Statement on Egypt

Dubai, UAE, March 13, 2007: In a press statement, Mr Mohamed Ali Alabbar, Chairman, Emaar Properties PJSC, announced that the company has signed a final committed deal with its Egyptian partners on Monday, March 12, 2007, in Cairo, to buy the entire shares of Emaar Misr for Development Company S.A.E.  The transfer of shares has to be concluded by March 27, 2007.

“We take this opportunity to reiterate our commitment to our investment plans for the Egyptian market through our ongoing and future portfolio of projects that covers not only real estate but also other economic sectors including retail, education, healthcare, finance, industry and hospitality & leisure. 

“Our development plans in Egypt complement the Egyptian government’s commitment to providing an ideal environment for investment, which leads to the growth of the economy. We thank the Egyptian government and all parties who played a key role in making this deal to acquire Emaar Misr a reality. 

“Egypt is a key market for Emaar, and opportunities presented by the country are a top priority for us. Emaar is currently the leading private Foreign Direct Investor in Egypt with an investment portfolio of development value of EGP33 billion (US$5.74 billion).  We will announce two major projects in Egypt shortly.”

Emaar has two ongoing projects – Uptown Cairo and Marassi. Uptown Cairo is a mixed-use development spread over 4 million sq metres in downtown Cairo. The residential, commercial and leisure neighbourhood is billed to become a magnet for the city’s trendsetters. The new district will include a vibrant central town centre, an owner’s private clubhouse, hotels, restaurants, cafes, schools, swimming pools, healthcare facilities, retail centres and places of worship.

Marassi is a 1,544-acre tourist resort project of development located on Sidi Abdel Rahman and Alamein – the land won by Emaar in a keenly contested bid for US$175 million. To be completed within five-and-a-half years of start of construction, Emaar will develop a resort with up to 3,000 hotel rooms, a marina, golf course, healthcare facilities and total township development.