Focusing on the growth in the sales sector this year Alabbar told the media, “These numbers demonstrate once again the resilience of our group, the quality of our products, and the passion of our customers and our employees. I am confident that the Dubai property market is once again a growth story for developers, in light of the UAE’s wise policies, with Emaar perfectly positioned to capitalise on this.”

He added that these numbers are quite promising despite the difficulties faced by the sales and property sector during the Covid-19 pandemic. The numbers show hope even though the hotel and the mal sector is still reeling under the effect of the Covid-19 pandemic. Currently, Emaar is also focusing on other markets like India, Egypt, Saudi Arabia, and Pakistan. Alabbar said that even though UAE and Dubai are still major centres for sale because of their promising growth, the other markets also have a huge untapped potential.

Last year, Emaar properties income decreased by 20 percent, to Dh19.7 billion, while the net profit fell to Dh2.62 billion.

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Both the parties have inked a Memorandum of Understanding (MoU) that will witness the offering being developed this year at a dedicated location of digitally-led residential projects crafted by Xiaomi that possesses the biggest IoT (Internet of Things) consumer platform across the globe.

Emaar has the distinction of being the first ever property developer outside China to foray into a strategic alliance with Xiaomi. Emaar Smart Homes are expected to come up around the region of MENA.

Speaking on the latest product to be offered to consumers, Mohamed Alabbar, Chairman of Emaar, said that Emaar Smart Home is a result of the great dedication and passion that are common between Emaar and Xiaomi for crafting innovative dwelling products.

He added that the Smart Homes will deliver customers futuristic living experiences that are unprecedented, apart from providing access to state-of-the-art technology and hassle-free lifestyles.

Xiaomi will be responsible for the supervising and administering of these Smart Homes through its Mi Home application. The app has products that enable the users to control their homes just by giving an oral command through the smart voice assistant features embedded in it.

Apart from these, the Emaar Smart Home will also feature Xiaomi’s other novel facilities such as Mi Smart Door Lock that offers safety and comfort through keyless access into the homes using smartphones, passwords and wearables.

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According to reports, the capital raised with the issuance of these bonds will help Emaar with its plans to expand both regionally and internationally.

Mohamed Alabbar, chairman of Emaar Properties told the media that, “The growth of the sukuk market has been tremendous and has helped bridge the gap in infrastructure financing particularly with projects linking to the real economy. Listing our Sukuk on Nasdaq Dubai provides our issuance with a well-regulated platform with high visibility and close links to market participants regionally and around the world.”

Prior to the listing, the company arranged meetings with fixed-income investors in Singapore, Hong Kong, and London. Emaar also revealed that it hired Standard Chartered as the sole global coordinator. Other banks which are also involved in the transaction include Dubai Islamic Bank, Deutsche Bank, Emirates NBD Capital, First Abu Dhabi Bank, Mashreq and Sharjah Islamic Bank.

This is not the first time that Emaar has listed Islamic bonds on Nasdaq Dubai. Earlier in 2016, the property developer listed $750 sukuk on the stock exchange. Similarly, another $750 million Sukuk was listed by Emaar Malls in 2014.

According to Abdul Wahed Al Fahim, chairman of Nasdaq Dubai, sukuk listed this year on Nasdaq Dubai from UAE and overseas issuers are valued at a total of $8.85 billion.

Earlier this month, Brand Finance had ranked Emaar Properties in14th among the world’s strongest real estate firms in 2019 with a brand value of around $2.7 billion.

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The sukuk is part of Emaar’s $2 billion trust certificate issuance programme. As part of the programme, the company has planned investor meetings in Singapore, Hong Kong, and London earlier this month.  

It has appointed banks to arrange the sukuk issuance, which may be subject to market conditions. 

The local media reported that Standard Chartered is appointed as a sole global coordinator for the issuance programme. Local banks such as Dubai Islamic Bank, Emirates NBD,  First Abu Dhabi Bank, Mashreq Bank and Sharjah Islamic Bank, in addition to foreign lender Deutsche Bank will jointly manage the process. 

The UAE and the GCC are investing in sukuk market, particularly because of reduced oil price assumptions. However, the challenges in sukuk issuance and geopolitical risks in the Middle East are anticipated to lower sukuk market performance in 2019. 

According to Moody’s, global green sukuk issuance grew by 40 percent to $47.2 billion in the first quarter of 2019. The green sukuk issuance is seen as a necessity to create a favourable regulatory ecosystem for the development of the Islamic economy. 

Emaar Properties ranked 14 among the world’s most powerful real estate brands in 2019. 

The company’s estimate brand value is at $2.7 billion, media reports said. In the first half of 2019, the company generated a net profit of Dh3.11 billion and its revenue reached Dh11.57 billion. 

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