Emaar Properties (Arabic: إعمار), 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.
With more than 14,000 homes, Emaar has several major real estate projects under various stages of development in Dubai. The company also owns and manages the Gold and Diamond Park.
Emaar started construction on its most ambitious project to date on 1998, 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 2009, 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.
Located in the Burj Dubai, Armani Hotel and Residences Dubai includes 160 guest rooms and suites, restaurants and a spa covering more than 40,000 m². Above the hotel are 144 luxury residential apartments designed by Giorgio Armani and furnished with the Armani Casa home furnishings collection.
Emaar also owns several blocks of apartments in the Greens as well as villas in the Lakes which are rented to tenants. However, the Dubai Government's rent cap laws have fixed rents at up to 50% below the prevailing market level. In early 2007, Emaar contacted Greens rental tenants informing them that they had two weeks to agree to purchase their apartment at the market rate, or it would be sold on the open market[citation needed]. Despite initial denials by Emaar, a similar ultimatum was given to Lakes tenants shortly afterwards.
Emaar started construction on its most ambitious project to date on 1998, 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 2009, 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.
Located in the Burj Dubai, Armani Hotel and Residences Dubai includes 160 guest rooms and suites, restaurants and a spa covering more than 40,000 m². Above the hotel are 144 luxury residential apartments designed by Giorgio Armani and furnished with the Armani Casa home furnishings collection.
Emaar also owns several blocks of apartments in the Greens as well as villas in the Lakes which are rented to tenants. However, the Dubai Government's rent cap laws have fixed rents at up to 50% below the prevailing market level. In early 2007, Emaar contacted Greens rental tenants informing them that they had two weeks to agree to purchase their apartment at the market rate, or it would be sold on the open market[citation needed]. Despite initial denials by Emaar, a similar ultimatum was given to Lakes tenants shortly afterwards.
The UAE has a large population of expatriate construction workers, mainly from India and Pakistan. With trade unions outlawed, the poor conditions and low wages have brought the UAE some unwelcome headlines.[4][5] In Dubai, the Government has done much to guarantee limited rights to such workers, particularly with regard to ensuring that they are paid on time. However, from time to time labour disputes, strikes and protests do still occur. With labourers often on a daily wage of around US$8, and the land that Emaar builds its developments on being essentially free, the price of Dubai property seems to be somewhat disconnected from the fundamentals.
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