Arab company in India_book.qxd 12/2/06 9:53 PM Page 9 EMAAR MGF LAND PRIVATE LIMITED Background of the Company services and living spaces in the top 30 Urban centres spread all over India.To start with, it is Emaar MGF Land Private Limited, incorporated in undertaking residential and township projects February 2005, is a 50:50 Joint Venture between in the cities of Mohali in Punjab and Gurgaon in Emaar Properties PJSC and MGF Developments the National Capital Region, both of which have Limited. Emaar Properties, a Dubai-based Public emerged as one of the fastest growing industrial Joint Stock Company, is a leading player in the real areas in India. India holds a special position in estate development segment in the World. Emaar Emaar's global operation as India is emerging Properties grossed up revenues and net profits of as one of the world's favoured destinations for US$1.383 billion and US$0.831 billion respectively investments and a big market for real estate for the half year ended 30 June 2006. MGF development and tourism.With India's GDP Developments Limited, part of the MGF Group, is expected to register a healthy 7 per cent plus one of the renowned real estate developers in the growth rate in coming years, Emaar MGF plans country having about three million square feet of to be a key contributor in strengthening the retail space under development. infrastructure of the country.The JV, in addition In order to expand its operations globally, Emaar to making investments, also plans to integrate has taken the route of joint ventures with leading technology and expertise in order to complement real estate developers in key markets such as India, the scale of investments. It has emerged as the Egypt,Turkey, Morocco, Syria, Pakistan,Tunisia, US, pioneer in developing townships spread over a UK and Saudi Arabia. It is undertaking projects land area of over 10,000 acres in India and ensuring in areas such as residential townships, commercial compliance with global construction standards. complexes, hospitality industry, sports and The JV plans to promote the concept of recreation facilities. Emaar has won many accolades community living wherein all the facilities required for the work done in real estate development for pleasant and comfortable living are available including the prestigious Euromoney Gulf Real in close vicinity. Emaar MGF, with a workforce of Estate Award for Best Overall Developer in the more than 200 people, is present across all the UAE as well as Best Residential Developer major cities in India through its network of regional in the UAE. and branch offices. It operates under four verticals namely: Emaar MGF in India • Residential: Plans to develop integrated townships and communities to bring about Emaar entered India with the largest FDI in real a lifestyle change in India estate amounting to over half a billion dollars for • Commercial: Strives to create a comprehensive projects involving a capital outlay of US$4 billion. set of amenities and support services in order Emaar MGF aims to develop world class facilities, to enable seamless business operations 9 Arab company in India_book.qxd 12/2/06 9:53 PM Page 10 • IT Parks and SEZs: Committed to developing IT parks meeting global standards and to provide internationally competitive environment for exports. • Hospitality:Aims to construct and operate unique branded hotel products in the luxury and business segments Various projects which are under construction include Mohali Hills (a township),The Views at Mohali Hills (a residential complex),The Palm Spring (a residential complex) and Central Plaza at Mohali Hills (a commercial and retail complex). Future Plans Emaar MGF aims to make difference to the life of Indians by participating in the infrastructure revolution in the country.Apart from the residential and commercial spaces, it aims to venture in the hospitality sector in a big way and has announced a US$ 1 bn investment in the Indian hospitality sector. India is currently facing a severe shortage of quality hotel rooms and has led to a surge in the hotel rates. It has acquired land in Delhi, Kolkata and Hyderabad to set up its luxury hotel chain.To capitalize on the boom in the hospitality sector, it plans to set up 10 luxury and 15 to 20 budget hotels in various parts of India in the next 2 to 5 years.This would enable it to realize its dream of becoming a leading player in the Indian hospitality sector. Emaar MGF has inked a joint venture with Accor SA to develop 100 budget hotels in a phased manner in India. It aims to develop 50 hotels in major metros during the first five years of its operations and the remaining 50 to be developed in the next phase. Emaar MGF wants to touch the lives of people in every possible way and plans to undertake projects in other spheres as well in the times to come. 10.