Downtown and tourism projects unveiled
Egypt is key development destination for property developer
Dubai, September 18, 2006: Global real estate major Emaar Properties has strengthened its Egyptian portfolio with landmark development projects that will boost the country's tourism initiatives and invigorate the local economy by creating new townships and generating employment opportunities.
Apart from the EGP 10 billion (AED 6.30 billion / US$1.74 billion) Marassi development on a 7-km strip of tourism resort land that Emaar had won recently in an auction, the property developer has entered into strategic local partnerships to create luxury, master-planned communities.
"As an emerging market with strong market fundamentals, Egypt is of key importance to Emaar Properties in building the company's international portfolio," said Dr Nader Mohamed, Managing Director, Emaar Misr for Development S.A.E. "This reflects Emaar's commitment to its Vision 2010 of becoming one of the world's most valuable companies."
Work is afoot on Emaar's other projects including the EGP 22 billion (AED 15 billion / US$4 billion) master planned community at the highest point of downtown Cairo - Uptown Cairo. "Emaar projects in Egypt are niche developments that lead to creation of self-sustaining master-planned communities, which will invigorate local economies. The projects also generate employment opportunities," added Dr Nader.
Uptown Cairo is being developed on the highest point of downtown Cairo and will integrate residential, commercial and retail components. "Emaar has a proven track-record of delivering 14,000 homes through master-planned community developments in Dubai," said Dr Nader. "Uptown Cairo will replicate the same concept and targets the upwardly mobile Egyptian population that demands world-class developments."
Emaar's most recent initiative in Egypt is Marassi - the 1544-acre tourist resort project located on Sidi Abdel Rahman and Alamein. "To be completed within five-and-a-half years of receiving the land, Emaar will develop a resort with up to 3,000 hotel rooms, a marina, golf course, hospital, healthcare facilities and total township development," said Dr Nader.
Emaar had strengthened its international presence recently with the acquisition of John Laing Homes, the second largest privately held homebuilder in the US; and Hamptons International, a premier UK realtor. The company is also opening a full-fledged representative office in China, and has unveiled prestigious projects in Saudi Arabia, Morocco, Pakistan, Tunisia, Turkey, Syria and India.
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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.
Major international projects include: Uptown Cairo and Smart Village, both in Egypt; Boulder Hills, a world-class leisure and residential community in Hyderabad, India; multiple resort projects in Morocco, including Amelkis II & III and Bahia Bay, luxury residential golfing communities; Eighth Gate project in Damascus, the city's first master planned community; and Lakeside in Istanbul, a landmark development for Turkey's cultural and commercial hub. In Saudi Arabia, Emaar is embarking on the creation of the AED 98 billion (US$26.6 billion) King Abdullah Economic City, a mixed use development covering 55 million square metres of greenfield land with a 35 km shoreline close to the port city of Jeddah.
Emaar recently 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). 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 / Nivine William
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.william@asdaa.com
© Press Release 2006
