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Emaar 2016 Report 2016 ANNUAL REPORT A New Icon Contents Letter to Shareholders 03 Business Overview 05 Financial Highlights 07 Property Business 08 Project Highlights 09 Hospitality & Leisure 14 Shopping Malls & Retail 17 International Operations 19 Board of Directors 21 Principal Officers 25 Group Structure 26 2016 Annual Report I 2 To Our Shareholders, On behalf of the Board of Directors, I thank you for your continued support for the company, which has enabled us to record impressive results in 2016. As His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, reminds us: “Success is not a destination; it is a journey, and each time you reach a summit, you must look for the next one.” That is why we run faster and harder every single day, to deliver outstanding results and to create value, every quarter, every year, consistently. Transformational growth in challenging times In 2016, we had a robust growth year with net profit of AED 5.233 billion and revenue of AED 15.540 billion. Emaar now has assets valued at more than AED 178.50 billion, and the Group has recorded consistent growth and returns despite operating in a challenging global economic environment. 2016 was defined by several milestone moments. We marked the ground-breaking of the Dubai Creek Tower – a global icon that will add to our nations’ pride; and we opened Dubai Opera, a new cultural icon for the region. We rolled out our first Rove Hotels, a midscale hotel for the new generation of travellers, and we have plans to open 10 new hotels by 2020. We acquired full control over our India operations – a market in which we see tremendous oppor- tunity. We also concluded a US$ 750 million Sukuk transaction, highlighting international investor confidence in your company. We achieved our growth through a remarkable journey of transformation of our business models in the past five years. Our goal and commitment is to establish Emaar as one of the world’s most valuable real estate companies. 2016 Annual Report I 3 On behalf of the Board of Directors, I thank you for your continued support for the company, which has enabled us to record impressive results in 2016. As His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, reminds us: “Success is not a destination; it is a journey, and each time you reach a summit, you must look for the next one.” That is why we run faster and harder every single day, to deliver outstanding results and to create value, every quarter, every year, consistently. Transformational growth in challenging times In 2016, we had a robust growth year with net profit of AED 5.233 billion and revenue of AED 15.540 billion. Emaar now has assets valued at more than AED 178.50 billion, and the Group has recorded consistent growth and returns despite operating in a challenging global economic environment. 2016 was defined by several milestone moments. We marked the ground-breaking of the Dubai Creek Tower – a global icon that will add to our nations’ pride; and we opened Dubai Opera, a new cultural icon for the region. We rolled out our first Rove Hotels, a midscale hotel for the new generation of travellers, and we have plans to open 10 new hotels by 2020. We acquired full control over our India operations – a market in which we see tremendous oppor- tunity. We also concluded a US$ 750 million Sukuk transaction, highlighting international investor confidence in your company. We achieved our growth through a remarkable journey of transformation of our business models in the past five years. Our goal and commitment is to establish Emaar as one of the world’s most valuable real estate companies. Consistent value creation In 2012, we were an AED 15 billion company by market value. Today, we have a market capitalisation of more than AED 51 billion - a threefold growth. But what matters more than that headline figure is the value that we create for you, our shareholders – and we have consistently shown shareholder value creation. We have distributed record dividends every year with exceptional dividends of over AED 17 billion in cash and bonus shares in 2014. Our stock appreciation has been remarkable, far ahead of returns by our peers in the region, and outpacing global developers by a signifi- cant margin. We increased our landbank in Dubai from just over 5 million sq metres in 2012 to more than 25 million sq m – without invest- ments in land acquisition. Across all international markets, we have a landbank of 190 million sq m. Leadership position in all our businesses In all three of our businesses – premium real estate, malls and hospitality – we have secured a market leadership position. With sales in Dubai alone of AED 14.4 billion in 2016, a growth of 41 per cent over 2015, we now have a backlog of about AED 43 billion. We have more than 16,000 residential units under develop- ment, representing an eight-fold increase in just five years. In our malls business, we command a 50 per cent premium on rental rates at The Dubai Mall compared with top peers. The Dubai Mall continues to be the world’s most visited retail and entertain- ment destination, and has welcomed 80 million visitors per annum for the past three consecutive years. In our hospitality business, our average occupancy levels are higher than industry peers, and we have a premium of 36 per cent on average daily rates. An ambitious plan for value creation We are not resting on our laurels, however; we are pushing In the property business, we intend to transform the business ourselves harder with the single-minded purpose of creating more model with sales automation and property e-commerce. In value. Our ambition is to lead the market in all our businesses, hospitality, we will offer deep guest personalisation through strengthen customer loyalty and enhance our brand value; and our on-line check-ins and industry leading in-room technology. In goal is to more than double the value we create by 2019. short, across Emaar, we will deliver 5-star experience to our customers with our 5-bar connectivity as a truly digital business We will achieve this with our total focus on being a customer- enterprise. Mohamed Alabbar centric organisation. We will strengthen our financial performance by achieving superior margins and maintaining a robust balance sheet. We will continue to hire high-calibre professionals to We will use our strengths, built over the past years, as a spring- Chairman, manage our business and shape the next generation of young board for future growth: In property, we will hand over more than future leaders. 10,200 residential units by 2019, an increase of 278 per cent from now. Emaar Properties Emaar’s Digital Thread Our gross leasable area of malls is set to increase 34 per cent to Driving our growth strategy is Emaar’s digital thread. Digitisation over about 7.9 million sq ft in the next three years. We will increase will transform our company and ensure that we are future-ready. the number of hotels that we manage from 14 to 23 with the We see digitisation as an unmissable opportunity to achieve number of rooms to nearly double. In this ambitious yet achievable greater customer engagement. journey, we look forward to your continued support and guidance. 2016 Annual Report I 4 Business Overview 2016 Annual Report I 5 A driving force of the company’s growth in 2016 was the positive With assets valued at AED 178.50 billion, Emaar is the No 1 listed performance of the UAE economy, today a global hub for developer by market capitalisation in the Middle East and North business and leisure. All core sectors of the economy including Africa region, and has an impressive track-record of delivering retail, hospitality, tourism, aviation and logistics reported more than 41,500 residential units since 2001. sustained growth contributing to all-round market confidence and Business attracting foreign investment. The ongoing preparations for Expo Highlighting Emaar’s commitment to value creation for its 2020 Dubai also catalysed economic growth. shareholders, the company distributed a cash dividend of 15 per cent of the share capital, equivalent to AED 1.074 billion (US$ 292 Inspired by the leadership of His Highness Sheikh Mohammed bin million) for 2016. Overview Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, Emaar pushed its boundaries and expanded Highlighting the confidence of regional and international Emaar Properties PJSC recorded a growth year in 2016, underpinned by robust sales of residen- operations with the goal of creating added value for its investors in Emaar, in 2016 the company concluded a US$ 750 tial property in its home-market of Dubai and in international markets. Emaar’s hospitality & stakeholders. million Sukuk listed on Nasdaq Dubai at competitive pricing. leisure and shopping malls & retail subsidiaries contributed to strong recurring revenues, highlighting the firm fundamentals of the company. The strategic approach of Emaar is to be a customer-centric organisation led by its digital transformation to be future-ready Emaar also strengthened its landbank, notably in Dubai, without Emaar’s strategy to focus on delivering premium real estate assets, reflected in ambitious cities and its commitment to strengthen financial performance by capital investment through joint ventures and strategic partner- of the future developments such as Dubai Hills Estate, Dubai Creek Harbour and Emaar South, maintaining a robust balance sheet. As the nation sets new ships.
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