Group Project: Business and Commercial Law Contents Part: 1 Part: 2: Brief About the Company: Objective and business activities of the Company: Capitalisation: Competitor: Comparison: Conclusion: Part: 3 Restriction on employment of minor and woman: References:
Part: 1 Name of the Company: Emaar Properties PJSC
Brief About the Company: Emaar is a Dubai based Public Joint Stock Company. The company is a listed company in Dubai Finanacial Market. The company is property developer with global presence. Since inception of the company since 1997, the company has been involved in development of property all over Dubai and has changed the landscape of property development in Dubai. Emaar developed Burj Khalifa, the tallest building on earth (Emaar, 2014).
Objective and business activities of the Company: The objective of the company is to develop world class properties world-wide. The iconic real-estate company created value-added and master- planned communities all over the world. The company has the capacity to meet full spectrum of life style needs of the resident. The company has the capacity to develop shopping mall, retail and in hospitality business. The company has already developed 37,350 residential units all over the world. The company has also developed 6,93,000 sq. ft. of international market. The company has strong fundamental and has got assets over AED 62.8 billion, i.e. $17 billion. The land bank of the company is massive 232 million Sq. meters. In the international market it has 6,90,000 square meters of recurring revenue generation assets. The assets include hotel, malls and over 1900 rooms. In 2013 the company made profit of AED 2.568 billion i.e. $699 million. The annual revenue of the company in 2013 is AED 10.328 billion i.e. $ 2.812 billion. The company is building its strong financial on the growth of Dubai economy. Emaar recorded a net profit of AED 1.731 billion i.e. $471 million (Zawya, 2014). In the first six months of 2014 the company has revenue of $5.063 billion. Out of the total revenue Emaarâ€™s mall, retail, hospitality and leisure business contributed AED 5.063 billion. There are several projects underway for Emaar. The most highlighted project of Emaar is the integrated lifestyle destination on 500 acre area of AED 73 billion i.e. $20 billion (Business, 2014).
Capitalisation: The market cap or market capitalisation of the company is AED 51,764.91 million. The minority shareholder interest in the company is AED 190.77 million.
Competitor: The main competitor of Emaar is Nakheel Properties. The property developer is based in Dubai. The company is not a listed company. The performance of the company is not at all robust in terms of total revenue. In 2012 the company announced 2.02 billion dirhams, i.e. $550 million. The Nakheel property announced that in 2013 it will complete 3000 retail residential units.
Comparison: The comparison of Emaar and Nakheel would be unhealthy. Both the property developer are dominant player in Dubai Real Estate market but the in terms of revenue and profit and scope of business Emaar is far ahead than Nakheel properties. Emaar has already announced development several new projects in Dubai, like Address Residence Sky View; Burj Vista; Boulevard Point, BLVD Crescent and BLVD Heights; and Vida Residence Downtown Dubai â€“ all in Downtown Dubai; The Hills and Vida Residence in Emirates Living; and Palma, Rosa, Rasha, Lila, Yasmin, Samara and Aseel villa communities in Arabian Ranches. The company has presence all over the world. The market for Emaar is spanning in different regions. The company has already established its shop in various countries United Arab Emirates, Saudi Arabia, Syria, Jordan, Lebanon, Egypt, Morocco, India, Pakistan, Turkey, USA, Italy and Canada.
Conclusion: The company is one of the largest real estate companies in Dubai. Apart from being a listed company in Dubai the company has plans to list its subsidiary in India. The company is in expansion mode all over the world. Emaar has put in place its plan to increase its operations in various parts of the world.
Restriction on employment of minor and woman: According to UAE labour law the employment of juvenile under the age 15 is prohibited. Before employing a juvenile the employer has to make sure that all the relevant information and documents of the juvenile is recorded properly in the name of the Juvenile. The list of documents includes birth certificate issued by the concerned authority. The certificate of physical fitness is also to be provided to the employer. The written consent from the guardian of the juvenile has to be secured before employing the juvenile. The employment of the juvenile is prohibited under some circumstances of employment, like at night at industrial undertaking, jobs which are harmful to health, where the working hours exceeds six hours a day and working in holiday (Law, 2014). The women are not allowed to work at the hazardous industry where they can have serious health constraints. The facilities provided to women in work force are not according to international standard. The maternity leave for women workers is 45 days (CEDAW, 2010). They article 33 of labour law of UAE says that the maternity leave will be allowed to the woman employee employed for more than one year in the same company. If in case the woman candidate is employed for less than one year in an organisation the woman employee will be paid half of her remuneration during 45 days period. The act is silent about the counting of 45 days leave, whether it is calendar days or working days. The International Labour Organisations Maternity Protection Convention No.183 of 2000 clearly recommended that women shall be allowed 14 weeks of maternity leave by the employers. The UAE labour laws are not consistent with the international standard at all. The UAE maternity leave allowance is more than 50% lower compared to international standard. The breast feeding break for the woman is not consistent with the international standard and the miscarriage leave is not at all considered under UAE laws (Sadek, 2012).
References: Business. (2014). Emaar Properties - UAE. Retrieved from arabianbusiness: http://www.arabianbusiness.com/companies/emaar-properties-uae-66430.html CEDAW. (2010). Women's Rights in the United Arab Emirates (UAE). Retrieved from https://www.fidh.org/IMG/pdf/UAE_summaryreport_for_CEDAW.pdf Emaar. (2014). The pioneer of master-planned communities in Dubai. Retrieved from Emaar: http://www.emaar.com/en/who-we-are/ Law. (2014). UAE Labor Law. Retrieved from http://uaelaborlaw: http://uaelaborlaw.com/ Sadek, I. (2012, June 28). United Arab Emirates: Maternity And Paternity Rights In The UAE Private Sector. Retrieved from mondaq: http://www.mondaq.com/x/183950/employee rights labour relations/Maternity And Paternity Rights In The UAE Private Sector Zawya. (2014, October 29). Emaar records 37% growth in net operating profit to AED 2.489 billion (US$ 678 million) in first 9 months of 2014. UAE. Retrieved from https://www.zawya.com/story/Emaar_records_37_growth_in_net_operating_profit_to_AED_2489_billion_US_678_million_in_first_9_months_of_2014-ZAWYA20141029113926/