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Building the Future 2013 Contents Emaar Annual Report BUILDING THE FUTURE 2013 CONTENTS Letter to Shareholders 03 Business Review 15 Strategic Partnerships 20 New Project Highlights 23 Hospitality & Leisure 25 Shopping Malls & Retail 29 Other Sectors 33 Board of Directors 39 Principal Offers 47 Group Structure 49 Emaar Annual Report 2013 | 01 02 LETTER TO SHAREHOLDERS Mohamed Alabbar Chairman, Emaar Properties Emaar Annual Report 2013 | 03 04 “Our driving force, undoubtedly, has been the trust you, our shareholders, have placed in us.” - H.E. Mohamed Ali Rashed Alabbar, Chairman TO OUR SHAREHOLDERS, We have entered the most exciting phase Our journey hasn’t been easy. We have seen the world traverse a the city’s skyline, built the world’s largest mall and created of the Board of Directors of Emaar, I would like to thank you for in the young history of Dubai. whole economic cycle in less than a decade. We have witnessed world-class hotels in Dubai. that trust. highs and lows, triumphs and tribulations. Yet, not many Last year, when more than 160 nations chose the UAE to host companies, anywhere in the world, have achieved what we have You believed in us as we invested our company’s profits back Strong Fundamentals the World Expo 2020 in Dubai, it was a resounding vote of managed to in such a short amount of time. into the business and expanded to new geographies so that we Led by the robust economic growth and surging investor confidence by the world in our city, our leadership and our could create long-term value for you. confidence in Dubai as a safe international investment hub, people. It was an endorsement by the global community that We have always believed in the words of His Highness Sheikh You gave us the opportunity to partner in our city’s amazing Emaar recorded annual revenues of AED 10.328 billion (US$ 2.812 we, in Dubai, can deliver nothing but extraordinary results. Mohammed Bin Rashid Al Maktoum, UAE Vice President and transformation into a global hub. You built Dubai as an billion) in 2013, a rise of 25 per cent year-on-year. Our net profits Prime Minister and Ruler of Dubai, that one cannot explore extraordinary city in one of the best nations in the world, and grew 21 per cent to AED 2.568 billion (US$ 699 million). The constant quest to be extraordinary is what has established the sea without losing sight of the shores. His Highness Sheikh you made us what we are today – one of the world’s most Emaar as a National Champion company of Dubai and the Mohammed inspired us to take responsible risks and to valuable and most admired companies. This strong performance was underlined by recurring revenues UAE. Over the past 17 years, we have redefined the dynamics of challenge ourselves continuously. from the company’s shopping malls & retail and hospitality & property development. We have shaped a new growth paradigm In 2013, we surpassed your expectations. We delivered leisure business units, which together contributed AED 4.8 billion that now serves as a template for others across the world. Our driving force, undoubtedly, has been the trust you, our outstanding results. We created lasting value. This would not (US$ 1.307 billion) to the revenue, or 46 per cent of the total. shareholders, have placed in us. You stood by us as we shaped have been possible without your unwavering support. On behalf Emaar Annual Report 2013 | 05 06 Emaar’s property business generated total revenues of AED create over 50,000 jobs since its launch. especially with the rapid progress of another iconic project – The ambition to host the best Expo the world has ever witnessed. 5.528 billion (US$ 1.505 billion). Revenues from the company’s Burj Khalifa, the world’s tallest building, continues to drive Opera District. At the heart of this thriving cultural destination global operations in 2013 were AED 1.167 billion (US$ 318 Dubai’s tourism sector, attracting over 1.87 million visitors, is Dubai Opera, a -2,000seat multi-format venue for opera, We unveiled Dubai Hills Estate, the first phase of Mohammed million), representing 11 per cent of the total. while the world-class hotels in Downtown Dubai are a key theatre, concerts, art exhibitions, orchestra, film, sports events Bin Rashid City (MBR City) - a joint venture with Meraas Holding contributor to the city’s hospitality industry. and seasonal programmes. A technological and architectural - and a waterfront city inspired and built on the banks of the This growth in revenues is led by our sterling record in project We are now recreating the ‘Downtown Dubai’ model of masterpiece, it is set to be as iconic as the world-famous Sydney Dubai Creek, also part of MBR City, in association with Dubai delivery. To date, Emaar has handed over more than 37,350 fashioning high-growth city hubs, which add incredible value to Opera House and will add to Dubai’s civic pride. Holding. residential units – over 32,000 in Dubai and the rest in the local economy, in several other international markets. international markets. We also handed over some 2.3 million Cities of the Future We also signed a MoU to develop an integrated urban centre and sq ft of commercial space, almost one-third of which is in global Last year, we further strengthened Downtown Dubai with the In addition to the new residential project launches in Downtown golf destination in a prime location at Dubai World Central, the markets. launch of its first dedicated serviced residence complex – The Dubai, Emaar strengthened its portfolio of new projects in home to Expo 2020 and the Al Maktoum International Airport. Address Residence Fountain Views I, II and III – which received Dubai to meet the growing demand for world-class residences ‘Downtown’ Effect outstanding sales from investors around the world. and commercial space. Under Emaar’s portfolio, we launched The Hills and Vida A highlight of Emaar’s success in 2013 was the tremendous Several new residential projects have also been launched in the Residence in Emirates Living and Palma and Rosa villas in and sustained value created by our flagship mega-development -500acre sought-after neighbourhood including The Address These have also been led by joint ventures to shape the ‘cities Arabian Ranches – to address the growing domestic demand Downtown Dubai. The world’s most visited lifestyle and Residence Sky View and Burj Vista. of the future’ in Dubai to meet the growing demand from a for villas and family-oriented apartments. shopping destination Downtown Dubai welcomed more than tech-savvy youth population and to support our leadership’s 75 million visitors in 2013 while The Dubai Mall has helped We are continuing the development momentum through 2014 Emaar Annual Report 2013 | 07 08 Our launches gained solid response from customers in Dubai In 2013, Emaar Malls & Retail recorded full-year revenues of AED To support Dubai’s Tourism Vision 2020 strategy to welcome from markets outside the UAE to reach 20 to 25 per cent in the and other international markets. The total value of sales in 2.837 billion (US$ 772 million), an increase of over 20 per cent over 20 million annual visitors by the turn of the decade, next few years. Dubai for 2013 was AED 12 billion (US$ 3.3 billion), nearly three compared to 2012. The gross operating profit for the business we launched Vida Hotels and Resorts, which targets a new times compared to the sales in 2012. increased to AED 2.232 billion (US$ 608 million) compared to generation of business executives, entrepreneurs and leisure Driving this growth are our ambitious new project launches AED 1.856 billion (US$ 506 million) in 2012. travellers. We have also joined hands with Meraas Holding to in high-growth international markets. Today, Emaar Misr, our Value through Diversification launch a second hotel brand, ‘Dubai Inn,’ which will focus on wholly owned subsidiary, is one of the largest foreign direct Our shopping malls & retail and hospitality & leisure units Highlighting the contribution of our malls business to Dubai’s the value segment of the market. investors in the country with an investment portfolio of US$ continue to be strong contributors to our recurring revenue. retail sector, The Dubai Mall’s 1,200 plus retail outlets recorded 7.6 billion. a 26 per cent rise in sales during 2013 compared to the previous Today, Dubai is the ‘first choice destination’ for more than 2.5 We are now planning to list our shopping malls & retail year. According to market estimates, more than 50 per cent of billion people who are less than five hours of flying distance We already have a built-up area of over 1 million sq m in the subsidiary, which will be one of the largest public offerings in all luxury goods sold in Dubai were purchased at the mall. away. Our malls and hospitality businesses will benefit from the country, and achieved sales of over EGP 4 billion (US$ 570 the region since 2008. The funds raised through the proposed higher growth rate in spending, increased disposal income and million) in 2013. We are focused on creating one of the largest sale of 25 per cent of Emaar Malls & Retail, are estimated to With a portfolio of 12 hotels and resorts featuring more than economic activity of these emerging markets. real estate companies in Egypt, which will provide significant be between AED 8 to 9 billion (over US$ 2.1 to 2.4 billion). The 1,900 rooms, our hospitality & leisure business too recorded impetus to the local economy.
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