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.

Emirates Group Posts 21st Consecutive Year of Profit in 2008-09

The Emirates Group has reported its 21st consecutive year of net profit for its 2008-09 financial year despite unprecedented challenges for the airline and travel industry.

The Group’s net profit of AED 1.49 billion (US$ 406 million) for its financial year ending 31st March 2009, was down 72 per cent from the previous year’s record profits of AED 5.3 billion (US$1.45 billion), showing the impact of the record fuel prices in the first six months of the year, and the impact of the global recession.

At the same time, Group revenues of AED 46.3 billion ($ 12.6 billion), representing an increase of 10.4 per cent over the previous year’s AED 41.9 billion ($ 11.4 billion), reflects continued business growth.

The Group also retained a healthy cash balance of AED 8.7 billion ($ 2.4 billion) compared with AED 14 billion ($ 3.8 billion) the previous year. This cash position is after funding new aircraft orders, new construction projects to build a twin tower hotel and staff accommodation, dividends paid to the company’s owners, and massive product and service investments including the hundreds of millions of dollars invested to develop dedicated Emirates Lounges across the network and retrofitting aircraft to align the interiors across the young fleet.

In 2008-09, the Group estimates a total contribution of AED 58.8 billion ($ 16.0 billion) to the UAE economy.

HH Sheikh Ahmed bin Saeed Al-Maktoum, Chairman and Chief Executive, Emirates Airline and Group said: “We have returned our 21st consecutive year of net profit, and although it is a 72 per cent decrease on the previous year’s all-time record profit, under the circumstances this is a satisfactory result.”

The Group’s performance this year demonstrates its flexibility in a challenging economic period, and its ability to strategically grow its business and customer demand. During the year, the company strengthened its operations with investments in technology, new products and customer service, while keeping a tight rein on costs.

The past year saw the first six months posting record fuel prices with oil rising to US$147 (AED 540) a barrel, and then a decrease in demand from the weakened global economy was followed by declining yields with the strengthening US Dollar against major currencies, which all contributed to lower profitability and lower net margin for the Group at 3.3 per cent, compared to 13.2 per cent in the previous year.

Fuel costs remained the top expenditure for the 5th year running, accounting for an unprecedented 36.2 per cent of airline operating costs compared with 32.9 per cent the previous year.

Sheikh Ahmed commented: “No one could have predicted the scale of the worldwide recession which is now impacting every country on earth. Emirates has worked hard to cope with this downturn by maintaining our agility and responsiveness in a volatile economic environment.

“We have met these challenges with determination, improved efficiencies and innovative market-leading initiatives. In 2008-09 financial year, our group achieved two significant milestones: Emirates accepted delivery of its first A380 heralding a new era in our eco-efficient aircraft fleet with Dnata playing a significant role in developing the ground handling processes to manage this pioneering aircraft; and we witnessed the smooth opening of the state-of-the-art Terminal 3 at Dubai International Airport – a remarkable new facility dedicated to Emirates operations, with Dnata overseeing the ramp operations and managing the state of the art baggage system.”

He added: “As we move into the new financial year, the outlook is not improving. Although fuel prices are dropping, demand for business and first class traffic is still weak in many markets. Without downplaying the global economic situation and its challenges for our business, I still believe that the coming year will be one of satisfactory growth for the Emirates Group.

“Our development plans remain unchanged. We have weathered the last twelve months with satisfactory growth, maintained the quality of our award-winning service, and maintained staff numbers in the face of an unsettled future. We will continue to forge ahead to build the airline, Dnata and the many subsidiary companies that are part of the Emirates Group.”

Sheikh Ahmed also reinforced the airline’s plans to continue taking delivery of 18 new aircraft in the coming year, saying: “We will progress with our fleet and route expansion plans. With our strong business fundamentals and track record, we have had no problems securing financing for our growth. In fact, to date we have already secured financial commitments for over half of our aircraft deliveries in the coming year.”

Emirates airline’s revenues totalled AED 44.2 billion ($ 12.0 billion), an increase of 9.9 per cent from AED 40.2 billion ($ 10.95 billion) the previous year. Airline profits of AED 982 million ($268 million) marked an 80.4 per cent decrease over 2007-08’s record profits of AED 5.0 billion ($1.37 billion).

In 2008-09, the airline’s passenger fleet expanded with the delivery of four Airbus A380s, ten Boeing 777 300ERs, and six Boeing 777 200LRs. At the end of the financial year Emirates’ fleet reached 132 aircraft, including eight freighters, boasting an average age of 64 months – one of the youngest commercial fleets in the skies.

At the end of the year, the total number of aircraft on Emirates’ order book, excluding options, was 161 aircraft, worth approximately US $ 52 billion.

During the year, the airline launched passenger services to four new destinations – Kozhikode (Calicut), Guangzhou, Los Angeles and San Francisco – and increased frequencies onto existing routes in high-demand markets.

Passenger Seat Factor, at 75.8 per cent, was a strong result given there was also a seat capacity (ASKMs) increase of 13.4 per cent. Overall traffic (passenger and cargo) increased by 7.7 per cent to 15,879 million tonne kilometres as compared to the overall capacity increase of 10.5 per cent to 24,397 million tonne kilometres (ATKMs).

Yield improved by 8.4 per cent to 256 fils (69.8 US cents) per RTKM (Revenue Tonne Kilometre), up from 236 fils (64.4 US cents) in 2007-08 marginally ahead of growth in unit costs that grew by 8.2 per cent from higher fuel and operating expenses. These helped to improve the break even load factor down to 63.9 per cent from 64.1 per cent last year.

Emirates continued to enhance its products in the air and on the ground, completing the refurbishment of its Boeing 777 classic aircraft with its new First, Business and Economy Class seats, as well as the latest ice inflight entertainment system with over 1,000 channels on-demand.

As of 31st March 2009, the Group and its subsidiaries employed 48,246 staff, representing 145 different nationalities. During the year, the Group hired more than 7,000 people from over 250,000 job applications received from around the world.

The full 2008-09 Report and Accounts of the Emirates Group – comprising Emirates airline, Dnata and subsidiary companies – is available on www.ekgroup.com/mediacentre