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Emaar Properties (Arabic: إعمار ), 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.
Stock market performance
In the last of series of blows to the Emaar image as a profitable investment, Emaar's US subsidiary John Laing Homes, claimed to be the "the second largest privately held homebuilder in the US" filed for chapter 11 protection.
Emaar Properties shares have lost most of the gain they made during the real estate bubble between 2005 and the summer of 2008. According to Dubai Financial Market website, the share lost 83.47% of its value in the twelve months preceding February 22, 2009
Trading in Emaar's shares has often been controversial, with much evidence of apparent insider trading. On 16 February 2006, The Khaleej Times reported a large fall in the stock price that happened the day before an Emaar board meeting to discuss distribution of Emaar profits. There was widespread expectation that Emaar would announce bonus shares, but inexplicably the stock price fell 4.5% just prior to the announcement. When the announcement came, the bonus shares did not materialize, leading many to suspect insider trading. Many small investors lost out heavily and it cemented a view that well connected individuals were privy to information prior to the rest of the market. Considering the ownership of Emaar includes the Dubai Government and some of the most powerful individuals in the country, outside investors in Emaar now largely factor the likelihood of price manipulation to their disadvantage into the stock price. This, and the perceived bubble nature of the Dubai property sector explains Emaar's stock price plummet since 2005, from around 50 AED to around 2 AED per share.
In the UAE
With more than 14,000 homes, Emaar has several major real estate projects under various stages of development in Dubai. The company also owns and manages the Gold and Diamond Park.
Emaar started construction on its most ambitious project to date on 1998, the AED 73 billion (US$20 billion) Burj Khalifa Downtown development, which comprises the Burj Khalifa - the tallest tower in the world when completed in 2009, the Dubai Mall, Burj Khalifa Business Hub, The Lofts, The Old Town, The Old Town Island, Burj Khalifa Boulevard, The Residences, Burj Views, man-made lakes, landscaped parks and gardens.
Located in the Burj Khalifa, Armani Hotel and Residences Dubai includes 160 guest rooms and suites, restaurants and a spa covering more than 40,000 m². Above the hotel are 144 luxury residential apartments.
Emaar also owns several blocks of apartments in the Greens as well as villas in the Lakes which are rented to tenants. However, the Dubai Government's rent cap laws have fixed rents at up to 50% below the prevailing market level. In early 2007, Emaar contacted Greens rental tenants informing them that they had two weeks to agree to purchase their apartment at the market rate, or it would be sold on the open market. Despite initial denials by Emaar, a similar ultimatum was given to Lakes tenants shortly afterwards.
Labor issues
The UAE has a large population of expatriate construction workers, mainly from India, Pakistan, and the Philippines. With trade unions outlawed, the poor conditions and low wages have brought the UAE some unwelcome headlines. In Dubai, the Government has done much to guarantee limited rights to such workers, particularly with regard to ensuring that they are paid on time. However, from time to time labor disputes, strikes and protests do still occur. With laborers often on a daily wage of around US$8, and the land that Emaar builds its developments on being essentially free, the price of Dubai property seems to be somewhat disconnected from the fundamentals.
Joint ventures
The company has joint ventures and projects across the region covering Algeria, Bahrain, Egypt, France,India, Indonesia, Jordan, Lebanon, Morocco, Pakistan, Saudi Arabia, Syria, Tunisia and Turkey.
International projects include: Cairo Heights and Smart Village, both in Egypt; Boulder Hills, a leisure and residential community in Hyderabad, India; multiple resort projects in Morocco, including Amelkis II & III and Bahia Bay, residential golfing communities; Eighth Gate project in Damascus, the city’s first master planned community; and Lakeside in Istanbul.
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.
Expansion plans
Emaar Properties announced plans to 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.
While continuing to expand its core business of real estate development, Emaar has diversified into related business. Emaar owns and manages EMRILL, a joint venture with the UK-based Carillion which provides property and facilities management services. Emaar also holds 30% 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.
However, the financial crisis and the unfavorable economic conditions make it unlikely that Emaar would go on in its previously announced expansion plans. Difficulties in access to financial resources, both in capital market and bank loans.
Chairman
Mohamed Ali Alabbar, the Director General of the Dubai Department of Economic Development and Chairman, Emaar Properties, is a member of the Dubai Executive Council, the supreme government body with the mandate to synergise all growth initiatives in Dubai.
Alabbar is a founder member of the Arab Business Council, established by the World Economic Forum. Euromoney Magazine named him one of five prominent Arabs in only 50 global economy leaders, while Advertising Age selected him as one of the International Marketing Superstars of the Year (1996). Arabian Business magazine, in 2006, ranked Alabbar sixth among top 50 most influential Arabs.
A graduate in finance and business administration from Seattle University, USA (1981), Alabbar initially worked with the UAE Central Bank, before establishing his presence internationally with a five-year stint as Director and General Manager of the Dubai Government-owned Al Khaleej Investments in Singapore.
In 1982 Alabbar set up the Department of Economic Development to create public policies to strengthen the trade and business segments of Dubai and encourage a culture of transparency. He also formulated the Dubai Quality Award and the Dubai Shopping Festival and Dubai Summer Surprises. Alabbar has served as Vice Chairman of Dubai Aluminium Company Ltd (DUBAL) and Dubai World Trade Centre (DWTC).
Alabbar spearheads Emaar’s international expansion into the emerging markets of Saudi Arabia, Morocco, Egypt, Syria, Jordan, Lebanon, Turkey, Tunisia, India and Pakistan. A recent high-profile venture was the launch of the AED 97.7 billion (US$26.6 billion) King Abdullah Economic City, the single largest private sector investment in Saudi Arabia. Emaar is fast-tracking a plan to diversify into sectors such as education, healthcare, finance, hospitality and retail. Alabbar also joined with Giorgio Armani to set up a chain of around 30 luxury hotels and resorts under the Armani brand name in key international cities – starting with Milan and Dubai.
Alabbar is the Chairman of RSH Ltd., a Pan-Asian marketer, distributor and retailer for branded sports, golf, active lifestyle and fashion products with a turnover of AED 1.281 billion (US$348.86 million). He is also a joint venture partner with Tan Sri Syed Mokhtar Al-Bukhary in the Gulf International Investment Group (GIIG) for a range of projects in Asia and the Middle East.
Alabbar is the Chairman of the UAE Golf Association, and has been instrumental in putting Dubai on the global sports map through his involvement with the annual PGA-level Dubai Desert Classic golf tournament. He was named among the top ten golfing personalities in the world by Golf World. He is also Chairman of the Rashid Paediatric Centre, a charity organisation for children with special needs, and works closely with Arab NGOs to creating employment and develop small businesses.
The Dubai based newspaper 7days has recently been banned from Emaar properties after criticizing the Emaar board of directors.
UAE Projects
Burj Dubai Downtown
The 500-acre (2 km²) Burj Khalifa Downtown development includes the Burj Khalifa - the tallest tower in the world; Dubai Mall - the world’s largest shopping and entertainment complex; The Residences - a series of high-rise apartment towers; and Old Town - a low-rise traditional residences community.
The Old Town Island; Burj Dubai Business Hub; Burj Dubai Lake Hotel and Serviced Apartments; The Lofts; and Burj Views add to the range of properties on the site.
Arabian Ranches
This multi-billion dirham desert development is spread over thousands of acres and includes an 18-hole championship course designed by Ian Baker-Finch and Nicklaus Design, a polo ground and an equestrian centre. The development contains a varie
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