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Emaar is one of only two UAE companies to be ranked on FT Global 500, which includes only listed companies with a minimum of 15 per cent equity floated on a bourse. The publication ranks Emaar at 462 with a market capitalization of over US$20 billion. The other UAE company in the FT Global 500 list is Etisalat, ranked at 444.
The debut of Emaar Properties on the list underpins the significant growth gained by the company in 2006. Having embarked on its international expansion only two years ago, Emaar is ranked higher than many other global real estate companies. The company, which achieved impressive growth in less than ten years of inception, is also ranked higher than several established global players that have been in business for decades, making the FT Global 500 ranking a creditable achievement for Emaar.
Mr Mohamed Ali Alabbar, Chairman, Emaar Properties, said:
"The listing of Emaar Properties on FT Global 500 is the first global recognition of our Vision 2010 to become one of the most valuable companies in the world through a two-pronged approach of geographic expansion and business segmentation. The ranking, based on market capitalization, also signals the sustained investor trust in Emaar and is a reiteration of our market-leading position to add value to our shareholders."
He added: "As the pioneer of master-planned communities in Dubai, and having redefined the property sector of the country, Emaar has been focusing its efforts to become a truly global company with diversified business interests. The FT Global 500 ranking, therefore, comes as a milestone for Emaar in its evolution as a leading global conglomerate."
Emaar has recorded consistent year-on-year growth since its inception in 1997. The company's net profits and revenue grew by 35 and 68 per cent respectively in year 2006 - a watershed year for Emaar marked by key acquisitions including John Laing Homes in the US, Hamptons International in the UK and Raffles Campus in Singapore; strategic partnerships and ventures in new markets.
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Posted by Anne-Birte Stensgaard, Senior News Editor
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