Emaar’s KSA and India projects total US $5.19 billion

Firm identifies partners in Libya, Morocco and Egypt for future projects

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By  Eudore Chand Published  March 12, 2005

The value of Emaar Properties’ real estate development projects in Saudi Arabia and India are worth more than US $5.19 billion, according to the company’s chairman, Mohammed Ali Alabbar. Speaking at the company’s seventh annual general meeting in Dubai, Alabbar announced that Emaar is developing a number of projects in Saudi Arabia totalling approximately SR12 billion ($3.19 billion), in addition to huge developments in India totalling $2 billion. The region’s leading developer declared a dividend of 13% and an issue of 7% bonus shares for the year 2004 at the AGM. Emaar had record annual profits of $460.76 million (AED1.691 billion) for 2004, a rise of 150%. Last year, Emaar established a joint venture with Al Oula Real Estate to set up Emaar Middle East and focus on developments in Saudi Arabia and other GCC countries. The company has also identified partners in Libya, Morocco and Egypt to build major mixed-use real estate developments, Alabbar said. In 2004, Emaar handed over more than 8000 homes to their owners and launched nearly 40 communities. The developer plans to proceed with plans to establish a worldwide group of luxury hotels and vacation resorts in partnership with Giorgio Armani. The first ‘Armani Hotel’ will be part of Burj Dubai tower and opens in 2008. Emaar recently launched Emaar Industries, a private joint stock company with a paid up capital of AED200 million. Emaar Properties will be the majority shareholder with 50%, followed by Amlak Finance with 10%, and the remaining shares being held by local and regional investors from the UAE and GCC. Meanwhile, Emaar has introduced two new additions to its golf community portfolio: Mirador La Coleccion and Hattan III at the Arabian Ranches and Emirates Golf Club. Mirador La Coleccion features a special collection of the upscale Mirador homes that were launched previously, taking the best of Mirador architecture and style and introducing two new villa types. These authentic Spanish homes comprise two-storey villas replete with old style chimneys, terracotta roofs and arched windows. Hattan III at Emirates Golf Club are Arabic styled villas featuring open courtyards, sandstone finishes and earthy tones. The three-storey single-family detached homes are available in a choice of executive and luxury type and feature a host of modern amenities. The company recently unveiled another project, Quay West, a 39-storey apartment tower, which is part of the Marina Quays project at the Dubai Marina. Marina Quays is the three-tower community that was launched last year; Quay West is connected to the other two towers by a common podium structure and comprises one- and two-bedroom apartments that boast views of the marina waterfront. Amenities include a gymnasium, swimming pool, squash court and business centre.

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