Like the UAE Itself, Burj Dubai Soars to New Heights
When completed in 2009, Burj Dubai (“Tower of Dubai”), a skyscraper project of Emaar Properties, will be the world’s tallest building. Its final height is still a closely-guarded secret, but estimates range from 160 to 200 stories. Burj Dubai was designed by the prominent American architectural and engineering firm Skidmore, Owings and Merrill, LLC.

a secret – the development will include the Dubai Mall, Old Town, Old Town Island, Burj Dubai Square, The Lofts, Burj Dubai Lake Hotel and Apartments, and Burj Dubai Boulevard, a 3.5 km stretch of road that unites the entire development.

In the Emirate of Umm Al-Qaiwain, Emaar is working with local developers to build a $3 billion marina and planned community. When completed, this 2,000-acre project will include a 600-boat marina, 6,000 villas, 2,000 townhouses, and 1,200 resort hotel rooms.

By 2010, Emaar expects that 80 percent of its investments will be outside the UAE. One regional project in which Emaar is playing a lead role is the King Abdullah Economic City, undertaken in cooperation with the Saudi Arabian General Investment Authority (SAGIA). Another major project outside Dubai is a multi-billion dollar joint venture with the Government of Indonesia to develop a “New Bali” on 1,500 acres on the island of Lombock. Emaar is also planning to build up to 100 shopping malls throughout the Middle East, North Africa and the Indian subcontinent.

Emaar aims to diversify beyond real estate into a variety of other sectors, including hospitality, education, retail and health care. For starters, $3 billion has been earmarked for a chain of ten luxury hotels under the brand name of Giorgio Armani.

Emaar is preparing for some major investments in the U.S. market. The company will use its $1.05 billion purchase of John Laing Homes in 2006 to develop housing and multi-use projects in Arizona, Florida and the Washington DC areas. “The time is right for acquisitions in the U.S.,” noted Chairman Mohamed Ali Alabbar recently. “With the [real estate] market slowing, we might find some value there.”

Profile: ALDAR Properties

Much of Abu Dhabi’s tourism infrastructure –

as well as other major projects – is being developed by ALDAR Properties. ALDAR is owned by over 20,000 investors throughout the UAE, in addition to a range of institutional investors.

“ALDAR’s key strengths lie in our understanding of the significance of infrastructure, which is the most valuable and essential asset of major urban development, “ says Ahmed Ali Al Sayegh, Chairman of ALDAR.

Among ALDAR’s most significant ongoing projects is Al Raha Beach. Built alongside natural beach front, this development will include world-class residential, commercial, cultural, entertainment and public facilities, which will house up to 120,000 residents. The development consists of eight precincts, each with its own distinct personality.

Yas Island, another ALDAR project, will feature a world-class motor sports racetrack, 5-star hotels, the Ferrari theme park, a water park, a shopping mall, golf courses, marinas, polo clubs and numerous restaurants and cafes.

The company’s Al Gurm Resort, nestled among mangrove forests, is also destined to become one of Abu Dhabi’s most exclusive tourist destinations. Al Gurm will comprise 59 private luxury homes and a 161 suite 5-star resort hotel.

With projects undertaken by ALDAR, the Abu Dhabi skyline continues to grow.

ALDAR’s investment activities are not limited to tourism. The company is building Central Market – a multi-purpose complex in the center of Abu Dhabi – and The Imperial College London Diabetes Center, a specialized facility for diabetes treatment, care and research. The Diabetes Center is the result of a partnership between Imperial College London and Mubadala Development Company, one of ALDAR’s largest shareholders.

Profile: Dubai World

Dubai World positions itself as the largest holding company in the Middle East. Its investments in the UAE range from ports management to property development, from

tourism to commodities exchanges. Dubai World has also made strategic investments throughout the world and employs some 50,000 people worldwide.

Among Dubai World’s component companies are ports operator DP World, real estate giants Nakheel and Istithmar, the Jebel Ali Free Zone Authority, and U.S. specialty retailer Loehmann’s. The company also holds minority stakes in dozens of companies, including the UK’s Standard Chartered Bank and India’s first low-cost airline, SpiceJet.

“Dubai World is a powerful growth engine fueled by the belief that there is a world out there that’s growing more and more creative and exciting,” says Sultan Ahmed Bin Sulayem, Chairman of Dubai World. “The themes of ‘balancing global and local’ and ‘embracing global citizenship’ lie at the very heart of what we do and believe in.”

Two of Dubai World’s real estate projects currently under development have already earned global recognition. The Palm is a cluster of three man-made islands, each in the shape of a date palm tree. Together, the three Palms will contain 10,000 villas, 5,000 apartments, 100 hotels, and a wide range of services.

The World, an equally dramatic project being developed by Nakheel, involves the construction of more than 300 man-made islands off the coast of Dubai. The islands are being strategically positioned to form the shape of a world map, and each island will offer exclusive residential and leisure opportunities. The World will add 232 km of beachfront to Dubai’s coastline.

Another Nakheel project that has become a landmark in Dubai is the Ibn Battuta Mall. Bearing the name of a renowned 14th Century Arab explorer, the architecture within the mall’s six courts reflects the most influential places Ibn Battuta traveled during his lifetime: Andalusia, Tunisia, Egypt, Persia, India and China. An impressive food court, dozens of retail stores and a 21-screen Megaplex – featuring the UAE’s first IMAX theater – complement a unique cultural shopping experience.

The Palms, a Dubai World project, is among the UAE’s most distinctive properties.