Strategy Actualized

To actualize our growth strategy, we need the following:

Execution

No company can deliver on its commitments or adapt well to change unless we practice the discipline the execution at all levels. Execution has to be part of a company’s strategy and its goals. It reflects the difference between aspirations and results. Execution is a systematic process of rigorously asking “how” and “what”, following tenaciously and ensuring accountability. It is ruthlessly pursing the operating processes of achieving our goals. Execution requires a comprehensive understanding of a business, its people and its environment. An organization does not execute unless the right people, individually and collectively, focus on the right details at the right time. Realism is the heart of execution. Getting things done through others is a fundamental step in execution.

People

An organization’s human beings are its most valuable recourse for generating excellent results year after year. Their judgment, experiences and capabilities make the difference between success and failure. The foundation of a great company is the way it develops people by providing the right experiences, foster learning in different jobs, encourage learning from other people and candid feedback, and providing coaching, education and training. The right people provide a sustainable competitive advantage. If the strategy defines where a business or a company wants to go, then people and processes define with whom and how it is going to get there,

One of Emaar’s key objectives is to attract the best local and foreign talents. In November2005, we unveiled our new Emiratisation Program known as “Afaq”. The groundbreaking initiative will channel local talent into senior key positions within the organization to drive forward its ambitious corporate expansion plans. “Afaq”, meaning “horizon”, will support Emaar’s existing vision of growth and will set in place a far-sighted succession plan, whereby local talent is identified, nurtured and rewarded through training, mentorship and professional development to ensure the active promotion of UAE nationals and develop their career paths in a structured manner. With continue corporate growth and inroads into new markets, Emaar will look towards the best of local UAE talent to steer and drive its expansion. With 12 new UAE nationals overseeing its growth throughout the UAE, Saudi Arabia Egypt, Jordan, Syria, India, Pakistan and Morocco, Emaar will continue to roll out its master planned communities throughout the region and beyond.

Processes

Processes are where the things that matter about execution need to be decided. Processes are tightly linked with one another and not compartmentalized among the staff. Processes ensure synchronization means that all the moving parts of the organization have common assumptions about the external environment overt he operating year. With this common understanding, the left hand knows what the tight hand is doing. When conditions change, synchronization realigns the multiple priorities and reallocates resources. Management these days is to often seen as controlling systems and processes. However, management will increasingly become the facilitator, accelerator and evaluator of the evolution of the organization and its people. 

Global Benchmarking

To achieve global benchmarking, we must deliver credible financial forecasts and implement a rigorous and continuous monitoring framework. Our business units, be it Emaar Dubai , Emaar International , Emaar Malls, Emaar Hospitality and Leisure or Emaar Finance and Services, must develop global benchmarking for gross margins, operating costs, productivity gauges and so on. The assumptions underlying our long-term plan are subject to debate, but not our financial forecasts. Assumptions should reflect real economics and the performance of each business unit relative to its competitors. Our focus should be on cash flow and profitability, not sales. It is imperative that Emaar become the most profitable company, not merely the largest generator of sales.