ECONOMIC DEVELOPMENT - UAE Interact

110UNITED ARAB EMIRATES YEARBOOK 2006be paid in four instalments over a year. A month earlier, in June, it handed over its10,000th home since it began allotments in November 2002. With this, EMAAReffectively maintained an average monthly ratio of more than 322 deliveries for 31months, excluding more than 1000 rental units. At an average of Dh1 million perunit, this translates to Dh10 billion worth of properties at current prices, makingEMAAR the largest property developer in the Middle East and North Africa (Mena)region. By the end of 2005 EMAAR will have handed over an additional 5000 to6000 units, tripling monthly deliveries to 1000 units for the second half of 2005.EMAAR is also the company behind the tallest building in the world, BurjDubai Tower, which is under construction. Financed by a syndicate of three UAEbanks, Mashreqbank, Emirates Bank International and Abu Dhabi CommercialBank, the project is expected to cost Dh3.2 billion (US$869m). Due for completionby the end of 2008, the Burj Dubai Tower will be the centrepiece of the 500-acre,US$8 billion ‘Downtown Dubai’ development.One of the UAE’s trading conglomerates, Al Futtaim, also has a real estate armthat was originally established to manage its own property portfolio but whichnow offers a wide range of services from selection of site and feasibility studiesto construction and property management. Al Futtaim is also responsible fordevelopment of Dubai Festival City, which is claimed to be the Middle East’slargest privately-funded, mixed-use development and is scheduled for opening inSeptember 2006. Located on the banks of Dubai Creek, it is being constructedby Al-Futtaim Carillion.CLIMATE CONTROL FOR BUILDINGSDistrict cooling is widely used throughout the UAE and around the world, pipingchilled water from a centralised plant to a range of residential, commercial andgovernment buildings. Landlords are attracted to the maintenance-free, economicand environmentally friendly cooling benefits of the technology, while clients enjoyreduced ambient noise and better temperature control in their homes, making itthe perfect solution for all cooling requirements. The energy savings could be upto 50 per cent of the total that consumers spend on traditional air-conditioners.During the summer months, air-conditioning requires up to 70 per cent of the totalenergy produced. One tonne of chilled water cools up to 20–25 square metres.The business of cooling buildings in the UAE is increasingly featuring theinnovative local company, Tabreed that specialises in low cost and highlyefficient cooling systems. Tabreed announced revenues of Dh242 million for itsfiscal 2004, a 28 per cent increase over the previous year. Net profit advanced by35 per cent to Dh31.5 million, compared to Dh23.4 million in 2003. The companyposted a gross profit of Dh91.3 million for the year, up from Dh62.4 million in2003. At the year-end, Tabreed’s total assets were Dh1.66 billion, representingan increase of 33 per cent over 2003.