New property law to encourage expatriate purchases
AED 12 billion project to have homes, hotels, marina and yacht club
Umm Al Quwain - Emaar Middle East (EME) will start the sale of residences in Umm Al Quwain Marina at the project's new Presentation Centre from January 13. As the first opportunity to buy a home in Emaar's latest development, potential investors can choose from villas in the Mistral community, comprising 3 to 4-bedroom Portuguese and Spanish-style villas that open to lakes and parks.
The AED 12 billion (US$3.3 billion) Umm Al Quwain Marina is spread over 2,000 acres of land and features 450 acres of navigable water area. Situated near the oceanfront, the project will have 8,000 homes, boutique hotels, sports and yacht clubs, retail facilities and community centres, all woven around lakes and canals.
"Member of the Supreme Council and Ruler of Umm Al Quwain His Highness Sheikh Rashid Bin Ahmed Al Mualla has issued a law regulating property ownership in the emirate. Accordingly, expatriates can now own property in designed investment areas," said Mr Ahmad Al Matrooshi, UAE Managing Director, Emaar Properties and Member of the Board of Directors of Emaar Middle East. "Umm Al Quwain is on a growth track, and a home in Umm Al Quwain Marina will be an investment of great long-term value."
"Tourism, real estate and trade are key growth sectors for Umm Al Quwain," said Mr Al Matrooshi. "Umm Al Quwain Marina integrates these three components seamlessly to offer a unique development that will strengthen the local economy and generate employment opportunities to several thousands."
The 6,000 villas and 2,000 townhomes in Umm Al Quwain Marina feature modern amenities while offering residents a unique lifestyle centred on the marina and waterways. "A close association with nature is the strong point of the Umm Al Quwain Marina lifestyle," said Mr Al Matrooshi. "We have undertaken extensive environmental studies to ensure that the development has minimal impact on nature."
Potential home-owners can discover the unique living experience offered by the project by visiting the Umm Al Quwain Marina Presentation Centre. They can also call toll-free number 800-EMAAR for more information.
The Presentation Centre is stylishly designed with traditional Arabian architectural elements. A sprawling hall will display renderings and sketches of the various components of the project. The centre will house a library, administration offices, and sales and marketing teams.
A perfect getaway from the hustle and bustle of cities, Umm Al Quwain Marina can be easily accessed from Dubai via the Emirates Road. "Umm Al Quwain will appeal not only to marine enthusiasts in the UAE looking for alternative residential options but also to international investors," said Mr Al Matrooshi.
With a track-record of delivering over 14,500 homes in Dubai, Emaar has also embarked on an expansion programme with prestigious projects in Saudi Arabia, Morocco, Egypt, Turkey, Syria, Pakistan, Jordan, Libya and India. Umm Al Quwain Marina is Emaar's first project in the UAE outside Dubai.
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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 three quarters ended September 30, 2006 reached AED 4.658 billion (US$1.268 billion) - a significant gain of 26 per cent over the same period in 2005 - reflecting the remarkable growth the company has gained since its inception in 1997.
With more than 14,500 homes handed over to customers, Emaar has several major real estate projects under various stages of development in Dubai. An ISO9001:2000 quality certified company, Emaar is marching ahead with the construction of its AED 73 billion (US$20 billion) Downtown Burj Dubai mixed-use development that encompasses Burj Dubai, the world's tallest tower when completed in 2008.
The company has joint ventures and projects across the region covering Saudi Arabia, India, Egypt, Turkey, Morocco, Bahrain, Syria, Jordan, Pakistan, Lebanon and Tunisia. In Saudi Arabia, Emaar is developing the US$26.6 billion (SR 100 billion) King Abdullah Economic City, the single largest private sector project in the Kingdom.
Emaar also entered the US market by acquiring John Laing Homes, the second largest privately held homebuilder in the US for AED 3.856 billion (US$1.050 billion). Emaar joined hands with The Turner Corporation, a leading international building services provider, to form a new entity, Turner International Middle East Ltd (Turner International ME) to jointly tap regional growth opportunities.
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).
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.
Emaar's 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.
Emaar has diversified into related business lines to further build value for its 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 more information, visit www.emaar.com.
For further information, please contact:
Kelly Home
Nedal Alasaad
ASDA'A Public Relations
Exclusive Affiliate of Edelman PR Worldwide in Middle East & North Africa
Tel: (+971 4) 334 4550
Fax: (+971 4) 334 4556
E-mail: k.home@asdaa.com
E-mail: n.alasaad@asdaa.com
© Press Release 2007
