In The UAE
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 Khalifa Downtown development, which comprises the Burj Khalifa - the tallest tower in the world when completed in 2009, the Dubai Mall, Burj Khalifa Business Hub, The Lofts, The Old Town, The Old Town Island, Burj Khalifa Boulevard, The Residences, Burj Views, man-made lakes, landscaped parks and gardens.
Located in the Burj Khalifa, 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.
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. Despite initial denials by Emaar, a similar ultimatum was given to Lakes tenants shortly afterwards.
Read more about this topic: Emaar Properties