Emaar

A proposed merger move initiated between Emaar Properties and Emaar Malls received the final approval of the Securities & Commodities Authority (SCA).

In a joint statement on Monday, both entities said the merger process, as disclosed on March 2, 2021, has the unanimous support and recommendation of the board of directors of Emaar Properties and Emaar Malls (acting through its independent directors).

The move will reinforce Emaar Properties’ position as Mena’s largest integrated and diversified real estate company while ensuring that both Emaar Properties and Emaar Malls are strategically positioned to capture opportunities in the marketplace and drive shareholder value, said the statement.

The merger will help boost Emaar Properties’ financial and operational performance through full consolidation of Emaar Malls’ earnings and cash flow generation, and further reduce volatility through an increase in the proportion of earnings from recurring businesses.

“The proposed transaction, subject to satisfying the required conditions, would be affected as a statutory merger with Emaar Mall’s shareholders (excluding Emaar Properties) receiving 0.51 Emaar Properties shares for every one Emaar Mall share. This represents a premium of 7.1 per cent to the closing price of Emaar Malls on 1 March 2021, the last trading day prior to the merger announcement, and a premium of 11.2 per cent to the market-implied exchange ratio based on volume-weighted average prices over the last month to 1 March 2020. This represents a premium of 3.5 per cent to the closing price of Emaar Malls on 1 September 2021 and a premium of 4.4 per cent to the market-implied exchange ratio based on volume-weighted average prices over the last one month to 1 September 2021,” said the joint statement.

The merger is subject to several conditions, including the approval of the merger by a vote of shareholders who own at least 75 per cent of the shares represented at quorate general meetings of Emaar Properties and Emaar Malls, said the statement.

One of the world’s largest real estate companies, Emaar Properties has a land bank of 1.7 billion sq ft in the UAE and international markets.

The company has delivered over 72,100 residential units since 2002. Recurring revenue-generating assets include over 1,140,000 sqm of leasing space as well as 27 hotels and resorts with 5,895 rooms (includes owned as well as managed hotels).

Currently, 50 per cent of Emaar Properties’ revenue is from its shopping malls and retail, hospitality and leisure and international subsidiaries.

Emaar Malls’ properties include the Dubai Mall – claimed to be the world’s most visited shopping and entertainment mall for the last five years.

The company also owns and manages Souk Al Bahar in Downtown Dubai, Dubai Marina Mall, and Gold and Diamond Park.

The merger is subject to a number of conditions, including the approval by the shareholders of Emaar Properties and Emaar Malls.

Khaleejtimes

One of the world’s largest, most celebrated real estate development companies, Emaar, has a proven track record of building not just housing projects, but also lifestyles.

With a presence in Dubai, Lebanon, Egypt, Turkey, India, Morocco – and Pakistan, Emaar has an international legacy that is known to have shaped lifestyles with a unique design aesthetic, building and architectural excellence, timely delivery and fulfilled promises for years.

The company that shapes lifestyles

Known for establishing state-of-the-art projects across the world, Emaar Properties has proven competencies in not just living and accommodation but also shopping malls and retail, hospitality and leisure and a whole range of segments catered to amp up the lifestyle of all who inhabit Emaar-built spaces.

In the words of the founder of the company, Mr Mohamed Alabbar, Emaar is sharpening its strategy to be one of the world’s most valuable, most innovative and most admired companies.

Emaar’s vision for Karachi

A true Karachiite would choose nothing but a serene, safe and sea-facing community to build a home. For Emaar, all of its housing spaces on the city’s most celebrated spot are tailored to answer that very need.

For Emaar, Karachi is the city of people who adore the seashore and its mesmerising sunsets and a design aesthetic that caters to its people’s varying needs. These spaces are ideal for anyone looking to live life by the tranquillity of the sea with a promenade by the beach.

Emaar’s latest sea-facing projects combine an extensive range of amenities to give its people just that.

With panorama residencies, sea-facing retail spaces, and a lot more, the company has given a new address to luxury and comfort in one of the most serene and beautiful corners of the city.

One of the company’s most exciting upcoming projects is The Views, which is located in the heart of DHA Phase 8.

The Views intends to bejewel Karachi with its ideal location and luxurious amenities. Life at the property is nothing short of extraordinary.

The residence offers luxurious infinity pools, kids’ play area and recreational spaces, multipurpose event halls, fully-equipped gyms, business centres, residents’ lounge and a lot more.

Emaar is presenting Karachi’s largest gated community that offers to residents and visitors a hotel, mall, restaurants and a beautiful promenade; the property also holds DHA allotment.

Catch a glimpse of some of Emaar Pakistan’s most opulent spaces:

Along the coast are also some of the company’s most unique projects, named Panorama, Pearl Towers, and Pearl Retail.

Emaar enjoys a stable and consistent positioning in the industry. Projects by Emaar Properties make up some of Karachi’s largest, safest and most comfortable gated communities in the country.