Dubai-based Emaar Properties is on the verge of a major global expansion; the company’s overseas investments have bypassed its domestic commitments and it is on the lookout for similar ventures. Emaar’s commitments to its international operations have crossed $35 billion, according to its estimates. It is the world’s largest property developer in terms of market capitalization.
Mohammed Ali Al Abbar stated his company’s international operations will dominate its future activities. “In two years 80 percent of our projects will be located outside the UAE”, he opined. In terms of value, Emaar’s international operations are much higher than its domestic operations.
In the UAE, Emaar’s most significant project is the Burj Dubai development, the value of which is expected to surpass $20 billion. Its external projects include $10 billion each in Saudi Arabia and Turkey , followed by Morocco with $6.9 billion and India where projects worth $6 billion are coming up. Also it has sizeable assets in Syria and other markets.
Emaar recently appointed Ahmad Al Matroushi as head of its UAE operations while dividing its international portfolio according to the countries where the projects are located. The company has six projects in the pipeline in Morocco ; it has handed over 13,000 apartments and villas and is currently embarked on a major international expansion drive that will witness the launch of more projects in North Africa . Emaar has targeted a number of countries for expansion. It successfully completed the construction of Hyderabad Convention Centre in India and recently has been commissioned to develop King Abdullah City , a $26 billion development in which its share of investment will be avout $10 Billion.
“Both Indian and Saudi markets are big for us and we have major expansion plans in these two countries. We are also going to be very big in Morocco where we will have some new and exciting projects.” Al Abbar said. Emaar has also made inroads into Egypt and is negotiating for new projects in Tunisia.