Mr Mohammed Al-Falasi, Managing Director, Emaar Pakistan, said the challenge faced by Emaar in its entrance in to the country was to create a new niche in the marketplace and revitalize interest on home-property in the minds of the upwardly mobile Pakistanis living in the country and abroad.
"With three master-planned communities already announced in Islamabad and Karachi, Emaar Pakistan is underpinning the importance of these projects as catalysts for the local economy," said Mr Al-Falasi. "For Emaar, it has always been crucial that all of its projects add value to living - not only to its residents and tenants but also to the larger society."
Mr Al-Falasi is one in a growing group of UAE professionals entrusted with pivotal positions internationally. "For me, Pakistan is a new market but the potential offered by this emerging economy has always been of interest, particularly because of our large Pakistani expatriate clientele in Dubai," he added.
Mr Al-Falasi has worked across the board at Emaar from sales to property management. A graduate in Business Administration from the Eastern Washington University, USA, he majored in marketing and general management, which put him in good stead during his first job as sales representative of the prestigious Emirates Hills of Emaar Properties.
After a year, he assumed the challenging role of Head of Market Control at Dubai Financial Market (DFM). A member of the DFM launch team, he was also involved in preparing operational manuals, monitoring stock indices, managing the trade floor and analyzing the market performance.
He rejoined Emaar to take on wider responsibilities with special focus on property, retail and facilities management. Mr Al-Falasi took charge of Emaar's Pakistan projects in 2004. He works in close co-operation with governmental institutions and leads Emaar's multi-million dollar expansion programme for the country.
"Emaar's developments in Pakistan are in line with the global real estate major's Vision 2010 of becoming one of the world's most valuable companies through strategic expansion and diversification in key markets and sectors," said Mr Al-Falasi. "Pakistan has one of the fastest growing economies in the region and its potential remains under-utilized. However, from the perspective of property development, Emaar has realized that Pakistan needs innovative solutions."
Emaar rolls out projects that integrate residential, commercial, leisure and retail components in such a way as to create self-sustaining living environments that are truly world-class.
To date, Emaar Pakistan has announced three mixed-use projects of development value PKR145 billion (US$2.4 billion) in Islamabad and Karachi - the Highlands and Canyon Views; and Crescent Bay - and also signed a Memorandum of Understanding with Pakistan's Port Qasim Authority to develop a mixed-use land project in Karachi.
"For us, the challenge is to ensure that the global standards expected of Emaar are met, which we hope to accomplish through strategic partnerships with local and international suppliers," said Mr Al-Falasi.
Having consolidated its home-turf, the UAE, with a track record of handing over 14,000 homes in Dubai, Emaar has embarked on prestigious developments in countries further afield as Saudi Arabia, Morocco, Egypt, Syria, Tunisia, Turkey and India.
Emaar has strengthened its international presence recently with the acquisition of John Laing Homes, the second largest privately held homebuilder in the US; and Hamptons International, a premier UK realtor. The company is also opening a full-fledged representative office in China.
Browse
related articles
Emaar recharges Pakistani property market
- United Arab Emirates: Tuesday, September 19 - 2006 at 13:55
- PRESS RELEASE
Emaar Pakistan, the country-arm of global real estate major Emaar Properties, has recharged the Pakistani property market through a bouquet of innovative projects.
Related stories
Also consider reading:
Digg
Facebook
LinkedIn
Twitter
Browse
related articles
Today's most read articles:
Log in to request more information from Emaar Properties
Notes and media contacts
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 half year ended 30 June 2006 reached AED 3.053 billion (US$0.831 billion) - a significant gain of 21 per cent over the first-half 2005 results of AED 2.533 billion (US$0.690 billion) - reflecting the remarkable growth the company has gained since its inception in 1997.
With more than 14,000 homes handed over to 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 marched ahead with the construction of its AED 73 billion (US$20 billion) Downtown Burj Dubai 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. In July 2006, Emaar also announced the opening of a full-fledged representative office in China, thus becoming the first Middle East property developer to effectively tap the potential offered by the world's second largest economy. Emaar also entered the US market by acquiring John Laing Homes, the second largest privately held homebuilder in the U.S., thus creating one of the world's leading real estate developers in residential homebuilding.
Major international projects include: Uptown Cairo 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.
Emaar recently joined hands with The Turner Corporation, a leading international building services provider, to form a new entity, Turner International Middle East Ltd (Turner International ME) to jointly tap regional growth opportunities.
In a move that scaled up its core competency in product sales across the international arena, particularly the Western hemisphere, Emaar acquired Hamptons International, the UK-based subsidiary of premier property developer Wheelock Properties (Singapore) Ltd in a deal worth AED 562.45 million (US$153.05 million). The acquisition covers Hamptons' UK offices and its joint venture with CB Richard Ellis Hamptons International in the UK and Hamptons International Oman; and will build Emaar's international network of offices to over 130 over the next few years.
Last year the 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 larger emerging markets of the Middle East, North Africa (MENA) 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.
Earlier this year the company 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.
For further information, please contact:
Kelly Home / Nivine William
ASDA'A Public Relations
Exclusive Affiliate of Edelman PR Worldwide in Middle East & North Africa
Tel: (+971 4) 335 5969; Fax: (+971 4) 335 6080
Posted by Anne-Birte Stensgaard, Senior News EditorTuesday, September 19 - 2006 at 13:55 UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of AME Info FZ LLC / Emap Limited.
Disclaimer:
Articles in this section are primarily provided directly by the companies appearing or PR agencies which are solely responsible for the content. The companies concerned may use the above content on their respective web sites provided they link back to http://www.ameinfo.com
Any opinions, advice, statements, offers or other information expressed in this section of the AMEinfo.com Web site are those of the authors and do not necessarily reflect the views of AME Info FZ LLC / Emap Limited. AME Info FZ LLC / Emap Limited is not responsible or liable for the content, accuracy or reliability of any material, advice, opinion or statement in this section of the AMEinfo.com Web site.
For details about submitting your stories, please read the guide - all content published is subject to our terms and conditions
It looks like you are using a Mac - check out our 
Web Feeds