Emaar and Dubai Holding to explore joint venture pportunities in Dubai

Dubai, UAE, August 25, 2007: Emaar Properties PJSC, the region’s largest real estate developer and Dubai Holding, the largest business conglomerate in the Middle East, jointly announced today that the two companies are currently exploring joint venture arrangements to develop land in prime locations in Dubai. The announcement of specific joint venture projects is expected to be made during September, 2007.

The decision to pursue such arrangements follows the recent management assessment that any land-equity swap agreement would not be in the best interest of Emaar shareholders. 

His Excellency Mohammad Al Gergawi, Executive Chairman, Dubai Holding said: “Emaar and Dubai Holding continue to believe that both companies would benefit from working together on real estate projects in Dubai. On this basis, the two firms are currently in advanced discussions to enter into a joint venture to develop world-class projects in prime locations in the emirate. 

“The Dubai economy is robust and continues to provide confidence to both local and international investors on its long-term potential. The fundamentals of the companies are strong and potential growth holds great promise for investors. Nothing should hold back Emaar and Dubai Holding to collaborate and synergise their respective strengths to further fuel that promise,” Mr Gergawi added.

Emaar Properties Chairman Mohamed Ali Alabbar said: “A joint venture between Emaar and Dubai Holding will be beneficial to both companies. Dubai Holding has a large land bank in prime locations in the Emirate, and Emaar with the right track record and experience in developing real estate projects, will have access to that attractive land bank.”

“Through the joint venture route, both Dubai Holding and Emaar can tap these remarkable prospects and play a significant role in the emirate’s incredible growth story,” Mr Alabbar concluded.