Emaar Properties PJSC, the global property developer of iconic projects, today announced the launch of its new wholly-owned subsidiary, Dawahi Development, a next-generation developer of ‘value housing’ projects within full-service community developments.
Dawahi Development will function as a separate entity with a dedicated management team and professional staff members focused on value housing projects across the Arab world.
The project comes in line with the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai and with his encouragement, Emmar said.
Seeking to become the region’s leading developer of integrated communities that meet the aspirations of Arab youth and their families, Dawahi Development will develop ‘value homes’ at attractive price points in key emerging markets across the Middle East & North Africa (MENA) region, while also creating robust employment and business opportunities for the local population.
Dawahi Development will principally address the burgeoning demand for value housing in the region. The current housing shortage in some of the fastest growing cities in the Middle East alone is estimated at over 5 million units. To address the demand, Arab governments have announced investments of over $150bn in middle income housing projects.
Mohamed Alabbar, Chairman of Emaar Properties thanked His Highness Sheikh Mohammed bin Rashid Al Maktoum for his continuous support. He said that the futuristic vision of H.H. Sheikh Mohammed has always been a vivid source of inspiration for numerous initiatives that underline the UAE’s position as a developmental leader and highlight Dubai’s positive role both regionally and internationally.
He added: “Emaar Properties has set a solid track record in the successful development and timely delivery of real estate projects across the Arab world. While Emaar will continue to focus on the ‘affordable luxury’ real estate sector, Dawahi Development aims to provide management, master development design incubation and programme management to develop ‘value housing’ projects across the wider MENA region.
“Dawahi Development will leverage Emaar’s competencies to create a greater volume of value homes through a unique supply chain management strategy, to ensure mid-price points. This new initiative complements Emaar’s strategic long-term outlook to add value for our stakeholders by leveraging growth opportunities in emerging markets.
Alabbar said that Dawahi Development will focus on projects in regional markets in the Gulf and beyond, and will eventually establish operations across the Levant and wider markets. “The cities in the emerging markets of the MENA region will account for the largest share of future urbanization initiatives. Led primarily by the emerging middle class, these cities face a monumental housing deficit.
“The number of families in the region with an annual income of over Dhd100,000 (about $25,000) is expected to double to 28 million by 2025. They will require quality homes and modern amenities that suit their lifestyle aspirations. The public sector alone cannot bridge the gap for value housing across the wider region – which is why we have launched Dawahi Development.
“With Dawahi Development, we are creating a new category of homes and communities that provide value to young families. This new category can be defined as the mid-price point housing.”
The value housing projects are envisaged as modern, full-service communities featuring the full spectrum of lifestyle amenities and utilities. Dawahi Development’s communities will have educational institutions, healthcare centres, retail outlets and restaurants, community and sports centres, mosques and leisure options. Price of homes within Dawahi Development communities will vary from market to market.
Many of these amenities will be operated by local small and medium enterprises (SMEs) and entrepreneurs, making the Dawahi Development’s communities extremely appealing places to live and work, especially for Arab youth. “These upcoming communities will be self-sufficient with good infrastructure, including road networks, seamlessly linking these communities with the wider urban environment,” said Alabbar.
Dawahi Development will support job creation in the housing and construction sector through a unique approach defined as “Education for Employment,” including specialised academies that will provide vocational training to carry out skilled roles in Dawahi projects.
Alabbar explained: “Dawahi Development will create self-sufficient communities that fulfill the aspirations of Arab youth and their families. By developing value homes set in integrated communities, and supporting the creation of new jobs, we are addressing two of the greatest challenges facing the region, and seizing new opportunities for growth for our stakeholders.
Based on a sustainable business model, Dawahi Development will create economies of scale through partnerships with regional and international contractors, while ensuring that customers receive exceptional value through volume aggregation, high-quality design, and efficient engineering and operating processes.
