Emaar sets its sights on Europe and the US

Eyes 'high-end' property markets in Europe and North America

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By  Eudore Chand Published  May 1, 2004

Emaar Properties will spread its wings overseas by entering upscale markets in Europe and North America, according to Mohamed Ali Alabbar, company chairman. “Emaar will be spreading its wings to find the space to grow. We already have projects underway in India, are looking at GCC countries including Saudi Arabia and Qatar, have plans for Pakistan and Malaysia, and will be entering select upscale markets in Europe and North America,” said Alabbar in an interview featured in the recently released Emaar 2004 yearbook. He said Emaar has cemented its reputation for innovation by taking an idea from the drawing board and turning into world-class, master planned communities. “In 1999, we were selling homes in bundles of tens. Two years ago, we were selling them in the hundreds. Now we are selling them by the thousands,” the Emaar chairman pointed out. The Emaar 2004 yearbook profiles key activities and achievements of the property major during 2003 and follows close on the heels of the company’s 2004 first quarter results, which marked an impressive 22% growth in Emaar’s profits to Dhs208 million. The Emaar yearbook will be distributed to key investor groups and high net worth individuals in the UAE and overseas. “The years gone by, was a year of remarkable growth for Emaar, a challenge that we have risen to, and that our financials clearly reflect. As we continue on our mission ‘Shaping the Future. Today’, we expect to maintain and enhance not only the quality of our service offerings but also the financial strength of our company,” continued Alabbar. Emaar launched high profile projects in 2003 including Burj Dubai, The Dubai Mall, Emaar Towers, Gazelle at Arabian Ranches and Hattan Homes. Each development has met with an overwhelming response from UAE national and expatriate investors, the company says. Emaar subsidiaries too have mirrored the company’s success with Dubai Bank, Emrill, Sahm Technologies and Amlak Finance recording impressive growth during the period. Emaar Properties has several major real estate projects under various stages of development. These include Dubai Marina, Arabian Ranches, Gazelle, Emirates Hills, The Views, The Meadows, The Springs, The Lakes, Hattan Homes, The Greens, Emaar Towers and Burj Dubai Residences. The company also owns and manages the Gold and Diamond Park and has started construction on its most ambitious project to date, the Burj Dubai - the tallest skyscraper in the world. It recently signed a letter of intent with Giorgio Armani for the establishment of an innovative collection of Armani luxury hotels and resorts in Dubai, Milan and other major global cities. The Dubai 'Armani Hotel' will be located in the Burj Dubai tower.

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