This page contains a Flash digital edition of a book.
NEWS


EMAAR PROPERTIES RELEASE 9 MONTH PERFORMANCE FIGURES


maar Properties PJSC, has reported a net operating profit of AED 1.249 billion (US$ 340 million) in the first nine months (January to September) of 2011. Revenue for the first nine months this year reached AED 5.873 billion (US$ 1.599 billion). Tird quarter (July to September) 2011 revenue stood at


E


AED 1.859 billion (US$ 506 million), compared with the second quarter 2011 revenue of AED 2.032 billion (US$ 553 million). Net operating profit for the third quarter of this year reached


AED 406 million (US$ 111 million), similar to the second quarter 2011 net operating profit of AED 422 million (US$ 115 million). Te nine-month performance of Emaar was underlined by


the sustained growth of its hospitality & leisure and shopping malls & retail subsidiaries, the continued demand for homes and commercial space within its established communities such as Downtown Dubai, and the hand-over of prime real estate assets in international markets, including Turkey, Jordan and Syria. Residences in several master-planned developments of Emaar in other global markets including Saudi Arabia and Egypt - two of the biggest markets in terms of demand for ‘affordable luxury’ homes - will be handed over shortly, adding to the company’s revenue stream in the coming months. Te shopping malls business of Emaar recorded robust growth


in revenue during the first nine months of 2011 with the total rental and related revenue for the period being approximately AED 1.6 billion (US$ 436 million). Te Dubai Mall, its flagship mall development, welcomed 39 million visitors during the period - 13% higher than visitors in 2010 for the period. Te mall is on course to crossing the 50 million visitor mark this year. Emaar›s hospitality business also contributed significantly to


Group revenues with The Address Hotels + Resorts, its flagship hotel brand. In spite of the third quarter being a seasonally lower period for hospitality business, Te Address Hotels + Resorts recorded an average occupancy rate of 80% during the first nine months of the year. Revenue from the hospitality & leisure business during the first nine months was AED 844 million (US$ 230 million).


NEW PROPERTY INVESTMENT FUND TO BE LAUNCHED IN DUBAI


nvestment Corporation of Dubai (ICD), the investment arm of the Government of Dubai, and Brookfield Asset Management Inc., a leading global alternative asset manager focused on property, renewable power and infrastructure assets with approximately $150 billion of assets under management, have signed a memorandum of understanding to form an investment fund to focus on the real estate sector in Dubai. Te fund will be jointly sponsored by ICD and Brookfield who will each


I


seed the fund with USD100 million. Te fund intends to invite additional capital from a select group of local, regional and international investors, according to a press release distributed today by the Dubai Government Media Office. It is intended that the fund›s final size will be capped at USD1 billion. Commenting on the MoU, HH Sheikh Ahmed bin Saeed Al Maktoum,


Chairman the Government of Dubai›s Supreme Fiscal Committee, Board Member of ICD and Chairman of Emirates NBD PJSC and the Emirates Group said: “We see this agreement as another big step in our next phase of growth. It once more affirms Dubai›s attractiveness as a premier investment destination in this region.” In line with ICD›s objectives to champion the principles of good


governance and transparency within the Dubai economy, the fund will be operated in accordance with best international practices in governance, risk-management, transparency and investors relations. Te investment strategy of the fund will target opportunities currently


available in the Dubai real estate sector, with a focus on a wide class of assets in both freehold and non-freehold areas. Te fund will have a life of 8 to 10 years.


8 I CITYSCAPE I NOVEMBER 2011


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44  |  Page 45  |  Page 46  |  Page 47  |  Page 48  |  Page 49  |  Page 50  |  Page 51  |  Page 52  |  Page 53  |  Page 54  |  Page 55  |  Page 56  |  Page 57  |  Page 58  |  Page 59  |  Page 60  |  Page 61  |  Page 62  |  Page 63  |  Page 64