INTRODUCTION, COMPETITIVENESS AND STRATEGY

Taking as an example the construction industry in the UAE at the time of the economic
boom and the onset of global financial crises between 2005 and 2009, it is noteworthy that
several construction firms were formed during the growth period in 2005. Unfortunately, all
these construction firms ended up closing without any early notice and some simply announced
their closure because they lacked a decent framework for operating their business, whether they
were well organized or in crisis management processes and procedures .At the same time,
however, many other construction companies were willing to continue on the market and have
survived by taking care of their structures and processes. These survivors have proposed either
complete or partial corporate transition, redeveloping their systems and reconsidering their true
role as the three major companies in Dubai, EMAAR’s, Dubai’s Holdings and Dubai’s World’s.

Emaar Properties is one of UAE 's biggest real estate companies. In 1997 Mohammad Ali
Alabbar established Emaar Properties in UAE Dubai. Emaar is also very well known in the UAE
for its role in the country's residential and commercial development programs. Emaar Properties
are also listed on the stock market in Dubai, which are also known as DFM (Dubai’s Finance
marketplace. Emaar’s has become worlds leading companies due to its world-class projects such
as world's largest shopping mall construction in Dubai, also known as the Dubai mall, the
construction of the world's largest building known as the Burj Khalifa in Dubai, the Marina Mall
in Dubai and many other projects in the UAE and elsewhere. Emaar is also currently hosting
foreign property creation ventures in 7 different countries , including Pakistan, India, Egypt ,
Saudi Arabia, Turkey and northern Iraq. As of 2018 the company had a revenue of DHM 35.6
million. Below in the report, last 5 years of financial statements will be evaluated based on
Specific size statement of Emaar Assets. Such records are from 2014 to 2018.

Various methodologies commonly identified with hierarchical decision-making, such as

linear programming and queueing theory, were initially developed in the policy fields of Emaar
Company, but are better known for their industrial implementation. Chopra, Lovejoy, and Yano
(2004 ) describe much of the initial work of Operations Management (OM) as research based on
operations and production. For management work focused on manufacturing issues, Levitt
(1972) was one of the first to propose that benefits are generally ignored in organizational study
and would benefit from the implementation of conventional concepts in software engineering
and system theory. Later, scholars such as Buffa (1980) and Smibert (1982) redefined OM as a
system for management decisions related to manufacturing and operating processes. Both
researchers agreed that the behavioral issues associated with the participation of consumers in
sales posed a major gap for both markets.
Current Assets and Current Liabilities
Current assets, if we look at current’s assets, which is at the at 2014 to 2018, meaning
cash outflow, we see that current’s assets are at its top 2014 (27.69 percent) to 2017 (36.90
percent) when they suddenly decreased in 2018 (30.92 percent), mainly because cash and bank
balances decreased from 18.72 percent in 2017 to 8.48 percent in 2018. The other reasons rising
current assets include growth in sales and unbilled receivables ranging from 1.52 percent in 2014
to 6.65 percent in 2018 ranging means the company sells more goods on credit. The second
factor increasing current assets are other assets, receivables, deposits and prepayments which
rose from 4.57 per cent in 2014 to 12.98 per cent in 2018 and gradually increased in the last 3rd
factor increasing current assets are assets classified as held for sale which were 0 per cent in
2014 and 2.81 per cent in 2018.

The existing Emaar property liabilities fell from 34.71 percent in 2014 to 29.32 percent in
2018, indicating that the firm pays back its most liabilities than in 2014, which also means most
cash outflow. The only thing that greatly decreases the overall liabilities is the consumer
advances that were 20.87 percent in 2014 and fell to 12.14 percent in 2018, meaning that more
customers leave and the business had to pay off the advances to the consumer, causing cash
outflow The second factor affecting current liability is trade and other payable, which rises from
13.29 percent in 2004 to 16.05 percent in 2018, which means that the company bought more
credit items and had to pay back to other factors that did not play major roles in the respected
time, but still affected current liabilities. When we analyze the existing assets and current
liabilities, it is seen that net liabilities are smaller than total assets , which means that the firm
will pay back its current liabilities of 29.32%, but the business is not stable because current
assets are just 30.92%.

Non-Current Assets:
 Non-current assets of company began to decline from 72.31 per cent in 2014 to 63.10 per
cent in 2017 after rising to 69.08 per cent in 2018 but it was still less than in 2014. The reasons
for the decrease in non-current assets was, first, the fall in the portfolio of construction property
from 37.24 percent in 2014 to 34.29 percent in 2018. The second factor that decreases non-
current assets is loans to partners and joint ventures that declined from 3.94 per cent in 2014 to
0.88 per cent in 2018. The third factors decreasing non-current asset is decrease in investment in
associates and joint ventures which decrease from 7.54 percent in 2014 to 4.20 percent in 2018.
The fourth aspect is a drop in land, plant and machinery, which was 11.07 percent in 2014 and
9.51 percent in 2018, which means that any of the properties plant and equipment has been sold
by businesses. These are four principal factors that decrease non-current’s asset.

Non-current Liabilities

Emaar's Non-current commitment’s fell from 17.26 per cent in 2014 to 19.47 per cent in
2018 over the span of 5 years. They were increased mainly due to two main factors, the first
being retentions payable after 12 months, which gradually increased from 0.43 percent in 2014 to
0.65 percent in 2018, and the second reason they were increased due to a significant increase in
interest-bearing loans and borrowings, which rose from 8.03 percent in 2014 to 12.14 percent in
2018. Net losses from 2014 to 2018 are raised by 2.21 per cent.

Equity

The company's market interest increased by 3.17% when it was 48.03 % in 2014 and rose
to 51.20 percent in 2018, and means. Following are the following factors which affect SHE. The
first factor is capital ownership, which in 2014 was lowered from 9.56 percent to 6.40 percent in
2018, which is attributed to the number of shares in the company having been lowered. In 2018
(14.81 percent) then 2014 (22.12 percent) the second reason is a drop in reserves. Non-
controlling assets are the third factor increasing total equity, rising from 3.53 percent in 2014 to
7.85 percent in 2018. The fourth and last aspect that raises overall equity rises in retained
earnings from 12.73 percent in 2014 to 22.14 percent in 2018 as a result of taking additional cash
from existing stockholder funds, resulting in higher retained earnings because the company
decided to get more capital to spend. These factors all led to a 5-year increase in total equity
from 2014 to 2018.

Stock price change from January 2008 to December 2015 (in AED)

Fore-casting

The Commons size analysis method, also known as the vertical analysis method, will be
used to analyze the previous 5 years of income statement and balance sheet. If we use this
method in income statement then we divide all items with total income to get CSA percent of
each item. When we use CSA approach in the Balance sheet, then we split all products with
Total Assets or Total Liabilities + Equities to get the CSA percent of each item. We should
evaluate the Income Statement and Balance Sheet according to percentage of each item over the
last 5 years.

Income 2014 2015 2016 2017 2018

Statement
Revenue 100.00% 100.00% 100.00% 100.00% 100.00%
Cost of revenue -40.32% -46.83% -47.88% -49.26% -49.86%
Gross Profit 59.68% 53.17% 52.12% 50.74% 50.14%
 Other operating
Income 3.06% 2.35% 2.09% 1.88% 1.69%
Other
Operating
Expenses -1.73% -1.18% -1.01% -0.89% -0.76%
Selling, general
and
administrative
expense -26.15% -21.07% -19.09% -18.06% -17.07%
Finance
Income 4.84% 3.16% 4.12% 3.40% 3.25%
Finance Cost -5.14% -3.50% -3.85% -3.90% -4.11%
Gain on
distribution of
non-cash assets 0.00% 0.00% 0.00% 0.00% 1.38%
Discounting of
long-term loans
to an associate -0.28% 0.00% 0.00% 0.00% 0.00%
other income 4.25% 1.09% 2.81% 2.54% 1.90%
Share of results
of associates
and joint
ventures -0.88% 1.38% 0.73% 0.72% 0.19%
Impairment of
loan to an
associate -0.30% 0.00% 0.00% 0.00% 0.00%
Write off assets 0.00% -2.21% 0.00% 0.00% -1.54%
Earning
Before Tax 37.34% 33.20% 37.93% 36.42% 35.06%
Income Tax
expense / credit -0.08% 0.39% -0.51% -0.39% 0.04%
Net Income 37.26% 33.60% 37.43% 36.03% 35.10%

They get the following CSA of net income (2014 = 37.26 percent), (2015 = 33.60
percent), (2016 = 37.43 percent), (2017 = 36.03 percent) and (2018 = 35.10 percent) in the CSA
review of the 5-year income statement. Looking at the income statement, we can see that Emaar
Properties' net profit is dropping, from 37.26 percent in 2014 to 35.10 percent in 2018. Now we
will be analysing the factors decreasing net income over the period of 5 years.

First, we have revenue or goods cost, after the CSA we get 40.32% in 2014, 46.83% in
2015, 47.88% in 2016, 49.26% in 2017, and 49.86% in 2018. Looking at the Expense of Tax
prices, we may conclude that the sales expense has steadily risen over the time and is one of the
main reasons behind net profit decrease.

Second factor responsible for the decline in NI of the company is the decline operating
profits of the firm. It was reported to be 3.06 percent for the first year, 2.35 percent for the
second, 2.09 percent for the third, 1.88 percent for the fourth and 1.69 percent for the fifth.
Despite of this decline, the overall profit was not significantly, but certainly.

The third factor responsible for decreasing net income is a decrease in financial income,
recorded at 4.84 percent in 2014 and recorded at 3.25 percent in 2018, decreasing by 1.59
percent margin, resulting in an increase in net income costs and a decrease in net income. That
was attributed to a decline in non-primary sector earnings and an rise in interest costs.

Fourth factor affecting net income is a decrease in other income that includes properties
held for rent and properties held for sale or assets held for sale. From the CSA income statement,
we can see that other revenue declined from 4.25 percent in 2014 to 1.90 percent in 2018,
resulting in a 2.35 percent decline in gross net profit over the time. It decreased because people
had left their rented shops or residential units provided by Emaar Properties.

These are the four main factors that affected the statement of income to decrease from
2014 to 2018 over the 5 year period. These four factors also affected gross profit, which
decreased as a result of Net Income decrease.

Balance 2018 2017 2015

Sheet 2016 2014
Assets
 Current
Assets
Bank
Balances and
cash 8.48% 18.72% 17.95% 22.52% 21.59%
Trade and
Unbilled
Receivables 6.65% 2.66% 2.79% 3.29% 1.52%
Other assets,
receivable,
deposits and
prepayments 12.98% 9.69% 8.18% 6.05% 4.57%
Assets
classified as
held for sale 2.81% 5.83% 6.45% 0.00% 0.00%
Total
Current
Assets 30.92% 36.90% 35.37% 31.86% 27.69%
Non-
Current
Assets
development
properties 34.29% 31.27% 33.69% 26.84% 37.24%
investment in
securities 2.00% 1.76% 1.68% 2.08% 1.26%
Loans to
associates
and joint
ventures 0.88% 0.65% 0.16% 3.80% 3.94%
Investment in
associates
and joint
ventures 4.20% 4.19% 5.05% 8.42% 7.54%
Property, 9.51% 9.97% 9.69% 11.73% 11.07%
 Plant and
equipment
Investment
Properties 17.66% 14.72% 14.31% 15.21% 11.21%
intangible
assets 0.55% 0.56% 0.00% 0.00% 0.00%
Goodwill 0.00% 0.00% 0.05% 0.06% 0.06%
Total Non-
current
Assets 69.08% 63.10% 64.63% 68.14% 72.31%
Total Assets 100.00% 100.00% 100.00% 100.00% 100.00%
Liabilities
and Equity
Current
Liabilities
Advances
from
Customers 12.14% 12.89% 16.35% 17.69% 20.87%
Trade and
other
payables 16.05% 12.84% 11.73% 11.75% 13.29%
Retentions
Payable
Within 12
Months 0.49% 0.39% 0.32% 0.40% 0.54%
liabilities
directly
associated
with assets
classified as
held fo sale 0.65% 3.00% 3.34% 0.00% 0.00%
Total
Current
Liabilities 29.32% 29.12% 31.74% 29.84% 34.71%
Non-current
 Liabilities
Provision for
employees'
end of
service
benefits 0.15% 0.14% 0.15% 0.17% 0.18%
Sukuk 6.54% 6.49% 7.59% 8.04% 8.62%
Retentions
Payable After
12 Months 0.65% 0.53% 0.61% 0.61% 0.43%
Interest
bearing loans
and
borrowings 12.14% 12.64% 10.42% 8.64% 8.03%
Total Non-
Current
Liabilities 19.47% 19.80% 18.78% 17.46% 17.26%
Total
Liabilities 48.80% 48.92% 50.52% 47.31% 51.97%
Equity
Share capital 6.40% 6.35% 7.43% 9.00% 9.65%
Employees
performance
share
program 0.00% 0.00% 0.00% 0.00% 0.00%
Reserves 14.81% 14.81% 16.81% 21.29% 22.12%
Non-
Controlling
Interest 7.85% 7.56% 6.92% 4.79% 3.53%
Retained
earnings 22.14% 22.36% 18.32% 17.62% 12.73%
Total Equity 51.20% 51.08% 49.48% 52.69% 48.03%
Total
Liabilities
and Equity 100.00% 100.00% 100.00% 100.00% 100.00%
 PRODUCT AND SERVICE DESIGN & Capacity Planning
Currently anytime there is a project that is relevant to the company's main market and
reaches a certain amount in (million dollars) it is handled by the Project Team where a Project
Manager is appointed to oversee the project. When it’s designing a low-value house project and
not meeting the number that requires the Project Manager to appoint a Project Manager, various
divisions manage the job, resulting in different concerns from coordination to implementation.
In-house ventures, management team:

Since a Construct of accommodation is the company's first big house project, it involves the
participation of numerous agencies since follows:

• Lawn: for building works, and then after construction progress overall.

 Design and analysis: In electronic components

• Operations and maintenance & industrial: Acquisition of supplies and for assignment of
subcontractors.

• Administration’s Management: The procurement input in-terms a staff amount, including

construction work, cooperation In between various departments in-terms of electric’s work,
assignments of subcontractors and materials purchasing.

With the goal of effectively finishing the mission, four teams will mainly be involved and one
will also be positively organizing. In this situation, the problem will be the constructive dialogue,
collaboration, behavior and reaction between the different agencies. That is simply because all of
these divisions are either overwhelmed or delegated, and are engaged in certain tasks that find it
impossible to appoint a person to an accommodation project that is a concern.

PROCESS SELECTION AND FACILITY LAYOUT

In reality, Simplifications necessary to generate Mathematical models traceable are not

justifiable if compared from a collective structures (Samaros,2006). By using simulation the
advantages is that the design can more accurately modelled without having to refinish
assumption. Researching the field, presenting fairly general conclusions remains a difficulty,
since it’s clear that a quantitative outcomes are focused on practical variables such as a cost
structure, ordering laws and supply chain architecture, whereas the qualitative implications are
relatively Noticeable.
In addition, the departments' overall processes and procedures in terms of communication
and procurement purposes have not changed which could be due to the validity and usefulness of
the current processes and procedures for the Emaar projects representing a main business. Such
procedures however create delay in Emaar’s in-house projects, for expansion purposes as for
example building New furniture, office renovations and other electromechanical activities which
are prone to problems.
This was earned many mega-projects in many regions of the Middle East , North Africa
and South Asia just a few years after 'Emaar's' independence and entering global markets. As a
result, number of employees to be working within the company the Router for increasing project
delivery on tome.The number of The number of workers working on the project will be focusing
to more than 7,000.

PROJECT LOCATION

The scheme consists of developing 3 (G+1) residential blocks with three (G+1) Ablution
(toilet) blocks, each of which has its own ablution. The house is situated within the borders of the
company and the overall built-up area of each accommodation block is (3072 square metres) and
the total built-up area of each toilet block is (1250 square metres) with a combined built-up area
(129600 square metres).

Work Analysis and Labor Productivity

 A request must be submitted through the Material Management System (MMS)
Whenever it goes to purchasing Material or material appointing subcontractor appointment. The
submission is forwarded to the department concerned on the basis of the type of requisition
(material purchase or subcontractor appointment). These departments are in our case
Commercial and Procurement as below:
The following are facts that’s divided into various parts related to stage design,
appointment of the contractor, purchase of materials and progress of construction..

 Designing stage

 Construction progress

 Contractor appointment

 Material purchasing

Performance measurement
Performance metrics are described as' indicators of progress against stipulated goals.
Common performance assessment measures include outputs, outcomes and efficiency "(PEW
2010, p.4). This section of the HSMC presents the performance measurements that have been
developed to be used to measure performance, project progress, team achievements and to
compare actual progress with the Burylo program set (2006, p.1) states that performance
measurement is universally used to assess how the performance measurement is performed.
 When a project’s applies to a construct sector, a success metric for milestones, goals
achieved are essentially related a 3 significant building sector considerations that are time,
expense, and efficiency. It is understood that certain variables result in a successful project
execution following the shared field.
Measure Definition
Time Define the cumulative amount of time each
operation would take a conducted or fullfilled.
Cost To Calculate a full estimation of every
activity that’s to be performed and completed.
Quality In this case the output is not a concern and the
quality controls can be divided into two parts.
Camp amenities such as room size and
equipment, and efficiency of building such as
design specifications and simple finishing. In
addition, a survey may be developed for the
accommodation residence to measure the
quality once the project is complete.

Production Planning and Inventory Management

The administration approved a budget of AED 6.6 million and as per the original expense
or time calculation provided by a various that number is amazing on the basis of strong and
compelling proof. A complete project to be delivered, a 12-month period has been estimated.
The management’s decide a build an project’s internally through a company resource
because the buildings were designed to be the company's specialty steel structure because the
cost or time estimate provided by the yard manager who will be known as the 'Development
Planner' was much lower than the other prices of the tenders. This’s reinforced Kinder et al
(1999, p.30) Wherever he goes said that in the new market climate, capital is scarce and
consumers are searching such as engineer’s company Who can provide the right value at the
lowest possible cost. 'Out of the different plan submitted by the subcontractors, one estimate was
AED 9.8 million with a construction duration of 24 months and another contractor projected the
project for AED 14 million with a total construction period of 18 months. Since the prices
provided by the different contractors exceeded the budgeted sum and the fixed construction time,
the management agreed to develop the project internally led by the Project Manager.
The Project Manager therefore agreed to divide the project into three equivalent phases
(each phase consisting of one accommodation and one ablution) instead of designing the entire
project and opening up a wide front and entering the unfamiliar design world. Moreover, for
each phase a budget of AED 2.2 million was set with a 4-month time period for each phase to be
completed. The measure is taken to assess if the 1st process would be achieved within the
allotted budget and to consider the necessary capital and method of the ring organization for the
acquisition of material and the provision of manpower.

CONCLUSIONS
With the global economy still recovering from the dramatic effects of the financial crisis,
UAE's construction market is well on track with Dubai's recent win to host the World Expo
2020. The local government has been more cautious in the past few years by putting in place
several control measures to prevent another property bubble. Among these preventive initiatives
are tighter scrutiny by regulatory authorities of real estate agents, longer visa validity periods for
foreign property investors, more flexible debt repayment arrangements for industry clients and
more stringent corporate governance laws to improve the transparency and accountability of
publicly listed corporations (Al-Malkawi and Pillai, 2013). Being the country and region's largest
publicly traded real estate company, Emaar has proven its ability to both adapt its strategies to
changing external circumstances and influence the property sector's market sentiment in the
UAE.
“Effective corporate governance is crucial in determining the direction that any company
will take,”  Mr Mohammed Ali Alabbar, president of Emaar Properties, said. “Apart from
outlining processes, customs and policies that shape the administration and control of the
company, the head of Corporate Governance must also build relationships between three key
players – the stakeholders, management and board of directors. Arif’s extensive experience in
the banking sector will enable him to strategies policies not only from an economic efficiency
perspective but also from the stakeholder view of bringing in more accountability.” Amiri will
play an active role in meeting the stated Vision 2010 of the company to become one of the most
valuable companies in the world by means of innovative business solutions and strategies.
As regards an international strategy aimed at reducing Emaar 's dependence on the UAE
market, the current aspiration of the company is to duplicate its proceeds from foreign
operations. International projects have accounted for 20 per cent of the group 's total revenue
over the past two years , representing a slight increase from the 2013 percentage . But some
industry analysts claim that replicating local performance on international markets will be
difficult for Emaar due to regional competitiveness, political uncertainty in many countries in the
region and a lack of foreign policy funding comparable to that enjoyed in the local context (The
Economist, 2015). In a recent analytical study of eight Middle East commercial real estate
markets, Salem and Baum (2016) found that the most important country-specific factor
describing the influx of foreign direct investment in the property sector is the stability of the
political climate.
Recommendations

Emaar Properties should look for the reasons in increasing cost of revenues to minimize
the Cost of revenues and maximize the net income in future. Their current assets were a bit
higher than their current liabilities which shows company is not healthy, therefore they should
increase their current assets also to make their organization healthier as compared to current
liabilities.

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