Underscores trend of more UAE nationals heading Emaar's international operations
Dubai, UAE, September 6, 2006: Global real estate major Emaar Properties has appointed Dr Nader Mohamed as Managing Director of Emaar Misr for Development S.A.E., a subsidiary of Emaar Properties and Artoc Group for Investment and Development. To be based in Egypt, Dr Nader will report directly to Emaar Properties Chairman Mr Mohamed Ali Alabbar.
Dr Nader will steer the development of the ongoing projects of Emaar in Egypt - the EGP 22 billion (AED 15 billion / US$4 billion) master planned community at the highest point of downtown Cairo - Uptown Cairo; Egypt's new Smart Village; Bibliotheca Alexandrina, the waterfront redevelopment project for Alexandria Bibliotheca; and the 625-hectare master-planned, mixed use development on Sidi Abdel Rahman and Alamein, a 7-km tourism resort land won in a EGP 1 billion (AED 643 million / US$175 million) bid from the Egyptian Government Tourism Company.
"Emaar's expansion into Egypt is in line with the company's Vision 2010 of becoming one of the world's most valuable companies in the next four years," said Mr Alabbar. "With a perfect mix of traditional and ultra-modern developments, Emaar is infusing a new dynamic to the country's property sector. Dr Nader's years of experience working on Emaar's International Operations as well as Systems and Processes on a group basis, perfectly positions him to helm Emaar's growth plans for the country."
A UAE national, Dr Nader holds a PhD and MSc in Mechanical Engineering from the University of Glasgow, Scotland. Prior to joining Emaar last year, Dr Nader worked at Dubai Aluminium Company (DUBAL) as General Manager of Corporate Services.
At Emaar, Dr Nader was previously Executive Director, International Operations for the Middle East, North Africa and Indian Subcontinent. He has been involved with identifying new markets, strategizing on potential developments and conceptualizing ideas.
His appointment in Egypt also underscores Emaar's strong human resource base of talented UAE nationals working on the company's international operations.
"The Egyptian economy has a newfound enthusiasm thanks to the current economic reforms and increased foreign investment," said Dr Nader. "Emaar is poised to leverage on the potential offered by the economy while offering added-value propositions through developments such as Uptown Cairo, Bibliotheca Alexandrina and Smart Village. Highlighting Emaar's commitment to the Egyptian economy is the new resort development in Sidi Abdel Rahman and Alamein, which will encourage tourism growth and offer considerable employment potential to Egyptians."
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Note to Editors
About Emaar Properties PJSC:
Emaar Properties, the Dubai-based Public Joint Stock Company and one of the world's largest real estate companies, is listed on the Dubai Financial Market and is part of the Dow Jones Arabia Titans Index. The company recently announced that its net profits for the half year ended 30 June 2006 reached AED 3.053 billion (US$0.831 billion) - a significant gain of 21 per cent over the first-half 2005 results of AED 2.533 billion (US$0.690 billion) - reflecting the remarkable growth the company has gained since its inception in 1997.
With more than 14,000 homes handed over to customers, Emaar has several major real estate projects under various stages of development in Dubai including Arabian Ranches, Dubai Marina, Emirates Hills, The Views, The Meadows, The Springs, The Lakes and The Greens. The company also owns and manages the Gold and Diamond Park.
Emaar has marched ahead with the construction of its AED 73 billion (US$20 billion) Downtown Burj Dubai development, which comprises the Burj Dubai - the tallest tower in the world when completed in 2008, The Dubai Mall, Burj Dubai Business Hub, The Lofts, The Old Town, The Old Town Island, Burj Dubai Boulevard, The Residences, Burj Views, man-made lakes, landscaped parks and gardens.
The company has joint ventures and projects across the region covering India, Egypt, Turkey, Morocco, Bahrain, Syria, Jordan, Pakistan, Lebanon, Tunisia and Saudi Arabia. In July 2006, Emaar also announced the opening of a full-fledged representative office in China, thus becoming the first Middle East property developer to effectively tap the potential offered by the world's second largest economy. Emaar also entered the US market by acquiring John Laing Homes, the second largest privately held homebuilder in the U.S., thus creating one of the world's leading real estate developers in residential homebuilding.
In a move that scaled up its core competency in product sales across the international arena, particularly the Western hemisphere, Emaar acquired Hamptons International, the UK-based subsidiary of premier property developer Wheelock Properties (Singapore) Ltd in a deal worth AED 562.45 million (US$153.05 million). The acquisition covers Hamptons' UK offices and its joint venture with CB Richard Ellis Hamptons International in the UK and Hamptons International Oman; and will build Emaar's international network of offices to over 130 over the next few years.
Last year the property developer announced plans to aggressively expand the retail sector with investments of over AED 15 billion (US$4 billion) to develop approximately 150 malls in the larger emerging markets of the Middle East, North Africa (MENA) and the Indian subcontinent. In addition, Emaar has teamed up with Giorgio Armani S.p.A to build and manage 10 Armani hotels and resorts across the world; an Armani hotel will feature in Emaar's flagship Burj Dubai tower.
Earlier this year the company announced plans to expand its investments into the education and healthcare business. The education initiative will involve the establishment of international schools in the MENA region and India, which will offer premium quality education and an integrated curriculum for students ranging from kindergarten to tertiary levels. Emaar's healthcare diversification will see the company invest around AED 18.35 billion (US$5 billion) over the next decade in the MENA and South Asia markets with the construction of hospitals, clinics and medical centres and the investment in the provision of world-class healthcare services.
While continuing to actively pursue expansion in its core business of innovative, high quality real estate development, Emaar has diversified into related business lines to further build value for its 59,000 shareholders, which includes the Government of Dubai. Emaar owns and manages EMRILL, a joint venture with the UK-based Carillion which provides innovative property and facilities management services. Emaar also holds 30 per cent equity in Dubai Bank, focused on retail and commercial banking and is the majority shareholder in Amlak Finance, UAE's leading Islamic home financing company. For further information, please visit www.emaar.com.
For further information, please contact:
Kelly Home / Nedal Alassad
ASDA'A Public Relations
Exclusive Affiliate of Edelman PR Worldwide in Middle East & North Africa
Tel: (+971 4) 335 5969;
Fax: (+971 4) 335 6080
E-mail: k.home@asdaa.com, n.alasaad@asdaa.com
© Press Release 2006
