Emaar Properties Partners With Standard Chartered Bank To Offer Two Easy Home Finance Options

Emaar Properties has partnered with Standard Chartered Bank to extend two easy home finance packages for all its projects in Dubai that will be delivered in the next nine months.

Standard Chartered Bank will offer two mortgage products – the Asset Back Lending (ABL) Product and Standard Mortgage Product (SMP). The Asset Back Lending (ABL) Product offers an easy loan of up to 40 per cent of the property price with mortgage of AED 100,000 to AED 2.5 million will be provided for a tenure of 3 to 25 years.

The Standard Mortgage Product offers a standard loan of up to 75 per cent of the property price. Potential end-users and customers can obtain financial support from AED 150,000 to AED 10 million for a tenure of 3 to 25 years.

The home finance options will cover an extended portfolio of Emaar projects including apartments and villas in Dubai in prime locations such as Downtown Burj Dubai, Dubai Marina, Arabian Ranches and Emirates Living. The ABL easy loan is particularly tailored for current investors and end-users seeking financial support to complete the remaining payments before handover, while the standard mortgage will appeal to all potential home-buyers.

Mr Ahmad Al Matrooshi, Managing Director – UAE, Emaar Properties, said: “The partnership between Emaar Properties and Standard Chartered Bank is a huge confidence booster for Dubai’s property sector, as it marks the strengthening of liquidity levels. Emaar has always been at the forefront of industry-leading initiatives and this collaboration will further invigorate the market and strengthen investor confidence.”

He added: “The two easy mortgage plans are tied in for the projects that are to be delivered in the next nine months. The ABL product, an easy loan, particularly underscores our commitment to support investors who have been affected by the unprecedented challenges of the global financial crisis.”

Commenting on the partnership, Chris de Bruin, Head of Consumer Banking, Standard Chartered UAE said, "This is an exciting opportunity for Standard Chartered to broaden the core range of our home finance solutions which are offered by us in both conventional and Shariah compliant varieties. The introduction of this new line up is part of the larger consumer banking concept that Standard Chartered has created specifically to be more customer centric.”

Potential customers can visit the Emaar Sales Centre within Downtown Burj Dubai or the nearest Standard Chartered Bank branch located at Emaar Business Square and complete the formalities to avail of the mortgage. They can also call toll-free 800-EMAAR (36227) or the Standard Chartered Bank hotline at 600-522288 for more details. Customers can also email at home.loans@sc.com to fix an appointment with SCB’s Home Loans Sales Representatives.

Emaar has already handed over several thousand homes in Dubai. World-class villas and apartments in integrated communities with all lifestyle amenities are being developed in Downtown Burj Dubai, Arabian Ranches, Dubai Marina and Emirates Living – the four Emaar communities.

Emaar Properties Hands Over Alma Townhomes In Arabian Ranches Ahead Of Schedule

Emaar Properties has highlighted its commitment to project delivery, despite the challenges of the global financial crisis, with the hand over of Alma townhomes in Arabian Ranches five months ahead of schedule. The company had recently also completed and handed over La Avenida, a cluster of 17 luxury villas within Arabian Ranches, eight months ahead of schedule.

A community of 212 luxury homes, Alma townhomes in Arabian Ranches had gained overwhelming investor response when launched in 2007. Emaar was to have delivered the homes in end-November but has now completed the villas, which are being handed over. Customers are given a preview of the homes before the hand-over process starts this week.

Mr Ahmad Al Matrooshi, Managing Director – UAE, Emaar Properties, said: “We have an established track-record in delivering projects with several thousand homes handed over in Dubai and other key markets globally. Emaar is reiterating our commitment to customers with the completion and hand over of Alma townhomes and La Avenida several months ahead of schedule.”

He added: “Emaar achieved this milestone by working in close cooperation with contractors and consultants with a focus on optimising resource use efficiency and maximising productivity. This is in line with our growth strategy to identify opportunities that co-existed with the unprecedented challenges of the global financial crisis.”

Located in District II of Arabian Ranches, the established master-planned community by Emaar, the Spanish-styled Alma townhomes enjoy a prime location and are in close proximity to several Dubai landmarks and business nerve-centres including Jebel Ali Free Zone, Dubai Investment Park, Global Village, Dubai Internet City and Dubai Media City.

The homes also offer easy access to the city’s premier leisure destinations such as the Arabian Ranches Golf Club and Dubai Polo & Equestrian Club. The community also features an established school – JESS, the Hayya! Health Club, retail centres and healthcare facilities. The two-storeyed, lakefront Alma homes range in size from 2,400 to 3,150 sq ft, and feature luxury finishes and fittings.

Emaar is progressing on the completion of its projects, which are in varying stages of development. The company has four established communities in Dubai already – Emirates Living, Arabian Ranches, Dubai Marina and Downtown Burj Dubai.

14 dazzling performances of The Dubai Fountain Daily

The Dubai Mall Waterfront Promenade attracts thousands of visitors daily for the dazzling performances of The Dubai Fountain, the world’s tallest-performing fountain. Starting from 6pm, there are 14 daily performances until 11pm.The Dubai Fountain currently performs six songs at varying intervals including ’Sama Dubai,’ the tribute of Emaar Properties to His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President & Prime Minister and Ruler of Dubai. ’Sama Dubai’ describes the visionary leadership of His Highness Sheikh Mohammed and marks the first time that an Emirati song has been choreographed for a fountain.The other songs to which the fountain sways in perfect sync are ’Dhoom Thana,’ a super-hit Hindi film song from the Shah Rukh Khan-starrer ’Om Shanti Om;’ ’Baba Yetu,’ an award-winning song in Swahili composed by Christopher Tin for the computer game ’Civilization IV;’ the Arab world’s top-selling dance number ’Shik Shak Shok’ by Hassan Abou El Seoud; and the signature piece of world-renowned Italian tenor Andrea Bocelli, ’Con te partiro’ (Time to Say Goodbye).Mr Nasser Rafi, Chief Executive Officer, Emaar Malls Group, said: "As Dubai’s newest tourist attraction, The Dubai Fountain continues to draw thousands of people every week to The Dubai Mall Waterfront Promenade. The timing of the fountain’s performance has been managed to enable visitors to stroll through the mall and return for repeat viewings."The fountain performance starts at 6pm with performances every half-hour until 8pm. Between 8pm and 11pm, music-water displays occur every 20 minutes. Located on Burj Dubai Lake, the world’s tallest performing fountain shoots water jets as high as 500 ft (150 metres), equivalent to that of a 50-storey building.The Dubai Fountain is 900 ft (275 metres) long and has five circles of varying sizes and two central arcs. It has been designed by California-based WET, the creators of the Fountains of Bellagio in Las Vegas. Over 6,600 WET Superlights – the most advanced incandescent large fountain lights available today – and 25 colour projectors create a visual spectrum of over 1,000 abstract attractions.

Fernando Botero’s Exquisite Horse Sculpture To Adorn Downtown Burj Dubai

World-renowned figurative artist Fernando Botero’s ‘Horse 2007,’ a bronze sculpture weighing 1,500 kg (1.5 tonnes), is now in Dubai.

Emaar Properties Chairman Mr Mohamed Alabbar unveiled the monumental work of art that celebrates the rich equestrian heritage of the Arab world in Downtown Burj Dubai.

A Colombian artist, Mr Botero is globally acknowledged for his ‘Horse’ sculptures, which feature in several international locations, and are landmark works of art that draw in thousands of visitors.

Commissioned as part of the Art Programme for Downtown Burj Dubai, Horse 2007 is 310 cm high, 192 cm long and 156 cm wide, and is located near The Dubai Mall and The Address Downtown Burj Dubai. Several other Middle East and international artists have been commissioned to create exclusive works of art that will be permanently displayed in the 500-acre community.

Mr Alabbar said: “Fernando Botero is a grandmaster sculptor and his Horse series is a perfect fit for the Art Programme of Downtown Burj Dubai. With Botero’s exquisite work of art, Emaar is paying tribute to our glorious equestrian tradition while creating another tourist attraction for Dubai.”

Horse 2007 was commissioned for Emaar Properties by art collector and gallery owner Samia Saleh Baker, who contacted the 77-year-old grandmaster and was involved in every aspect of the work from designing the plinth, plaques, shipment, storage and final placement.

The sculpture of the horse with a Patina finish rests on the large plinth strategically positioned with uninterrupted views of Burj Dubai, the world’s tallest building, in the backdrop.

Downtown Burj Dubai, described as the new heart of the city, is the flagship development of Emaar Properties. Apart from several residential communities, Downtown Burj Dubai features The Dubai Mall and Souk Al Bahar, four hotels and Emaar Boulevard, billed to be one of the world’s finest boulevards.

AED 20 Billion Investment In The Dubai Mall Drives Retail Growth And Creates 10,000 New Jobs In Dubai

Emaar Malls Group and its retailer partners have together invested AED 20 billion to develop the world’s largest shopping mall and create 10,000 new jobs.

The Dubai Mall is the world’s largest shopping and entertainment destination covering 12 million square feet, equivalent to 200 football fields. And soaring visitor numbers are driving business, with mall retailers reporting a 33 per cent jump in sales from December to April, said Mr Mohamed Alabbar, Chairman, Emaar Properties, in an interview with Pan Arab television station Al Arabiya.

The Dubai Mall is also now the region’s single largest new employment generator, creating 10,000 jobs this year. Retailers have created an estimated 7,500 jobs and Emaar Malls Group has hired thousands more people to work in management, operations, sales, marketing, security, parking and other services.

Mr. Alabbar said: “The Dubai Mall is a catalyst for Dubai’s economy, driving the retail sector and employment. The formal opening of the mall on May 8, 2009, by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President & Prime Minister and Ruler of Dubai, attracted a record 160,000 visitors – over 10 per cent of the city’s population. With 750,000 visitors every week during the Festival@The Dubai Mall, the mall is on course to achieve annual visitor traffic of 37 million.”

“The Dubai Mall is one of the most significant investments in retailing in the world. It has introduced 165 new retail brands and concepts into the Middle East and unveiled flagship stores of international brands. The world famous department stores Galeries Lafayette and Bloomingdale’s are making their Middle East debut at the mall. This reflects the strength of Dubai’s retail sector and the appeal of The Dubai Mall to the global retail industry,” explained Mr. Alabbar.

According to recent research by CB Richard Ellis, Dubai is the fourth most-attractive city for international retailers next only to London, Paris and New York City. The study mapped the global footprint of 280 of the world’s top retailers across 67 countries. It revealed that 46 per cent of these global retailers are in Dubai compared to London (60 per cent), Paris (49 per cent) and New York (47 per cent).

With 1,200 retailers, The Dubai Mall has the largest collection of international brand names under one roof. If all the shop fronts were lined up, they would stretch 23 kilometres. More than 900 shops are already open, and the remaining 300 will open in the next three months. Visitors can also choose from an array of international cuisine at two food courts with a total seating capacity of 3,000. The mall also has over 14,000 car parking spaces.

Leisure attractions at the mall include The Dubai Aquarium & Underwater Zoo featuring over 33,000 aquatic animals including sharks and rays, and with the world’s largest acrylic viewing panel and a walk-through tunnel; the Olympic-sized Dubai Ice-Rink; and The Waterfall, an indoor spectacle that traverses the four floors of the mall. The daily shows at The Dubai Fountain are an added draw for visitors.

Located on the 30-acre Burj Dubai Lake, The Dubai Fountain is the world’s tallest performing fountain. Designed by California-based WET, the creators of the Fountains of Bellagio in Las Vegas, The Dubai Fountain is over 900 ft (275 metres) in length. It features powerful water nozzles which shoot water sprays to heights of over 500 ft (150 metres) – equivalent to that of a 50-storey building. Over 6,600 WET Superlights – the most advanced incandescent large fountain lights available today – and 25 colour projectors will create a visual spectrum of over 1,000 different water expressions that will appeal to visitors.

Other entertainment features opening in the next three months include KidZania®, an innovative children’s ‘edu-tainment’ concept that is being introduced to the region for the first time; SEGA Republic, a 76,000 sq-ft indoor theme park; and the 22-screen REEL Cinemas with a total capacity of 2,800 seats.

His Highness Sheikh Mohammed Bin Rashid Al Maktoum formally opens The Dubai Mall

His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President & Prime Minister and Ruler of Dubai, today, formally opened The Dubai Mall, the world’s largest shopping and entertainment destination.The highlight of the opening ceremony was the unveiling of The Dubai Fountain, the world’s tallest performing fountain, which performed to the melody of an Emirati song, Sama Dubai. Replicating the graceful movements of Emirati dance forms, the performance of Sama Dubai was a tribute to His Highness Sheikh Mohammed Bin Rashid Al Maktoum.The song highlights the world-class vision and leadership qualities of His Highness Sheikh Mohammed and celebrates the success of Dubai. The performance of Sama Dubai is unparalleled in the history of fountains – a modern engineering marvel choreographed to the rhythm and beats of an Emirati song.The spectacular opening ceremony, held by the waterfront promenade of The Dubai Mall, was attended by dignitaries and high-ranking officials, and joined by thousands of visitors to the mall, who were treated to a full showcase of the fountain’s musical performances.Mr Mohamed Alabbar, Chairman, Emaar Properties, said that the opening ceremony, with the special performance of Sama Dubai, is Emaar’s tribute to His Highness Sheikh Mohammed Bin Rashid Al Maktoum. “His Highness inspired us to think bigger and better, and today, we are fulfilling his vision of growth for Dubai.”He added: “The formal opening of the mall will continue to energise the retail and tourism sector of Dubai, and now, with the unveiling of The Dubai Fountain, we are also adding to the tourist attractions of the city.”The Dubai Fountain will now perform daily, with the performance repertoire including Sama Dubai; Baba Yetu, an award-winning song in Swahili; the Arab world’s top-selling dance number Shik Shak Shok; and the signature piece of world-renowned Italian tenor Andrea Bocelli, Con te partiro (Time to Say Goodbye).Set on the 30-acre Burj Dubai Lake, the fountain shoots water jets as high as 500 ft (150 metres), equivalent to that of a 50-storey building. The fountain is 900 ft (275 metres) long and has five circles of varying sizes and two central arcs. It has been designed by California-based WET, the creators of the Fountains of Bellagio in Las Vegas.Over 6,600 WET Superlights – the most advanced incandescent large fountain lights available today – and 25 colour projectors create a visual spectrum of over 1,000 abstract attractions. The beam of light shining upward from the fountain can be seen from over 20 miles away, and will be visible from space making it the brightest spot in the Middle East, and quite possibly in the entire world.Marking the revelry of the opening ceremony, the mall also organised an array of entertainment events to add to the verve of the month-long Festival@The Dubai Mall, a shopping and entertainment extravaganza.Since its soft opening in November 2008, The Dubai Mall has welcomed several thousands of visitors, including UAE residents and tourists. Situated in close proximity to Burj Dubai, the world’s tallest building, The Dubai Mall is spread over an area of 12 million sq ft. It has a gross leasable area of 3.77 million sq ft and is planned to have over 1,200 retail stores including 160 food & beverage outlets. Already, more than 900 retail outlets have opened including several flagship stores and Middle East debuts of global brands. For the convenience of visitors, the mall has 14,000 car parking spaces.The mall’s extensive array of leisure attractions makes it one of the largest entertainment destinations in the region too. The Dubai Aquarium & Underwater Zoo is a key attraction for families, and has over 33,000 aquatic animals. The aquarium also features the world’s largest acrylic viewing panel and a walk-through tunnel. The Olympic-sized Dubai Ice-Rink and The Waterfall, which traverses the four levels of the mall, are also popular among families.Later this year, the mall will open the region’s first KidZania® – an innovative children’s edutainment concept; SEGA Republic – a high adrenaline indoor theme park; and the 22-screen REEL Cinema with a total capacity of 2,800 seats.The Festival@The Dubai Mall will continue through May 29, 2009, with the retail outlets offering several bargain deals for customers. They also have the opportunity to win millions of dirhams in prizes through daily and weekly draws, and a grand draw for AED 1 million at the end of the festival. Other attractions of the Festival@The Dubai Mall include an innovative Bid 2 Win auction, Grand Bentley raffles and mall-wide entertainment. Since the beginning of the festival, the mall has hosted nearly a million shoppers, and retailers have recorded a significant increase in sales – a clear indication that consumer confidence in Dubai’s economy is on the rise. The Dubai Mall is a centerpiece of Downtown Burj Dubai, the 500-acre mega-development by Emaar Properties, described as the new heart of the city.

His Highness Sheikh Mohammed Bin Rashid Al Maktoum To Formally Open The World’s Largest Mall Today

His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President & Prime Minister and Ruler of Dubai, will formally open The Dubai Mall, the world’s largest shopping mall, on May 8, 2009 (Friday). The opening ceremony will be marked by the spectacular unveiling of The Dubai Fountain, the world’s tallest performing water-music spectacle.

In less than six months since its soft-opening in November 2008, The Dubai Mall has established itself as a world-class retail and leisure destination with over 900 retail stores. By September of this year, the mall will host over 1,200 stores – the largest collection of retail brands under one roof. Sprawling over an area of 12 million sq ft, with a gross leasable area of 3.77 million sq ft, The Dubai Mall features several flagship stores and Middle East debuts of global brands.

The mall is also one of the largest family leisure destinations in the region: The Dubai Aquarium & Underwater Zoo, already a crowd-puller, holds the Guinness World Record for the world’s largest acrylic panel and has over 33,000 aquatic animals. The Olympic-sized Dubai Ice-Rink is another popular family attraction and The Waterfall, that traverses four levels of the mall, is a preferred meeting place for families and friends. Later this year, the mall will open the region’s first KidZania® – an innovative children’s edutainment concept; SEGA Republic – a high adrenaline indoor theme park; and the 22-screen REEL Cinema with a total capacity of 2,800 seats. For the convenience of visitors, the mall offers 14,000 car parking spaces.

Mr Mohamed Alabbar, Chairman, Emaar Properties, said: “The Dubai Mall is a celebration of the commanding presence of Dubai on the global retail map. One of the most preferred choices for international retailers, the mall has been envisaged as a captivating family destination and will further strengthen the retail growth of Dubai. We are thankful to His Highness Sheikh Mohammed for his support and patronage of this global project.”

The formal opening of the mall is being celebrated with a month-long spectacular shopping and entertainment extravaganza – the Festival@The Dubai Mall. Eight days into the festival, The Dubai Mall has hosted nearly a million shoppers, and retailers have recorded a significant increase in sales – a clear indication that consumer confidence in Dubai’s economy is on the rise. To continue through May 29, 2009, the festival offers millions of dirhams in raffle draws apart from a Grand Bentley raffle, Bid 2 Win auction and mall-wide entertainment.

The crowning glory of the opening celebration is the unveiling of The Dubai Fountain, which after being tested over the past few weeks, will now present a full-colour performance of dancing jets set to popular songs from Arabic and world music.

As the new leisure attraction in Downtown Burj Dubai, Emaar’s 500-acre mega-project, The Dubai Fountain will be an added attraction for the mall visitors. Set on the 30-acre Burj Dubai Lake, the fountain shoots water jets as high as 500 ft (150 metres), equivalent to that of a 50-storey building.

The fountain is 900 ft (295 ft) long and has five circles of varying sizes and two central arcs. It has been designed by California-based WET, the creators of the Fountains of Bellagio in Las Vegas. Over 6,600 WET Superlights – the most advanced incandescent large fountain lights available today – and 25 colour projectors create a visual spectrum of over 1,000 abstract attractions.

Some of the songs selected for the fountain’s spectacularly choreographed music and visual show include Baba Yetu, an award-winning and hugely popular song in Swahili composed by Christopher Tin for the computer game ‘Civilization IV;’ the Arab world’s top-selling dance number Shik Shak Shok by Hassan Abou El Seoud; and the signature piece of world-renowned Italian tenor Andrea Bocelli, Con te partiro (Time to Say Goodbye).

The colour spectrum and rhythmic movements of the fountain are achieved through the teamwork of several world-class technicians and choreographers. The entire fountain sits atop a network of underground tunnels and connected equipment rooms creating several hundred square meters of dry serviceable space below Burj Dubai Lake.

The Address Hotels + Resorts enters Europe with Domaine de Lavagnac management contract

The Address Hotels + Resorts, the home-grown 5 star premium hotel brand of Emaar Hospitality Group, has marked its entry into the European market with a management contract to operate Domaine de Lavagnac, a luxury resort developed by Residence De Lavagnac SARL in Languedoc-Roussillon, South of France. The European expansion of The Address brand was announced today at a press conference held on the sidelines of the Arabian Travel Market (ATM). Mr Charles Cox, Chairman of Residence De Lavagnac SARL and Mr Marc Dardenne, Chief Executive Officer, Emaar Hospitality Group and Emaar Hotels & Resorts, signed the management agreement in the presence of Mr Eric Perez, Project Manager, Residence De Lavagnac SARL and Mr Patrick Heuze, Senior Director – Hospitality Asset Management & Development, Emaar Properties PJSC.  Scheduled to open in 2011, Domaine de Lavagnac is the first five star tourism development in Languedoc and comprises a 17th century chateau that is beingtransformed into a 70 suite hotel located in close proximity to the Mediterranean coast. Dating back to the Gallo-Roman era, the chateau is one of the finest in South of France and a fitting centerpiece for the premier property development.  Featuring a spa and golf course, the property is billed to be an exclusive golf-spa retreat and poised to drive the tourism growth of Languedoc. The 1,000 sq m spa retreat will be one of the largest in the region and will feature spacious lounge areas bathed in natural light and indoor pools to provide the perfect place to unwind where a range of relaxing and rejuvenating treatments and exercise classes will be on offer to pamper visitors. The project will also have430 serviced residencesto be managed by The Address Hotels + Resorts, all of them designed in chic contemporary style. The Address Hotels + Resorts will manage the property’s gourmet restaurants serving a delectable culinary spread including the much-acclaimed local delicacies of Languedoc prepared with Garrigue herbs, Bouziques oysters and wild mushrooms. The hotel’s terrace with its elegant carved-stone balustrade is an ideal place to relax in the evening. The property will have meeting venues including a conference center that can accommodate up to 500 people, leisure facilities and business lounge, as well as the luxury residential hamlets, which are planned to open in 2011.  Each of the 650 residential properties will offer unrivalled luxury accommodation, with 20 per cent being allocated for full-time occupation and the remainder for holiday accommodation. The homes, which will range from 80 to 316 sq m, are now available for purchase. Each property has been sensitively designed to maximise the natural beauty of its surroundings. Mr Cox said: “Domaine de Lavagnac is the first of its kind five star luxury resort in the South of France, and is set to further strengthen in-bound tourism to the region on the Mediterranean coast. The eco-friendly resort is designed as an integrated community with a retail village and world-class golf course and academy to maximise its tourism potential. To operate the hotel and residential units, we needed a partner who could bring in true value differentials. The Address Hotels + Resorts, with its track-record of creating distinctive hospitality experiences, offers a perfect fit to our growth objectives.” Mr Dardenne opined: “This new management contract is a significant milestone for us in the development and expansion of our hotel brand which we launched just one year ago. As part of our international expansion strategy, we are looking at other European destinations, and this contract in Languedoc-Roussillon acts as the perfect gateway to the rest of the region.” Mr Heuze stated: “At Domaine de Lavagnac, our operational philosophy will be to offer tangible benefits to guests through a one-size fits one strategy. The entry of the brand to Europe will help us achieve our global expansion plans, and also strengthen our core competencies in the hospitality sector.” The hotel operator has already opened The Address, Downtown Burj Dubai to international acclaim, and will soon open The Address, Dubai Mall and The Address, Dubai Marina later this year.   The Address Hotels + Resorts recently announced its first property outside the UAE which will be in Uptown Cairo and has signed a management contract with Jnan Amar Polo retreat in Morocco. Other destinations for The Address brand include Shanghai, Lombok in Indonesia, Jordan, Saudi Arabia, Syria, Turkey, London, Los Angeles and New York. Emaar Hospitality Group owns and manages a diversified portfolio of hospitality assets such as hotels, serviced residences, golf resorts, a polo and equestrian club, recreation clubs, and the Dubai Marina Yacht Club and Marinas.

Work On Burj Dubai Interiors Rapidly Progresses

Work on the interiors of Burj Dubai, the world’s tallest building developed by Emaar Properties, is progressing alongside the tower’s exterior cladding. Currently over 800 metres (2,624.7 ft) high, the tower’s interiors are an aesthetic confluence of the best of the architectural influences from around the world and the region.Complementing the external architecture of the tower that is inspired by the geometries of the desert flower Hymenocalis and regional patterning systems, the interior design of Burj Dubai was conceptualised and led by award-winning designer Ms Nada Andric of Chicago-based Skidmore, Owings & Merrill LLP (SOM).While designing, Ms Andric worked towards attaining two main purposes – to recognize and acknowledge the building’s epoch marking height, its structural and architectural rationale and challenges; and to appreciate the location and region’s heritage, history and culture.Mr Mohamed Alabbar, Chairman, Emaar Properties, said: “Burj Dubai is a once in a lifetime architectural accomplishment and is the Arab world’s tribute to the art and science of modern engineering and design. A global icon that draws on international engineering expertise, Burj Dubai will symbolize the aesthetic unison of many cultures – from Arabia and the rest of the world.”He added: “The interiors place a special focus on the region’s heritage and geographical location in its design approach and selection of materials. The design emphasizes on the best results in space planning and utilization alongside the finest detailing, to give residents and visitors an unprecedented lifestyle experience.”A globally acknowledged and award-winning interior designer credited with interior design of several design projects and large-scale architecture, Ms Andric’s design approach was not to take literal, stereotypical translations for the region’s cultural influences but to turn to scholarship to develop the vocabulary inspired by the region’s history cultural understanding of the heritage of the Arabic world and its interpretation into spatial elements, the right selection of materials and a concerted effort to blend the traditional motifs and patterns with modernity.Apart from glass, stainless steel and polished dark stones, the interiors of Burj Dubai also feature Silver Travertine flooring, Venetian stucco walls, handmade rugs, stone flooring and dark, intricate Brazilian Santos Rosewood to reflect shelter, comfort, and above all, restrained luxury. Surfaces on the upper floors will be advanced in finishes of silver metallic lacquers to provide a sense of brightness and enlightenment. Commissioned local and international fine art pieces will be thoughtfully integrated across the interiors of tower to complete the atmosphere of ultimate refinement. 
Ms Andric explained: “Burj Dubai’s interiors are mindful of the building’s prominent international address and its true purpose as home to a number of people, while being inspired by the fascinating local culture and the challenge of enhancing the value of a global landmark. This unique approach is reflected in all aspects from careful planning of all the public areas, the subliminal reference to free flowing Arabic script, colours and materials and the implementation with an aim to showcase global technology and human achievement.”She added: “For the interiors, the highly edited colour and material palette is inspired by the region’s fine sand and the tradition of pearl harvesting, which are offset by the indigenous dark hues of wood. The layouts for the common areas of the tower have been inspired by cursive Arabic writing as rooms flow elegantly in an intelligent interplay of light and shadow.”A mixed-use tower featuring the world’s first Armani Hotel Dubai and Armani Residences, alongside corporate suites, residences, retail and leisure facilities, Burj Dubai is at the centre of Downtown Burj Dubai, a 500-acre mega-development by Emaar Properties. Among an array of lifestyle amenities, the tower will have a public observatory deck on level 124.Described as the new heart of Dubai, Downtown Burj Dubai encompasses The Dubai Mall, one of the world’s largest shopping and entertainment destinations; several hotels; offices and homes. A stellar attraction within the community is The Dubai Fountain, the world’s tallest performing fountain.Burj Dubai has already achieved the distinction of being the world’s tallest structure surpassing the KVLY-TV mast (628.8 metres; 2,063 ft) in North Dakota, USA. The tower is taller than Taipei 101 in Taiwan, which at 508 metres (1,667 ft) has held the tallest-building-in-the-world title since it opened in 2004. Burj Dubai also surpassed the 31-year-old record of CN Tower, which at 553.33 metres (1,815.5 ft) has been the world’s tallest free-standing structure on land since 1976.Designed by SOM, Burj Dubai is constructed by high-rise experts South Korea’s Samsung Corporation. Turner Construction International is the project and construction manager. The tower employs the latest in wind engineering, structural engineering, structural systems, construction materials and construction methods.
 

Emaar Properties Records First Quarter Revenue Of AED 1.546 Billion (US$ 0.421 Billion)

Emaar Properties, a global property developer with a significant presence worldwide, focused on sustaining its long-term growth momentum in the first three months of this year, posting first quarter 2009 revenue AED 1.546 billion (US$ 0.421 billion), compared to first-quarter 2008 revenue of AED 2.522 billion (US$ 0.687 billion) and fourth quarter 2008 revenue of AED 1.833 billion (US$ 0.499 billion) calculated in accordance with revised accounting policy for revenue recognition.The profits for the first three months of the year stood at AED 0.237 billion (US$ 0.065 billion), compared to profits in the first quarter of 2008 of AED 0.896 billion (US$ 0.244 billion) and net operating loss of AED 0.658 billion (US$ 0.179 billion) in the fourth quarter of 2008.As of January 1, 2009, Emaar has revised its revenue recognition policy based on the new recommendation of the International Accounting Standard Board (IASB) relating to the International Financial Reporting Interpretations Committee (IFRIC) 15 – Agreements for the Construction of Real Estate, to recognize revenue based on completed contract method.In the case of completed contract method of revenue recognition, the revenue and related profit for a project sold can only be recognized when the project is handed over to the customers. The percentage completion method of accounting requires that the revenue be calculated based on proportion of project construction completed for units sold and a minimum level of non refundable deposit collected. Until 2008, Emaar had adopted the percentage of completion method of revenue recognition for its developments as it results in better reflection of operational results and level of development carried out by a real estate company on a periodical basis.However, under the completed contract method of accounting, the revenue and profits are only recognized on handover of projects, and this can result in fluctuations in quarterly revenue and profits recognised by the Group, i.e. revenue will be higher in quarters with higher value of units delivered as compared to quarters with lower deliveries.Mr. Mohamed Alabbar, Chairman, Emaar Properties stated that Emaar has always followed a prudent and conservative accounting method for reporting its results. The land bank and the assets in Emaar books are also recorded at cost and not adjusted to market value depicting a conservative approach to the presentation of Company’s results and balance sheet.The revenues and profit for the first quarter 2009 are lower than same period of 2008 due to lower deliveries and also lower sales of completed units.In the first quarter of this year, Emaar committed its resources to completing its existing project pipeline in Dubai and international markets, and also strengthened operations of its hospitality, shopping malls and education subsidiaries. The company introduced several customer service policies and procedures aimed at supporting investors to meet the challenges that exist in the current global financial climate.Mr. Alabbar said that the company’s growth strategy for 2009 is focused on strengthening investor confidence by completing existing projects, while simultaneously exploring growth opportunities in new markets.“The tough economic environment globally calls for tough measures and a strategic approach to ensuring sustained growth,” he said. “We have therefore streamlined our efforts to shore up consumer confidence while implementing stronger measures internally to optimize resource utilization.”Mr. Alabbar said the company has leveraged the efforts of the Government to boost investor sentiment. “Under the leadership of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President & Prime Minister and Ruler of Dubai, Dubai has implemented a range of initiatives to strengthen liquidity levels and boost consumer confidence. These initiatives are now yielding results, and we expect the real estate sector to demonstrate greater stability in the coming months.”
During the first quarter of 2009, the company strengthened its presence in Egypt with the launch of Mivida, a master-planned community in New Cairo City. The launch was well received by Egyptian and international investors.In Saudi Arabia, Emaar, The Economic City (Emaar.E.C) continued its development momentum on King Abdullah Economic City, the region’s largest private-sector project. The first homes, offices and industrial plots in the 168 million square metre mega-project will be handed over this year.In the first quarter of this year, Emaar.E.C launched sales of additional residential units in Bay La Sun Village, the first fully-integrated community, meeting with strong investor response. The company also offered land plots in a total area of 250,000 square metres in the Bay La Sun Village to third-party developers, who can enjoy full ownership of land to develop residential, commercial and multi-purpose buildings.Emaar’s hospitality & leisure subsidiary won its first international contract in the first quarter of the year, highlighting the company’s strategy to strengthen its business portfolio. The Address Hotels + Resorts, the five star hotel brand owned by Emaar Hospitality Group, signed the management agreement with Azmi Abdelhadi (AAH) Group, a leading Saudi Arabia-based business conglomerate, to operate a luxury property within Jnan Amar Retreat, a premium mixed-use development in Marrakech.In a strong statement of the brand appeal of The Address Hotels + Resorts internationally, its flagship hotel, The Address, Downtown Burj Dubai won the “New Hotel 2008” award at the World Hotel Awards. Emaar Hospitality Group will open two new properties this year – The Address, Dubai Mall and The Address, Dubai Marina.In other business highlights during the first quarter of the year, Emaar Education opened two new educational institutions in Dubai, while Emaar Malls Group strengthened the retail portfolio of The Dubai Mall, its flagship project, with the opening of over 900 outlets as at the end of first quarter 2009, including Armani/Casa to be managed by Emaar Retail LLC. Emaar also highlighted the appeal of Downtown Burj Dubai, its 500-acre mega project, as the new heart of the city by adding several tourist attractions, including The Dubai Fountain, the world’s tallest performing fountain. Emaar Boulevard also became the new lifestyle hub for the city and hosted the first Burj Dubai Classic Car Show that attracted thousands of visitors.Mr. Alabbar said: “Emaar’s core strength has always been creating integrated lifestyle communities, while also adding value to the economy in all the markets in which we are present. Moving ahead, despite current challenging financial conditions globally, we will continue to focus on our overall growth strategy in all our projects across the world.”