About EMAAR Properties
EMAAR Properties stands as one of the world’s most valuable and admired real estate development companies, with a net asset value of AED 177.5 billion (USD 48.3 billion) as of December 2023. Founded in 1997 by Mohamed Alabbar, this Dubai-based powerhouse has revolutionized urban landscapes through master-planned communities and iconic developments, most notably Burj Khalifa and Dubai Mall. With diversified operations spanning residential and commercial real estate, retail, hospitality, and leisure sectors, EMAAR has delivered approximately 108,000 residential units worldwide since 2002 and continues to expand its footprint globally with significant developments across the Middle East, Asia, Africa, and North America.
Corporate Overview and Structure
Founding and Evolution
EMAAR Properties was founded and incorporated in 1997 by chairman Mohamed Alabbar, establishing itself as a pioneer developer of integrated master-planned communities in Dubai. The company was initially wholly owned by the Dubai government, with founding shareholders holding 24.3% when it began public operations following its initial public offering (IPO) in 2000. That same year, EMAAR Properties was listed on the Dubai Financial Market, becoming the first property company to offer shares to foreign nationals. This marked the beginning of EMAAR’s journey toward becoming a global real estate powerhouse.
The company’s expansion began with the announcement of Dubai Marina in 2001, followed by the revelation of plans for its signature development project, Downtown Dubai, in 2003. This ambitious project included two landmark developments: Burj Khalifa and The Dubai Mall, which would become the world’s tallest building and largest mall respectively. EMAAR’s international expansion formally commenced in 2004 with the establishment of Emaar International LLC, enabling the company to undertake projects across multiple continents.
Corporate Governance and Leadership
EMAAR operates as a public joint-stock company listed on the Dubai Financial Market with a market valuation of US$16.8 billion as of August 2023. The company’s two largest shareholders are Dubai ruler Mohammed bin Rashid Al Maktoum and the UAE’s sovereign wealth fund, Investment Corporation of Dubai. This strong governmental backing has provided EMAAR with significant stability and strategic advantages in the competitive real estate market.
The company’s leadership structure consists of an experienced Board of Directors, complemented by the Emaar Development Board of Directors, and a team of principal officers united in their commitment to excellence. Under founder Mohamed Alabbar’s vision, EMAAR continues to sharpen its strategy “to be one of the world’s most valuable, most innovative and most admired companies”. This leadership philosophy has been instrumental in securing EMAAR’s position as one of the world’s greatest real estate and lifestyle developers.
Financial Performance and Scale
EMAAR’s financial strength is evident in its impressive metrics. As of December 2023, the company boasts a net asset value of AED 177.5 billion (USD 48.3 billion) based on third-party valuation1. This represents significant growth from its December 2022 Net Asset Valuation of US$37.6 billion (AED 138.1 billion). The company reported revenue of US$8.5 billion, with a net income of 6.78 billion UAE dirhams and total assets of 112.75 billion UAE dirhams as of 2017.
With approximately 6,600 employees, EMAAR has established itself as a major corporate entity in the UAE and beyond. The company’s scale is further illustrated by its development portfolio, having delivered approximately 108,000 residential units in Dubai and other international markets since 2002. Additionally, EMAAR possesses a substantial land bank of 1.7 billion square feet available for future property development, ensuring its continued growth potential for decades to come.
Business Segments and Operations
Diversified Business Portfolio
EMAAR has strategically diversified its operations across several complementary business segments. The company has established competencies in real estate development, retail and shopping malls, hospitality, and leisure1. This diversification strategy has allowed EMAAR to create integrated ecosystems around its developments, enhancing its value proposition and creating multiple revenue streams.
The company’s business structure includes numerous specialized subsidiaries, such as Emaar Developments, Emaar Malls, Emaar Hospitality, Emaar Hotels & Resorts, Emaar Retail, Emaar Community Management, Emaar Technologies, Emaar Industries and Investment, among others. This organizational structure enables focused expertise in each business domain while maintaining cohesive brand identity and cross-functional synergies.
Signature Developments and Projects
EMAAR’s portfolio of developments includes some of the world’s most iconic structures and communities. The crown jewel is undoubtedly Burj Khalifa, which opened in 2010 as the world’s tallest building at 2,716.5 feet with 160 stories primarily for residential purposes. Named after Abu Dhabi ruler Sheikh Khalifa bin Zayed Al Nahyan, this architectural marvel has become synonymous with Dubai’s ambitious vision and EMAAR’s capabilities.
Complementing Burj Khalifa is The Dubai Mall, which opened in 2008 and has become the world’s most-visited retail and lifestyle destination. The development also features The Dubai Fountain, the tallest performing fountain in the world, which began operation in 2009. Together, these landmarks form the core of Downtown Dubai, EMAAR’s signature integrated development that has redefined urban living in the region.
Beyond these flagship projects, EMAAR has developed numerous residential communities throughout Dubai, including Arabian Ranches, Dubai Marina, The Greens, The Meadows, The Lakes, and The Springs. The company has continued its innovative streak with more recent developments like The Address Residence Fountain Views Complex, The Address Residence Sky View, Burj Vista, Boulevard Point, and Vida Residence in Downtown Dubai. Cultural contributions include the Opera District featuring Dubai Opera House, the country’s first dedicated opera house.
Hospitality and Retail Operations
EMAAR’s hospitality portfolio is substantial, encompassing 34 hotels (both owned and managed) with over 8,700 room keys. The company’s hotel brands include the prestigious Address Hotels, which have set new standards for luxury accommodation in the region. In January 2015, EMAAR Hospitality expanded its offerings by opening Manzil Downtown Dubai, a boutique hotel managed by Vida Hotels and Resorts featuring 200 rooms and suites with views of Burj Khalifa.
In the retail sector, EMAAR has established itself as a leader through developments like Dubai Mall and its mall management operations. The company commands an impressive 14 million square feet of gross leasable area space across its retail projects. In 2014, EMAAR Properties announced plans to sell shares of its malls and retail business to the public, resulting in one of the largest IPOs in the region since the global financial crisis. Emaar Malls Group became a publicly traded company on the Dubai Financial Market in October 2014, with its shares closing at 3.25 dirhams and approximately 535 million shares traded, making it the largest IPO in Dubai since 2007.
International Expansion and Global Footprint
Strategic Global Presence
EMAAR established Emaar International LLC in 2004, signaling its commitment to global expansion. Since then, the company has undertaken projects across multiple continents, including Africa, Asia, North America, and the Middle East. Each international property maintains EMAAR’s distinctive design aesthetic while providing “an aspirational lifestyle within a thriving community” supported by the company’s community management team.
The international expansion strategy has enabled EMAAR to diversify its market exposure, mitigate regional economic fluctuations, and export its successful development model to new territories. This global footprint has contributed significantly to the company’s reputation as a world-class developer and enhanced its brand recognition across international markets.
Significant Indian Operations
India represents one of EMAAR’s most substantial international markets. Emaar India maintains a diverse portfolio spanning all key segments of the Indian real estate industry, including residential, commercial, retail (malls), and hospitality. The company possesses a land bank of approximately 6,000 acres for future development, with existing assets, ongoing projects, and land banks spread across Delhi NCR (particularly Gurugram), Mohali, Chennai, Hyderabad, Lucknow, Jaipur, and Indore.
EMAAR entered the Indian market in the early 2000s by winning the bid for the Hyderabad International Convention Centre through a joint venture called Cyberabad Convention Centre Private Limited (CCCPL), partnering with the Andhra Pradesh Industrial Infrastructure Corporation (APIIC). The convention center, completed in December 2005, features a total seating capacity of 4,000 (extendable to 6,500).
In 2005, EMAAR formed a joint venture with MGF Developments Limited of India, with EMAAR as the larger equity partner while MGF managed operational responsibilities. This joint venture executed several significant projects, including the 2010 Commonwealth Games Village in Delhi. In April 2016, EMAAR announced its separation from MGF, filing a demerger scheme in the Delhi High Court. Following this restructuring, EMAAR took control of all ongoing projects to ensure their timely completion, committing to deliver 11,000 units by the end of 2018.
Corporate Values and Sustainability Initiatives
Commitment to Excellence and Innovation
At the core of EMAAR’s business philosophy is a commitment to shaping new lifestyles through design excellence, build quality, and timely delivery. The company’s vision, articulated by founder Mohamed Alabbar, is “to be one of the world’s most valuable, most innovative and most admired companies”15. This ambition drives EMAAR’s continuous pursuit of innovation and excellence across all its operations.
EMAAR has demonstrated its innovative approach through projects like Dubai Trolley, the region’s first hop-on-hop-off transit system, and the world’s first hydrogen-powered, zero-emission street tram system4. Such initiatives reflect the company’s commitment to pioneering solutions that enhance urban living while addressing environmental concerns.
Sustainability and Social Responsibility
EMAAR considers sustainability “a fundamental aspect of our lives” and “an investment in the future for both society and ourselves”. This perspective informs the company’s approach to development, incorporating sustainable design principles and environmentally responsible practices across its projects.
The Emaar Foundation, operating as part of Emaar Properties, focuses on driving and coordinating the group’s corporate social responsibility efforts. This foundation serves as the primary vehicle for EMAAR’s community engagement and philanthropic activities, reflecting the company’s commitment to contributing positively to the societies in which it operates.
Conclusion
EMAAR Properties has established itself as a transformative force in global real estate development through its visionary approach to creating integrated communities and iconic landmarks. From its humble beginnings in 1997, the company has grown into a diversified powerhouse with significant operations across multiple sectors and geographies. EMAAR’s success stems from its unwavering commitment to excellence, innovative mindset, and strategic diversification.
The company’s financial strength, coupled with its substantial land bank and development pipeline, positions it for continued growth and influence in the global real estate market. As EMAAR continues to execute its vision of being “the world’s most valuable and trusted company,” it remains poised to shape new urban landscapes and lifestyles across the globe while maintaining its commitment to quality, sustainability, and social responsibility.
Emaar Projects
Whether you are looking to buy a property under construction or ready to move in, there are plenty to choose from in Dubai, and Emaar can help you with it.
Almost every property has a variety of attractive offers for investors and homebuyers, such as long-distance fee waivers and flexible payment plans.
