Emaar's global portfolio crosses $84bn

Emaar Properties has announced that its international portfolio crossed Dh305.57 billion in recent weeks, making the nine-year-old company the UAE's largest investor outside the country.

Emaar's international expansion, according to the latest company update, includes Dh271.13 billion worth of mixed-use projects in a geographic spread that includes Saudi Arabia, Egypt, Turkey, Morocco, Tunisia, Syria, India and Pakistan, acquisition of two major brands John Laing of the US and UK's Hamptions International for Dh4.4 billion, the development of shopping malls and healthcare projects in the Middle East North Africa and South Asia worth Dh33.03 billion, said a Gulf News report.

Almost all these projects were announced during the last 12 months.

These developments are expected to shape up anywhere between the next five to 10 years. However, some parts of these master planned neighbourhoods are expected to be completed within two to three years, which will provide the company a substantial cash flow for it to pursue the rest of the projects, it said.

This however, does not include Emaar's soon-to-be-announced projects in China and Algeria.

While announcing its entry into the Chinese market, Emaar chairman Mohammad Al Abbar said in a recent statement: "Emaar's entry into China completes a strategic leg of our international expansion programme that focused on three booming markets the Middle East, the Indian subcontinent and now China."

This is part of Emaar's Vision 2010 to be a leading global real estate player.