Year 2007 was rewarding for Emaar as the company reiterated its pole position as an integrated lifestyle provider with several global and regional recognitions. The company also strengthened its corporate social responsibility initiatives with an array of activities. Emaar’s financial performance was also feted with high ratings. Dubai Quality Award Emaar Properties strengthened its premier position as a role model for real estate developers by winning the coveted Dubai Quality Award for its commitment to quality and service excellence. The Dubai Quality Award is an initiative by the Dubai Department of Economic Development to further build a business culture based on quality. Independent assessors review the Award entries by following the strict guidelines laid down by the Dubai Quality Award Secretariat. The Award criteria are modeled on the European Foundation for Quality Management Excellence. A jury panel decides the winners. ISO14001:2004 Certification Emaar won the ISO 14001:2004 certification for its environmental management processes, making the company the first property developer in the region to win ISO accreditations for adherence to both quality and environmental standards. With the award of the ISO 14001:2004 certification, Emaar underscored its commitment to the Green Buildings initiative of the Dubai government to create energy-efficient residential and commercial buildings that support sustainable development. RealComm Digie Awards Emaar won two awards at the 9th annual RealComm Digie Awards (Commercial Real Estate Digital Innovation Awards), which recognises industry innovators who work to transform real estate companies into digital models. Emaar Properties won the RealComm Digie Award for Best Use of Automation - Facilities Management, and Burj Dubai, the iconic tower developed by Emaar, was adjudged Most Digital Real Estate – Extreme Multifamily Residential. Arabian Business Property Company of the Year Emaar Properties won, for the second consecutive year, the Arabian Business ‘Property Company of the Year’ Award. Standard & Poor’s and Moody’s Investor Services Rating Emaar was assigned A- and A3 ratings, respectively, by Standard & Poor’s and Moody’s Investor Services, with stable outlook reflecting the company’s strong financial profile. According to Standard & Poor’s, the A- rating for the company benefits from “Emaar’s important role and strong market position” in the fast-growing Dubai property development market and close relationship with the Dubai government. Moody’s, in its first-ever listing of Emaar, said the company’s A3 ratings reflect the group's intrinsic credit strength and the additional enhancement that can be derived from the financial strength of Dubai. PE1 Rating for Emaar DHA Islamabad Ltd Emaar DHA Islamabad Ltd, the joint venture between Emaar Pakistan and Defence Housing Authority (DHA) Islamabad, was assigned the PE1 developer rating by the Pakistan Credit Rating Agency Limited (PACRA) and National Engineering Services Pakistan (Pvt) Limited (NESPAK). The top-most rating by the apex credit rating authorities in the country signifies the “strong project execution capacity, the most promising prospects of execution of real estate projects as per the plan, and the highest ability to transfer ownership as per terms.” S&P’s IFCG Extended Frontier 150 Index Emaar ranked in the Top 10 of Standard and Poor’s (S&P’s) IFCG Extended Frontier 150 Index for frontier equity markets, which covers constituents from 26 countries. The index offers the largest liquid stocks of over 30 developing global markets and represents a milestone financial achievement for Emaar. The index reveals that Emaar has the highest weighting at 5.59 per cent and reflects the company’s strong regional presence and growing international recognition. Countries with the highest representation in the index include the UAE, Jordan and Kuwait. |