Burj Dubai may not be completed until "August or September 2009"

The Burj Dubai is facing up to a nine month delay and is unlikely to be finished until August or September next year, Emaar Chairman Mohammed Alabbar revealed on Monday.

Alabbar told reporters in Dubai that the world's tallest building may not be completed until "August or September 2009".

"With a project like this you have to get it absolutely right," he said.

The mega-project was originally scheduled to be completed by the end of this year.

The remarks are the second time Alabbar has warned construction of the Burj Dubai has fallen behind schedule.

In March the chairman said the tower would likely be delayed by four months, which Emaar said in a subsequent statement was related to the interior design of the tower.

Work on the Burj Dubai was delayed in November when around 40,000 labourers employed by Arabtec, one of the construction companies working on the project, went on strike for a week over pay and conditions.

Arabtec Executive Director Tom Berry said at the time the strikes could cause the company miss completion dates for some of its key projects in Dubai, without being more specific.

The Burj Dubai currently stands at over 630 metres and its final height is rumoured to be between 700 and 1,000 metres, although Emaar remains tight-lipped on the subject.

Local media reports last year said the final height would be 818 metres, citing architects drawings posted on the internet.

In April the tower, already the world’s tallest building and tallest free-standing structure, became the world’s tallest manmade structure, surpassed the 628.8-metre high KVLY-TV mast in North Dakota, US.

The Burj Dubai is to be the centrepiece of a city within a city, Downtown Burj Dubai. The $20 billion development as a whole will include 30,000 homes, nine hotels, 6.2 acres of parkland, 19 residential towers, the Dubai Mall, and a 30-acre manmade lake.

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Emaar Q1 apartment margins rise

Dubai-based Emaar Properties EMAR.DU said first-quarter sales of apartments held steady though costs associated with their construction fell as its $20 billion Burj Dubai project neared completion.

Emaar, the largest Arab real estate developer by market value, sold 1.84 billion dirhams ($500.9 million) of apartments in the three months to March 31, though their costs declined 11.3 percent, according to full first-quarter earnings results released late on Sunday.

"Emaar gives the split of condominium sales separately with 1.84 billion dirhams, basically unchanged, but on an improved margin of 43 percent compared to 35 percent for the same period last year," Cairo-based investment bank EFG-Hermes said in a note to investors on Monday. "This confirms our view of Burj Dubai Downtown high margin sales kicking in."

The projects include the world's tallest building and the world's biggest shopping mall, due for completion either late this year or early next.

Sales of houses rose almost 27 percent to 1.08 billion dirhams, while land sales fell 70 percent to 258.4 million dirhams, Emaar said.

Last month, Emaar posted its second decline in profit in three quarters as revenue stagnated, and marketing and selling costs rose. It missed forecasts.[ID:nL16323212]

Net income in the three months to March 31 fell 3.8 percent to 1.66 billion dirhams, annualised earnings per share of 1.08 dirhams, compared with 1.72 billion dirhams in the year-earlier period, Emaar said at the time.

EFG-Hermes on Monday maintained its short-term "accumulate" and long-term "buy" ratings on Emaar and said the company was well on track to achieve its target of 10 percent to 15 percent of revenue growth by 2010.

The investment bank, which has a price target of 18.5 dirhams on the largest Arab real estate company by market value, said it did not expect to change its 2008 earnings estimates on the stock.

Shares of Emaar were up about 1.3 percent at 11.75 dirhams by 0749 GMT in Dubai.
/Reuters/

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Emaar unveils tram system for Burj Dubai

A half-billion-dollar light railway system was unveiled on Wednesday by Emaar developers to connect the world’s tallest building – the Burj Dubai – to the proposed Dubai Metro along Shaikh Zayed Road.

The shuttle network will link Downtown Burj Dubai neighbourhood’s 30,000 homes, more than 200 towers, nine hotels and the world’s largest mall.

The 4.6-kilometre rail system will tout “low level floors throughout for ease of passenger access, and on-board facilities such as upholstered seating, provisions for special needs people, luggage space, and passenger information & multimedia displays,” the company said in a statement.

The line will be a driverless operation run from a central command centre located at the Burj Dubai.

“Transportation is universally regarded as the top mega-city infrastructure challenge, which also has the biggest impact on any project’s competitiveness,” said Mohammad Ali Alabbar, Chairman of Emaar Properties, in a statement. “Congestion costs have a critical bearing on any project’s overall growth as well as the environment. It is imperative to have an efficient transportation infrastructure in place to drive the progress of any mega-project.”

Alabbar said the tram system is “environmentally viable and can deliver sustainable solutions for the long-term.”

The system will be up and running buy 2009 and will be constructed in two phases with the first, including a 1.1 km twin track running between the Burj Place interchange station with Dubai Metro and the Dubai Mall. It will take three minutes to travel one way.

The second stage of the project – to be completed by 2010 -- will see a complete loop built around the fringe of 500-acre Burj Dubai neighbourhood development and will be a monorail. The system will feature 10 stations and will take eight minutes to travel.

The new tram will be linked with the Dubai Metro to use the universal “smart cards” that will be made available by the RTA to ride everything from the metro to the bus in Dubai. Source

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Growth forecast for Emaar over the next 5 years

Reiterating its positive outlook over the regional property major, Bahrain's Securities & Investment Company rated Emaar Properties, the largest listed company on the Dubai Stock Exchange, with an 'overweight' rating and fair value of AED18.40, presenting a 67 per cent upside to its current market price.

SICO forecast the Emaar net profits to grow at a Compound Annual Growth Rate of 15 per cent over the next five years. The company with an estimated project book of AED391 billion was well positioned to benefit from the impending construction boom in the developing countries targeted by it. Projects initiated by associate companies namely Emaar MGF and Emaar Economic City, those planned by subsidiaries mainly in Egypt, Morocco, Pakistan, Libya and Saudi Arabia, sustainable revenue inflow from the Mall and Hospitality Groups and differentiated UAE-based projects would fuel the growth.

The 16-page report highlights that Emaar properties announced a remarkable rise of 46 per cent in its Net Asset Value (NAV), which surged from AED70.35b (AED11.55/share) in 2006 to AED102.89b (AED16.89/share) in a span of just one year. The difference between the book value and fair value implies that an amount of AED66.36b (AED10.86/share) remains as unrealised potential gain on Emaar's books. SICO said Emaar's strategy to refrain from land sales had become a cause of concern among the market participants during 2007.

The report also underlines that increasing expenses led to muted growth in profits. The benefits of these expenses were likely to be more qualitative in nature providing Emaar with the first mover advantage in these markets and helping to build a stronger brand. (Bahrain Tribune)

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Emaar Properties Q1 profit falls

Emaar Properties, the largest Arab real estate company by market value, posted its second decline in profit in three quarters as revenue stagnated, and marketing and selling costs rose.

Net income in the three months to March 31 fell 3.8% to 1.66 billion dirhams ($451 million), or annualised earnings per share of 1.08 dirhams, compared with 1.72 billion dirhams in the year-earlier period, Emaar said in a statement.

Revenue at its US John Laing Homes unit fell 1.2 billion dirhams compared with the fourth quarter, Emaar said, without providing a year-earlier comparison.

Total revenue declined slightly to 3.96 billion dirhams, compared with 3.97 billion dirhams a year earlier, while marketing and associated costs rose almost 33% to 626 million dirhams, it said.

Emaar Chairman Mohamed Alabbar said in the statement that the company was operating in an "extremely challenging global economic environment".

Analysts' forecasts for Emaar's profit, in a survey by newswire Reuters last month, ranged from 1.7 billion dirhams to 1.98 billion dirhams.

Profit last fell in the third quarter, its first decline in in at least three years as the company spent more on foreign operations in countries such as Egypt.

Still, Emaar generates most of its income from its home market, Dubai, where the economy is surging on a five-fold increase in oil prices during the last six years that has spurred investment in the Gulf.

Emaar's UAE first-quarter sales rose to a record 5.6 billion dirhams, it said without giving a year-earlier comparison.

Two-bedroom apartments at Burj Dubai tower, the world's tallest building and part of a $20 billion residential and commercial project Emaar is building close to the city centre, start at 12.64 million dirhams each, according to its website.

In the fourth quarter, the company beat the average of analysts' forecasts with a 1.3% increase in profit on falling construction costs as the Burj Dubai project nears completion.

The tower alone will cost about $900 million and is due to open this year, though Alabbar said last month that construction was four months behind schedule.

The shares have fallen more than 24% this year, compared with a fall of about 7% for Dubai's main stock index. (Reuters)

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Burj Dubai is now 629 metres (2,063.6 ft) high

Burj Dubai (Dubai Tower) has surpassed the height of the KVLY-TV mast in North Dakota, USA, to become the world's tallest man-made structure.

Developed by the Emaar Properties, the iconic high-rise Burj Dubai is now 629 metres (2,063.6 ft) high while KVLY-TV, which holds the record for the world's tallest supported structure since 1963, has a height of 628.8 metres (2,063 ft).

Burj Dubai is already the world's tallest building and tallest free-standing structure, and at 160 storeys, is taller than Taipei 101 (508 metres; 1667 ft) in Taiwan and CN Tower (553.33 metres; 1815.5 ft) in Toronto, Canada. Burj Dubai is billed to meet all four criteria listed by the Council on Tall Buildings and Urban Habitat (CTBUH), which classifies the world's tallest structures.

CTBUH measures the height of buildings to the structural top, the highest occupied floor, the top of the roof and the tip of the spire, pinnacle, antenna, mast or flag pole.

The KVLY-TV mast in Blanchard, North Dakota, is a television transmitting mast, which was completed in 1963. Burj Dubai also towers over KXJB-TV, which at 628 metres (2,060 ft) was the second tallest artificial structure in the world, and the KXTV/KOVR Tower, a guyed communication tower in Walnut Grove, California, that rises to 624.5 metres (2,049 ft).

Mohamed Ali Alabbar, Chairman of Emaar Properties, said: "Emaar's Burj Dubai has accomplished another milestone in its development, placing the city of Dubai and Burj Dubai once again in the global spotlight. With over 160 storeys now, the most number of liveable floors in any building in the world, Burj Dubai is already pushing the frontiers in architecture, construction and engineering excellence.'' "The significance of Burj Dubai surpassing the height of the KVLY-TV mast is that it demonstrates the pioneering achievement of mankind in creating urban environments that defy conventions. With over 5,000 professionals and skilled workers from around the world working on site, Burj Dubai's new feat is another celebration of teamwork." he added.

When completed, Burj Dubai will have used 330,000 cubic meters of concrete, 39,000 metric tons of steel rebar and 142,000 sq m of glass.

Emaar is partnering with South Korean construction major Samsung Corporation and New York-based Project Manager Turner Construction in constructing Burj Dubai, which was designed by Adrian Smith and Skidmore, Owings & Merrill of Chicago.

Burj Dubai, the centerpiece of Emaar's flagship mega-project, the AED 73 billion (US$20 billion) Downtown Burj Dubai, will feature residences, commercial space and retail space and hospitality elements including the world's first Armani Hotel and Armani Residences.

Downtown Burj Dubai is regarded as the new centre of Dubai and already has a thriving community of residents. WAM

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Emaar Q1 profit to near $500m

Profit at Emaar Properties probably accelerated to dhs1.81 billion ($492.9 million) in the first quarter on sales of its Burj Dubai project, according to a survey of analysts. Net income in the three months to March 31 may have risen 5.2 per cent compared with the year-earlier period, when profit was dhs1.72 billion, according to the average forecast of analysts in a survey of three analysts by newswire Reuters.

“It’s the Burj Dubai project being recognised, generating sales,” said Mohammed Kamal, who researches Emaar for Deutsche Bank. He expects profit at the largest Arab real estate company by market value to surge 15.1 per cent. In the fourth quarter of last year, Emaar had beaten the average of analysts’ forecasts, posting a 1.3 per cent increase in profit.

“Margins were higher,” Kamal said of the last three months. In the fourth quarter, profit rose after construction costs declined as the Burj Dubai project neared completion. The tower will cost about $900 million and is due to open this year, though Emaar Chairman Mohamed Alabbar last month said that construction was four months behind schedule.

Egyptian investment bank EFG-Hermes last month kept its short-term ‘accumulate’ and long-term ‘buy’ recommendations for Emaar stocks, citing a rise in the company’s net asset value. It gave the shares a long-term fair value of dhs18.50, compared with Monday’s close of dhs10.95.

The stock has fallen 26.5 per cent this year. Emaar said yesterday that Dubai Mall, to be one of the world’s largest shopping malls, is due to open towards the end of the year. Source

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Emaar approves 20pc cash dividend

The financial results for Emaar Properties PJSC for the year ended December 31, 2007, were approved at the company's tenth Annual General Meeting (AGM), which was held yesterday.
The assembly approved a cash dividend of 20 per cent of the nominal value of shares, which will be entitled to all shareholders registered on the tenth day following the date of the AGM.

One of the world's leading property developers, Emaar's current land bank stands at 519 million square metres - over twelve times more than in 2005. The fair value of this land increased by 74 per cent from Dh68 billion in 2006 to Dh118 billion (US$32 billion) as at end of 2007.

Presenting the company's financial results for 2007 and outlining its future growth strategy, Mohamed Ali Alabbar, Chairman, Emaar Properties, said that despite the prevailing volatility in international capital markets, the company maintains its dominant global role. "Our strategy of creating significant value for our shareholders is progressing well. The net asset value of the Group, including the fair value of the land, real estate properties and market value of listed associates increased 46 per cent from Dh11.6 per share in 2006 to Dh16.9 per share as at end of 2007."

Emaar's partnership with Bawadi LLC to develop 70 million square feet of land increased the company's land bank in Dubai by 76 per cent to 162 million square feet. "This transaction is fully in line with the Dubai Strategic Plan outlined by His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, and demonstrates how the emirate can continue to enjoy a leadership position by leveraging its existing strengths," said Alabbar.

He added: "By aiming higher, we hope to achieve even greater things. Emaar is well on its way to becoming one of the most valuable companies in the world by 2010, and we are grateful to our shareholders for their trust in our strategy of geographic expansion and business segmentation, aimed at generating even more long-term value for them."

Highlighting the gains by Emaar's business subsidiaries, Alabbar said that Emaar Hospitality will build assets with a total value of Dh3.5 billion ($950 million) through a portfolio of seven hotels by next year. Emaar Malls Group, the shopping malls subsidiary, will open The Dubai Mall and Dubai Marina Mall towards the end of 2008 with a combined asset value of Dh9 billion ($2.45 billion) and gross leasable area of over 3.9 million square feet.

Alabbar pointed out that the Armani Residences at Burj Dubai, which last year achieved the iconic status of being the world's tallest building, also commands some of the world's highest prices, with the Armani Residences achieving prices of up to Dh12,888 ($3,509) per square feet. Source

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Emaar AGM to discuss proposed cash dividend

Emaar Properties PJSC will hold its tenth Annual General Meeting (AGM) today at 5pm today at Shaikh Rashid Hall, Dubai International Convention Centre.

The AGM will discuss the proposed cash dividend of 20 per cent of the nominal value of shares and the new dividend policy announced by the board of directors. Also on the agenda are the approvals of the director's report, auditor's report and financial statements, and appointment of auditors for the year 2008. Source

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Arabtec to construct 68 new Polo Homes at Dubai Polo and Equestrian Club in Arabian Ranches

EMAAR Properties PJSC has issued a Letter of Acceptance to Arabtec Construction LLC for the design and construction of 68 Polo Homes at Dubai Polo and Equestrian Club in Arabian Ranches at total value of AED520 million.
The project is set to be completed in phases over a period of 32 months.

The above order brings the total number of villas currently under construction by Arabtec Construction LLC to 2,700 villas including 940 villas for the Mohamed Bin Rashid Housing Programme and 712 villas for EMAAR and 1047 for Dubai Silicon Oasis.

Arabtec Construction LLC has already completed and delivered over 6,300 villas in the last six years including 4,702 villas for EMAAR at Emirates Hills, Emirates Lakes, Meadows, Springs, Arabian Ranches and 560 villas for Dubai Silicon Oasis and 558 villas for Dubai Properties and 554 villas for the Mohamed Bin Rashid Housing Programme. (WAM)

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Burj Dubai hit by four-month delay

Emaar Properties' Burj Dubai is four months behind schedule and may now not be finished by the end of this year as originally planned, it has been revealed.

Emaar Chairman Mohamed Alabbar said on Tuesday the world's tallest structure would not be finished on time, without giving further details as to the reason for the delay.
"We are about four months late," Alabbar told reporters.
Emaar said last month construction on the tower had been stepped up to meet an "accelerated schedule", without giving further details.

An Emaar official said in July the Burj Dubai would open sometime before Christmas this year, which means the tower may not now be finished until spring 2009.

Work on the Burj Dubai was delayed in November when around 40,000 labourers employed by Arabtec, one of the construction companies working on the project, went on strike for a week over pay and conditions.

Arabtec Executive Director Tom Berry said at the time the strikes could cause the company miss completion dates for some of its key projects in Dubai.

The Burj Dubai currently stands at just over 600 metres, over 90 metres higher than the world's tallest building, Taiwan's Taipei 101, and over 40 metres higher than the world's tallest free-standing structure, Toronto's CN Tower.

The only structure now left for the Burj to overtake is the KVLY/KTHI television mast in Blanchard, US, which measures 628.8 metres.

The Burj Dubai will not be officially recognised as the world's tallest structure until it is completed.

Emaar has remained tight lipped over the final height, but it is rumoured to be between 700 and 1,000 metres.

Local media reports last year said the final height would be 818 metres, citing architects drawings posted on the internet.

The Burj Dubai is to be the centrepiece of a city within a city, Downtown Burj Dubai. The $20 billion development as a whole will include 30,000 homes, nine hotels, 6.2 acres of parkland, 19 residential towers, the Dubai Mall, and a 30-acre manmade lake. The development will cost around $20 billion. Source

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Burj Dubai set to inspire future architects

Emaar Board Chairman Mohammed Ali Al Abbar said that Burj Dubai will become an architectural master work, which will inspire future generations of architects.

He added on the second day the 8th World Congress of the Council on Tall Buildings and Urban Habitat (CTUBH) at the Grand Hyatt Hotel in Dubai that "this huge pioneer building, which is being developed by Emaar, reflects spirit of challenge that characterises Dubai- not only because it is the tallest skyscraper, but a step towards realising vision of Vice President, Prime Minister of UAE and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum, in highlighting position of Dubai in the world map".

He added that Emaar was planning to build 90 floor-sky scraper, but Sheikh Mohammed "encouraged us to launch unprecedented project in the light of fast economic growth. The vision of Sheikh Mohammed inspires us to look ahead with confidence".

Carrying the theme 'Tall and Green: Typology for a Sustainable Urban Future,' the Congress is discussing the role of sustainable skyscrapers, concentrated mega-projects and 'new' cities in future urban developments and the new generation of skyscraper form: tall, articulated towers.

The congress will highlight state-of-the-art in developing, designing, building, and operating sustainable skyscrapers and technologies concerned with energy use reduction and energy generation. The Congress will also include technical tours to Burj Dubai, Emirates Tower, Burj Al Arab, Index Tower and Palm Jumeirah. (WAM)

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Dubai Marina Mall units open for sale

Emaar Properties has opened sale of a limited collection of luxury waterfront serviced apartments at the 38-storey Dubai Marina Mall Hotel & Serviced Residences, and boutique offices at Marina Plaza.

The apartments include ideally-located studios, duplexes, one, two and three-bedroom apartments, said an official spokesman.

The Dubai Marina Mall Hotel & Serviced Residences and Marina Plaza are part of the 150,000 sq m Dubai Marina Mall complex which also includes the Dubai Marina Mall Hotel; the Dubai Marina Mall - a modern shopping and entertainment destination with 40,000 sq m of net leasable space; and an eight-storey tower dedicated to diverse cuisines.

The Serviced Residences are located next to Marina Plaza, an innovative 28-storey boutique building offering freehold commercial property, offering exclusive and private access to Shaikh Zayed Road.

“The Dubai Marina Mall Hotel & Serviced Residences and Marina Plaza both offer unique investment opportunities. The luxury Serviced Residences offer a sought-after location in the ‘new’ Dubai, and a vast array of conveniences,” said sales director, Emaar Properties, Saif Al Mansoori.

An array of floor plans and sizes will be presented to potential investors at the sales event. Featuring rich architectural design elements on a glistening waterfront, the Dubai Marina Mall Serviced Residences and Marina Plaza towers maximise the benefits of its Marina location, offering stunning views – an idyllic scenario to live and work.

Sales at the public launch will be on first come first serve basis. Potential buyers can visit the Emaar Sales Centre at Emaar Business Park Building 1, eighth floor, from 9am toay (March 1).

They can also call toll-free, 800 EMAAR (36227), for more details. Amlak is offering easy home finance options of up to 95 per cent of the property value.

Emaar has unveiled six luxurious projects at Dubai Marina – Al Majara, Al Sahab, Dubai Marina Towers, Marina Promenade, Marina Quays and Park Island.

Three of them - Majara, Al Sahab and the Dubai Marina Towers - have been completed and the keys handed over to buyers. The master-development has a projected population of 75,000, with several thousands of people already living within Dubai Marina. (TradeArabia News Service)

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Emaar board proposes 20pc cash dividend

Dubai-based Emaar Properties yesterday proposed a dividend of Dh0.20 ($0.054) per share from its 2007 profit, unchanged compared with the year before when the payout disappointed investors.
The remaining profit will be allocated to reserves, the largest Arab real estate developer by market value said on the Dubai bourse Web site.

Earnings per share for the year rose to Dh1.08 per share, compared with Dh01.05 the year before.

"Local retail investors would not take it positively because the stock is perceived as a proxy for the whole market and these investors are yield-driven," said Mohammad Kamal, real estate analyst at Deutsche Bank in Dubai.

Last year, a similar 20 per cent cash dividend disappointed investors, sending Emaar shares plunging more than five per cent the next day.

The stock is down about 24 per cent this year, the worst performance in the Dubai index.

Emaar beat most analysts' forecasts last month with a record fourth-quarter profit of Dh1.74 billion ($473.9 million).

Investment bank EFG-Hermes in January cut its fair value target for Emaar after the developer said profit growth this year would stagnate on higher construction costs for its malls and hotels.

The Egyptian bank lowered its long-term target for Emaar shares to Dh18.50 each from Dh20.04, and its earnings-per-share outlook to Dh1.23 from Dh1.63 following a conference call with Emaar officials.

The stock last traded at Dh11.30. (Reuters)

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Emaar shares fall after canceling Indian IPO, drag down Dubai index

Emaar Properties the largest Arab developer by market value, declined to its lowest since October in early Dubai trading after the company scrapped a US$1.64 billion initial public offering of its Indian unit following poor investment demand.
"Everyone expected the IPO to go through even though it would be a tough one, so it is disappointing," Stefan Schurmann, an analyst at brokerage EFG-Hermes Holding, said in a phone interview from Dubai today. "They have leverage available on a parent company level, so short-term funding is not an issue. But it is not nice for sentiment."

Emaar was down 50 fils, or 4.2%, to AED11.65 at 12:39 local time, heading for its lowest close since 18 October. The Dubai Financial Market General Index was down 1.77%. Emaar is the benchmark's biggest stock by weighting.

Emaar MGF Land, which planned to sell 102.6 million shares in India's second-biggest IPO by a real-estate company, scrapped the offering following poor investor demand. It will consider selling shares when the stock markets are more stable, it said in a statement on 8 February.

The Indian unit received bids for 40% of the shares offered after the Sensitive Index had its worst start to the year in at least three decades. A global sell-off in equities, sparked by concern that the US is headed for a recession, has reduced or halted planned share sales worldwide.

The Saudi Tadawul was down 0.31% by mid day trading. The Abu Dhabi Securities Market lost 1.52%. Source

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Burj Dubai on SALE

More than 300 people spent Friday night queuing up outside Emaar Properties' Burj Dubai sales centre, desperate to grab several new units in the developer's flagship project.

In unprecedented scenes, some buyers are thought to have paid nearly 8 million dirhams ($2.18 million) for one bedroom apartments in the Burj itself, and over 2 million dirhams for one bedroom apartments in Downtown Burj Dubai.

Emaar announced on Thursday it would be hosting a sales event for an "exclusive collection" of high-end homes drawn from various residential projects in Downtown Burj Dubai.

Residential projects included The Old Town, The Residences, South Ridge, Burj Dubai Lake Hotel & Serviced Apartments and The Dubai Mall Hotel & Serviced Apartments, some of which are ready to move into immediately.

The units officially went on sale at 9am on Saturday morning. However, by 3am queues had already built up, with many eager buyers bringing blankets, food and drink with them. Many were armed with cheque books and passports, keen to snap up anything they could.

"It got busy very early. The rumours have been going around of units going for 3,000 dirhams per square foot, which is very high but most people still think the price is going to rise a lot more as the Burj Dubai nears completion," said Robert Macnair, branch manager of property consultants Sherwoods.

"Many of these properties have gone up 25% in value within the last three months alone.”

Downtown Burj Dubai is being marketed as "a city within a city", and will include 30,000 homes, nine hotels, 6.2 acres of parkland, 19 residential towers, the Dubai Mall, and a 30-acre manmade lake.

The Burj Dubai, the tallest building in the world, will be the centrepiece of the $20 billion development. Source

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Emaar Properties records 2007 annual net profit of US$ 1.790 billion

Emaar Properties PJSC focused on business segmentation, international expansion and strong regional partnerships in 2007 to record annual net profits of AED 6.575 billion (US$ 1.790 billion), 3 per cent higher than the net profit of AED 6.371 billion (US$ 1.735 billion) recorded in 2006 in spite of significantly lower land sales and slow down of US Real Estate sector during 2007.
Annual revenue increased by 25 per cent to AED 17.566 billion (US$ 4.782 billion) compared to AED 14 billion (US$ 3.813 billion) in 2006. Earnings per share (EPS) for the year 2007 was AED 1.08 (US$ 0.29) compared to AED 1.05 (US$ 0.29) in 2006.

Emaar recorded fourth-quarter revenue and net profits of AED 5.029 billion (US$ 1.369 billion) and AED 1.736 billion (US$ 0.473 billion). These represent a growth of 13 per cent in revenue and 11 per cent in net profit, respectively, over third quarter 2007 revenue and net profit of AED 4.459 billion (US$ 1.214 billion) and AED 1.560 billion (US$ 0.425 billion).

Emaar’s international operations started contributing positively to the Group’s profitability with joint ventures in India and Morocco earning profits during 2007.

Marking its presence as a global conglomerate, Emaar was ranked in the Financial Times Global 500 list, while its flagship development, Burj Dubai, scaled 158 storeys to become the tallest building and free-standing structure in the world. Emaar also ranked in the Top 10 of S&P’s IFCG Extended Frontier 150 Index for frontier equity markets covering constituents from 26 countries.

Integrated lifestyle provider

Mr Mohamed Ali Alabbar, Chairman, Emaar Properties, said: “In a tough year for the global property market, Emaar recorded impressive financials – testament to the strong fundamentals that drive the company. Emaar’s long-term approach of developing lifestyle communities, rather than land sales in its core home market of Dubai, and forming strategic partnerships in key markets positions the company in a robust position to achieve its Vision 2010 of becoming one of the most valuable companies in the world.”

“More than any other company, Emaar has delivered homes and lifestyle services in time and quality to its thousands of customers. The company has over the last 10 years built competencies that will help translate our Dubai success story in a number of markets across the globe,” said Mr Alabbar.

He added: “The joint venture with equal equity participation with Bawadi, a Dubai Holdings Group company for developing 70 million square feet of land in Dubai highlight our pioneering role in forming strong regional partnerships. This aligns with the strategic vision of UAE Vice President & Prime Minister and Ruler of Dubai His Highness Sheikh Mohammed Bin Rashid Al Maktoum to make Dubai a global economic powerhouse.”

Mr Alabbar said: “Emaar’s growth in diversified sectors reflects our commitment to become an integrated lifestyle provider, and enhance value for our stakeholders – including consumers, shareholders and development partners.”

Diverse development portfolio

In Dubai, Emaar recorded strong sales for new residential projects across its master-planned mega-projects Downtown Burj Dubai, Arabian Ranches and Dubai Marina. Emaar launched the Armani Residences - a premier collection of homes in Burj Dubai and a joint venture with Giorgio Armani S.p.A, which was met with record-breaking international sales response.

Emaar Hospitality revamped the Dubai Polo & Equestrian Club, and opened three hotels – Al Manzil, Qamardeen and The Palace Hotel, Old Town – in Downtown Burj Dubai.

Emaar Malls Group opened Souk Al Bahar, an Arabesque leisure destination; unveiled Cairo Gate, Egypt’s largest shopping mall and leisure destination; and signed a joint venture deal with Cathay Organisation, the Singapore-based premier entertainment provider to manage cineplexes at Emaar’s shopping malls. The Dubai Mall and Dubai Marina Mall projects are also on track and are scheduled to commence operations in second half of 2008.
Emaar Education opened its first schools in Dubai, and launched the University of the Arts to promote arts education in the Middle East and North Africa region and the Subcontinent.

International markets

In India, Emaar MGF has filed the Draft Red Herring Prospectus (DRHP) for an IPO with Securities and Exchange Board of India’s (SEBI’s) and the approval is expected shortly; in Egypt, Emaar acquired full ownership of its country subsidiary and announced two new mixed-use projects. Emaar Pakistan commenced sale of homes at Crescent Bay in Karachi, complementing the strong sales record for Canyon Views homes in Islamabad. Emaar Morocco, Emaar International Jordan and Emaar Turkey launched sale of homes, and Emaar Syria made gains with the launch of commercial space within its Eighth Gate development. In Saudi Arabia, Emaar, The Economic City (Emaar.E.C) unveiled the project’s first residential component – Bay La Sun Village and Emaar Middle East, a subsidiary of Emaar, launched Jeddah Gate, a mixed-use community. More than 6,000 units have been launched in Emaar’s international operations (other than US) and the investors’ response has been overwhelming.

Corporate laurels

Emaar was chosen as ‘Property Company of the Year’ for the second consecutive year at the Arabian Business Property Awards, and the company won the Dubai Quality Award for its commitment to quality and service excellence.

Emaar earned the ISO 14001:2004 certification for its environmental management processes underscoring its commitment to environmentally sustainable initiatives and the Green 2007 campaign unveiled by Sheikh Mohammed. (Mena Report)

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Emaar named 'property company of the year'

Emaar Properties has won the 'Property Company of the Year' for the second time in a row at the Arabian Business Achievement Awards. The award recognises the overall performance of the company including product quality, service and growth strategies.

Ahmad Al Matrooshi, Managing Director - UAE, Emaar Properties, received the award from Sultan bin Saeed Al Mansouri, Minister of State for Governmental Sector Development, at the Arabian Business Achievement Awards. Source

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Emaar opens first phase of Burj Dubai shopping mall

Emaar Malls Group, a subsidiary of Emaar Properties, said yesterday it had opened the first phase of a shopping mall in the $20 billion Downtown Burj Dubai development.
Phase one of the Souk Al Bahar has more than 50 shops and largest of the development's three supermarkets, Emaar Malls said in a statement.

The mall has a gross leaseable area of 164,700 sq ft (15,300 sq metre) and will have more than 100 stores when it is completed next year, it said.
Emaar Malls said last month it was looking to borrow to finance an 11-fold expansion in retail space in the Middle East and Asia in a decade.
Emaar Malls has around 11 million sq feet (1.022m sq metres) of retail space, including in properties under development such as the Dubai Mall, said Emaar Malls Chief Executive Rashid Doleh. That would rise to 100m sq feet in 10 years, he said.
The Dubai Mall is part of the Downtown development as is the Burj Dubai, the world's tallest building.
Emaar, the largest Arab property developer by market value, aims to get 15 per cent of its revenue from recurring operations such as hotels, serviced apartments and retail properties by 2010, the company said in May. Emaar makes around 90pc of its revenue in Dubai, much of that from sales of land and property.

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Emaar considers DIFX listing, among others

Emaar Properties, the largest Arab real estate developer by market value, said on Thursday it might consider a secondary listing on the Dubai International Financial Exchange (DIFX), among other bourses.

It is the first time Dubai-based Emaar, which is listed on the Dubai Financial Market, suggested a presence on the DIFX, an exchange the emirate set up in 2005 to tap a growing market in initial public offering and offer foreign companies second listing access to Gulf Arab wealth.
The DIFX, where shares of Dubai-based port manager will list on Monday, operates according to international regulatory standards. "We have always considered the possibility of a dual listing on the DIFX, London, New York, or any other international stock exchange," Emaar said in a statement on the Dubai bourse Web site. It did not give details.
Emaar plans to list shares in London during the next year.
"Emaar is considering listing on the London Stock Exchange and the estimated timeline is the next twelve months," Mohamed Alabbar told Arabian Business in a preview of an interview subsequently published on Nov. 18. (REUTERS)

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