There are maybe a number of asset management tools that are employed and can be employed in optimizing the company’s holistic corporate performance. Among the strategic asset management tools employed by the company is its ability to establish partnership with companies specialized on asset management. Recently, Emaar signed a joint venture with UK- based water and wastewater management leader United Utilities. A web article published by AME Info, noted that the partnership formed a new firm, the Emaar Utilities that will manage all the utilities of all the Emaar projects in Dubai.
Emaar entered partnership with another UK- based Carillion plc, which set up a new venture, the Emrill that provides property and facility management services in the UAE and Gulf region. According to a Google article the aim of the new company is to provide Emaar asset management solutions, and cater to the major property companies in the UAE and across the region, of the same services. Emaar has also established partnership with Giorgio Armani SPA to construct a worldwide group of luxury hotels and vacation resorts in prime locations all over the world.
Evaluation of this Strategic Management Asset Emaar’s strategic management asset involves facilities that are occupied for operational use and facilities that are intended for investments. Among the properties that are occupied for operational needs involves office buildings, villas and apartments, malls, hospitals, and schools, while those that are held for investments are the resorts and hotels other financial institution. Emaar properties are a public joint Stock company (PJSC) and are listed on the Dubai financial market.
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Emaar’s operating capital during its beginning in 1997 was $274 million, today; the Dubai government has a 32% equity stake. Strategic alliances were employed by Emaar precisely to meet the growing needs of asset management due to Emaar’s massive and aggressive expansion operation. With huge numbers of development projects in the region and in many Arab and some none Arab countries Emmar employed strategic alliances that are not only providing the company with technical expertise in asset management but it also provides new business opportunities.
Such is the case with Emaar’s partnership with a UK based corporation, Carillion plc that produced a new firm that had not only provided the company with such specialized management skills but a new avenue of doing business. While the United Utilities maybe serving only to provide strategic asset management but in most of these strategic alliances, Emaar is opening a new firm while it also caters to the needs of the company. In general, the strategic alliances of Emaar with other business corporation are working well with them.
These alliances enables them to pursue aggressive expansion without worrying or being bothered by domestic problems as these can be handled by the firms they formed out of their strategic alliances. Their company’s operation in the region and in the international market is not hampered by any problems relating to maintenance of facility, service repairs, and other similar types of problems, as these issues are being handled by joint venture companies. Emaar proves by these alliances that the company is indeed the worlds leading property-based company
Among the facilities that are expected to provide them with working capital in the future is the syndicated Mushraka facility, which is also a multi-national partnership. This partnership can provide an important link with the regions leading financial companies. Thus, the growth of Emaar towards becoming the worlds leading Real Estate Property Company can be traced in part with their strategic alliances. Mr. Alabbar statement himself confirms the company’s strategic alliance was productive for the company.
But along wit this strategic alliance, Mr. Alabbar stated that Emaar will focused on satisfying their customer by assessing, monitoring, and improve the level of satisfaction of the customer. In other words, Emaar is committed to provide a quality service, and a quality product that will satisfy their customer. Conclusion Emaar has made tremendous economic progress thru strategic alliances that have not only provided them with technical expertise in the strategic asset management but it give them a fresh opportunity of doing new business.
Its objective of becoming a provider of world class and quality lifestyle for people compelled its every system to implement the change. Emaar has successfully build itself as a respectable and world’s leading property developer, who has withstood the challenges of the turbulent period of the real estate markets. The company is growing steadily despite the issues that it is currently facing. Foremost of these issues is the 1. 2 billion dollars breach of contract filed by a Saudi based company.
The company’s hefty economic portfolio of delivered projects and its massive development projects both in the region and in the international market proves that Emaar is the most sought property developer. Emaar’s construction of iconic high rice buildings, the construction of important development projects such as Dubai Marina and other important facilities made the company attractive to investors and the company’s product appealing to customer as it bears standards and excellence associated to the company’s image. It is a brand of excellence and modernized lifestyle.
With the company’s commitment to property development there is no doubt that the company is en route to becoming a one-stop provider of quality lifestyle options from property to retail, health care, education, hospitality and leisure, and finance and industry which is geared towards achieving their vision 2010 which is becoming one of the most valuable companies in the world. Recommendation Emaar is currently heading towards its prime objective, which is to become the world’s most valuable company with its key strategy of achieving “Vision 2010. ” It has all the means to accomplish the tasks and take hold of the opportunity.
The company is then committed to enlarge its influence on business clusters through which, its desire for growth will be executed. The following recommendations are perceived to be very important in conceptualizing progressive plans in the near future. First is the development of the organization that maximizes its control over all subsidiary companies. Many companies fail to meet the growing needs of the business because its controlling policies and guidelines are limited; but a global company that understand management scheme will create comprehensive and holistic organization.
Second is the creation of a healthy public relation among its clientele. Currently, Emaar has established bond with its shareholders and business clusters around the world, which should be strengthened more as relational crisis arise. Third, the company must create a team that will be responsible in addressing special cases such as in United States wherein profits submerged that threatened the financial performance of the company.
In case for some geographical, political or cultural characteristics may permit loss, the team with expertise on project management and organizational development must take charge to eliminate problems.
Bardsley, Daniel Emaar Initiatives to deal with Resident’s Issues http://www. zawya. com/printstory. cfm? storyid=GN10025837&l=000000060316 Gulp News 2006. Emaar announces Service Fees for Greens and Dubai Marina Phase 1. http://www. emaar. com/MediaCenter/PressReleases/October10. asp Emaar and Carillion plc Join to form Emrill
http://www. menafn. com/qn_news_story_s. asp? StoryId=1931 Emaar denies 1. 2 Billion Dollars legal suit http://www. khaleejtimes. com/DisplayArticleNew. asp? xfile=data/theuae/2007/September/theuae_September330. xml§ion=theuae&col= 12 September 2007 Emaar educates residents on the need for preventive maintenance of homes. http://www. emaar. com/MediaCenter/PressReleases/2006October26. asp Emaar Forms Joint Venture with UK-based United Utilities for Utility Infrastructure Management http://www. ameinfo. com/141563. html
Emaar Refutes Saudi Fir’s Claim http://www. arabianbusiness. com/500146-emaar-refutes-saudi-firms-claims Emaar Properties Signs MoU with China News Enterprise Development Ltd. http://www. ameinfo. com/152178. html Emaar Reveals New Equity Structure to Accelerate Global Frowth, Diversification http://www. albawaba. com/en/countries/UAE/210751 Emaar Summary Annual Report 2007. http://www. emaar. com/PDF/annual_report. pdf Kattouri, Nissreen (August 2007). Emaar Properties PJSC CSR Case Study. http://www. dubai-ethics. ae/derc/PDF/EmaarCaseStudy2007. pdf
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