Tag: Press Release

• Premium developments by Emaar are most sought-after by international investors for the most competitive prices and assured returns

• Dubai Creek Harbour, featuring the iconic Dubai Creek Tower and Dubai Square; Downtown Dubai, highlighted by Burj Khalifa and The Dubai Mall; Dubai Hills Estate, a serene green oasis in the heart of the city; Emaar South, located near the site of Expo 2020 Dubai; Emaar Beachfront, a private island destination; Arabian Ranches, an established villa community; and Dubai Marina, the region’s largest waterfront development, offer strong investment opportunities

Dubai, UAE; September 12, 2018: Emaar Properties, the global developer, has been ranked as the world’s largest property company outside China, with a brand value of over US$2.7 billion, making it the first choice for international investors seeking high-value returns. A new ranking by Brand Finance, the brand valuation and strategy consultancy, has ranked Emaar as the only company outside China in the top 10 most valuable real estate brands, with its brand value increasing by 39 per cent in the past year. Emaar is also among the top 10 brands in the Middle East led by its strategic new developments.

The new ranking of Emaar underpins its appeal among high net worth global investors seeking real estate investment opportunities in Dubai, one of the fastest growing global cities, with Emaar already serving more than 200 nationalities as its valued customers.

Emaar’s investors include people from China, Singapore and Southeast Asia, South Asia, Japan, the UK and rest of Europe, the US, Egypt and from across the wider Middle East and North Africa, making it the most diverse in its customer-base compared to the real estate companies in China or any other part of the world.

Mohamed Alabbar, Chairman, Emaar Properties, said: “The ranking of Emaar as the world’s largest real estate developer outside of China further highlights our credentials in delivering world-class property for discerning customers from across the world. As a multicultural city that is home to over 200 nationalities, Dubai is today among one of the most desirable destinations for real estate investments, and Emaar meets the aspirations of investors who are seeking strong long-term returns, with our most competitive rates on premium projects compared to similar developments in global cities.”

Emaar has a strong and proven track-record in delivering premium projects. To date, Emaar has handed over more than 47,900 residential units in Dubai and other international markets since 2002. In Dubai alone, Emaar has delivered more than 34,800 residences to investors from across the world.

Highlighting the strong investor appeal for Emaar’s residential launches, the company reported total sales of AED 6.23 billion (US$ 1.70 billion) during the first half of this year. Emaar now has a total sales backlog of over AED 38.50 billion (US$ 10.48 billion), majority of which will be recognised as revenue over the next three to four years. In the first half of the year, Emaar launched the sale of over 3,600 residential units across its mega developments in Dubai. It now has a development pipeline of over 60 residential projects in the UAE with over 28,000 units.

With over 10 mega-developments in its portfolio, Emaar is offering several attractive investment opportunities for global investors with its launches in Dubai Creek Harbour, the six square kilometre mega-development, only 10 minutes from the Dubai International Airport and the iconic Bur Khalifa, as well as overlooking the Ras Al Khor Wildlife Sanctuary, home to rich mangroves and migratory birds including the pink flamingos.

Dubai Creek Harbour features the upcoming new icon, Dubai Creek Tower, and Dubai Square, the retail metropolis of the future, adding to the long-term value investors derive from the development. The first homes in Dubai Creek Harbour’s Creek Island Dubai, a one-of-a-kind waterfront destination with a vibrant Creek Marina, will be handed over next year and will bring lavish island living to over 33,500 residents. Another high-value investment opportunity is in Downtown Dubai, the flagship mega-development by Emaar, featuring the iconic Burj Khalifa, The Dubai Mall, The Dubai Fountain and Dubai Opera. The established development is also the world’s most visited lifestyle destination, welcoming more than 80 million annual visitors.

Investors can also be part of Dubai Hills Estate, one of the largest master-planned communities in the city. Offering a unique opportunity to live a serene lifestyle in the heart of Dubai, Dubai Hills Estate offers breath-taking views of the iconic Dubai skyline, in addition to parks and other lifestyle amenities. Developed as a joint venture with Meraas, Dubai Hills Estate features an 18-hole championship golf course, the Dubai Hills Golf Club; and the Dubai Hills Mall, among other amenities.

Emaar Beachfront, a private gated island destination in the Arabian Gulf, offers residents the opportunity to experience Miami beach style living in Dubai, while Emaar South, a joint venture with Dubai South, is a green neighbourhood, located only minutes away from the site of Expo 2020 Dubai, and from Al Maktoum International Airport, set to be the biggest in the world. Arabian Ranches, an established villa community, and Dubai Marina, the region’s largest waterfront destination, also appeal to global investors for the luxury lifestyle they offer in Dubai.

Emaar’s brand-value also draws from its strategic partnership with Aldar for a new joint venture to develop the world’s next era of iconic destinations that will shape the UAE’s ever-evolving skyline. The JV has a targeted AED 30 billion development pipeline with an initial focus on two projects in Abu Dhabi and Dubai.

Attractive limited time offer of 80% payment post-handover in five years.

Emaar Development (DFM: EMAARDEV) will showcase a fully-furnished Spanish coast-influenced Samara villa in Arabian Ranches II for potential customers to have a touch-and-feel of the luxury lifestyle that awaits them at the established neighbourhood.

Located right by the Arabian Ranches Golf Club and Dubai Polo Equestrian Club, Samara is a distinctive neighbourhood with only a limited selection of villas available for sale. Customers now have the opportunity to experience first-hand a beautifully designed Samara home that is masterfully laid out for family-centric living.

Accessible via Al Qudra Road, Samara is a wonderfully green oasis with a superb central location within the Arabian Ranches community. Customers can choose from a selection of three, four and five-bedroom homes, each with private plots for gardens and outdoor decks.

With low-pitched terracotta tiled roofs, accented with elegant overhanging eaves and delicate wrought iron trimming, the Spanish dream home offers a wealth of amenities for residents including community swimming pools, parks, sports courts and an elite leisure centre. Children can cycle to the nearby schools and parks enjoying the safety and serenity of this gated community.

For a limited period only, Emaar is introducing an attractive offer on available Samara units. Customers only have to pay 10 per cent of the unit value on the purchase date followed by another 10 per cent during hand-over, which is scheduled in November 2018. The rest 80 per cent has to be paid only in five years in instalments of 8 per cent of the remaining amount, every six months post-completion. Subject to terms and conditions, customers also get 100 per cent off on registration fees and service charges for five years.

To tour the Samara villa from 9.30am to 7pm, make a booking with the sales team. For more information on Samara, please call 800 36227(UAE) or +9714 366 1688 (International) or email: Sales_Enquiry@emaar.ae. Visit the Emaar Sales Centres in Downtown Dubai; Dubai Creek Harbour Sales Centre in Ras Al Khor; Dubai Hills Estate Sales Pavilion located on Umm Suqeim Road; Emaar South Sales Centre on the DWC Peripheral Road in Dubai South; and the Abu Dhabi Sales Centre on the ground floor of Al Nahda Tower on 4th Street, Al Muroor Road. The centres are open from Saturday to Thursday, 9.30am to 7pm, and on Fridays from 2 to 7pm at the Emaar Sales Centre in Downtown Dubai only.

Emaar offers long-term investors and homebuyers the opportunity to register for the Emaar Preferred Access programme, at www.maar.com. More information is also available through the ‘Online Sales Centre’ feature on Emaar’s e-Services App that can be downloaded on iPads and iPhones.

Dubai; September 25, 2018: Emaar has launched a new high-value investment opportunity for international investors seeking assured returns on high-end real estate. Marassi Bay in Egypt is a limited collection of luxury villas inspired by French Riviera living, along the Mediterranean coast.

Situated along Sidi Abdel Rahman Bay, Marassi Bay is showcased for customers across Emaar’s international sales centres, and marks one of the most prestigious launches by the company globally. Marassi Bay is a part of the Marassi Emaar mega-development by Emaar in Egypt. It appeals to those who prefer a year-round beach lifestyle among the Maldives-like waters of the Mediterranean Sea.

The positive growth environment of Egypt has made the country one of the key locations sought out by investors and customers. With the current rate of supply meeting only a nominal part of the huge demand, Marassi Bay comes as the perfect opportunity to invest in the country. Emaar’s global launch of Marassi Bay follows the interest the company has gained for the recent reopening of the historic Al Alamein Hotel in Marassi.

Marassi Bay offers spectacular sea-view villas, top-end amenities and superior quality of life. Nestled 10 metres above sea level on the north tip of the development, the homes are surrounded by the azure blue waters of the Mediterranean Sea. Residents will enjoy pristine white beaches, breathtaking sunsets and expertly crafted villas. Residents will benefit from the exceptional concierge services of Emaar’s five-star premium luxury hotel brand, Address Hotels + Resorts.

A range of world-class amenities includes the Marassi Emaar signature 18-hole Golf Course. With its gently rolling terrain, inland waterways and modern facilities, the course makes the residences in Marassi Bay a prized possession for golf enthusiasts. All residents of Marassi Bay will be granted a 10-year membership at the Golf Club upon property purchase.

Other amenities include The Allure, a private Miami style beach bar and café, and The Regal country club with resident lounges, pool, steam rooms, saunas and more. Further, the Marassi Marina and Marassi Yacht Club will serve as the getaway destination for yachting, adventure, surfing and water sports enthusiasts, along with gourmet dining, al fresco cafes and shopping experiences.

For inquiries, call +9714 3661688 (International); 800 36227 (UAE) or email: Sales_Enquiry@emaar.ae.

Emaar is celebrating the Saudi National Day from September 20 to 23 with an assortment of activities and never-before offers that will delight Saudi visitors and UAE residents.

The highlights of the activities include Burj Khalifa featuring the Saudi national flag on its LED screen, the world’s largest-of-its-kind, while The Dubai Fountain will come to life with specially choreographed displays.

The shows will be held at 8.10 pm, 9.10 pm and 10.10 pm in addition to the regular displays that will delight all visitors. Residents of Saudi Arabia also enjoy a host of offers to play, stay and shop at Downtown Dubai.

PLAY at Emaar Entertainment attractions and At the Top, Burj Khalifa

At the Top, Burj Khalifa
20% off on guided tours to Level 148, inclusive of complimentary refreshments
20% off on self-guided tours to levels 125 and 124

Reel Cinemas – The Dubai Mall / Dubai Marina Mall
50% off Dolby Cinema, MX4D, Dine-In Movie Tickets
50% restaurant bill for Guy Fieri’s Kitchen – The Dubai Mall

Dubai Aquarium & Underwater Zoo
50% off Dubai Aquarium and Explorer tickets (excluding promotional tickets)

KidZania®
50% off Economy Tickets – Adult/Child

Dubai Ice Rink
50% off all sessions – Adult/Child

VR Park
50% off Unlimited Pass tickets – Adult/Child

STAY with Emaar Hospitality Group
Complementing the leisure activities, visitors can also look forward to attractive offers at the hotels under Emaar.

Armani Hotel Dubai
Reserve an Armani guestroom or residence for two, three or five nights to enjoy discounts of 10%, 15% and 25% respectively. Guests can also book into one of the hotel’s luxurious suites for two, three or five nights and receive discounts of 20%, 25% and 35% respectively. Bookings can be made at www.armanihoteldubai.com

Address Hotels + Resorts
Stay two nights to get one free night, plus 1,000 U By Emaar Bonus Upoints; stay four nights to receive two free nights, plus 2,000 U By Emaar Bonus Upoints; or stay six nights to get three free nights, plus 3,000 U By Emaar Bonus Upoints. Bookings can be made at www.addresshotels.com

Vida Hotels and Resorts
Stay two nights and get one free night, plus 1,000 U By Emaar Bonus Upoints; stay four nights and receive two free nights, plus 2,000 U By Emaar Bonus Upoints; or stay six nights and get three free nights, plus 3,000 U By Emaar Bonus Upoints. Bookings can be made at: www.vidahotels.com Rove Hotels Enjoy amazing Rover Room rates starting from AED 175 per night at any of the five hotels – Rove Downtown, Rove City Centre, Rove Healthcare City, Rove Trade Centre and Rove Dubai Marina. Bookings can be made at: www.rovehotels.com

SHOP at The Dubai Mall To mark this special occasion, The Dubai Mall has created a Saudi National Day Offer Booklet exclusively for Saudi nationals which includes a range of exciting dining deals and shopping offers. Distributed at Guest Services Desks, Saudi nationals can collect this booklet simply showing their National ID. In addition, branded memorabilia and light hospitality will be offered to Saudi guests. From September 20 to 23, The Dubai Mall will be buzzing with live performances as a traditional Saudi band entertains guests in Souk Atrium.

Emaar Properties, the global developer of icons including Burj Khalifa, is celebrating the Chinese Mid-Autumn Festival on September 24, and the ‘Golden Week’ observed during the first week of October by offering Chinese investors a never-before value proposition with a ‘Golden Month Offer’ until October 24, 2018.

Chinese buyers of most Emaar residential properties in Dubai will receive 50% off on registration fees and can enjoy a convenient three-year post-handover payment plan. They will be treated to a two-week free stay for them or relatives at Armani Hotel Dubai with the offer valid for a year.

On Mid-Autumn Festival day, a special animation will be displayed on Burj Khalifa from 8.13pm, and mooncakes, a traditional pastry, will be distributed to visitors in most of Emaar’s sales centres.

Chinese investors can opt for world-class homes in Emaar’s portfolio in Dubai that assure strong long-term returns, with prices at extremely competitive rates compared to global cities. Downtown Dubai is a sought-after destination with icons such as Burj Khalifa, The Dubai Mall, The Dubai Fountain and Dubai Opera. The Dubai Mall welcomed 80 million visitors for the fourth consecutive year establishing Downtown Dubai as the world’s most visited lifestyle destination.

Investors have a winning proposition in Dubai Creek Harbour, a master-planned destination along the historic Dubai Creek in the heart of the city, and anchored by the new global icon, Dubai Creek Tower and the new retail metropolis of the future, Dubai Square. It is only 10 minutes from Downtown Dubai and the Dubai International Airport and next to the Ras Al Khor Wildlife Sanctuary, home to migratory birds including pink flamingos.

Dubai Creek Harbour has 7.3 million sq m of residential space, and 940,000 sq m of retail precincts – including Dubai Square also featuring the region’s largest Chinatown. When completed, Dubai Creek Harbour will be home to over 200,000 people, and be a thriving economy that drives the tourism, retail and hospitality sectors of the city.

Emaar had announced it will open three dedicated pavilions in China – Beijing, Shanghai and Guangzhou, all cities served by direct daily flights to Dubai on Emirates Airline. For details on Emaar’s projects, call 800 36227 (UAE) or +9714 3661688 (International); or email: Sales_Enquiry@emaar.ae.

Dubai Creek Tower, the global icon in the heart of the 6 sq km Dubai Creek Harbour, has completed concrete placement for the pile cap two months ahead of scheduled completion. The concrete pouring commenced in September last year and reached over 50 per cent completion in January 2018.

Dubai Creek Tower’s pile cap is an approximately 20m thick multi-layered, tiered reinforced concrete top that covers and transfers the load to the foundation barrettes. With this milestone, 50,000 cubic meters of concrete has been poured, weighing about 120,000 tonnes or the weight of the CN Tower in Canada. About 16,000 tonnes of steel reinforcement has also been placed, just over twice the weight of the Eiffel Tower.

In October 2016, His Highness Sheikh Mohammed marked the ground-breaking of the tower, with the foundation work accomplished in a record time. The tower’s 145 barrette piles were tested to a world record load of 36,000 tonnes and laid 72 metres deep to firmly secure the super-structure.

Over 450 skilled professionals from across the world are working on site highlighting the global collaboration that marks the construction of the new iconic structure. Designed by Spanish/Swiss architect and engineer Santiago Calatrava Valls, Dubai Creek Tower will feature several observation decks such as the Pinnacle Room and VIP Observation Garden Decks.

Dubai Creek Tower will add incredible economic value to Dubai Creek Harbour, a mixed-use development located near the Ras Al Khor Wildlife Sanctuary that is home to over 67 species of water birds and is protected by the UNESCO Ramsar Convention.

Emaar Properties, the global developer of icons including Burj Khalifa, is celebrating the Chinese Mid-Autumn Festival on September 24, and the ‘Golden Week’ observed during the first week of October by offering Chinese investors a never-before value proposition with a ‘Golden Month Offer’ until October 24, 2018.

Chinese buyers of most Emaar residential properties in Dubai will receive 50% off on registration fees and can enjoy a convenient three-year post-handover payment plan. They will be treated to a two-week free stay for them or relatives at Armani Hotel Dubai with the offer valid for a year.

On Mid-Autumn Festival day, a special animation will be displayed on Burj Khalifa from 8.13pm, and mooncakes, a traditional pastry, will be distributed to visitors in most of Emaar’s sales centres.

Chinese investors can opt for world-class homes in Emaar’s portfolio in Dubai that assure strong long-term returns, with prices at extremely competitive rates compared to global cities. Downtown Dubai is a sought-after destination with icons such as Burj Khalifa, The Dubai Mall, The Dubai Fountain and Dubai Opera. The Dubai Mall welcomed 80 million visitors for the fourth consecutive year establishing Downtown Dubai as the world’s most visited lifestyle destination.

Investors have a winning proposition in Dubai Creek Harbour, a master-planned destination along the historic Dubai Creek in the heart of the city, and anchored by the new global icon, Dubai Creek Tower and the new retail metropolis of the future, Dubai Square. It is only 10 minutes from Downtown Dubai and the Dubai International Airport and next to the Ras Al Khor Wildlife Sanctuary, home to migratory birds including pink flamingos.

Dubai Creek Harbour has 7.3 million sq m of residential space, and 940,000 sq m of retail precincts – including Dubai Square also featuring the region’s largest Chinatown. When completed, Dubai Creek Harbour will be home to over 200,000 people, and be a thriving economy that drives the tourism, retail and hospitality sectors of the city.

Emaar had announced it will open three dedicated pavilions in China – Beijing, Shanghai and Guangzhou, all cities served by direct daily flights to Dubai on Emirates Airline. For details on Emaar’s projects, call 800 36227 (UAE) or +9714 3661688 (International); or email: Sales_Enquiry@emaar.ae.

Creek Island Dubai brings a new lifestyle on the Creek

Dubai Creek Harbour to hand over first homes in Q1 2019

• Dubai Creek Residences, the first residential destination in Creek Island Dubai, will be home to over 4,000 residents early next year

• On-schedule progress on the development of Creek Island Dubai’s array of residential developments overlooking the historic Creek and Ras Al Khor Wildlife sanctuary

• Residents to move into a prestigious address defined by the Dubai Creek Tower and Dubai Square, the upcoming retail metropolis

Dubai, UAE; August 27, 2018: Dubai Creek Harbour, the six square kilometre mega-development nearly twice the size of Downtown Dubai, will welcome its first residents early next year. A vibrant new community will take shape in a trend-setting Riviera-style neighbourhood as the first residences in Creek Island Dubai, the premier district in Dubai Creek Harbour, are being readied for hand-over.

The result of meticulous planning by world-class architects and landscaping artists, Creek Island Dubai is a one-of-a-kind waterfront destination will bring lavish island living to over 33,500 residents. Set against the backdrop of Dubai’s awe-inspiring skyline and the natural beauty of the historic creek, Creek Island Dubai will deliver a never-before waterfront lifestyle in the heart of the city, only 10 minutes from the Dubai International Airport and the iconic Bur Khalifa, as well as overlooking the Ras Al Khor Wildlife Sanctuary, home to rich mangroves and migratory birds including the pink flamingos.

The vibrant Creek Marina will set the pace for the Creek Island Dubai lifestyle, with diverse retail, dining and leisure venues. In addition to yachting facilities, complete with a modern yacht club, three hotels, a bustling promenade, landscaped pedestrian walkways, and art installations will greet residents and visitors. To be home to many of the city’s most excellent parks, gourmet restaurants, cafés and world-class entertainment venues, Creek Island Dubai promises a haven of luxury waterfront living.

The incredible long-term value that homes in Creek Island Dubai bring to residents and investors is further highlighted by its proximity to the iconic Dubai Creek Tower, which will define a new skyline for the nation. Also next-door is Dubai Square, the new metropolis that is set to usher in a new era in retail and leisure.

The first homes to be delivered in Creek Island Dubai are in Dubai Creek Residences, a six-tower residential development with only 872 homes. In fact, the very-first residential launch in the master-development, Dubai Creek Residences captures the true essence of a vibrant harbour and the Creek Marina lifestyle, and is nestled between the yacht club, pools, a world-class marina and a boulevard glowing with activity.

All six towers feature incredible panoramas over Dubai Creek Harbour and Downtown Dubai on the opposite side of the wondrous Dubai Creek. Nearly 90 per cent of the construction has been completed for hand-over in the first quarter of 2019.

More than 4,000 residents will have the pride of being the first ones to move in to their new address. Work on all supporting infrastructure is progressing as per schedule with easy access from the Ras Al Khor thoroughfare already in place. Creek Island Dubai will also be connected to the mainland by no less than three bridges assuring seamless connectivity and mobility. Adding to the lifestyle choices for residents, Creek Marina will also be home to the Vida Harbour Point, a 286-room upscale lifestyle hotel similar to harbour hotels in cities such as Singapore and Shanghai, that will also open in 2019.

Meanwhile, work on the other residential developments launched in Creek Island Dubai is progressing as per schedule. These include Creekside 18, with 500 apartments, scheduled for completion in the first half of 2020, with over 40 per cent of the construction completed.

Harbour Views with 762 apartments, also to be handed over in the first half of 2020, is over 36 per cent completed, while nearly 20 per cent construction has been completed on Creek Horizon, featuring 556 apartments due for handover in mid-2020, and The Cove, a low-rise waterfront sanctuary, with only 276 apartments, to be delivered in the first half of 2020.

Other upcoming residential developments in Creek Island Dubai, launched to positive investor response, are Creek Gate (490 apartments); Creek Rise (543 apartments) and Harbour Gate (505 homes). Construction is progressing on these too, with about 15 per cent construction complete, milestones being set as per schedule and hand over throughout 2020. There is significant progress in the construction of the Dubai Creek Tower too. In May this year, the concrete placement for the tower’s pile cap was completed two months ahead of schedule.

Dubai Creek Harbour will also feature world-class hotels, green parks and gardens, several cultural attractions, glistening canals, lush parklands, landscaped promenades, pedestrian walkways, cycle paths, city bus routes and the two Dubai Metro links adding to the connectivity to the Dubai Creek District.

Dubai Hills Estate, one of the largest master-planned communities in the city developed by Emaar Properties as a joint venture with Meraas, is underlining its commitment to environmental sustainability by saying no to plastic bottles across its site offices.

Currently being developed with several features including an 18-hole championship golf course, the Dubai Hills Mall and Dubai Hills Park, Dubai Hills Estate is a serene and lush master-development located only 15 minutes from Downtown Dubai.

In support of the ‘Drop It’ campaign launched in the UAE by Goumbook with the goal of uniting individuals and the local business community in rethinking single-use plastic consumption, Dubai Hills Estate has set a new precedent that will a secure a cleaner future for the coming generations.

Accordingly, staff at Dubai Hills Estate site offices will no longer use single-use plastic water bottles or other disposable containers but will instead bring in own water bottles or use glasses. Water coolers have been set up on the premises too. Workers on the various sites are also encouraged to reduce the usage of plastic bottles and to adopt reusable bottles.

The campaign comes on the back of estimates that the UAE has the highest consumption of bottled water per capita in the world. Dubai Hills Estate’s ‘Drop It’ campaign is the first in an Emaar project.

Located at the crossroads of Al Khail and Umm Suqeim Roads, Dubai Hills Estate offers the unique opportunity to live a serene lifestyle in the heart of Dubai with breath-taking views of the iconic Dubai skyline, in addition to parks and other lifestyle amenities.

• Emaar’s revenue for the first half of the year increased by 46%, fed by strong growth in property development and malls business

• Emaar Development records strong property sales of AED 6.229 billion (US$ 1.696 billion) in the first six months, with a tota/ current backlog of AED 38.502 billion (US$ 10.482 billion)

• Malls, hospitality, leisure and entertainment businesses report 17% growth in revenue to AED 3.536 billion (US$ 963 million) over same period last year

Dubai, UAE; August 14, 2018: Emaar Properties (DFM: EMAAR) recorded revenue for the first half of 2018 of AED 11,474 billion (US$ 3.124 billion), 46 per cent higher than HI 2017 revenue of AED 7.866 billion (US$ 2.142 billion), led by strong construction progress and growth in malls business.

Emaar’s net profit grew by 18 per cent to AED 3.344 billion (US$ 910 million), prior to considering the effect of the IPO of Emaar Development (DFM: EMAARDEV), compared to the net profit of AED 2,837 billion (US$ 772 million) during the same period in 2017. The net profit for the first half of 2018 after considering impact of Emaar Development IPO in 2017 is AED 2.981 billion (US$ 812 million), an increase of 5 per cent over same period last year.

Emaar Development, the UAE build-to-sell property development business majority-owned by Emaar Properties, recorded impressive sales of residential properties in the UAE, valued at AED 6.229 billion (US$ 1.696 billion) during the first six months of the year, highlighting strong investor appeal for Emaar Development’s projects. The total sales backlog of Emaar Development is AED 38.502 billion (US$ 10,482 biElion) to be recognised as revenue in the coming years, underpinning the strong long-term fundamentals of the company.

Emaar’s malls, hospitality, leisure and entertainment businesses recorded revenue of AED 3.536 billion (US$ 963 million), 17 per cent higher than the same period in 2017 at AED 3.016 billion (US$ 821 million), which represents 31 per cent of the total revenue.

Revenue for the second quarter (April to June) 2018 was AED 5,888 billion (US$ 1,603 billion), 55 per cent higher than the Q2 2017 revenue of AED 3.794 billion (US$ 1 *033 billion). Net profit for Q2 2018 grew by 16 per cent to AED 1.679 billion (US$ 457 million), prior to effect of Emaar Development’s IPO. Net profit after considering Emaar Devefopment IPO was AED 1.480 billion (US$ 403 million), 2 per cent higher than the Q2 2017 net profit of AED 1.453 billion {US$ 396 million).

Mohamed Alabbar, Chairman of Emaar Properties, said: “The strong financial performance of the company during the half-year highlights the strength of Dubai’s economy and its appeai to international investors and tourists. While our property business recorded positive growth with several new residentiaE destinations launched in Dubai, our malls, hospitality, leisure and entertainment business benefited from the increase in tourist arrivals and boost in domestic spending. Our focus continues to be on creating premium real estate assets and strengthening the competencies of our malls and hospitality business to add value to our stakeholders.”

In property business, Emaar has launched several residential projects in Dubai Creek Harbour, Dubai Hills Estate, Downtown Dubai and Emaar South, as well as the unveiled Emaar Beachfront, a private island destination. The Faunches recorded strong interest from international investors underfining Emaar’s reputation for superior design, build quality and timely delivery.

Emaar Malls (DFM: EMAARMALLS) reported HI 2018 revenue of AED 2.103 billion (US$ 573 million), 29 per cent higher than the HI 2017 revenue of AED 1.624 billion (US$ 442 million). Emaar is further expanding its malls business with the launch of Dubai Square, a retail metropolis of the future in Dubai Creek Harbour, the six square kilometre mega-development only 10 minutes from the Dubai International Airport and Downtown Dubai. Ushering in the future of retail the new precinct will also feature the Middle East’s largest-of-its-kind Chinatown.

Emaar is progressing in the construction of Dubai Hills Mall, a regional mall, in Dubai Hills Estate with 2 million square feet gross teasable area. The shopping mall assets of Emaar Malls — The Dubai Mall, Dubai Marina Mail, Souk Af Bahar, Gold & Diamond Park and community shopping centres together weEcomed over 67 million visitors during the first six months of the year, 3 per cent more than the 65 million visitor footfall in HI 2017.

Emaar’s hospitality, commercial leasing and entertainment businesses reported revenues of AED 1.433 billion (US$ 390 million) during the first six months of the year, 3 per cent higher than the HI 2017 revenue of AED 1.392 billion (US$ 388 million). Emaar Hospitality brands — Address Hotels + Resorts, Vida Hotels and Resorts and Rove Hotels – continue to record higher occupancy than Dubai’s industry average. Emaar Hospitality Group signed several management contracts in the UAE and in global markets, and now has over 50 hotel projects — operational and upcoming – in its portfolio currently.