Emerging Markets : Dubai Firm Buys Into Us Housing Market

COMPANY TO WATCH: EMAAR PROPERTIES/UNITED ARAB EMIRATES

 


Dubai-based Emaar Properties, one of the world’s largest real estate companies, made its first major push into the US market last month, paying more than $1 billion in cash to acquire John Laing Homes, the second-largest privately owned
homebuilder in the United States.

Emaar, which is responsible for much of Dubai’s Manhattan-like skyline, has begun construction on the $20 billion Burj Dubai downtown development, which will include the world’s tallest building and the world’s largest entertainment and shopping mall when completed in 2008. The company has also won a $26.6 billion contract to build King Abdullah Economic City in Saudi Arabia, where it also will develop Jeddah Hills, an $11.2 billion community in the port city of Jeddah.

Emaar has teamed up with Giorgio Armani to develop an international chain of luxury Armani hotels, starting with Milan and Dubai and followed by London, New York,Tokyo and other major cities.

Emaar also has major development projects and joint ventures in Turkey, Syria, Egypt, India, Pakistan, Morocco and Tunisia. It is diversifying into retail, leisure, education, healthcare and finance.The company’s shares are listed on the Dubai Financial Market.


GP
 

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