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Our Big 5

December 2007
Did you know that the number 'five' represents divine grace in some cultures? Well, the grace of the divine power has certainly been upon our Big 5 - five powerhouses who are driving real-estate development. Their success has been crafted with commitment, zeal, vision and a stick-to-itiveness that refuses to acknowledge any stumbling block, or bow down to any challenge. CW salutes these groundbreakers. Read on and find out more....

In October 2006, Emaar Properties was awarded 'Best Developer in the UAE' for the second consecutive year at the Euromoney Real Estate Awards. A fitting accolade for the Dubai-based public joint stock company, which has made it its business to consistently provide high quality to customers. Proof enough are the numbers: Emaar has handed over more than 15,000 homes and recorded an impressive growth of 35 per cent in annual profits for the year ended December 31, 2006 compared to the year before.

Luxe is the company's hallmark and Emaar's list of ongoing projects includes Dubai Marina, Arabian Ranches, Emirates Hills, The Meadows, The Springs, The Greens, The Lakes and The Views. It has also begun construction of the $ 20 billion Downtown Burj Dubai development. This includes Burj Dubai, slated to be the world's tallest tower when completed in 2008; The Dubai Mall, the world's largest entertainment and shopping mall; and The Old Town, a low-rise traditional ommunity inspired by Arabian architecture.

Emaar has also spread its wings outside the UAE, with JVs and projects in India, Egypt, Turkey, Morocco, Syria, Pakistan, Tunisia and Saudi Arabia. Major international projects include Uptown Cairo in Egypt; Boulder Hills in Hyderabad, India; multiple resort projects in Morocco; the Eighth Gate master-planned community in Damascus, Syria; Lakeside in Istanbul, Turkey; and the 55 million sq m King Abdullah Economic City in Saudi Arabia, which will extend along a 35-km shoreline and have six distinct components.

Emaar has announced plans to aggressively expand into the retail sector with investments of over $ 4 billion to develop approximately 100 malls in the emerging markets of the Middle East - North Africa (MENA) and the Indian subcontinent. In addition, it has teamed up with Giorgio Armani SpA to build and manage 10 Armani hotels and resorts across the world; including in Burj Dubai tower, Milan, London, Shanghai, New York and Tokyo. Other areas of focus: education and healthcare. Emaar will establish international schools and hospitals, clinics and medical centres in the MENA region and South Asia. Emaar certainly gives the word 'busy' a whole new meaning.

Tatweer
World-class performance is its goal and Tatweer has met it admirably. Launched in December 2005, it is the strategic and operational driver of a selected group of Dubai Holding entities that will develop new markets to serve the development of Dubai. Its portfolio is divided into Leisure and Entertainment, Energy and Healthcare, and Industry, Knowledge and Real Estate.

Among its leisure and entertainment entities are The Tiger Woods Dubai, an elite golf estate development that will include the only golf course in the world designed by Tiger Woods along with palaces, mansions, villas, a boutique hotel and a golf academy. Then, there's Dubailand , spread over more than 3 billion sq ft, the most ambitious tourism, leisure and entertainment destination ever created. Another feather in its cap is Global Village, a tourism destination that brings together diverse customs and cultures covering a broad spectrum of activities. And Tatweer's Bawadi will add an additional 51 luxury hotels to Dubai, including the world's largest hotel - Asia Hotel & Resort - with 6,500 rooms.

Tatweer's industry, knowledge and real-estate portfolio includes Dubai Industrial City (DI) , one of the region's finest business environments spread across 560 million sq ft and a one-stop facility for industry and related sectors. Further, Moutamarat was created as a JV between Tatweer and Saudi Research and Publishing Company to create business knowledge for the Arab world. And Mizin is a specialised real estate developer launched in September 2006 to aid Tatweer's own real-estate and infrastructure development for its master market projects.

Finally, Tatweer's energy and healthcare division includes Dubai Healthcare City and Dubai Energy. Dubai Healthcare City aims to fill the gap between Europe and Southeast Asia and offer world-class healthcare and wellness services. It includes the Harvard Medical School Dubai Centre Institute for Postgraduate Education and Medical Research. And Dubai Energy spearheads Tatweer's investments in strategic regional and global energy opportunities. Finally, there's Dubai Mercantile Exchange Ltd, a JV between Tatweer, the New York Mercantile Exchange and the Oman Investment Fund, which is intended to strengthen Dubai's ties with the inter-national finance and commo-dities trading communities. To tackle such a diversified portfolio requires courage and commitment - two qualities that define Tatweer.

Nakheel
Forget Dubai, Nakheel has the world in its hands literally! Along with its iconic The World 300 islands in the shape of the continents located off the coast of Dubai other acclaimed waterfront developments will add more than 1,000 km of beachfront to the Dubai coastline.

Each project from Nakheel is an aesthete's delight. Take Al Furjan, a modern collection of vibrant neighbourhoods; or Discovery Gardens, a residential community inspired by garden living spanning 26 million sq ft. Next door is Ibn Battuta Mall, a shopping destination inspired by the travels of renowned 14th century Arabian explorer, Ibn Battuta. Then, there's International City, a development combining commercial, residential, retail and tourism, which includes unique country-themed residential areas, a lake district, the Dragon Mart and Forbidden City, a replica of the landmark destination in China.

Other jewels from Nakheel include Jumeirah Village, set amid luscious landscaping and unsurpassed leisure and lifestyle amenities. It encompasses villas and townhouses, international schools, town and country clubs, a community centre, and sports, leisure and medical facilities. Other communities worth coming home to are Jumeirah Park, spread over 350 hectare, which combines villas with an expanse of green; and Jumeirah Heights, a self-contained community of over 2,300 apartments and townhouses in the heart of New Dubai with beautiful views.

Of course, no one does waterfronts quite like Nakheel. So you have Jumeirah Islands, a 300-hectare residential development surrounded by winding canals, waterfalls and lagoons; the 1 billion sq ft Dubai Waterfront, the largest waterfront development in the world with residences, businesses, tourist attractions and entertainment; and, of course, the Palm Trilogy. This comprises The Palm Jumeirah, with world-class hotels, unprecedented retail, an array of home types and exceptional leisure and entertainment, all anchored by The Palm Trump International Hotel and Tower; The Palm Jebel Ali, with an array of luxury hotels, water homes built on stilts, beachside villas, shoreline apartments, dive sites and a slew of leisure activities; and The Palm Deira, which will offer an array of exciting investment opportunities on the Trunk and the Corniche. Truly remarkable.

Sama Dubai
Sama is a beautiful Arabic word - it means 'reaching for the sky'. A wonderfully appropriate name, then, for a company that aims to reach for the sky to create premium commercial, residential, leisure and industrial developments. Sama Dubai (formerly known as Dubai Inter-national Properties) is a member of Dubai Holding, launched to consolidate the various mega projects in Dubai that have been created of late as well as research, identify and execute future major projects in the region.

A perfect testimonial for the company is a description of some of the wonders it is helping create. For starters, there's Dubai Towers in Doha, Qatar. Set to redefine Doha's skyline, the landmark mixed-use development will rise up to 80 storeys, offering retail, offices, a five-star hotel and apartments. Covering a total of 2.35 million sq ft, the development is due for completion soon. Then, there's the picturesque $ 1.4 billion Yiti Resort & Spa in Oman, which is expected to be completed by mid-2009 and includes five-star hotels, villas and apartments, complemented by a golf course, marina, wellness spa and eco-marina centre.

Another landmark project is the $ 2 billion Amwaj Rabat that will cover 100 hectare along the banks of the Abi Regrag River in Morocco to create a unique waterfront development. The project, which includes a yacht harbour, chain of hotels and resorts, retail, residences and leisure and entertainment facilities, is expected to be complete in 2009. In Bahrain, the Salam Resort & Spa, covering 500,000 sq m along the beachfront, comprises a five-star hotel, conference centre, apartments, villas and royal villas based on the successful Madinat development in Dubai. It will be completed in 2009.

Another picturesque project along the water is The Lagoons, Dubai, which will be spread over 70 million sq ft and comprise seven landscaped islands, comprising residential units, shopping centres, office buildings and marinas, interlinked with bridges. The project will incorporate its own central business district, Dubai's first opera house, a planetarium, museum, art centre and theatre. Its centrepiece will be Dubai Towers, a striking complex that will create a dramatic, new landmark for Dubai. Top class all the way.

Istithmar
This company knows money - and global real estate. Istithmar is a major investment house based in the UAE focusing on private equity, real estate and strategic investments. Its activities are focused on four industry verticals - consumer, financial services, industrial and real estate - and it has invested in over 30 companies with equity investment in excess of $ 1.8 billion and approximate total enterprise value of $ 6 billion. Istithmar forms part of Dubai World, comprising Dubai's Ports Customs & Free Zone Corporation (PCFC), Nakheel, and Tejari, an electronic auction and procurement system.

Earlier this year, the company bought renowned clothing retailer Barneys New York for a cool $825 million. It came on the heels of the purchase of a raft of high-profile businesses and real estate for Istithmar overseas, such as stakes in retailer Loehmann's Holdings and investment bank Perella Weinberg Partners as well as Hotel Washington, 280 Park Avenue, and One Trafalgar Square.

It also masterminded the sale of the fabled QE 2 to Dubai World. The world's most famous ocean liner will now cease her role as an ocean-going passenger vessel and be refurbished and adapted for her new home - from 2009, the vessel will be berthed at a specially-constructed pier at The Palm Jumeirah, the world's largest man-made island, to create a luxury floating hotel, retail and entertainment destination. Now, that's a coup!

© Construction World 2008