Emaar Properties Review of the Developer

Developers Emaar Properties Review of the Developer
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~15 min
10/03/2023
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Introduction

Emaar Properties, a legendary renowned developer headquartered in Dubai, UAE, has etched its mark on the global real estate landscape. With a portfolio spanning residential, commercial, and hospitality projects, Emaar is a true visionary in the industry. Founded by Mohamed Alabbar, Emaar Properties PJSC is a public joint stock company listed on the Dubai Financial Market, demonstrating its proven competencies in delivering exceptional quality and timely delivery.

Emaar is renowned for its master-planned communities, including the iconic Downtown Dubai, home to the world's tallest structure, the Burj Khalifa. The company's commitment to design excellence and elegantly designed properties extends to international projects, shaping new lifestyles and enhancing urban living. As a wholly owned subsidiary of Emaar Properties, Emaar Hospitality Group adds to its collective presence with luxurious resorts, leisure destinations, and shopping malls, providing features that redefine hospitality experiences worldwide.

History

Emaar Properties, founded in 1997 by chairman Mohamed Alabbar, has an illustrious history as a pioneering force in the UAE's real estate sector. Initially, the Dubai government held 100 percent ownership of the company, but it transitioned into a public company after its IPO in 2000, with founding shareholders retaining a 24.3 percent stake. A significant milestone in Emaar's journey was its listing on the Dubai Financial Market in 2000, marking the first time a property company offered shares to foreign nationals.

Emaar embarked on ambitious projects, such as Dubai Marina and the iconic Downtown Dubai in 2003, which included the world-renowned Burj Khalifa and The Dubai Mall. This phase catapulted Emaar into international prominence. In 2004, Emaar International LLC was established, facilitating the company's expansion into global markets across Africa, Asia, North America, and the Middle East. Emaar also ventured into the luxury hotel segment through Emaar Hotels & Resorts LLC, partnering with Giorgio Armani in 2005. The Dubai Mall officially opened in 2008, followed by the inauguration of Burj Khalifa in 2010. Despite the 2009 real estate market downturn, Burj Khalifa achieved an impressive 80 percent occupancy rate by fall 2012. As of 2014, Emaar held over $11.4 billion in real estate investments.

Emaar's journey is marked by bold ambitions, including plans for the world's tallest structure, set to surpass legendary Burj Khalifa. In 2017, Emaar unveiled the Creek Gate residential project in Dubai Creek Harbour, set to become nearly three times larger than Downtown Dubai, featuring the awe-inspiring Dubai Creek Tower, poised to become the world's next tallest structure. Emaar's enduring legacy in the real estate industry continues to shape Dubai's skyline and redefine luxury living.

Average Prices for Properties

Average property prices by Emaar can vary significantly depending on various factors, including the specific project and its location, as well as the preferences of potential buyers. Here are some examples of average property prices in select Emaar developments:

Emaar The Valley:

  • Townhouses: Prices typically range from AED 1,800,000 to AED 2,450,000.

  • Villas: Prices typically range from AED 1,850,000 to AED 2,305,000.

Emaar Beachfront:

  • Minimum Price of Properties: Starting at AED 1,350,000.

  • Average Price of Properties: Approximately AED 3,730,000.

  • Minimum Rental Price of Properties: Starting at AED 220,000.

  • Average Rental Price of Properties: Approximately AED 270,000.

It's essential to note that these are average price ranges, and actual property prices may vary based on specific units, sizes, and other factors. Buyers should conduct thorough research and consult with Emaar or real estate agents for the most up-to-date and accurate pricing information tailored to their needs and preferences.

The Key Projects

Burj Khalifa

The Burj Khalifa, formerly known as the Burj Dubai until its inauguration in 2010, stands as a towering testament to architectural and engineering excellence in the heart of Dubai, United Arab Emirates. As the world's tallest building, it reaches an inspiring total height of 829.8 meters (2,722 feet), including a spire that soars to 242.6 meters (798 feet). With a roof height of 828 meters (2,717 feet), the Burj Khalifa has held the distinction of being the tallest structure and building globally since its topping out in 2009, surpassing the previous record-holder, Taipei 101.

Construction of this iconic structure commenced in 2004 and culminated five years later in 2009 when its exterior was completed. The Burj Khalifa's primary structure is constructed from reinforced concrete, with some of the structural steel originating from the historic Palace of the Republic in East Berlin, the former seat of the East German parliament. The building was situated within the vibrant Downtown Dubai development, designed to be the centerpiece of a vast mixed-use urban project. This ambitious project was driven by the UAE government's vision to diversify from an oil-based economy and position Dubai as a global hub. The Burj Khalifa takes its name in honor of the former president of the United Arab Emirates, Khalifa bin Zayed Al Nahyan.

Dubai Mall

Dubai Mall, formerly known as The Dubai Mall, stands as a colossal retail and entertainment marvel nestled within the vibrant city of Dubai, United Arab Emirates. It proudly boasts the title of being the largest shopping mall globally when considering total land area and ranks as the 26th-largest shopping mall worldwide by gross leasable area, sharing this distinction with West Edmonton Mall and Fashion Island (Bangkok), both of which predate its establishment. With an expansive retail floor space encompassing 502,000 square meters (5,400,000 square feet), Dubai Mall is a quintessential shopping haven that forms an integral part of the remarkable 20-billion-dollar Downtown complex, aptly named Downtown Dubai. This bustling retail and leisure destination is adjacent to the iconic Burj Khalifa, world-renowned as the tallest building on the planet, and is home to an astounding array of over 1,200 shops.

Dubai Mall is not only a shopping haven but also a hub of entertainment and leisure. It garnered immense popularity, drawing a staggering 61,000 visitors to the Dubai Aquarium and Discovery Centre within its first five days of operation. This trend continued as the mall hosted over 37 million visitors in 2009 and consistently attracted more than 750,000 visitors weekly. Even in the face of economic world challenges, Dubai Mall remained a magnet for shoppers and tourists, registering a foot traffic increase of about 27 percent in 2010 compared to the previous year. The mall proudly retained its title as the world's most-visited shopping and leisure destination in 2012, welcoming over 65 million visitors, surpassing iconic landmarks and even outpacing major cities in terms of visitor numbers. Dubai Mall stands as a symbol of the city's unrivaled appeal as a global shopping and entertainment capital.

Downtown Dubai

Downtown Dubai, also known as The Dubai Downtown, stands as an impressive and expansive mixed-use district situated in the vibrant city of Dubai, United Arab Emirates. This sprawling urban development is the brainchild of Emaar Properties, one of the leading real estate developers in the region. Prior to its transformation, the area was known as Umm Al Tarif.

Downtown Dubai has emerged as an iconic district that houses some of the city's most notable landmarks, including the world-famous Burj Khalifa, The Dubai Mall, and The Dubai Fountain. Encompassing an impressive area of 2 square kilometers (0.77 square miles), this ambitious project came to life at an estimated cost of US$20 billion (Dh73 billion) and, as of 2017, was home to a thriving population of 13,201 residents.

Strategically positioned along the prominent Sheikh Zayed Road, Downtown Dubai sits opposite the Al Wasl locality to the northwest. It is bordered to the south by Business Bay and to the northeast by Financial Centre Road, which effectively separates it from Zabeel 2 and Trade Centre 2.

Dubai Opera

Dubai Opera, a magnificent cultural gem, was unveiled by Emaar Properties in August 2016 as a testament to the city's commitment to the arts. Nestled within The Opera District of Downtown Dubai, this splendid performing arts center boasts a seating capacity of 2,000, offering a versatile platform for a wide range of artistic expressions. The architectural design of Dubai Opera takes inspiration from the classic Arabian dhow, creating a visually captivating structure. Emaar Properties collaborated with architect Janus Rostock to bring this cultural masterpiece to life.

Dubai Opera has earned acclaim as a dynamic venue that hosts an eclectic array of performances from across the globe. Its diverse calendar includes captivating events such as theater productions, opera performances, ballet, concerts, musicals, stand-up comedy shows, and a variety of seasonal events.

The project was initiated following the announcement of its plans by Sheikh Mohammed bin Rashid Al Maktoum in March 2012, underscoring Dubai's commitment to nurturing a vibrant cultural scene. Dubai Opera made a grand debut on August 31, 2016, with a spellbinding performance by the renowned Plácido Domingo, marking the beginning of a new era in Dubai's cultural landscape. It has since become a famous location for cultural enthusiasts and artists from around the world, adding a rich tapestry of artistic experiences to the city's vibrant tapestry.

Address Downtown Dubai

This prestigious five-star hotel and residential complex offers an opulent experience, featuring 196 rooms and 626 serviced apartments. What sets Address Downtown Dubai apart is its proximity to the Burj Khalifa and The Dubai Fountain, offering guests and residents breathtaking views of these iconic landmarks. The hotel's vantage points are celebrated as some of the most beautiful and captivating in all of Dubai.

On December 31, 2015, a fire ignited on the 20th floor of the building, where residential suites were located. Despite the challenges posed by the fire, the tower's renovation began in late 2016. Address Downtown Dubai underwent a comprehensive reconstruction, the installation of enhanced safety features, and renovations, with the project reaching completion in 2018. Today, it stands once again as a symbol of luxury and resilience in the heart of Dubai.

Dubai Creek Tower

Dubai Creek Tower, known in Arabic as برج خور دبي, is a remarkable supported observation tower planned for construction in Dubai, United Arab Emirates. This ambitious project is estimated to cost AED 3.67 billion (approximately US$1 billion).

While the tower's final height has not been officially disclosed, Emaar, the project developer, has publicly stated that it will reach a minimum height of at least 1,300 meters (4,300 feet). This astonishing height is set to surpass the Burj Khalifa, currently Dubai's tallest skyscraper, as well as its rival, the Jeddah Tower in Saudi Arabia, which stands at 1,000 meters (3,300 feet). Upon its eventual completion, Dubai Creek Tower will ascend to the prestigious title of the world's tallest supported tower.

International Projects

Emaar, through its diverse subsidiaries, has established a significant presence in the global real estate market. It has undertaken property developments and projects in several countries, including Pakistan, India, Jordan, Egypt, Lebanon, Morocco, the United States, Saudi Arabia, Syria, Iraqi Kurdistan, and Turkey.

Emaar Hospitality Group, the hospitality and leisure division of Emaar, has also expanded its footprint, extending its hotel and residence operations to Nigeria and Bahrain in 2015. Notable projects within this expansive portfolio include the Beit Misk development in Lebanon, the Jeddah Gate project in Saudi Arabia, and the Samarah Dead Sea Resort in Jordan, which was outlined in collaboration with the King Abdullah II Fund for Development.

Awards

Emaar Properties consistently garners an impressive array of awards, reflecting its commitment to excellence and innovation across various facets of its operations. Here are some of them:

  1. Gulf Real Estate Awards. Emaar Community Management earned the prestigious titles of 'Best Real Estate Customer Experience Initiative' and 'Best Facility Management Company' for the second consecutive year at the Gulf Real Estate Awards.

  2. Facilities Management Middle East Awards. Emaar Community Management was recognized as the 'Property Management Company of the Year' for the second consecutive year at the Facilities Management Middle East Awards.

  3. International Business Excellence Awards. Emaar Community Management secured the 'Client Relationship Management' award at the International Business Excellence Awards, a testament to its dedication to fostering strong client relations.

  4. Customer Happiness Awards. Emaar Community Management was honored with the coveted title of 'Real Estate Community of the Year' for The Greens and Views at the Customer Happiness Awards.

  5. 26th Business Excellence Awards. Dubai Mall made its mark by featuring in the 'Best Service Performance Brands' category in 'Shopping Centres' and also ranked as a top scorer in the Emirates Business Rating Scheme (EBRS) for the second consecutive year.

  6. AEE International Awards. Burj Khalifa Energy Management achieved international acclaim by being awarded 'Energy Project of the Year: International' at the AEE International Awards.

  7. IFMA Awards. Emaar Facilities Management was honored with 'The Sheila Sheridan Award for Sustainable Facility Operations and Management' at The IFMA Awards, recognizing its commitment to sustainability.

  8. Middle East Cleaning, Hygiene & Facilities Awards (MECHF). Emaar Facilities Management earned two significant awards: 'Commitment to Sustainability' and 'Best Client-Contractor Partnership' for The Dubai Mall. Nabeela A. Khan of Emaar Facilities Management was also recognized as 'The Soft FM Manager of the Year' for her outstanding contributions at Dubai Mall.

  9. MENA Green Building Awards. Emaar Entertainment was acknowledged with the 'Best Building Operations and Maintenance (Existing Building)' award at the MENA Green Building Awards.

  10. OMAINTEC 2019. Burj Khalifa secured 'The Arab Award for Operations & Maintenance' (OMAINTEC 2019) as the 'Best Company that Uses Big Data in Managing Maintenance Works,' highlighting its innovative approach.

  11. Climate Control Awards 2019. Emaar Facilities Management received two prestigious awards: 'FM Company of the Year (Energy Management & IEQ)' and the 'IOT Integration Initiative of the Year' at the Climate Control Awards 2019, recognizing their exceptional contributions in the field.

Conclusion

Emaar Properties, a leading name in the global real estate industry, has consistently demonstrated excellence and innovation in its diverse portfolio of projects. With a history dating back to 1997, Emaar has not only shaped the iconic Dubai skyline but has also expanded its presence to numerous countries, including Pakistan, India, Jordan, Egypt, and the United States, to name a few.

Known for its commitment to quality and timely delivery, Emaar has successfully developed master-planned communities, luxury residences, hospitality projects, and world-renowned landmarks such as the Burj Khalifa and the Dubai Mall. As Emaar continues to embark on future projects, including the eagerly anticipated Dubai Creek Tower, it remains a symbol of architectural prowess and the highest skyscraper in the world.

Sources

Emaar Properties

FAQ

  • 1.

    Does Emaar own Burj Khalifa?

    Yes, Emaar Properties is the owner and developer of the Burj Khalifa, the world's tallest building located in Dubai, United Arab Emirates.

  • 2.

    Who is the owner of Emaar Properties?

    The owner of Emaar Properties is Mohamed Alabbar. He is not only the founder but also the chairman of Emaar Properties PJSC. Mohamed Alabbar is a globally recognized entrepreneur with diverse interests in high-value property development, retail, luxury hospitality, mining, and commodities.

  • 3.

    What are some of Emaar's most famous projects?

    Emaar is behind iconic projects such as the Burj Khalifa, the world's tallest building, and the Dubai Mall, the world's largest shopping mall.

  • 4.

    Does Emaar have international projects?

    Yes, Emaar has expanded its presence globally with projects in several countries, including Pakistan, India, Egypt, and the United States.

  • 5.

    Does Emaar offer opportunities for property investment?

    Yes, Emaar often provides investment opportunities in its projects, including residential properties, which can be attractive for investors seeking real estate assets.

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Creation date:
Update date: 05/24/2024