Global developer Emaar Properties PJSC has won the prestigious recognition as the ‘Developer of the Year’ at the Arabian Business Achievement Awards 2016. At a gala event held at Armani Hotel Dubai, Ahmad Al Matrooshi, Managing Director of Emaar Properties, received the award from Ali Akawi, Managing Director of ITP and APP.
The ‘Developer of the Year’ recognition underlines 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. The award also honours Emaar’s proven competencies in the shopping malls & retail and hospitality & leisure segments, which today contribute about 39 per cent of the recurring revenue of the company.
Chosen by an expert panel following a rigorous process of evaluation, the winners of the Arabian Business Achievements Awards are chosen from a shortlist of nominees created by the executive editorial team of ITP based on business activity in the past 12 months.
Ahmad Al Matrooshi said: “Our founding vision in 1997 was to ‘shape the future’ and we continue to uphold this commitment by creating premium real estate assets that contribute to the national economy. Today, we are developing another icon for the UAE – the Dubai Creek Harbour, one of the world’s largest mega-developments. We are also strengthening our footprint in the hospitality business, having launched our third hotel brand – Rove Hotels this year, and building on our shopping malls business with a dedicated retail district in Dubai Creek Harbour and expanding The Dubai Mall. Across all our operations, our focus is on creating long-term value for our stakeholders.”
In the award citation, Emaar has been feted for its pioneering role in creating master-planned communities in Dubai and developing icons that add to the civic pride of the nation. Highlighting the transformational growth that Emaar has brought to the property, hospitality and retail sectors of the UAE, the panel of judges also congratulated Emaar’s leadership on creating outstanding value – defined by a growth in net profit by 19 per cent in the first nine months of 2016. The bellwether property company of Dubai, Emaar also recorded 54 per cent growth in property sales this year, a testament to its commitment to world-class project execution and timely delivery.
Today, Emaar has assets valued at over AED 165.7 billion (US$ 45.1 billion) and a land bank of 196 million sq. m in Dubai and international markets. Emaar has handed over more than 40,865 homes to date, cementing its strong track-record in project delivery. The company has a backlog of AED 47.576 billion (US$ 12.953 billion) to be recognised in the next few years, demonstrating its financial fundamentals of the company.