By dubailife 
Emaar Properties, commonly known as Emaar, is a prominent real estate development company based in the United Arab Emirates. The company’s two largest shareholders are Dubai’s ruler, Mohammed bin Rashid Al Maktoum, and the UAE’s sovereign wealth fund, the Investment Corporation of Dubai.
Emaar is a publicly traded joint-stock company listed on the Dubai Financial Market, with a valuation of USD 16.8 billion as of August 2023. This is compared to a Net Asset Valuation of USD 37.6 billion (AED 138.1 billion) as of December 2022, as determined by third-party valuation.
As one of the leading real estate developers in the UAE, Emaar is renowned for its large-scale projects, including the construction of the Burj Khalifa, the tallest building in the world.
**History**
**1997–2005**
Emaar Properties was established in 1997 by chairman Mohamed Alabbar. The company is involved in commercial and residential property development, as well as malls and hospitality sectors. Initially, the Dubai government owned 100 percent of Emaar, while founding shareholders held 24.3 percent when the company became public following its IPO in 2000. The same year, Emaar announced its plans to develop Dubai Marina. In 2000, Emaar Properties was listed on the Dubai Financial Market, becoming the first property company to offer shares to foreign nationals. The company began its first phase of development projects in 2001, awarding a joint venture contract to construct three of the six apartment towers.
### A Scale Model of The Dubai Mall
In 2003, Emaar unveiled plans for a landmark development project that would later be known as Downtown Dubai. This ambitious project included two major developments: Burj Khalifa, the tallest building in the world, and The Dubai Mall, the largest shopping mall globally.
Emaar International LLC was established in 2004, marking the company’s expansion into international markets. Emaar has since initiated projects across Africa, Asia, North America, and the Middle East.
### 2006–Present
The Dubai Mall officially opened in 2008, followed by the inauguration of Burj Khalifa in 2010. By 2014, Emaar held over $11.4 billion in real estate investments. As of 2007, the Dubai government was the majority owner of the company.
In 2009, Emaar’s subsidiary, John Laing Homes, which had been acquired in 2006, filed for Chapter 11 bankruptcy protection in the U.S. District Court of Delaware.
In July 2010, American businessman Lionel Lombard filed a lawsuit against Emaar Properties and its Chairman Mohamed Alabbar in a California federal court, alleging wrongful imprisonment and torture for speaking out on behalf of Emaar’s foreign workers. The case was dismissed in November 2010.
### The Dubai Marina District
In September 2012, Emaar launched Address BLVD, a luxury 72-story hotel and serviced apartment project in Downtown Burj Dubai, adjacent to The Dubai Mall.
In 2014, Emaar Properties announced plans to publicly list its malls and retail business. The IPO was one of the largest in the region since the global financial crisis. Emaar Malls Group became a publicly traded company on the Dubai Financial Market in October 2014. The IPO closed at 3.25 dirhams, with approximately 535 million shares traded, making it Dubai’s largest since 2007. Also in 2014, Emaar opened the world’s highest observation deck, At the Top, Burj Khalifa SKY, located 555 meters above ground on the 148th floor of Burj Khalifa.
Emaar welcomed 2015 with the world’s most-watched New Year’s Eve celebration. According to Guinness World Records, the company achieved the “Largest LED-Illuminated Façade” on the world’s tallest man-made structure during the event. The record-setting display featured 70,000 LED panels that projected colorful lights and images, including those of the UAE’s leaders, onto the Burj Khalifa. Emaar reported a 16 percent rise in net profit for the second quarter of 2015 and announced that it has a land bank exceeding 235 million square meters.
### November and December 2020 Developments
In November 2020, Emaar Properties reported a 48% drop in profits from the beginning of the year through September. The following month, Mohamed Alabbar stepped down as chairman but continued to oversee day-to-day operations as managing director.
### The Dubai Mall
Developed by Emaar Properties, The Dubai Mall is the second-largest shopping mall in the world. It had its soft opening in November 2008 and was officially inaugurated in May 2009. The mall boasts over 1,200 stores and 200 restaurants and is home to notable attractions like the Dubai Aquarium and Underwater Zoo, KidZania, Dubai Ice Rink, and the region’s largest cinema complex, Reel Cinemas. In 2014, The Dubai Mall attracted over 80 million visitors, with 40 percent being international tourists. As an extension, Emaar began developing a 55-story residential building called Downtown Views.
### The Dubai Fountain and Burj Khalifa
Emaar Properties also developed the Dubai Fountain, the world’s tallest performing fountain, which began operations in the spring of 2009. The company is renowned for constructing Burj Khalifa, the tallest building in the world, standing at 2,716.5 feet with 160 stories, primarily used for residential purposes. The tower, which opened in 2010, is named after Abu Dhabi’s ruler, Sheikh Khalifa bin Zayed Al Nahyan.
### Residential Communities and Developments
Emaar Properties has developed several neighborhoods across Dubai, including Arabian Ranches, Dubai Marina, The Greens, The Meadows, The Lakes, and The Springs. In 2013, Emaar launched multiple projects in Downtown Dubai, including The Address Residence Fountain Views I, II, and III, The Address Residence Sky View, Burj Vista, Boulevard Point, and Vida Residence. The company also added the Opera District, featuring the Dubai Opera House, the UAE’s first dedicated opera house.
### New Ventures
In January 2015, Emaar Hospitality opened Manzil Downtown Dubai, a boutique hotel managed by Vida Hotels and Resorts. The hotel features 200 rooms, suites with views of Burj Khalifa, access to a sports hub, and several restaurants. Emaar also introduced the region’s first hop-on-hop-off transit system with the Dubai Trolley, a hydrogen-powered, zero-emission street tram system.
In 2016, Emaar Properties announced plans to build an even taller structure than Burj Khalifa, with completion initially expected by 2020.
### International Projects
Emaar has expanded internationally through various subsidiaries, establishing property developments in countries such as Pakistan, India, Jordan, Egypt, Lebanon, Morocco, the United States, Saudi Arabia, Syria, Iraqi Kurdistan, and Turkey. Notable projects include Beit Misk in Lebanon, Jeddah Gate in Saudi Arabia, and the Samarah Dead Sea Resort in Jordan.
### Egypt
In 2005, Emaar Misr, an Egyptian subsidiary of Emaar Properties, began a $4 billion development project on the Moqattam Plateau in Cairo, initially named Cairo Grand Heights and later renamed Uptown Cairo. The project aimed to create a residential, commercial, and recreational community. In 2006, Emaar Misr completed an agreement with the Bibliotheca Alexandrina to redevelop part of its property on the eastern harbor of Alexandria, although the project has not yet materialized. In 2008, Emaar Misr started working on Marassi, a tourist resort in Sidi Abdel Rahman on the Mediterranean coast, which includes a hotel with 3,000 rooms, a marina, and a golf course, as well as the renovation of the historic Al-Alamein Hotel.
### India
Emaar India has a diverse portfolio across key segments of the Indian real estate industry, including residential, commercial, retail, and hospitality. The company has a land bank of around 6,000 acres, with assets and ongoing projects spread across cities such as Delhi NCR (especially Gurugram), Mohali, Chennai, Hyderabad, Lucknow, Jaipur, and Indore.
**Early Projects**
Emaar entered India in the early 2000s, winning the bid for the Hyderabad International Convention Centre. A joint venture, Cyberabad Convention Centre Private Limited (CCCPL), was formed specifically for this project, in partnership with the Andhra Pradesh Industrial Infrastructure Corporation (APIIC). The convention center, which has a seating capacity of 4,000 (extendable to 6,500), was completed in December 2005.
**Joint Venture Phase**
In 2005, Emaar entered a joint venture with MGF Developments Limited of India to handle projects in the country. Emaar India was established as a joint venture, with Emaar as the larger equity partner and MGF handling operations. The venture executed several significant projects, including the 2010 Commonwealth Games Village in Delhi. In April 2016, Emaar announced its separation from the joint venture, leading to a vertical division of the company. Emaar took control of all ongoing projects to ensure their completion and committed to delivering 11,000 units by the end of 2018, beginning with over 3,000 units in 2017.
**Future Plans**
In late 2021, a Memorandum of Understanding was signed between the governments of Dubai and Jammu & Kashmir to facilitate investments in marquee projects. Under the agreement, Emaar is set to develop a 500,000 sq. ft. shopping mall in Srinagar and is considering other investments in hospitality and mixed-use commercial and residential projects in Jammu and Srinagar.
### Saudi Arabia
Emaar’s King Abdullah Economic City (KAEC), developed by Emaar, The Economic City (Emaar E.C.), is the largest private investment in Saudi Arabia and is listed on the Tadawul, the Saudi stock exchange. The project includes the development of a special economic zone along the Red Sea coast, about 60 miles north of Jeddah. Emaar E.C. also leads the development of the KAEC port, the first privately owned port in Saudi Arabia, which opened in January 2014. The KAEC development is expected to be the size of Washington, D.C. when completed and aims to house approximately 2 million people, contributing to Saudi Arabia’s economic diversification beyond oil.
### Syria
In 2006, Emaar Properties announced plans for a large-scale development in Syria called The Eighth Gate. The project includes three zones: a commercial center, a waterfront and residential area, and a tourist zone. The project is a joint venture between Emaar Properties and IGO, an offshore investment and property development company.
### Turkey
Emaar’s first project in Turkey was the Tuscan Valley development. The first phase, completed by 2007, included luxury villas and commercial space near Istanbul. In 2012, Emaar began developing Emaar Square, which plans to include Turkey’s largest shopping mall and five-star hotels. In 2013, Emaar Turkey launched The Address Residences Emaar Square in Istanbul, and in 2017, Emaar Square Mall opened to the public.
### Pakistan
In Pakistan, Emaar’s Crescent Bay, Karachi, is a 108-acre under-construction upscale mixed-use oceanfront development in Defence, Karachi. It is one of Pakistan’s largest projects, with a cost of $2.4 billion. The development features high and mid-rise towers for residential and commercial use, a shopping center, a five-star beachfront hotel, and a central tower. Emaar also has a project called Canyon Views in Islamabad, Pakistan.
Source : Wikipedia