The three-day event brings together the senior management of the Financial Times Global 500 Company including the chief executive officers of its international subsidiaries and business segments. More than thirty senior executives from twenty markets are gathering for this high-powered summit in Cairo.
Apart from spotlighting the global growth achieved by Emaar in less than ten years of its inception, the Emaar Annual Global CEO Summit will discuss growth strategies for its new business segments and a concerted action plan for achieving Emaar's Vision 2010 to become one of the most valuable companies in the world.
Mr Mohamed Ali Alabbar, Chairman, Emaar Properties, said: "In less than ten years, Emaar has made significant strides as a global property developer and integrated lifestyle provider. With our recent expansion into new business segments such as education, healthcare, hospitality & leisure, shopping malls and financial services, Emaar touches the lives of millions of people around the world by offering modern lifestyles and growth opportunities."
He added: "By hosting our Annual Global CEO Summit in Cairo, we are also reiterating the significance of the Egyptian market to Emaar. We are one of the largest investors in Egypt's real estate sector, and this promising economy will be a key driver in our international expansion strategy. The support of the Egyptian authorities and the public has been our inspiration in consolidating our presence in the market, and we plan to introduce our diversified business portfolio to the country."
Over three days, the top executives of Emaar's global companies are outlining a new roadmap for the company's future with an emphasis on strengthening profitability across the company's growing global footprint. "Emaar's presence now covers the geographic spread of the Middle East and North Africa, the Subcontinent, Asia, Europe and USA," said Mr Alabbar. "We look forward to new opportunities, with a focus on expanding our portfolio of lifestyle businesses in all our new markets."
Emaar, a pioneer in developing master-planned communities in Dubai, now develops some of the world's largest private sector projects in Saudi Arabia and Libya, and has a rich portfolio of mixed-use developments in Egypt, Jordan, Syria, Morocco, Algeria, Turkey, India, Pakistan and Indonesia. Most recently, Emaar has signed a joint venture agreement to develop master-planned communities in China.
With a total investment portfolio of EGP31.67bn (Dhs20.37bn, $5.54bn) in Egypt, Emaar is developing the EGP12bn (Dhs7.7bn, $2.1bn) Uptown Cairo; EGP9.92bn (Dhs6.39bn, $1.74bn) Marassi, a 1,544-acre tourist and residential destination at Sidi Abdul Rahman; EGP5.75bn (Dhs3.7bn, $1bn) residential community located at the fifth district New Cairo City; and EGP4bn (Dhs2.58bn, $700m) Cairo Gate, a commercial cum residential development on the Cairo - Alexandria desert road. Marassi and Uptown Cairo have been launched to strong investor response and work is progressing on schedule.
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Emaar Properties opens Global CEO Summit in Cairo
- Egypt: Thursday, April 17 - 2008 at 16:30
- PRESS RELEASE
Emaar Properties PJSC, the global property developer with a significant presence in 36 markets, has opened its Global Chief Executive Officer Summit in Cairo.
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About Emaar Properties PJSC:Emaar Properties PJSC is one of the world's largest real estate companies and is rapidly evolving to become a global provider of premier lifestyles. Powered by its Vision 2010 to become one of the most valuable companies in the world, Emaar is charting a new course of growth with a two-pronged strategy of geographical expansion and business segmentation.
Emaar has highlighted its remarkable global growth by debuting on the Financial Times Global 500 ranking, which provides an annual snapshot of the world's largest companies. Emaar has been assigned A- and A3 ratings with stable outlook by Standard & Poor's and Moody's Investor Services, respectively.
Replicating its successful business model in Dubai, Emaar is extending its expertise in creating master-planned communities to international markets. Emaar is also developing new competencies in malls, hospitality & leisure, education, healthcare and finance, which have evolved from its integrated approach to customer service and property development.
Listed on the Dubai Financial Market, part of the Dow Jones Arabia Titans Index and certified to ISO9001:2000 for quality standards, Emaar is developing Burj Dubai, the world's tallest building and free-standing structure, and The Dubai Mall, one of the world's largest shopping and entertainment destinations. In Saudi Arabia, Emaar is developing the US$26.6 billion King Abdullah Economic City, the region's largest private sector-led project. Emaar's portfolio currently covers the following countries: the UAE, Saudi Arabia, Jordan, Syria, Lebanon, Morocco, Egypt, Turkey, Libya, Algeria, India, Pakistan, Indonesia, the US, the UK, France and Canada.
An award-winning developer, Emaar has strengthened its product sale competencies, market reach and best practices through strategic acquisitions and joint ventures. Emaar acquired John Laing Homes, America's second largest privately held home builder; Hamptons International, UK's premier realtor; and formed a joint venture with US-based Turner International to strengthen execution capabilities.
Emaar has joined hands with Giorgio Armani and Accor Hotels to strengthen its presence in hospitality, and will launch ten luxury Armani Hotels & Resorts world-wide and 100 Formule 1 budget hotels in India. The company is opening educational institutions and healthcare centres in South Asia, Middle East and North Africa and the Subcontinent. Emaar acquired Singapore-based leading education provider, Raffles Campus, to extend expertise to its educational institutions.
Emaar holds 30 per cent equity in Dubai Bank, focused on retail and commercial banking. Emaar is also the largest shareholder in Amlak Finance, UAE's leading Islamic home financing company. For more information, visit www.emaar.com.
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Posted by Lara Lynn Golden, News EditorThursday, April 17 - 2008 at 16:30 UAE local time (GMT+4)
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