Lead by a committee including the Ruler's Court, Dubai Municipality and Emaar Properties, the Mohammed bin Rashid Housing Program aims to provide affordable housing to young and middle-aged passport holders in the Emirate. Initiated in June 2005, the project proposes to build 10,000 villas across Dubai in the next three years.
Emaar Properties looks after the master plan, design, sales and marketing, while Dubai Municipality will provide the land and build infrastructure. The first phase of the project, featuring 500 villas of size 2,500 to 4,500 sq. ft. in plots 7,000 to 10,000 sq. ft., is on-going at the Al Warqa area.
A significant social initiative that specifically addresses the housing issues of those with a monthly income of AED 6,000 to 15,000, the project enjoys the patronage of UAE Vice President and Prime Minister and Ruler of Dubai His Highness Sheikh Mohammed Bin Rashid Al Maktoum. It fetched more than 3,000 applications in less than a few weeks of its launch. Sales requests were earlier handled at an office in The Greens.
"We decided to shift the office to Amlak's office to ensure that financial enquiries can be more easily streamlined," said Issam Galadari, Managing Director of Emaar International - Middle East and North Africa. "Interested UAE nationals can clear all their queries with the dedicated Amlak sales team at the new office. Also at hand are Emaar sales executives, who will assist in filling the application forms and deciding on the floor plans."
"Affordable housing projects are an indicator of the government's commitment to the local population," said Ibrahim Hassan Ali, Manager - Mohammed bin Rashid Housing Progam, Amlak Finance. "There have been a number of enquiries to the Mohammed bin Rashid Housing Program and we take pride in supporting such initiatives that contribute to social welfare."
Apart from building modern lifestyle communities, Emaar is also involved in projects of social significance. Recently, the global real estate major entered into a partnership with the Syrian General Organization for Housing to float a new company that will construct affordable homes for the middle-income population.
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Mohammed bin Rashid Housing Program sales center moves to Amlak office
- United Arab Emirates: Tuesday, June 27 - 2006 at 14:52
- PRESS RELEASE
The sales centre of Mohammed bin Rashid Housing Program, a master planned community by the Dubai government for UAE nationals, has relocated to the Amlak Finance office in Gulf Towers, Oud Maitha, near Wafi Mall.
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About Emaar Properties PJSC:Emaar Properties, the Dubai-based Public Joint Stock Company and one of the world's largest real estate companies, is listed on the Dubai Financial Market and is part of the Dow Jones Arabia Titans Index. The company recently announced that its net profits for the first quarter ended 31 March 2006 reached AED 1.517 billion (US$413.1 million) - a significant rise on the AED 1.325 billion (US$361.0 million) for the equivalent period from the prior year. Emaar's net profits for the year ended 31 December, 2005 climbed 180 per cent, to a record AED 4.731 billion (US$1.288 billion). The figures represent a substantial increase on the AED 1.691 billion (US$460 million) for the year 2004, and reflect the significant growth the company has undergone since its inception in 1997.
With more than 14,000 homes handed over to satisfied customers, Emaar has several major real estate projects under various stages of development in Dubai including Arabian Ranches, Dubai Marina, Emirates Hills, The Views, The Meadows, The Springs, The Lakes and The Greens. The company also owns and manages the Gold and Diamond Park.
Emaar has started construction on its most ambitious project to date, the AED 73 billion (US$20 billion) Burj Dubai Downtown development, which comprises the Burj Dubai - the tallest tower in the world when completed in 2008, The Dubai Mall, Burj Dubai Business Hub, The Lofts, The Old Town, The Old Town Island, Burj Dubai Boulevard, The Residences, Burj Views, man-made lakes, landscaped parks and gardens.
Emaar has started construction on its most ambitious project to date, the AED 73 billion (US$20 billion) Burj Dubai Downtown development, which comprises the Burj Dubai - the tallest tower in the world when completed in 2008, The Dubai Mall, Burj Dubai Business Hub, The Lofts, The Old Town, The Old Town Island, Burj Dubai Boulevard, The Residences, Burj Views, man-made lakes, landscaped parks and gardens.
The company has joint ventures and projects across the region covering India, Egypt, Turkey, Morocco, Bahrain, Syria, Jordan, Pakistan, Lebanon, Tunisia and Saudi Arabia. Major international projects include: Cairo Heights and Smart Village, both in Egypt; Boulder Hills, a world-class leisure and residential community in Hyderabad, India; multiple resort projects in Morocco, including Amelkis II & III and Bahia Bay, luxury residential golfing communities; Eighth Gate project in Damascus, the city's first master planned community; and Lakeside in Istanbul, a landmark development for Turkey's cultural and commercial hub. In Saudi Arabia, Emaar is embarking on the creation of the AED 98 billion (US$26.6 billion) King Abdullah Economic City, a mixed use development covering 55 million square metres of greenfield land with a 35 km shoreline close to the port city of Jeddah.
Last year the award winning property developer announced plans to aggressively expand the retail sector with investments of over AED 15 billion (US$4 billion) to develop approximately 150 malls in the mega emerging markets of the Middle East, North Africa and the Indian subcontinent. In addition, Emaar has teamed up with Giorgio Armani S.p.A to build and manage 10 Armani hotels and resorts across the world; an Armani hotel will feature in Emaar's flagship Burj Dubai tower.
Recently the company also announced plans to expand its investments into the education and healthcare business. The education initiative will involve the establishment of international schools in the MENA region and India, which will offer premium quality education and an integrated curriculum for students ranging from kindergarten to tertiary levels. Emaar's healthcare diversification will see the company invest around AED 18.35 billion (US$5 billion) over the next decade in the MENA and South Asia markets with the construction of hospitals, clinics and medical centres and the investment in the provision of world-class healthcare services.
While continuing to actively pursue expansion in its core business of innovative, high quality real estate development, Emaar has diversified into related business lines to further build value for its 59,000 shareholders, which includes the Government of Dubai. Emaar owns and manages EMRILL, a joint venture with the UK-based Carillion which provides innovative property and facilities management services. Emaar also holds 30 per cent equity in Dubai Bank, focused on retail and commercial banking and is the majority shareholder in Amlak Finance, UAE's leading Islamic home financing company.
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Posted by Anne-Birte Stensgaard, Senior News EditorTuesday, June 27 - 2006 at 14:52 UAE local time (GMT+4)
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