Dubai, September 19, 2006: Emaar Pakistan, the country-arm of global real estate major Emaar Properties, has recharged the Pakistani property market through a bouquet of innovative projects.
Mr Mohammed Al-Falasi, Managing Director, Emaar Pakistan, said the challenge faced by Emaar in its entrance in to the country was to create a new niche in the marketplace and revitalize interest on home-property in the minds of the upwardly mobile Pakistanis living in the country and abroad.
“With three master-planned communities already announced in Islamabad and Karachi, Emaar Pakistan is underpinning the importance of these projects as catalysts for the local economy,” said Mr Al-Falasi. “For Emaar, it has always been crucial that all of its projects add value to living – not only to its residents and tenants but also to the larger society.”
Mr Al-Falasi is one in a growing group of UAE professionals entrusted with pivotal positions internationally. “For me, Pakistan is a new market but the potential offered by this emerging economy has always been of interest, particularly because of our large Pakistani expatriate clientele in Dubai,” he added.
Mr Al-Falasi has worked across the board at Emaar from sales to property management. A graduate in Business Administration from the Eastern Washington University, USA, he majored in marketing and general management, which put him in good stead during his first job as sales representative of the prestigious Emirates Hills of Emaar Properties.
After a year, he assumed the challenging role of Head of Market Control at Dubai Financial Market (DFM). A member of the DFM launch team, he was also involved in preparing operational manuals, monitoring stock indices, managing the trade floor and analyzing the market performance.
He rejoined Emaar to take on wider responsibilities with special focus on property, retail and facilities management. Mr Al-Falasi took charge of Emaar’s Pakistan projects in 2004. He works in close co-operation with governmental institutions and leads Emaar’s multi-million dollar expansion programme for the country.
“Emaar’s developments in Pakistan are in line with the global real estate major’s Vision 2010 of becoming one of the world’s most valuable companies through strategic expansion and diversification in key markets and sectors,” said Mr Al-Falasi. “Pakistan has one of the fastest growing economies in the region and its potential remains under-utilized. However, from the perspective of property development, Emaar has realized that Pakistan needs innovative solutions.”
Emaar rolls out projects that integrate residential, commercial, leisure and retail components in such a way as to create self-sustaining living environments that are truly world-class.
To date, Emaar Pakistan has announced three mixed-use projects of development value PKR145 billion (US$2.4 billion) in Islamabad and Karachi – the Highlands and Canyon Views; and Crescent Bay - and also signed a Memorandum of Understanding with Pakistan’s Port Qasim Authority to develop a mixed-use land project in Karachi.
“For us, the challenge is to ensure that the global standards expected of Emaar are met, which we hope to accomplish through strategic partnerships with local and international suppliers,” said Mr Al-Falasi.
Having consolidated its home-turf, the UAE, with a track record of handing over 14,000 homes in Dubai, Emaar has embarked on prestigious developments in countries further afield as Saudi Arabia, Morocco, Egypt, Syria, Tunisia, Turkey and India.
Emaar has strengthened its international presence recently with the acquisition of John Laing Homes, the second largest privately held homebuilder in the US; and Hamptons International, a premier UK realtor. The company is also opening a full-fledged representative office in China.
