Islamabad, Pakistan, July 15, 2007: Emaar DHA Islamabad Ltd, the joint venture between Emaar Pakistan and Defence Housing Authority (DHA) Islamabad, has been assigned the PE1 developer rating by the Pakistan Credit Rating Agency Limited (PACRA) and National Engineering Services Pakistan (Pvt) Limited (NESPAK).
The top-most rating by the apex credit rating authorities in the country signifies the “strong project execution capacity, the most promising prospects of execution of real estate projects as per the plan, and the highest ability to transfer ownership as per terms.”
Assigning the rating, PACRA and NESPAK observed: “Emaar DHA Islamabad Ltd enjoys a clear edge over most of the real estate developers working in Pakistan mainly because of its strong affiliation with Emaar Properties, which has completed multiple projects. It is following the same robust system of procedures, policies and controls employed elsewhere by Emaar.”
Emaar Pakistan is the wholly-owned subsidiary of Emaar Properties PJSC, a Dubai-based company with a significant global presence in 16 countries. Emaar, an FT Global 500 company, is developing several iconic developments including Burj Dubai, on course to becoming the world’s tallest tower.
Mr Mohammed Al-Falasi, Managing Director, Emaar Pakistan, said: “The highest developer rating assigned to Emaar DHA Islamabad Ltd by PACRA and NESPAK, two independent agencies, signals the trust that the company has earned in a short span of time since our inception in Pakistan. The rating is a testimony to our project execution capabilities and a reiteration to our customers on our capability to deliver world-class lifestyle projects.”
One of the largest foreign direct investors in the real estate sector of Pakistan, Emaar is developing two master-planned communities – Highlands and Canyon Views in Islamabad, and Crescent Bay in Karachi with a development value of US$2.4 billion (PKR144.5 billion). Emaar has also signed a Memorandum of Understanding (MoU) with Pakistan’s Port Qasim Authority for a mixed-use development in Bundal and Buddo.
Mr Al-Falasi added: “We are thankful to the Pakistani authorities for their support in helping us execute our development plans, and to our customers in Canyon Views, which we launched in late-2006. Pakistan is a key market in our international expansion plans, and as in all the markets Emaar operates, we are committed to the overall socio-economic growth of the country by creating employment opportunities and strengthening ancillary industries through our projects.”
Emaar recently launched sales of Prados townhomes and Mirador villas in Canyon Views, a master-planned community set amidst wide-open green spaces, meandering walkways and tree-lined streets. Amenities include swimming pool, tennis court, walking trails and open spaces for picnics and barbecues, a town centre that features retail outlets, restaurants, fitness facilities, schools, places of worship and 24hrs security and maintenance
Emaar’s Pakistan development initiatives are in line with the company’s Vision 2010 of becoming one of the world’s most valuable companies through a two-pronged approach of geographic expansion and business segmentation