The past two years have been extremely challenging for the world economy, its impact playing out over all sectors of the economy and across all geographies. Despite this challenging environment, Emaar Properties recorded impressive accomplishments, especially during 2009, which are a mark of our inherent strength and robust fundamentals. Today, Burj Khalifa, the crowning glory of Emaar, soars 828 meters into the skies. This singular feat of architecture and engineering reminds us that dreams when grounded on firm foundations will result in world-class achievements. Emaar unveiled Burj Khalifa to the world in a spectacular inauguration ceremony on January 4, 2010, to mark the fourth anniversary of the Accession Day of His Highness Sheikh Mohammed Bin Rashid Al Maktoum as the Ruler of Dubai. We opened The Dubai Mall in a soft opening in November 2008 with over 600 stores. As of date over 1,100 stores are operational, and the foot fall has increased from a monthly average of 1.6 million in the first quarter of 2009 to a monthly average of over 4.1 million in the first quarter of 2010. Emaar also unveiled The Dubai Fountain, the world’s tallest performing fountain, which is now a must-visit tourist attraction of Dubai. Besides our home market in the UAE, we have invested in key emerging markets including Saudi Arabia, Egypt, Syria, Morocco, Turkey, Jordan, Pakistan and India, where the future potential for growth is exciting. Currently, we operate in 16 countries and have over 94 million sq ft of completed real estate development. During the most challenging year for businesses globally, we focused on the timely completion of existing projects in Dubai and other global markets through efficient resource optimisation. Annual net profit from continued operations for 2009 reached AED 2,051 million and annual revenue was AED 8,413 million. We delivered approximately 3,100 units during 2009, and revenues from malls and hospitality businesses increased significantly. Domestic growth, catalysed by Burj Khalifa, will be the highlight of this year, as we focus on maximising long-term value for our shareholders. All our business segments recorded tangible growth in 2009 with the malls and hospitality making strong contributions to the revenue stream.
We have opened the world’s first Armani Hotel in Burj Khalifa. The Address Hotels + Resorts, the hotel brand owned and operated by Emaar Hospitality Group, has a portfolio of five hotels in Dubai, and has signed management agreements in Morocco and France. Emaar also strengthened our retail competencies with The Dubai Mall, Dubai Marina Mall, Souk Al Bahar and Gold & Diamond Park. As part of our commitment to offer integrated lifestyle communities, we opened our first healthcare centre – The Dubai Mall Medical Centre – last year. A Bridge to the Future At Emaar, we have always adopted a cautious approach to managing costs at an early stage itself. We made concerted efforts to reduce our reliance on debt capital markets and have depended mostly on internal resources. In our journey forward, His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President & Prime Minister and Ruler of Dubai, is our inspiration. His Highness reminds us that while we are in the midst of a downturn, we have to keep our eyes fixed on our goals. We cannot afford to lose momentum. His Highness inspires Emaar with the courage to dream bigger, build better and strive higher. Our vision of geographical diversification and business segmentation remains intact, and we will remain unwaveringly committed to our goals. Mohamed Alabbar
Chairman
Emaar Properties |