Emaar Properties was founded and incorporated in 1997 by chairman Mohamed Alabbar. As one of the leading developers in the UAE, Emaar has diversified interests in real estate including both commercial and residential property development, as well as malls and hospitality. The Dubai government initially owned 100 percent of the company while the founding shareholders held 24.3 percent when operations as a public company commenced after the IPO in 2000. The following year, Emaar announced plans to build Dubai Marina. In 2000, Emaar Properties was listed on the Dubai Financial Market and became the first property company to offer shares to foreign nationals. The first phase of the company's developmental projects began in 2001 when Emaar awarded the contract in a joint venture to build three of the six apartment towers.