Emaar Properties announces EGM on July 9 to approve rights issue to double capital to AED 5.6 bn

Dubai, June 18, 2005: Emaar Properties PJSC today announced that it would hold an Extraordinary General Meeting on Saturday, July 9, 2005 to seek approval to double the capital of the company to AED 5,671,000,000 through a 1:1 rights issue.

The meeting has been scheduled to be held on the first floor of Building No1 in Emaar Business Park at 5.30pm.

The EGM was ordered following a meeting of Emaar’s board of directors on Wednesday, June 15. At the meeting, the directors voted for three proposals to make significant changes to the company.

Now shareholders will be asked to approve those directions. The first would increase the capital of the Company from AED 2,835,500,000 to AED 5,671,000,000.

The second would lift the limit on foreign ownership in the capital of the Company to 49 per cent, as per the provisions of the Commercial Companies Law. The third would amend the Memorandum and Articles of Association of the Company to reflect the two resolutions above.

The company has ordered that if the meeting falls short of the required quorum, the next meeting will be held at the same time and venue on Saturday July 16, 2005.

The meeting will be conducted in the presence of the company’s Board of Directors and senior executives of Emaar Properties and its subsidiaries.