November 2009
In 2004, Emaar Properties, one of the region's largest property developers, started its diversification strategy by targeting regional markets in Morocco, Egypt, Turkey, Syria, Lebanon, Jordan and Pakistan, all of which came under the operations of Emaar International. Sergio Casari, chief executive officer of Emaar International, explains that the company is looking to further expand in the region.
"We also have conversations with other partners and governments to do the same thing," he says. Currently, the company has 11 master plans under different stages of development, focusing mostly on the residential market.
"Our projects are master plans where residential developments represent 60 to 70 percent of the volume, and that is anchored with retail, commercial, some hotels and also leisure facilities and green areas," says Casari. He adds that the markets targeted by Emaar International have not been affected by the global financial crisis since they have strong fundamentals driven by large populations.
"We had a very successful year in terms of selling a lot of units," he continues. As part of its overall strategy to deal with the financial crisis, Emaar Properties, along with its subsidiaries, are emphasizing project delivery and customer care. "The journey with the customer starts when they walk into the sales center and they are interested in buying one of our properties... and hopefully that journey continues post-occupation."
Moreover, Emaar International is realigning its plans according to market conditions. All the units that have been sold are being built and delivered, with the company being prudent in terms of launching new developments. In the future, Casari explains that the company will be looking to complement its master plans with more Emaar segments, including hospitality, healthcare and hotels, in order to build whole communities.
As for specific future projects, Emaar International is planning to build three new malls in Cairo, Damascus and Istanbul. In 2010, the first group of residencies in a large mixed use development in Istanbul will be launched, as well as apartments in Morocco. Going forward, Casari says that one of the most important elements in ensuring a solid company is being transparent towards customers, who expect to stay up-to-date with what is going on with their investments. "Focusing on the customer has to be the way forward. If there is no customer in any industry, there is no business," says Casari.
Emaar International
Emaar International's markets: Morocco, Egypt, Turkey, Syria, Lebanon, Jordan and Pakistan
Number of projects under development: 11
A sample of projects under development: Beit Misk, Lebanon; Samarah Dead Sea Resort, Jordan; Canyon Views, Pakistan; Tinja, Morocco
By Nada Nohra
© Executive 2009
In 2004, Emaar Properties, one of the region's largest property developers, started its diversification strategy by targeting regional markets in Morocco, Egypt, Turkey, Syria, Lebanon, Jordan and Pakistan, all of which came under the operations of Emaar International. Sergio Casari, chief executive officer of Emaar International, explains that the company is looking to further expand in the region.
"We also have conversations with other partners and governments to do the same thing," he says. Currently, the company has 11 master plans under different stages of development, focusing mostly on the residential market.
"Our projects are master plans where residential developments represent 60 to 70 percent of the volume, and that is anchored with retail, commercial, some hotels and also leisure facilities and green areas," says Casari. He adds that the markets targeted by Emaar International have not been affected by the global financial crisis since they have strong fundamentals driven by large populations.
"We had a very successful year in terms of selling a lot of units," he continues. As part of its overall strategy to deal with the financial crisis, Emaar Properties, along with its subsidiaries, are emphasizing project delivery and customer care. "The journey with the customer starts when they walk into the sales center and they are interested in buying one of our properties... and hopefully that journey continues post-occupation."
Moreover, Emaar International is realigning its plans according to market conditions. All the units that have been sold are being built and delivered, with the company being prudent in terms of launching new developments. In the future, Casari explains that the company will be looking to complement its master plans with more Emaar segments, including hospitality, healthcare and hotels, in order to build whole communities.
As for specific future projects, Emaar International is planning to build three new malls in Cairo, Damascus and Istanbul. In 2010, the first group of residencies in a large mixed use development in Istanbul will be launched, as well as apartments in Morocco. Going forward, Casari says that one of the most important elements in ensuring a solid company is being transparent towards customers, who expect to stay up-to-date with what is going on with their investments. "Focusing on the customer has to be the way forward. If there is no customer in any industry, there is no business," says Casari.
Emaar International
Emaar International's markets: Morocco, Egypt, Turkey, Syria, Lebanon, Jordan and Pakistan
Number of projects under development: 11
A sample of projects under development: Beit Misk, Lebanon; Samarah Dead Sea Resort, Jordan; Canyon Views, Pakistan; Tinja, Morocco
By Nada Nohra
© Executive 2009
