Abu Dhabi and Vida Beach Residences Reem Island Abu Dhabi will add to the portfolio of Emaar Hospitality Group’s upscale lifestyle hotel brandScheduled to open in 2020, the iconic hotel and extended stay serviced residences overlook the Arabian Sea within a marina settingVida Beach Reem Island Abu Dhabi will feature 262 guestrooms and suites, and Vida Residences Beach Reem Island Abu Dhabi will have 192 serviced residences, a varied food and beverage offering, spa and fitness centre, meeting and conference space, and other recreational facilities.
Vida Hotels and Resorts, the upscale lifestyle hospitality brand for the new generation of business executives, entrepreneurs and leisure travellers by Emaar Hospitality Group, has signed a management agreement with Aldar Properties, Abu Dhabi’s leading listed property development, investment and management company, to operate a hotel within the developer’s master-planned community on Reem Island.

The hotel and serviced residences are part of a multi-faceted four-tower development overlooking the Arabian Sea. The two Vida Beach Reem Island Abu Dhabi towers feature 262 spacious guestrooms and suites in addition to 192 serviced residences for short or extended stay and a range of world-class amenities including speciality restaurants, business centres, conference venues and wellness retreats, details of which will be announced in due course. The development also includes 329 marina residences spread across two towers. Construction will commence this year.

Envisaged as an upscale urban lifestyle resort set in a spectacular location, Vida Beach Reem Island Abu Dhabi and Vida Beach Residences Reem Island Abu Dhabi will be near a premium retail destination with a choice of dining and leisure options adding to the convenience of residents and guests. Located approximately 30 km from Abu Dhabi International Airport and 3 km from the city centre, the hotel is expected to be operational by 2020.

Jassem Saleh Busaibe, Chief Asset Management Officer, Aldar Properties, said: “We are delighted to partner with Emaar Hospitality Group in bringing Vida Hotels and Resorts to Abu Dhabi. This new project will add significantly to the character of Reem Island, and will be like nothing currently in existence in the city. This project not only falls within our destination development strategy, but will also add significantly to our asset management business. This agreement will really help to strengthen our master planned community on Reem Island, adding market leading amenities from which both residents and visitors alike will benefit.”

Olivier Harnisch, Chief Executive Officer of Emaar Hospitality Group, said: “The management contract to operate Vida Beach Reem Island Abu Dhabi is a significant milestone for Vida Hotels and Resorts, our contemporary upscale lifestyle brand that has defined its unique niche in the region’s hospitality sector. To be associated with such a prestigious development by Aldar Properties serves as a strong testament to the differentials that Vida Hotels and Resorts brings to the industry with its focus on creating smart urban hubs for a discerning clientele.”

He added: “The expansion to Abu Dhabi further highlights our strong competencies in undertaking mixed-use projects and delivering outstanding service. We will continue to explore growth opportunities in the UAE and beyond by delivering an exceptional hospitality experience focused on delivering warmth, simplicity and youthful vitality.”

Launched in 2013, Vida Hotels and Resorts operates hotels such as Vida Downtown in Dubai. Positioned as a lively and vibrant hub where inspiring minds can create, connect and come alive, its hotels are a stimulating environment where style meets convenience and interactivity. Additionally, Vida Hotels and Resorts has signed management contracts to operate hotels and serviced residences in Dubai, Bahrain and Saudi Arabia.

Emaar Hospitality Group, which marks its tenth year in operation, now has 26 upcoming projects.Showcases its portfolio of 10 operational hotels and three serviced residences, and other new properties at the premier travel, tourism and hospitality event.
Emaar Hospitality Group, the hospitality and leisure business of Emaar Properties, today unveiled six new hotel projects as part of its regional and international expansion plans, at the Arabian Travel Market (ATM) 2017.

The new hotels and serviced residences in Dubai, Abu Dhabi and Egypt add to a portfolio of upcoming properties under the three hotel brands of Emaar Hospitality Group – the premium luxury Address Hotels + Resorts, the upscale lifestyle Vida Hotels and Resorts, and the contemporary midscale Rove Hotels.

With 10 operational hotels and three serviced residences already, Emaar Hospitality Group now has a pipeline of 26 upcoming projects, a testament to the home-grown competencies of the Group and its expansion strategy to operate hotels in key locations in high-growth markets.

Announcing the new projects at a press conference in Dubai, Olivier Harnisch, Chief Executive Officer of Emaar Hospitality Group, said the Group’s expansion is underpinned by a commitment to deliver superior guest experiences through distinctively branded properties in key markets globally.

“We are marking our tenth decade of operation this year, and in such a short span of time, we have established our reputation as a home-grown Dubai hospitality group with a fast-growing regional and international footprint. The upcoming properties highlight our competencies as a hotel and serviced residences operator, committed to delivering guest-centric lifestyle experiences.

“We have recorded a positive growth year in 2016 and continue to build on the success, with the launch of new properties including Address Boulevard and three Rove Hotels in a span of just nine months, all in Dubai. This demonstrates our focus on not only serving the luxury hospitality market of the city but also to create distinctive brand experiences that appeal to the new millennials and next generation of travellers,” added Harnisch.

Emaar Hospitality Group’s track-record – with average daily rates and occupancy levels higher than industry average – reflects the strong growth of Dubai’s tourism and hospitality sector, said Harnisch. “The Dubai Tourism Vision and Expo 2020 Dubai are strong drivers of growth for the industry, and we will continue to drive our expansion and create a truly world-class infrastructure for visitors to Dubai.”

New projects in Dubai, Abu Dhabi and Egypt

Emaar Hospitality Group’s new projects include Address Dubai Creek Harbour and Address Residences Dubai Creek Harbour in Dubai, which will serve as a vibrant hospitality and leisure hub within Dubai Creek Harbour, the 6 sq km mega-development anchored by the iconic new Tower, designed by Santiago Calatrava. The project opens to spectacular views of the waterfront and the Downtown Dubai skyline.

Also under Address Hotels + Resorts are the new Address Marassi Beach Resort and Address Residences Marassi Beach Resort, which are part of the beachfront Marassi master-planned development by Emaar Misr in Egypt. Emaar Hospitality Group has already signed a management contract to operate Address Marassi Golf Resort + Spa in the same master-development. These add to the upcoming projects of Address Hotels + Resorts in Dubai, Fujairah, Bahrain and Turkey.

Four new projects will be operated under the Vida Hotels and Resorts brand. These include the Vida Dubai Creek Harbour, Vida Dubai Marina and Vida Residences Dubai Marina. Further, Vida Hotels and Resorts marks its expansion to Abu Dhabi with the management contract to operate Vida Beach Reem Island Abu Dhabi and Vida Residences Beach Reem Island Abu Dhabi, both for Aldar Properties.

Having already expanded with hotel management contracts in Saudi Arabia and Bahrain, Vida Hotels and Resorts is further strengthening its international portfolio with Vida Marassi Marina and Vida Residences Marassi Marina in Egypt.

Emaar Hospitality Group plans to expand its footprint to other high-growth markets as well as gateway cities such as India and China, and other global gateway cities for the group.

Upcoming properties in Dubai

“While we are focused on international markets, we are also growing our footprint in the UAE to meet the burgeoning demand for hotel rooms – in the luxury, upscale and midscale segments,” said Harnisch.

This is reflected in the recent opening of Address Boulevard, the first city lifestyle resort under the portfolio of Address Hotels + Resorts, and three Rove Hotels – Rove Downtown, Rove City Centre and Rove Healthcare City. The Group is on course to open Rove Trade Centre shortly as well as drive the roll-out of six more hotels in Dubai Marina and Dubai Parks and Resorts, among others.

The current portfolio of hotels by Emaar Hospitality Group in Dubai includes Address Boulevard, Address Dubai Mall, Address Montgomerie, Address Dubai Marina, Palace Downtown, Vida Downtown, Manzil Downtown, Rove Downtown, Rove City Centre and Rove Healthcare City.

“An award-winning hospitality and leisure provider, our commitment is to surpass guest expectations. In addition to expanding our portfolio, we are driving the digital transformation of our services to create added value for our guests. Our projects are showcased at ATM 2017 and we look forward to strengthening our partnerships at this premier event, and to highlight our focus on doubling our portfolio by 2020,” concluded Harnisch.

Seven Directors of the Board elected by the General Assembly
The second Annual General Meeting (AGM) of Emaar Malls (DFM: EMAARMALLS), the shopping malls and retail business majority-owned by Emaar Properties, today approved a proposal by the Board of Directors to distribute 10 per cent of the share capital, equivalent to AED 1.301 billion (US$ 354 mn), as cash dividend to the shareholders.

The assembly also elected a Board of Directors comprising seven members: Mr. Mohamed Alabbar, Mr. Ahmad Al Matrooshi, Mr. Abdulrahman Al Hareb, Mr. Abdulla Belyoahah, Mr. Helal Saeed Almarri, Mr. Mohamed Al Hussaini, and Mr. Ali Ibrahim Mohamed Ismail. A special resolution was passed by the AGM approving the change in number of Board members from nine to seven.

The AGM also approved the report of the Board of Directors on the activities and financial position of the company as well as the auditor’s report and the company’s balance sheet for the fiscal year ending December 31, 2016. Ernst & Young was chosen as the auditor for 2017.

Addressing the shareholders, Mohamed Alabbar, Chairman of Emaar Malls and Emaar Properties, said the success of Emaar Malls is led by the UAE’s robust growth and the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President & Prime Minister and Ruler of Dubai, to establish the nation as a smart hub for trade and commerce.

“We are driving our growth with our focus on delivering enhanced retail experiences for our customers. We are investing in new and advanced technologies that will create all-encompassing experiences for our customers and contributing to sustained value for our shareholders.”

He added: “We will strengthen our malls assets with the expansion of The Dubai Mall and the development of retail districts in Dubai Hills Estate and Dubai Creek Harbour, which are designed for the new generation of tech-savvy, trend-conscious customers.”

Emaar Malls recorded a net profit of AED 1.874 billion (US$ 510 mn) and revenue of AED 3.227 billion (US$ 879 mn) in 2016. The shopping malls assets of Emaar Malls – The Dubai Mall, Dubai Marina Mall, Souk Al Bahar, Gold & Diamond Park and the community shopping centres – welcomed 125 million visitors during 2016, with gross leasable area (GLA) occupancy levels averaging at 96 per cent.

With a GLA of about 6 million sq ft in Dubai, Emaar Malls is expanding The Dubai Mall’s Fashion Avenue by another 1 million sq ft built-up area. New retail and leisure opportunities are being created for retailers and customers with the Boulevard, Fountain Views and Zabeel expansions of The Dubai Mall.

Emaar Malls is also developing dedicated retail precincts in Dubai Creek Harbour and Dubai Hills Estate. Several community mall projects are also being planned to serve Emaar’s integrated lifestyle developments.

Shareholders of Emaar Malls are requested to update their contact details and addresses with the Dubai Financial Market (DFM) to make sure the dividends are received appropriately, as the payment will be made through DFM.

Focus on added value creation for shareholders and strengthening customer service

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

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

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

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

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

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

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

Robust growth of malls and hospitality

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

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

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

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

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

Focus on added value creation for shareholders and strengthening customer service

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

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

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

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

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

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

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

Robust growth of malls and hospitality

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

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

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

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

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

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.