Downfall of the World's Premier Real Estate Development Company

Emaar Misr Employee Brags About Delayed Financial Black Hole

September 24, 2009
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Here’s a link to a pretentious little emaar employee who has the audacity to boast about the progress made on the company’s Marassi master plan in Egypt.

Tmallare states in his blog, “The job is progressing well.  The first major milestone was the beach club opening by the first of July.  All the naysayers said it would NEVER be done.”

That’s incorrect, all the naysayers said it would never be done by July of 2008.  And before that, all the naysayers said it would never be done by July of 2007.  (you did prove those of us who were betting that Emaar would make the intelligent decision of walking away wrong).

So, after four years of work, there’s a beach club, but there are no hotels, villas, golf course, retail, or spas.  Who’s going to come to your beach club?

I’m posting tmallare’s entry on my blog:

Oh yeah, that construction project!

Well, I HAVE been a little delinquent on reporting the status of our original mission to the Mideast/Northern Africa.  I will attempt, therefore, to enlighten you as to what Ron has been doing over here for the past year.  The job is progressing well.  The first major milestone was the beach club opening by the first of July.  All the naysayers said it would NEVER be done.  But, it was.  And it is gorgeous.   “It can’t be done” does not really exist in Ron’s repertoire of verbal phrases.  He accepted the errant analysis as a challenge and, with a dedicated team, it was accomplished.

The villas, townhomes and apartments are under construction, with the first of these to be occupied by September, 2010.  The model villas were completed and ready for touring during the selling season of July and August.  The golf course driving range is complete and nine of the eigthteen holes is scheduled to open in 2010, along with a golf academy.  The Ritz Carlton will be the  first hotel to break ground during the 3rd quarter of next year.  The marina is under design and will begin construction in the 1st quarter of 2011.  I will take more pictures as time goes on so you can see the progress.

This is the official description of the projectMarassi, an exciting new development owned by EMAAR. Maraasi site is located 125 kilometers west of Egypt’s second largest city – Alexandria, and 330 kilometers north of Egypt’s capital and largest city, Cairo. It is also only 5 kilometers west of El Alamein’s WW II historic relics and cemeteries.

The project’s strategic location relative to important cities of Egypt, its accessibility and proximity to transport nodes and linkages, its naturally beautiful site and its moderate climate, all make the project’s villas, Townhomes & Hotels, a year-round destination of choice for discerning world travelers and tourists.

The project covers an area of more than 6.25 million square meters in Northern Egypt, along the Mediterranean Sea at the Sidi Abdel Rahman Gulf.

Road and Infrastructure Construction - OngoingRoad and Infrastructure Construction – Ongoing
Construction Underway on VillasConstruction Underway on Villas
Public Entrance Under ConstructionPublic Entrance Under Construction

Marassi Beach Club Under ConstructionMarassi Beach Club Under Construction

Marassi Beach Club on Opening DayMarassi Beach Club on Opening Day
View From the Beachfront RestaurantView From the Beachfront Restaurant
Beach Club Lobby Looking Out Toward Entrance DoorBeach Club Lobby Looking Out Toward Entrance Door
Beach Club Entry/Welcome AreaBeach Club Entry/Welcome Area
Tiled Artwork in Beachclub LobbyTiled Artwork in Beachclub Lobby

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CityScape – The Circus Comes to Town

September 20, 2009
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The WSJ is reporting that Emaar and Nakheel have reconsidered their decision to pull out of CityScape.

I, for one, am glad that attendees this year will not have to miss out on the freakshow for the first time since the inception of CityScape.  What horrible wonders will these developers have in stall for audiences this year?  What will top the financial/architectural nightmare inducing Nakheel 1Km tower?  Will Emaar bounce back with the world’s largest Date Souk?

We, or at least I, can joke about this all day long, but there is a much darker side to this story.

Pulling out of CityScape was a financially sound decision since convention budgets for one company can easily run into the millions, investors aren’t looking to hear about new projects from company’s with a gargantuan balance sheet of overvalued assets, and finally, not attending sends the signal that the company is focused on restructuring and strategy for the way forward.

Unfortunately, as what seems to be often the case, what’s good for investors in Dubai is not good for Dubai Inc (aka the Dubai Municipality).  Maybe, one year ago, Emaar would have had the independent power to resist pressure to avoid wasting time and money on Dubai’s premier circus, but, as the public company will be consolidating their holding with government owned entities, Emaar is more a less a meager PR tool to manage the rapidly declining wealth of an irresponsible ruling body.

Bottom line, Emaar is a shell of a company.  Anything or anyone that brought Emaar to greatness (which wasn’t much), is no longer a part of the company.


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