Real Estate

Global designer Emaar Properties PJSC recorded full-year 2015 net operating revenue of AED 4.383 billion (US$ 1.193 billion), 18 per cent higher than the FY2014 net operating revenue of AED 3.724 billion (US$ 1.014 billion).

Emaar attained full-year 2015 profits of AED 13.661 billion (US$ 3.719 billion). This is 33 per cent higher than FY2014 incomes of AED 10.301 billion (US$ 2.805 billion).

The shopping center & retail and hospitality & leisure businesses tape-recorded repeating profits of AED 5.788 billion (US$ 1.576 billion), 42 percent of the overall profits. This is 8 percent higher than the FY2014 earnings from the two companies at AED 5.367 billion (US$ 1.461 billion).

Earnings from international operations of Emaar, which has an excellent footprint across the Middle East, North Africa, South Asia and USA increased by 46 per cent to AED 2.620 billion (US$ 713 million) compared with AED 1.791 billion (US$ 488 million) in FY2014. Emaar's international operations now account for 19 percent of the overall revenue.

Emaar's net operating profit for the final quarter (October to December) 2015 was AED 1.335 billion (US$ 363 million), 58 per cent higher than the third-quarter (July to September) 2015 figures of AED 843 million (US$ 230 million) and 28 percent higher than very same duration in 2014. Income for Q4 2015 was AED 3.812 billion (US$ 1.038 billion), 15 per cent more than the Q3 2015 revenue of AED 3.329 billion (US$ 906 million) and 58 percent higher than same duration last year.

Mohamed Alabbar, Chairman of Emaar Properties, said that the positive development is underpinned by Emaar's strategy of creating long-lasting value for its stakeholders by developing exceptional real estate possessions and reinforcing its mall & hospitality companies which provide a repeating earnings stream that supports the company's sustainable development plan.

"Our businesses benefited from the favorable performance of Dubai's economy with the core sectors of retail, hospitality, tourist and air travel setting impressive milestones in 2015. We will remain to support the objectives of Dubai Plan 2021 revealed by His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President & Prime Minister and Ruler of Dubai, to develop Dubai as the preferred location to live, work and check out. The expansion of our flagship Downtown Dubai, which will see the opening of Dubai Opera this year, and our joint venture mega-developments such as Dubai Creek Harbour and Dubai Hills Estate, will even more add to the wise and sustainable metropolitan facilities of the city.".

"Our diversified development strategy and the focus we place on world-class task management enable us to address market challenges efficiently. Through resource use optimisation and by focusing on maximising effectiveness throughout all our operations, we will continue to build on our development during 2016," added Mr. Alabbar.

Strong property sales.
Throughout 2015, demand for home in Dubai has actually been strong with total sales at AED 10.23 billion (US$ 2.79 billion). Sales throughout different international markets during the very same duration were valued at AED 5.05 billion (US$ 1.37 billion).

Emaar Misr, the Egyptian subsidiary of Emaar Properties, which is noted on The Egyptian Exchange, achieved a boost of 22 percent in year-on-year sales in 2015 to EGP 8.644 billion (US$ 1.108 billion).

To date, Emaar has actually turned over more than 40,000 property devices in Dubai and other international markets. Of these, to date, over 33,600 units were turned over in Dubai.

Through 2015, Emaar marked the launch of numerous respected tasks in Dubai including Dubai Creek Residences, Creekside 18 and Harbour Views within Dubai Creek Harbour, a 6 sq km ultra-modern development located along the historical creek and near the Dubai International Airport. With spectacular views of the Dubai Creek, the Ras Al Khor Wildlife Sanctuary and the Downtown Dubai skyline, the development is anchored by The Island District with a 4.5 km boardwalk, a vibrant retail and leisure precinct, and a brand-new renowned structure.

Recently approved by His Highness Sheikh Mohammed bin Rashid Al Maktoum, the advancement will likewise feature 'The Tower', imagined as another landmark and tourist destination in the UAE. Inspired by Islamic architecture and conference demands of contemporary times, along with local environment and culture, the renowned structure is designed by Santiago Calatrava Valls, prominent Spanish/Swiss designer, structural engineer, carver and painter. The Tower is prepared as an architectural wonder that will be as terrific as Burj Khalifa and Eiffel Tower. Design on The Tower will start in the coming months.

A joint endeavor between Emaar and Meraas Holding, the around 2,700 acre Dubai Hills Estate is another ingenious development, envisaged as Dubai's very first 'green city' with houses set in the middle of leafy emerald avenues and green passages. Dubai Hills Estate's elegantly created neighborhoods are set around an 18-hole championship greens.

The continuous projects of Emaar in Dubai, in numerous stages of development, include: The Address Boulevard Dubai; The Address Fountain Views I, II and III; The Address Sky View; Vida Residences Downtown Dubai; BLVD Crescent; BLVD Heights; Boulevard Point; Burj Vista and Downtown Views-- all in Downtown Dubai.

Emaar is also developing Opera Grand, Forte and The Address Residences Dubai Opera, premium collections of residences in The Opera District of Downtown Dubai, which is anchored by Dubai Opera, a renowned focal point set to open later on this year.

Emaar's development pipeline in Dubai likewise consists of Aseel, Lila, Palma, Rosa, Rasha, Samara, Azalea and Yasmin homes in Arabian Ranches; The Hills and Vida Residences The Hills in Emirates Living; Acacia at Park Heights, Mulberry at Park Heights and Maple-- in Dubai Hills Estate.

Growth in recurring incomes.
The hospitality & leisure business recorded FY2015 incomes of AED 1.677 billion (US$ 457 million). Hospitality incomes now represent 12 per cent of the overall earnings of Emaar.

Emaar's flagship hotel brands, The Address Hotels + Resorts and Vida Hotels and Resorts recorded strong tenancy levels in 2015, showing the boost in tourist arrivals to Dubai in 2014. The typical annual occupancy at The Address Hotels + Resorts was 86 per cent, higher than the market average.

Emaar will roll out the very first hotel under the brand-new Rove Hotels brand in the coming months. Established as a joint venture with Meraas Holding, Rove is a contemporary mid-market lifestyle hotel brand. Emaar currently has over 2,660 secrets under the Rove brand in different phases of advancement to support the ongoing preparation for Expo 2020 Dubai.

The Address Hotels + Resorts and Vida Hotels and Resorts have actually also signed management contracts to operate hotels and serviced residences in high-growth global markets such as Egypt, Turkey, Nigeria and Bahrain.

With roughly 6 million sq ft of gross leasable location, Emaar Malls (DFM: EMAARMALLS), the mall & retail company majority-owned by Emaar Properties, posted a net revenue of AED 1.656 billion (US$ 451 million) for FY2015. This is 23 percent higher than the FY2014 net revenue of AED 1.351 billion (US$ 368 million).

Emaar Mall's FY2015 profits taped a growth of 11 percent to AED 2.992 billion (US$ 815 million), compared with AED 2.694 billion (US$ 733 million) in FY2014. Visitor arrivals across all Emaar Malls possessions crossed the landmark 124 million in 2015, a boost of 9 percent as compared to 2014.

Emaar has strong principles with a land bank of around 195 million sq m in Dubai and worldwide markets.

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