Case Analysis of EMAAR

This case analysis explores EMAAR Properties, a leading real estate company. It covers their competition, types of costs, competitors, SWOT analysis, and more.

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Project 1:- Case Analysis of EMAAR

Emaar Properties
Executive Summary
EMAAR properties are a pioneer in the field of real estate has been studied in an in-depth
manner in the report. The report initiates with the introduction of EMAAR properties followed
by the manner it competes in the market. Thereafter, a discussion is done relating to the fixed
and variable cost of the company. The competitors of EMAAR are vividly discussed in the
report. An analysis is then done by conducting SWOT and PETEL analysis. Furthermore, a
discussion is done on the demand and supply that resulted from the happening of Arab spring.
Overall, it can be ascertained that the company performed in an effective owing to strong
fundamentals and effective grip on the entire market.
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Contents
1. Introduction.........................................................................................................................................4
 Competition.........................................................................................................................................5
2. Types of costs in EMAAR......................................................................................................................5
3. Competitors of Emaar..........................................................................................................................6
4. SWOT Analysis.....................................................................................................................................7
5. PESTEL Analysis....................................................................................................................................9
6. Demand curve...................................................................................................................................12
Promotion/marketing affects the demand curve for EMAAR....................................................................13
7. Supply Curve......................................................................................................................................14
Promotion/marketing affects the Supply curve for EMAAR.....................................................................15
Game theory..............................................................................................................................................17
Price elasticity of EMAAR...........................................................................................................................19
Conclusion.................................................................................................................................................21
References.................................................................................................................................................22
Figure 1 Shift In Demand...........................................................................................................................13
Figure 2 Shift in Supply..............................................................................................................................14
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Emaar Properties
1. Introduction
Emaar Properties is a joint stock company headquartered in the UAE. It is primarily engaged in
real-estate business and listed on the financial market of Dubai. Further, the company has a
valuation of approximately US$ 9.7 billion that is attained through its management and property
development services. The company has sixty active companies and around six segments of
business diversified throughout North Africa, Middle East, North America, and Europe.
Furthermore, Emaar Properties of Dubai is one of the biggest developers of real estates in the
entire UAE and its big-scale projects like Burj Khalifa has also attained the title of tallest
building in the entire world (EMAAR, 2019).
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Emaar Properties
 Competition
Over the last few years, Emaar has been redefining the mechanism of property development that
has allowed it to serve as a national champion company throughout UAE and Dubai. The
company has always relied on the vision of discovering new ideas and methods so that it can
outperform others, thereby set an example for others across the world. Furthermore, Emaar
believes that their shareholders have stood by them when they were providing development and
property management services throughout international markets. In addition, the company’s
shareholders have offered it various opportunities towards an incredible transformation of its city
into an international hub (EMAAR, 2019). Nevertheless, this has fetched Emaar an opportunity
to build Dubai as an extraordinary place throughout UAE, thereby attaining the title of one of the
most admired and valuable companies.
Currently, models of business development are being modified and cycles of innovation have
been diminishing. As a result, companies that fail to react to such alternations encounter
immense risks that can affect their overall long-term growth prospects. However, Emaar view
such changes as a valuable opportunity to establish a new trend in the international market.
Therefore, it endeavours in establishing innovative strategies and models that can allow it to
diversify its business and grant it the position of one of the leading businesses in the entire world
(Cohen, 2016). Overall, the company has been taking advantage of every possible opportunity
that can grant it the benefit of attaining enormous amount of profits that can further be utilized in
the establishment of smart cities.
2. Types of costs in EMAAR
The fixed cost that has been used in EMAAR is as follows:
Interest on loan –The interest pertains to various aspects such as payable of interest on the loan
used for the purpose of construction or the repairing of the property. EMAAR deal into real
estate and hence, have a huge loan running owing to the huge constructions. In this scenario, it
needs to pay interest that constitutes a fixed cost (Cronin, 2016). Further, acquisition of new
property requires large sums that is procured from the loan and hence it comes under the ambit
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Emaar Properties
of the fixed cost. Secondly, there are various taxes that needs to be paid and one prominent tax is
the municipal tax. It comes under the ambit of the fixed cost. Further, any amount that is spent
for the repairs, as well as renovation comes under the fixed cost heading because such repairs are
done so that the property have the capacity to fetch money over a long term period (EMAAR,
2019).
Variable cost are those that varies in tune to the activity variations. When it comes to real estate
business herein EMAAR, it can be commented that the business has a huge production volume
together with huge sales volume. The materials that are used in the process can be defined as
variable costs as it varies in tune to the building and construction process (Mankiw, 2010). As
per the number of construction the overall material will alter and hence it is a variable cost.
Direct materials – It is the raw materials that are used to develop a product and hence, is
considered as a variable one.
Piece rate labor – the amount that is paid to every worker for the completion of the work is the
variable cost.
Supply of production - for the construction and building there are various supplies required.
Supplies such as machinery oil are consumed as per the usage of the machinery hence such costs
varies with the volume of production.
3. Competitors of Emaar
Nakheel is recognized as one of the leading contributors to realisation of Dubai’s vision. It
intends to establish an effective class destination for segments like tourism, business, and living
on a whole. Further, it also focuses on offering and enhancing a significant portfolio of
innovative projects throughout Dubai across segments like hospitality, retail, residential, and
leisure. Further, its developments comprise of The World, Palm Jumeirah, Jumeirah Heights,
Discovery Gardens, Dragon City, Nad Al Sheba, International City, etc. Nonetheless,
collectively these accumulate more than fifteen thousand hectares of land and presently it offers
accommodation for more than 270,000 people. Besides, Nakheel also pursue more than twenty-
one thousand residential areas that are in the pipeline or under construction.
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Emaar Properties
Nakheel’s future and present portfolio of projects covers more than 17 million square feet of land
that can be offered for lease. Besides, its other developments also comprise of Golden Mile
Galleria, Deira Mall, The Pointe, Nakheel Mall, Warsan Souk, Dragon Mart, Ibn Battuta Mall,
Nad Al Sheba Mall, Circle Mall, etc. In addition, there are significant extensions to the Dragon
Mart and Ibn Battuta that are also included in these developments. Moreover, the company’s
retail profile also comprises of various centres of neighbourhood communities (EMAAR,, 2019).
The company’s increasing hospitality projects also cover fourteen serviced apartments or hotels
that accommodates more than 5200 rooms situated at distinct locations throughout Dubai such as
Deira Islands, Ibn Battuta Mall, Dragon City, Palm Jumeirah, etc.
DAMAC Properties has also made its mark in the field of stylish living. It has affixed its place in
the segment of luxury development throughout the region. This can be observed by the fact that
it has offered 24000 houses with a portfolio of more than forty thousand residential units.
Besides, this also comprises of 10000 hotel rooms, hotel villas, and well serviced hotel
apartments that is properly catered to by the company’s wholly owned DAMAC Hotels and
Resorts. The company has been focusing on its never-ending commitments towards provision of
excellent services whether it is provision of assistance to a young couple to choose a perfect
house or whether it is for advising other investors in relation to properties that offer best ROI
(return on investment). This is the major reason why the company has been identified as a
leading luxury developer throughout the nation.
Since the year 2002, the company has offered more than 24000 houses to its customers and the
number has been significantly increasing day by day. Overall, the company’s success can be
attributed to its never-ending efforts of retaining and selecting best employees, choosing perfect
development partners including designers, architects, and contractors. Hence, the company has
become the leading developer of luxury destination and bespoke houses over these years.
4. SWOT Analysis
1. Strengths
 Business Model
The company has established a very powerful business model that allows it to frame effectively
planned communities to global markets. It has widely concentrated on establishing a living
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Emaar Properties
lifestyle that is not limited to offering of properly only (EMAAR, 2019). Further, the innovative
provision of self-contained communities on the company’s part allows it to accommodate
landscaped grounds, parks, schools, etc into marine-themed, equestrian, and master-planned golf
places (EMAAR, 2019).
 Foreign diversification
Emaar has also concentrated on a wide expansion mechanism that has allowed it to take adequate
measures to establish innovative competencies and business lines in segments like education,
malls, leisure, hospitality, and financial services. Further, the company has entered such
education segment through procurement of Raffles Campus based in Singapore. In addition, it
has procured resorts and hotels segment through the brand of Georgio Armani. It also has a
major agreement with Turner International so that coordination of projects can be undertaken
effectively (Namtalla, 2015).
2. Weaknesses
 Quality and labour issues
Various non-profit organizations and labour groups have raised allegations against the company
of offering petty wages and not providing better treatment, thereby paving a path for various
industrial actions like work disruption and property destruction on the part of such laborers. As a
result, the company has witnessed deterioration of goodwill that is a negative indicator.
 Strategy of funding and operations
The company’s funding strategy is focused on restricting the funding by the parent organization
so that land procurement and construction of initial infrastructure can be financed. Moreover, the
parent organization funding is limited to only eight percent of its expenses. Besides, further
resources are raised through debt financing, strategic sales, etc. As a result, the company must
pay higher rates of interest and it can create issues for enhancement of present as well as future
projects.
3. Opportunities
 Revenue diversification and global expansion
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Emaar Properties
The company’s mission and vision are to become an international solution for lifestyle and for
such purposes, it has numerous investments in segments like hospitals, resorts, hotels, education,
etc. Further, the company also has undertaken outright procurements and entered into numerous
partnerships with current organizations so that new markets can be entered, thereby assisting in
expansion of overall operations and offerings (Zelenyuk, 2016).
 Consolidated opportunity in the local markets
Emaar has ample power to enhance its current prevalence in Dubai and this is feasible through its
16.8 million square meters of land that can be utilized for construction purposes. Further, the
company has also finished the construction of key assets like Dubai Marina Mall in Dubai that
has a leasable area of around 3.9 million square feet.
4. Threats
 International economic downturn
Expatriates have been the driving force behind the progress of Dubai and these consist of more
than eighty percent of the entire population. Freeze in credit markets and losses of jobs cannot
offer enough capital needed to invest in the city’s property market, thereby influencing the
company’s sales (Namtalla, 2015).
 Economic protectionism
Several countries pursue restrictions associated with foreign investments like infrastructure.
Besides, local lobbies in the US have been successful in derailing huge investments depicting
perceived or real issues of national security. These limitations can deny Emaar to carry out
growth plans.
5. PESTEL Analysis
Emaar functions in a very dynamic environment wherein it is affected by various factors like
consumer behaviour, technological changes, regulatory mechanisms, environmental factors, etc.
1. Political factors
 Statutory practices
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Emaar Properties
Emaar must supervise various statutory rules wherein it operates. Besides, over these years, the
company has witnessed significant increment in rules related to Finance and Accounting.
 Significance of local authorities in the segment of finance and accounting
Local authorities assist in setting business regulations and the company must be capable of
supervising such changes so that future issues can be avoided.
2. Economic factors
 Rate of inflation
The prevalence of high liquidity in the market after the 2018 recession can result in enhancement
of inflation in the markets of Dubai.
 Effectiveness of financial markets
Emaar has adequate accessibility of vibrant financial markets that can grant it maximum liquidity
in the equity markets, thereby assisting in international diversification.
3. Social factors
 Perception towards safety and health
With enhancement in liberalization, the perception towards safety and health are also becoming
neglectful. Therefore, the company must avoid such perceptions as it can result in massive
failure.
 Hierarchy and societal norms
The company believes that the society forms a very integral part of its successful venture.
Therefore, it must endeavour to establish a domestic team that can assist in understanding the
attitude and societal norms in a better way, thereby playing a pivotal part in serving maximum
number of customers (Zelenyuk, 2016).
4. Technological factors
 IPR and protection of patents
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Emaar Properties
If the company has maximum safeguards and protection for its intellectual property rights and
other patents, then there are higher probabilities of more participants to invest into development
and research segments.
 Technology maturity
Based on the information given in Emaar: ‘The Center of Tomorrow’, the technological sector is
not yet at an enough stage and various participants are looking for fresh methods and innovative
strategies that can allow them to gain a maximum share of market.
5. Environmental factors
 Renewable technology
This segment is also another major area for the company. Hence, it can take advantage of such
segment and moreover, various government authorities are also offering subsidies when
investment is being made in the renewable sector.
 Management of wastes
Waste management throughout the city of Dubai specially for units nearby to urban areas have
gained importance and participants like Emaar must monitor the same in an effective way.
Further, the government has also been coming up with tighter rules for such segment.
Legal factors
 Business laws and regulations
The process of business laws and regulations that are being followed by the government are
basically the norms that are consistent with the global institutions like European Union (EU),
World Trading Organization, etc.
 Laws related to protection of data
Since the last decade, protection of data has come out as a significant part of both issues
associated with privacy and IPR (intellectual property rights). Nonetheless, the company must
consider whether the nation pursues a tight and strict technological or legal methodology that can
play a key role in protecting breaches of data.
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Emaar Properties
6. Demand curve
The Arab spring was a major issue where plenty of anti-government issues cropped up together
with armed rebellion. It happened owing to the improper management by the government.
EMAAR properties were severely affected by the Arab spring owing to the improper political
scenario. Further, the quantity demand of the properties plunged sharply because of the external
pressure. Therefore, such a happening lead to a major change in the demand of the property
owing to the pressure due to Arab spring
The demand curve shifts when the quantity demanded of any particular product changes, at a
certain price and because of various factors affecting it. The other factor comprises of consumers
taste and preferences, consumer’s income as well as change in the prices of other goods which
were expected to maintain the same price (Mankiw & Taylor, 2011).
In this situation, the quantity demanded is affected by changes in certain factors along with
change in quantity demanded and this was the same observed in the case of EMAAR. It is
observed that the demand curve changes for every change in price level. This is also known as a
shift in demand curve. The rightward shift or the leftward shift depends on the factors that affect
the demand curve.
The current price of the good as well as the expected future price of the goods affects the
quantity demanded. The expected change in taste and preferences of the consumers along with
their income also affects the quantity demanded. For example, if the people are informed of an
electricity cut then they would demand flashlight batteries. If the consumers expect a rise in the
price of wheat, they may buy wheat in advance and store them so that they are not affected by
rise in price (Amadeo, 2018). These changes in the quantity of wheat and flashlight batteries
demanded shifts the demand curve. So, we can say that the demand curve shifts when there is
any change in the economic factors. Also if the current income of a consumer increases then it
would stop consuming inferior goods and start consuming normal goods (Cohen, 2016).
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Emaar Properties
Figure 1 Shift In Demand
(Amadeo
(Amadeo, 2018)
It is a well known fact that demand and supply showcase a shift. One of the major factors is the
change in taste and preferences. Suppose, there is a product about which an individual does not
have much information like the real estate properties but on obtaining information about such
product in a trade show, one desires to buy it. One may look upon various options available in
that product and opt to buy the product which is best suitable for him. This shows that there is a
positive change in the consumers taste and preferences which will lead to increase in demand
and thereby shifting the demand curve.
Promotion/marketing affects the demand curve for EMAAR.
In the scenario when marginal cost is unaffected by advertisement, the equilibrium price and
quantity both rises for the property ( the graph shows that there is only change in demand) The
shift in the demand curve shows that there is an increase in the number of computers demanded
by the people (Cohen, 2016). The firm which is supplying computers will increase the prices for
the increased demand of computers, which means that the price will rise. But if it is observed
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Emaar Properties
that there is a shift in both demand and supply curve, the equilibrium price will surely rise but
there is no certainty about the change in quantity.
The graph below will explain the scenario stated above:
7. Supply Curve
The Supply curve of EMAAR underwent changes during the Arab Spring. It can be seen that the
quantity supplied was affected owing to the pressure emerging from the Arab Spring. Hence, in
all probability, it can be commented that the quantity supply was affected owing to the Arab
Spring issue.
Shift in supply
The supply curve shows the change in quantity supplied due change in the price of the goods,
given all the other factors remain constant. If there is a change in other factors leaving price then
there will be a shift in supply curve. A shift in demand curve shows the change in quantity
demanded at every price whereas a shift in the supply curve shows a change in quantity supplied
at every price (Blanchard & Leigh , 2013).
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Emaar Properties
In order to know about the various other factors that affect the supply, let us keep in mind certain
points that motivate a firm. A higher difference in revenues and cost which means higher profits
motivated a firm (Egert, 2015). The goods that are produced by a manufacturing company
require certain inputs such as labour, material and machinery (Mankiw & Taylor, 2011). If these
costs of production are minimised and the revenue per unit remains unchanged, then the profits
earned by the company would go up (Amadeo, 2018). If the profit earned per unit is maximised
then the firm gets highly motivated and starts manufacturing higher outputs which will result into
higher profits. So, we can conclude that a fall in the cost of production increases the supply of
goods. This change in the quantity supplied is shown by shifting the supply curve towards right
(Mankiw, Gregoryand & William, 2011).
Figure 2 Shift in Supply
(Cohen, 2016)
Promotion/marketing affects the Supply curve for EMAAR.
The supply curve becomes the shape of the marginal curve of the firm. There will be a shift in
the supply curve if the marginal cost is affected by advertising activity. If the firm decides to
change the packaging of a product completely then the marginal cost would rise which would
result in higher cost per unit. This would result in decrease of supply of the goods moving the
supply curve towards left (Cohen, 2016). For instance, there is a company that is engaged in
printing vinyl banner to display at an institute. The banner has a certain cost of production and
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this cost does not depend on the fact that how many units are being sold. These costs do not
affect the marginal costs and so it will not shift the supply curve.
The following diagram shows how sales and promotions have an effect on the supply curve.
Figure 3 Impact on the Sales curve
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Emaar Properties
Game theory
The flow of some controversial political information in non democracies can be studied with the
help of the combination that is formed by game theory and complex networks. This model helps
to know that whether in any given situation, the protest will happen or not by facilitating a
communication between the potential protestors. Going by the scenario of EMAAR it can be
commented that Arab spring was a major issue that led to major halt in the progress of EMAAR.
The main finding based on the study carried out is that if there is a small increase in the
proportion of the population that has an access to the internet connection, there will be a huge
difference. When it is seen that the support for the protest is increasing then there will be more
chances of agents joining. The objective of this model is to demand an explanation for the self
organised protest and its frequency that have majorly impacted the Arab world.
Game theory
Competitor
Advertise Do not advertise
EMAAR Advertise
Do not advertise
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4,4 5,-5
-5,5 6,6

Emaar Properties
The diagram projects a matrix where different strategies are present. It comprises of two sets that
is one from EMAAR while other from the competitor. Other factors are kept untouched and
limited. The initial thing when both EMAAR and competitor agrees to spend money on
promotions and advertisements that results in the modest payoff that is pattern (4,4)
This decision strategy is known as Nash Equilibrium that implies that an entity cannot enhance
the profit simply by altering the approach that involves independent actions.
Another strategic move comprises when the competitor does not vouch for the advertisement, the
payoff will be decided by the matrix (6,6). It needs to be noted that in some scenario, absence of
advertisement might lead to reduction in expenses.
Strategy
EMAAR can be very effective if it can launch new FPO that will help the company to accelerate.
Further EMAAR should try to have more avenues where it can explore. This will provide a
strong stability to the company and help in capturing new business. The real estate business can
flourish only when it can capture new avenues and enhance the reach and availability. In this
scenario, it can be commented that EMAAR can reach a great height if it is able to procure new
business by engaging in promotion, construction and other activities that provides a leading
edge. In short, the modern scenario demands more of promotional activities and this needs to be
undertaken by the company so that it remains the forerunner. New and inventive methods should
be undertaken that will help the company to have more of clients. This needs to be done in a
unique manner because the client base matters. By the overall business of EMAAR it can be seen
that it has strong fundamentals and has a strong grasp on the overall business. the only thing that
is required in the case of EMAAR is the framing of new policies that will attract more clients and
will help the business to flourish.
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Emaar Properties
Price elasticity of EMAAR
It is a known fact that housing supply is highly inelastic. Building a house takes a long time. The
housing widget of each widget is costlier. We cannot move the house when it is built. (Exception
: being mobile homes).
If there is an imbalance between demand (rapidly mutable) and supply (inflexible) it will have
certain implications. Such as:
1. Consumers are more sensitive to market loop compared to the producers, therefore, there
might be a fall in rent suddenly. It is observed that home prices fall slowly when
compared to the rentals and the reason behind it is that those people who buy smaller
houses usually shift from big houses which they had to sell (Mankiw, 2010).
2. A decrease in the household size is considered to be a positive indicator as it shows that
housing is a small part of the income.
3. The demand for houses is mainly concerned with availability at a price point.
Luxury or Need
The elasticity of housing increases with the increase in the price range. The reason behind it is
that luxury items usually have higher elasticity. If the amount of disposable income is high, then
an individual will be willing to pay more for what he actually wants.
Middle class families usually have budget constraints and concerns at lower price point. Thus,
even though the percentage price for two types of houses is same, they will consider it to be
significant.
Number of substitutes available
The elasticity of demand is affected by the number of substitutes available. When there are a
large number of homes available for sale and there are very few buyers available, then they get a
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Emaar Properties
better deal. If the houses are not available at good prices, then there are many rental properties
available.
This factor is also in relation to the range of prices of the homes. It is observed that low price
homes are easily available.
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Conclusion
From the overall discussion, it can be commented that EMAAR has stabilized its foothold in the
market and it is the sole reason for its massive success. Though there are competitors in the field
yet it has crafted a niche for itself. As seen EMAAR utilizes both fixed and variable cost in an
effective manner. However, problems were witnessed during the Arab Spring which was a point
of political issues and it disturbed the performance of EMAAR. This was the major reason why
there has been a shift in the demand and the supply curve. When it comes to the overall structure
and performance of EMAAR it can be commented that the division used resources in an
effective manner and that the SWOT and PESTEL analysis gives a sharp insight into the strength
of EMAAR.
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References
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in-demand-curve-when-price-doesn-t-matter-3305720
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first-post-arab-spring-egypt-land-buy-after ipo.ashx?utm_source=Magnet
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Zelenyuk V. (2014). Scale efficiency and homotheticity: equivalence of primal and dual –
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