The Emaar International chief, who left the company in August, is now the head of a young Dubai-based developer, it was confirmed.
Fred Durie, who joined Emaar in 2001 and was the chief executive of Emaar International, is the chief executive at Nshama, which expects to be set up as a developer of smart-integrated communities.
Mr Durie was instrumental in managing developments in Dubai and internationally, according to an Emaar spokesman.
Nshama plans to develop an energy and water-efficient community, its “flagship project” in Dubai, Mr Durie said after he joined in September.
The community will be developed under a joint venture with the Mohammed bin Rashid Al Maktoum Foundation (MBRF).
Under the agreement, Nshama will design and develop the community on a portion of MBRF’s land bank in Dubai.
Nshama did not immediately respond to requests for comments on the project’s progress.
The neighbourhood will be centrally located and will include residences, business centres and cultural destinations, according to a statement released by the company in September.
Emaar International oversees the group’s projects in the Middle East, North Africa, Asia, Europe and North America through 14 subsidiaries.
During the first nine months, it handed over units in Egypt’s Marassi, Uptown Cairo and Mivida projects, Jeddah Gate and Khobar Lakes in Saudi Arabia, Beit Misk project in Lebanon, Hattan in Morocco, Mirador and Alma in Pakistan, Tuscan Valley project in Turkey and Beverly West in the United States.
The international property expansions were funded by local borrowings, Emaar said in its latest financial report.
A total of 5,756 units will come into its international markets next year, up from 5,304 deliveries until September this year. It has a land bank of 214 million square metres in its key international markets, most of which is in Saudi Arabia, followed by India.
Emaar had the largest number of units under development in India as of September.
The group’s net operating profit during the period was Dh2.49 billion, up from Dh1.81bn in the same period last year.
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