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November 28th & 29th, 2007
Emaar Properties PJSCCitis MENA Equities Conference
Dubai
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Disclaimer
Emaar Properties PJSC, for themselves and for Emaar Group, give
notice that:
The particulars of this presentation do not constitute any part
of an offer or a contract.
Given that the presentation contains information based on
forecasts and roll outs, all statements contained in this
presentation are made without responsibility on the part of Emaar
Properties PJSC, their advisors, or members of Emaar Group
(including their directors, officers and employees).
None of the statements contained in this presentation is to be
relied upon as a statement or representation of fact.
All parties must satisfy themselves as to the correctness of
each of the statements contained in this presentation.
Emaar Properties PJSC and members of the Emaar Group do not make
or give, and neither members of the Emaar Group nor any of their
directors or officers or persons in their employment or advisors
has any authority to make or give, any representation or warranty
whatsoever in relation to this presentation.
This presentation may not be stored, copied, distributed,
transmitted, retransmitted or reproduced, in whole or in part, in
any form or medium without the permission of Emaar Properties
PJSC.
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EMAAR at a Glance
Investment Highlights
Operations Overview
Financial Performance
Outlook
Agenda
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Emaar at a Glance Vision, Mission & History
Our vision is to transform Emaar into one of the most valuable
companies in the world by 2010.
Our mission is to deliver world-class products and services, not
merely in property development, but in every chosen business
activity.
Incorporation of EMAARIncorporation of EMAAR19971997
H H. Sheikh Mohammed bin Rashid Al Maktoum grants land to EMAARH
H. Sheikh Mohammed bin Rashid Al Maktoum grants land to
EMAAR19981998
Construction of Emirates Hills and Dubai Marina
beginsConstruction of Emirates Hills and Dubai Marina
begins19991999
Listing on the DFM; Creation of Amlak FinanceListing on the DFM;
Creation of Amlak Finance20002000
Strategy evolves from selling serviced land to constructing
residential unitsStrategy evolves from selling serviced land to
constructing residential units20012001
Sheikh Mohammed grants new land; first residents move into
Emirates Hills & Dubai Marina Sheikh Mohammed grants new land;
first residents move into Emirates Hills & Dubai Marina
20022002
Development of Arabian Ranches, a master-planned community,
launchedDevelopment of Arabian Ranches, a master-planned community,
launched20032003
Commencement of Burj Dubai construction workCommencement of Burj
Dubai construction work20042004
Launch of King Abdullah Economic City project in Saudi
ArabiaLaunch of King Abdullah Economic City project in Saudi
Arabia20052005
Launch of new projects by Emaar International, acquisition of
John Laing Homes, Hamptons, Turner Middle East & Raffles Campus
and Emaar the Economic City lists on Tadawul Stock Exchange
Launch of new projects by Emaar International, acquisition of
John Laing Homes, Hamptons, Turner Middle East & Raffles Campus
and Emaar the Economic City lists on Tadawul Stock Exchange
20062006
Acquisition of RSH jointly by Emaar and MGF to enter the Indian
retail sector; Acquisition of the remaining 60% shares in Emaar
Misr, Sales launches in international markets, Joint venture with
Bawadi (member of Tatweer).
Acquisition of RSH jointly by Emaar and MGF to enter the Indian
retail sector; Acquisition of the remaining 60% shares in Emaar
Misr, Sales launches in international markets, Joint venture with
Bawadi (member of Tatweer).
20072007
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(1) As of 26/11/2007.(2) Data indicated is as of August 31, 2007
and includes land of the JV with Bawadi, but excludes Algeria.(3)
Excluding development costs of the JV with Bawadi, Algeria, Libya,
Canada, Indonesia and USA.
Emaar at a Glance Where We Are Today
The largest publicly-listed property developer in the MENA
region
AED77 bn (US$21 bn) market cap (1), 17% weighting of DFM
Revenues of AED 12.5 bn (USD 3.4 bn) for nine months to Sept.
2007 and AED 14.0 bn (USD 3.8 bn) in 2006
19,300 residential properties delivered since 2001
Approx. 250,000 sqm of recurring revenue generating
properties
4 hotels (912 keys) and 318 serviced apartments
504.9 million square meters of Land Bank(2)
Large land parcels at competitive pricing in UAE, India, KSA,
Morocco, Pakistan, Syria, Turkey, Egypt, Jordan, Libya &
Indonesia
AED 154 billion(3) (USD 42 billion) of projects over the next 4
years, of which AED 115 billion are international projects
NAV/Share of AED 11.58 (as of December 2006)
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Emaar at a Glance Strategy
Focus on execution Ensure timely delivery of domestic and
international projects Extend successful Dubai business model and
practices to international markets Integrate newly acquired
competences in design (John Laing Homes), project management
(Turner) and distribution/sales (Hamptons)Consolidate dominant
position in the domestic market
16.8* million square meters of land available for planned
construction activities Additional 6.5 million square meters of
land bank in Dubai through the JV with Bawadi Influence market
supply through significant scale
Diversify sources of revenue Approx. 60-70% of revenues from
international operations by 2010E Generate 12-15% of Net Profit
from recurring streams (hotels, serviced apartments and retail
properties) by 2010E (versus 1.5% in 2006) Expand into education
and healthcare in the MENA and Indian subcontinent regions Target
minimum IRR of 15% on non-property development projects
Limited Funding by parent company Limit Emaar financing to land
acquisition and initial infrastructure related construction Finance
at project level Pre-sales, Project based debt financing and
IPO/Strategic sale
* Includes land in Umm Al Quwain and without the land of the JV
with Bawadi
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Emaar at a Glance A Model for Value Creation
A Proven Business ModelA Proven Business Model With Limited
Funding RequirementWith Limited Funding Requirement
347
0
116
48
185308
269
495
70
158
396
272
0
100
200
300
400
500
600
Start 6 months 12 months 18 months 24 months 30 months
Project Life Cycle
Infrastructure & Construction Cumulative Cost
Cumulative Pre-selling & Payment Received
Example of a Recent Dubai-based Project Financing
Total Project Cost = AED 347 m
Only 8% to be financed in the 1st year
A
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Market Selection LocalPartnership
Land Acquisition Hi-End PropertyDevelopment
CommunityAmenities
Growth Markets
Significant Land at
Competitive Prices
Community / Lifestyle
Development
Retail, Education
and Healthcare
Value
Creatio
n
Strong Government
/ Partner Support
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Investment Highlights
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Investment Highlights
Our domestic market remains very attractive Significant land
bank available in Dubai Our target international markets benefit
from
Attractive demographics (economic and population growth) Low
competition
We operate in rapidly growing and developing markets
We are best placed to take advantage of this growth
We are successfully deploying our strategy
We have a proven track record
Our scale, financial strength, reputation and expertise allow us
to secure large parcels of land at competitive pricing
We partner with local governments / major local players
We have an experienced and highly qualified management team
Recent acquisitions provide synergies in designing (John Laing
Homes), project management (Turner) & distribution
(Hamptons)
Successfully launched and sold projects internationally Track
record of delivering properties to our customers Track record of
creating value for our shareholders
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Taking Advantage of Growing Untapped Markets
International GDP/Capita Growth vs. Population
GrowthInternational GDP/Capita Growth vs. Population Growth
CAGR CAGR05 - 08E 05 - 08E
GDP/Capita Growth
Population Growth
Average EmaarCountries
US
Western Europe
Eastern Europe
12.0%
3.8%
7.4%
14.9%
2.1%
1.0%
0.3%
-0.1%
Source: IMF World Economic Database (October 2007)
E
x
p
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c
t
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d
P
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p
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a
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G
r
o
w
t
h
(
C
A
G
R
2
0
0
5
2
0
0
8
E
)
Expected GDP/Capita Growth (CAGR 20052008E)
Our domestic market
Our target international markets
Western Europe
Eastern Europe
Pakistan
UAE
China
India
France
Germany
Italy
USA
UK
Algeria
Morocco
EgyptJordan Libya
KSASyria
Bulgaria
Croatia Czech
HungaryPoland
Serbia
Turkey Indonesia
-1%
0%
1%
2%
3%
4%
5%
6%
0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% 22% 24%
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Our Domestic Market Remains Very Attractive
UAE Quarterly Sales (excluding land)UAE Quarterly Sales
(excluding land)Selling Prices Evolution in DubaiSelling Prices
Evolution in Dubai
* As of Sept 2007
CAGR
:
+43%
A
E
D
p
e
r
s
q
f
t
. CAGR
:
+25%
CAGR
:
+22%
Average price per sqft of saleable area
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5001,000
1,500
2,000
2,5003,000
3,500
Villas Apartments Hotels / FurnishedApartments
2004
2005
2006
2007*
Dubai Population and Tourists / VisitorsDubai Population and
Tourists / Visitors Housing Demand / Supply Dynamics
(20072010E)Housing Demand / Supply Dynamics (20072010E)
Based on Dubai Public Authorities Report
I
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M
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s
Source: Various
Shortfall6,000 units
A
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Attractive Land Bank Secured at Competitive Valuations
Notes:1. The above includes land held by associated companies
and takes into account 100% of the land in each country (not
proportionate data).2. In 2005, the fair value of land does not
include the value of land with associated companies as the
valuation was not carried out. In 2006, valuation has not been
carried out for land
In Libya.3. FV= Fair Market Value; BV= Book Value; Fair value
assessment of land is undertaken on a yearly basis only
Land AreaLand Area Fair Value and Book Value of LandFair Value
and Book Value of Land
FV CA
GR: 50
%
Total: 41,182
Total: 14,057
Valuation of land in India cannot be disclosed due to regulatory
restrictions related to the current IPO process
A
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M
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l
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Excludes land value in India and AED 3.85 Bn of land through the
JV with Bawadi
CAGR
: 443%
(2004-
2006)
Total: 505
S
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M
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Includes 6.5 m sq.mtrs of land through the JV with Bawadi
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Strong and Influential Strategic Partners
UAE Bawadi Member of Tatweer
Libya's leading development zone
Indonesia Perusahaan Pengelola Aset (PPA) Government-owned asset
management co
Libya Zowara-Abou Kemash Development Zone
Principal of a large construction co. (Giga)Government
authority
One of India's largest real estate developers
Morocco
Pakistan
ONA Group
Haji RafiqDefense Housing Authority
Leading real estate company in Saudi Arabia
Morocco's largest conglomerate with influential shareholders
Government backed fund
Strategic JV with elite group of Syrian business leaders
Turkey's largest jewelry exporter
Jordan
Syria
Turkey Atasay
King Abdullah II Fund for Development
Invest Group Overseas
Saudi Arabia
India
Al Oula
MGF
SAGIA Government authority
CountryCountry PartnerPartner BackgroundBackground
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Experienced & Highly Qualified Management Team
Ahmad Thani Al Matrooshi
MD, Emaar Dubai
Board of Directors
Chairman: Mohamed Ali Alabbar
Vice Chairman: Hussain Al Qemzi
VK GomberGroup CEO
Low Ping Executive
Director Finance & Risk
Issam GaladariManaging Director Emaar International
Alex AndarakisExecutive Director Sales & Marketing
Ayman HamdyCompany Secretary
& Director Legal
Arif AmiriDirector Investor
Relations, Corporate Governance &
Business Development
Tom BartridgeExecutive Director Human Resources
(international)
Yin ChengDirector
Communication
Other Businesses
Amit Jain CFO Emaar Dubai
Rashid Doleh CEO MallsBoon Yew Ng CEO Education
Marc Dardenne CEO Hospitality and Emaar Hotels & ResortsOmar
Shunnar Executive Director Healthcare
Chairman: Mr. Mohamed Bin Ali Alabbar is the Founding Member and
Chairman since the Companys inception in July 1997. Mr. Alabbar is
the Director General of the Dubai Department of Economic
Development, and is a member of the Dubai Executive Council.
Vice Chairman: Mr. Qemzi is a seasoned banking professional with
over 20 years experience working with the leading banks in the UAE.
He is Group Chief Executive Noor Investment Group (NIG) and CEO of
Noor Islamic Bank a subsidiary of NIG, a newly established
bank.
Group CEO: Mr. VK Gomber has wealth of experience in diverse
fields of business and, as former COO of RSH Limited, is credited
with transforming RSH into a pan-Asian retail giant. A Harvard
Business School alumnus, he did a Program for Management
Development from the prestigious institute in 1992.
The above is only the key people at the group level, kindly
refer to our website www.emaar.com for full management structure
and profiles.
Richard Rodriguez CEO Emaar Dubai
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We Have Successfully Extended our Business Practices to
International Markets
Cumulative Sales Since Launch
Units Released for Sale
Number of Units Sold
India (Emaar MGF)(1) 3,648 2,425
Saudi Arabia (King Abdullah Economic City) 424 324
Morocco (Tinja and Amelkis II) 381 293
Egypt (Uptown Cairo) 450 320
The Eight Gate (Syria) 98 94(2)
Turkey (Tuscan Valley) 160 51
(1) As per information in the DRHP (Aug 2007)
(2) Sales commitments received
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Strong Record of Execution & Value Creation
Track Record of Delivering PropertiesTrack Record of Delivering
Properties Track Record of Creating Shareholder ValueTrack Record
of Creating Shareholder Value
(1) As of September 2007(2) Based on annualized net income
Cumulative Number of Delivered Residential Units
6,943
12,918
16,192
19,300
11,92210,227
8,048
3,608
7,378
5,965
4,870
3,335
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5,000
10,000
15,000
20,000
2004 2005 2006 2007(!)
ApartmentsVillas
P
e
r
c
e
n
t
a
g
e
(2)
8% 9%
15%
21%
17%14%
2002 2003 2004 2005 2006 9M2007
P
e
r
c
e
n
t
a
g
e
(2)
9%11%
23%28%
23%20%
2002 2003 2004 2005 2006 9M2007
Return on EquityReturn on EquityReturn on AssetsReturn on
Assets
Net Profit Evolution
A
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D
M
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l
l
i
o
n
s
CAGR: 87%
(2002-2006
)
Total Assets Evolution
A
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D
M
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l
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n
s
CAGR: 58%
(2002-2006
)
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Operations Overview
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Property Development: UAE
Support and trust of the Dubai Government Strong brand name
Leverage on strong track record of timely
deliveries of high quality developments
Announced 7 major developments that comprise 107k freehold units
(including JV with Bawadi); 34k are developed or under
development
9 86% of our developed and under-development properties are
sold
Average Gross Margin of:9 35%-50% - Apartments and
Condominiums
9 45%-60% - Villas Total development cost in UAE estimated
at
AED 39 billion in the next 4 years(2)
UAE HighlightsUAE Highlights UAE Land BankUAE Land Bank
(1) 100% of unsold land (not proportionate for Umm Al Quwain and
JV with Bawadi)(2) Excluding development costs of projects to be
developed by the JV with Bawadi; development costs will be
recalculated after the master planning processNote: GLA = Gross
Land Area
Development GLA (000 Sq.m)
% of UAE land bank
Emirates Living 1,160 5%
Dubai Marina 201 1%
Arabian Ranches 1,163 5%
Burj Dubai 1,427 6%
Others 64 0%
LUsailly 4,513 19%
Umm Al Quwain 8,330 36%
Bawadi 6,500 28%
Total 23,358 100%
Unsold Land as of Aug 2007 (1)
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Property Development: UAE
( 1 )Units sold as a percentage of developed and
under-development units (as of Sept 2007).
( 2 )Represents projects undertaken by Emaar, which corresponds
to 17% of the total developable area of Dubai Marina.
Beg. Compl.
Burj Dubai Development 28,064 8% 32% 2003 2014 72% 15%
Arabian Ranches 4,195 75% 23% 2002 2010 97% 74%
Dubai Marina(2) 5,021 40% 60% 1998 2009 83% 52%
Emirates Living (excl. land) 14,020 86% 14% 1998 2009 95%
79%
Emaar Towers 168 100% - 2001 2003 100% 99%
L'Ussailly 29,583 - - 2009 2018 - -
Umm Al Quwain Marina 8,354 - 3% 2007 2013 47% -
JV with Bawadi 18,000 - - 2008 2015/18 - -
Total 107,405 22% 17% 86%
% ofFreehold
Units Sold (1)
% of revenue Recognisedas of Sept-07
Projects Construction DatesTotal
FreeholdUnits
% UnitsDeveloped
% Units Under
Development
50/50 JV with Bawadi
Theme park, green spaces, hotels, shopping malls, luxury
homesand business hubs
Bawadi
Landmark commercial and residential development
Centered around the tallest tower in the world
Effective ownership of 37.8% by Emaar
Residential lifestyle community (Villas)
Residential lifestyle community
(Apartments)
LUssailly Residential lifestyle
community (Villas + Apartments)
Residential lifestyle community
(Villas)
Emirates LivingResidential lifestyle
community (Villas + Apartments)
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50/50 JV with Bawadi - Project Overview
Part of Dubailand, the Bawadi project is located adjacent to
Arabian Ranches and the Greens
Project LocationProject Location Project DetailsProject
Details
( 1 ) Assumes 100% of land; our 50% proportionate share of the
JV would imply a 38% increase to our Dubai land bank.
AED 60 billion project to have: 18,000 residential units
250,000 square meters of commercial space
297,000 square meters of retail space
6 hotels with 5,150 rooms and 1,200 service apartments
6.5 million square meters of land in Bawadi (Dubailand), a prime
location in Dubai
76%(1) increase to our available land bank in Dubai
Project to be completed in 7 to 10 years Master-planning is
expected to be completed in
six months
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50/50 JV with Bawadi Transaction Overview
Bawadi to contribute approximately 6.5 million square meters of
land valued at AED 3.85 billion
Emaar to contribute AED 3.85 billion in cash to be paid over the
construction period to finance project build
Depending on project phasing, Bawadi will transfer corresponding
land rights and Emaar will contribute its equivalent portion of
cash to the joint venture
Key TermsKey Terms
Equal representation on the board
Chairman of the board to be appointed by Emaar
Emaar to manage the JV through a management and technical
services agreement
Joint Venture GovernanceJoint Venture Governance
Equity accounted by Emaar
JV to follow same accounting standards as Emaar
Emaar cash contribution phased over the expected completion
period of the project (7 to 10 years)
JV self funded post Emaar cash contributions (no additional
equity investment required)
Pre-sales funding model expected to apply for the project
Sales to start in 2008 and positive contribution to Emaar net
profit expected in 2009
At least 15% compounded annual rate of return expected over the
project period
Financial Impact of the TransactionFinancial Impact of the
Transaction
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Property Development: India
Land Reserves LocationsLand Reserves Locations
Chail
Ludhiana
Jalandhar MohaliDehradun
Lucknow
Kolkata
Chennai
CoimbatoreKochiMysore
MangaloreGoa
Hyderabad
PuneAlibaugh
Indore
Jaipur
GurgaonDelhiGhaziabadi
Shillon g
Land Reserves by CityLand Reserves by City
Emaar-MGF Land Reserves as of Aug 2007
Acres Est. Developable
Area (m sq. ft.)
Est. Saleable
Area (m sq. ft.)
Owned 6,668 380 380
Sole development rights
4,545 136 122
MOU/acceptance letters/agreements to sell & purchase
1,320 42 39
Joint development with partners
11 1 1
TOTAL 12,544 559 542
City
GurgaonMohaliDelhiDehradunPuneHyderabadOtherTotal
2,8082,7751,3131,129
520510
3,48912,544
Emaar MGF Land Reserves (In Acres
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Property Development: India
Projects OverviewProjects Overview Emaar-MGF IPOEmaar-MGF
IPO
134.9 million sq. ft of plotted residential development (incl.
built up villas) and 300 million sq. ft of built up residential
properties
9 Currently developing 17 m sq. ft comprising of 6,440
residential units in 8 projects in Mohali, Hyderabad, Gurgaon,
Chennai and New Delhi
2,425 units sold as of Aug. 2007
86.6 million sq. ft. of commercial properties
17 million sq. ft. of retail properties
9 Currently developing 1 retail project in Mohali with saleable
area of 0.50 million sq. ft
29 hotels with a total of 5,225 keys
9 Partnerships with Accor, Premier Travel Inn, Intercontinental
Hotels, Marriott & Four Seasons
9 Currently developing 5 hotels with 1,100 keys
Land reserves of 12,544 acres expected to provide: Emaar-MGF is
currently owned by Emaar
at 42%
Draft Red Herring Prospectus filed for IPO in Sept. 2007
IPO expected over the next 6 months
Summary Income StatementSummary Income Statement
(In AED Millions) FY ended March2007
3M ended June2007
Total Income
Profit (Loss) Before Tax
Net Profit
Net Margin
16
(63)
(43)
NS
180
73
47
26%
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Saudi Arabia King Abdullah Economic City
Overview
Development of a new city. More than AED 100 billion development
over a total area of 168 million square meters strategically
located near to Jeddah and the holy city of Makkah
Emaar the Economic City (EEC), the developer is a Tadawul listed
company which is owned 31% by Emaar, 39% by other founding
shareholders and 30% by public investors
Financing Strategy Promoters investment of SAR 5.95 billion SAR
2.55 billion raised in IPO in 2006 Current business plan
anticipates no future
equity investment from Emaar in EEC for the
next 5 years
Development
63.5 million sq.m. Industrial Zone
13.8 million sq.m. Sea Port
3.3 million sq.m. Central Business District
Education zone to accommodate 45,000 students
250,000 apartments and 25,000 villas
25,000 hotel rooms (120 hotels)
424 units released for sale in Q3-2007 324 are sold
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Property Development: Saudi Arabia
Jeddah Gate
Mixed used development close to the center of Jeddah
Al Khobbar Lakes
Residential community including schools, lakes and parklands
Total Project Cost for Al Khobbar Lakes and Jeddah Gate is AED
10.4 billion
Beg. Compl. (e)
Al Khobbar Lakes 61% 3,800 --- 2007 2012
Jeddah Gate 61% 1,899 264 2007 2012
Jeddah Hills 61% Under master planning review stage
Construction DatesProjectsNumber of
Units for Sale
Emaar Ownership
Number of Units
for Rentals
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Property Development: Egypt
Uptown Cairo
4.5 million square meters of luxury development with a golf
course in the heart of Cairo Sales launched at average prices of
AED 2.8 m for villas, AED 1.8 m for townhouses,
and AED 1.3 m for apartments
Cairo Gate
A residential-cum-commercial district comprising a mega shopping
mall, hotels and residential units located on the beginning of
Cairo-Alexandria Road
Marassi
A golfing resort and residential development on the most
attractive location on the Mediterranean close to Alexandria and El
Alamein
New Cairo City
An upscale residential community of several unique villages and
featured amenities
Total Project
CostAED m Beg. Compl. (e)
Uptown Cairo 100% 7,193 2008 2014 7,384 450 320
Marassi 100% 9,333 2008 2015 7,390 - -
Cairo Gate 100% Under master planning review stage
New Cairo City 100% Under master planning review stage
Construction Dates
Total Freehold
Units Released for Sale
Total Freehold
Units SoldProjects Emaar Ownership
Total Freehold
Units
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Property Development: MoroccoSaphira Urban beachfront
development located on the Rabat CornicheBahia Bay Residential
golfing community located mid way between Rabat and Casablanca
under
JV with ONAOukaeimeden Mountain residences located at 50 minutes
drive from MarrakechAmelkis II and III Residential golfing
complexes in Marrakech developed under JV with ONATinja Riviera
living community located close to Tangiers, offering a mix of high
quality
residential and commercial space
Total Development cost in Morocco is AED 24 billion
Selling prices for launched units start at AED 1.5 m for
townhouses and AED 2.3 m for villas
Beg. Compl. (e)
Amelkis II 50% 2005 2008 310 - 307 224Amelkis III 50% 2006 2009
440 - - -Bahia Bay 50% 2007 2014 2,730 - - -Saphira 100% 2008 2013
16,500 7,300 - -Oukaeimeden 100% 2008 2016 3,500 1,250 - -Tinja
100% 2007 2013 2,950 840 74 69
Total Number Units for Rental
Total Freehold
Units Released for Sale
Total Freehold
Units SoldProjects Emaar Ownership
Construction DatesTotal
Number Units for
Sale
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Property Development: Jordan, Syria & Turkey
Jordan Dead Sea Golf and Beach Resort A 400 acre community on
the Dead SeaSyria The Eight Gate Residential, commercial and retail
development in Yafour, 15 minutes from Damascus Prices per unit
range from AED 1.0 m to AED 7.3 mTurkey The Lakeside, Istanbul
Located in the Western part of Istanbul, covering 1.3 million
square meters Sales started at an average selling price of AED
7,340 per square meter
*Sales commitments received
Beg. Compl. (e)
Jordan - Dead Sea Development 37% 2007 2011 1,042 482 - -
Syria - Eighth Gate 60% 2007 2011 1,012 1,338 98 94*
Turkey - Tuscan Valley 60% 2006 2010 555 - 146 46
Total Freehold
Units Released for Sale
Total Freehold
Units Sold
Total Number Units for Rental
Projects Emaar OwnershipConstruction Dates
Total Number Units for
Sale
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Property Development: Pakistan
Mixed Use Development Karachi
108 Acre development featuring high-mid rise towers, shopping
center and 5 star beach hotel
Master Planned Communities - Islamabad
2 projects featuring luxury villas, apartments, retail center,
community clubs, parks and schools
* Includes units planned on 900 acres of the total land of 2,500
acres
** Economic ownership of 47%
Beg. Compl. (e)
Mixed Use Development - Karachi 67% 2007 2015 5,021 5,388 -
Master Planned Communities - Islamabad* 66.6%** 2006 2015 4,106
4,535 -
Number of Units for
Sale
Number of Units for Rental
Projects Emaar OwnershipConstruction Dates
Total Project Cost AED
million
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Property Development: USA John Laing Homes
ActivityActivity
Recent PerformanceRecent Performance
Homebuilding operations covering the needs of the entire
spectrum of homebuyers (simple to luxury)
9 Land acquisition and development.9 Design and marketing.9
Sales and construction of single-family homes and condominiums.
We continue to monitor the US operations closely and are taking
steps to streamline cost structure and realize synergies between
businesses:
9 Architectural design expertise used across all global Emaar
projects.
9 Transfer of management expertise - CEO Emaar Dubai & CEO
Emaar MGF (Residential) from John Laing Homes; development staff
transferred to UAE and international businesses.
Continued weakness in the US real estate market has impacted the
financial performance of John Laing Homes.
AED 382 million inventory write down in Q3 2007 (5.5% of total
assets).
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Retail (Emaar Malls)
Emaar Malls pursues a strategy to Build, Own and Operate (Lease)
retail facilities in and around Emaar community developments
throughout the MENA region and the Subcontinent (excluding
India)
Current and under-construction facilities include Street-Front
retail, Strip Malls, Community Centers, Regional Malls and
Super-Regional Malls
9 Dubai Mall, a super-regional mall, is one of the largest mall
in the world with GLA of over 3.5 million sq. ft.
9 8.3 million sq. ft. of retail space by 2011 in UAE9 4.9
million sq. ft of retail space is under development in
international markets9 Emaar Malls is targeting to develop over 150
million sq. ft. of Gross Leasable Area within the
next 10 years, primarily in the MENA and Subcontinent
regions
Emaar Malls Gross Leasable Area in DubaiEmaar Malls Gross
Leasable Area in Dubai
T
o
t
a
l
G
L
A
(
S
q
.
F
t
.
i
n
M
i
l
l
i
o
n
s
)
0.8 0.9
4.6 5.0
8.3
Existing 2007(e) 2008(e) 2009(e) 2011(e)
(1) As of Sept 2007
(1)
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Emaar Hospitality Group
* Currently operational
The Emaar Hospitality Group owns and operates luxury hotel
properties and serviced residences in and around Emaar communities
in the MENA region and the Subcontinent
9 4 hotels (912 rooms) and 318 serviced apartments are
operational already9 3 hotels (642 rooms and 1,517 serviced
apartments) are under construction in Dubai9 2 golf courses, 1 polo
club and a yacht club (Total investment of AED 4.6 billion)
Properties are either managed in-house or managed by leading
hotel operators (e.g. Sofitel) A number of serviced apartments are
sold to finance construction
Capacity
Rooms Serviced AptsDubaiBurj Dubai Lake Hotel Emaar Hospitality
5 star 198 626 2008Al Manzil Southern Sun 4 star 197 ---
2006Qamardeen Southern Sun 4 star 186 --- 2006The Palace Sofitel 5
star 242 --- 2007Dubai Mall Hotel Emaar Hospitality 5 star 244 449
2008Dubai Marina Mall Hotel Emaar Hospitality 5 star 200 442
2008Nuran Al Majara Residences Emaar Hospitality --- --- 90Nuran
Greens Residences Emaar Hospitality --- --- 228
InternationalHyderabad International Hotel AAPC (Thailand) 5
star 287 --- 2006
Current Projects Management Company Category Operational
**
*
**
*
20052005
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Emaar Hotels and Resorts
The Hotels and Resorts division plans to develop, own and
operate Armani branded hotels in major international cities (New
York, Shanghai, London, Paris, Milan, Dubai, and Moscow)
Emaar is fully responsible for real estate, construction,
management and operations, while Armani oversees all aspects of
content, design and style, including interiors and amenities
The hotel and resort division is planning to open at least 7
luxury hotels and 3 vacation resorts over the next ten years at an
expected investment of AED 3.7 billion
Current / Under Construction HotelsCurrent / Under Construction
Hotels
Burj Dubai:
150 rooms & 144 serviced apartments Expected to be
operational by 2009
Milan: Construction due to start before end 2007 82 rooms and 30
service apartments Expected to be operational by 2009
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Education and Healthcare
As part of its strategy to develop a high quality lifestyle
community, Emaar Education will build, own and operate primary and
secondary schools in and around its development communities
Emaar acquired Raffles Campus to gain expertise in the education
sector Currently Emaar is planning to build 7 schools and 5
nurseries, primarily in Dubai First school opened in Dubai in Q3
2007 Announced University of the Arts to promote arts education in
the MENA region and the Subcontinent Total investment estimated at
AED 290 million
HealthcareHealthcare
As part of its strategy to develop a high quality lifestyle
community, Emaar Healthcare will build, own and operate clinics and
healthcare facilities in and around its development communities
MOU with Amanah Capital to develop specialist healthcare
facilities in Abu Dhabi Four clinics under development in Emaar
communities in Dubai
EducationEducation
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Financial Highlights
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Key Performance Indicators
RevenueRevenue Gross MarginGross Margin
P
e
r
c
e
n
t
a
g
e
48%
28%
42%
57%50%
41%
2002 2003 2004 2005 2006 9M 2007
Operations vs. Investment Cash FlowsOperations vs. Investment
Cash Flows Net Income and EPSNet Income and EPS
A
E
D
M
i
l
l
i
o
n
s
A
E
D
0.09 0.110.28
0.78
1.05 1.05(3)
0
2,000
4,000
6,000
8,000
2002 2003 2004 2005 2006 9M 20070
0.4
0.8
1.2
Net Income EPS(2)
Cash Flow from Operations
Investing Activities
Including AED 9.1 Bn of acquisitions and investments in
associates
A
E
D
B
i
l
l
i
o
n
s
2.9 3.2
6.1
2.9 2.73.0 3.1
6.7
11.4
3.8
2003 2004 2005 2006 9M 2007
(1) Gross profit for Q3-2007 includes AED 291 million (USD 79
million) of reversal of provision for loss in value of land in
Dubai and AED 382 million (USD 104 million) for writedown of
inventory of WL Homes.(2) EPS for the years 2002 2005 have been
restated to give effect for the rights and bonus issues declared
during 2005.(3) Annualized EPS
1,335
3,7215,246
8,361
14,00612,537
2002 2003 2004 2005 2006 9M 2007
A
E
D
M
i
l
l
i
o
n
s
CAGR: 80%
(2002-2006
)
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Revenue & Gross Profit Breakdowns
Land Sales vs. Property Development Gross Profit(Burj Dubai
Development)
Land Sales vs. Property Development Gross Profit(Burj Dubai
Development)
Land Sale Developed Properties
G
r
o
s
s
P
r
o
f
i
t
i
n
A
E
D
p
e
r
s
q
.
f
t
.
+ 40%
Revenue Composition EvolutionRevenue Composition Evolution
Land
WL Homes
Villas
Apartments,commercial & rentalincome
Q3-2006 Q2-2007 Q3-2007
57%
19%
13%19%
38%65%
24%
16% 19%19%
6% 5%
REVENUE (AED Millions) GROSS PROFIT MARGIN (%)Q3-2006 Q2-2007
Q3-2007 Q3-2006 Q2-2007 Q3-2007
Land 627 247 215 94% 72% 94%(1)
Villas 660 545 853 58% 45% 71%Apartments and commercial &
rental income
1,291 2,700 2,523 45% 39% 35%
John Laing Homes 801 682 868 19% 5% 7%(2)
(1) Excludes AED 291 million (USD 79 million) of reversal of
provision for loss in land value in Dubai.(2) Excludes AED 382
million (USD 104 million) for writedown of development properties
(inventory) of WL Homes.
-
Revenue & Gross Margin Analysis (Emaar Dubai excluding Land
Sales)
0%
10%
20%
30%
40%
50%
60%
70%
80%
0
500
1,000
1,500
2,000
2,500
3,000
Q1-06 Q2-06 Q3-06 Q4-06 Q1-07 Q2-07 Q3-07
G
P
M
a
r
g
i
n
(
%
)
R
e
v
e
n
u
e
-
A
E
D
m
i
l
l
i
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n
s
Revenue-Apt/comm/rental income
Revenue from Villas
Gross Margin Excluding Land Sales (%)
GP Margin-Apt/comm/rental income
GP Margin - Villas
Gross Profit (AED MM) 799 686 963 1,446 1,097 1,310 1,497
-
Outlook
Outlook for Q4-2007
9 Net profit from normal operations expected to be maintained at
Q3-2007 levels
9 Gross margin in Dubai expected to remain robust
Long term targets
9 60-70% of revenues expected from International operations in
2010E
9 The Debt/Equity ratio until 2010 is not expected to exceed
50%
9 Listing of business segment subsidiaries
-
The Caribbean
Canada
USA
Turkey
Italy
France
UK
Australia
New Zealand
Singapore
India
Pakistan
Russia
Brunei
Malaysia
Japan
Hong Kong
China
Philippines
Vietnam
Indonesia
Thailand
Syria
Jordan
Lebanon
Qatar
Bahrain
Kuwait
KSA
UAE
Oman
Egypt
Libya
Algeria
Tunisia
Morocco
Global Presence
-
Appendix
-
Group Structure
*Economic ownership of 47%, ** Currently in the process of
incorporation
EMAAR GROUP PJSC
KSA - EEC 31%
Emaar MGF 42%
Emaar Syria 100%
Emaar Morocco 100%
Egypt 100%
Turkey 60%
Islamabad* 67%
Canada 95%
Lebanon 65%
Jordan-Dead Sea 37% Turner Intl ME
50%
Hamptons 100% HOTELS &
RESORTS 100%
HOSPITALITY 100%
MALLS 100%
EDUCATION 100%
HEALTHCARE 100%
AMLAK 48%
DUBAI BANK 30%
EMAAR FINANCIAL SERVICES
38%
EMAAR INDUSTRIES & INVESTMENTS
40%
EMAAR INTERNATIONAL
EMAAR INVESTMENT
KSA - EME 61%
Karachi 67%
Emaar-APIC 74%
Emaar IGO 60%
India
Syria
Morocco
Pakistan
Emaar-ONA 50%
Libya** 50%
JV with Bawadi 50%
EMAAR DUBAIProperty
Development Projects - 100%
WL Homes 100%
-
Balance Sheet & Credit Metrics
Low current debt levels allow significant financial
flexibility
AED million 2004 2005 2006
Current Assets 7,641 18,841 18,016 27,812
Fixed Assets 2,769 8,800 11,155 12,028
Other Assets 2,805 4,563 12,519 13,176Total Assets 13,215 32,204
41,690 53,016
Interest Bearing Liabilities 639 239 3,992 8,396
Current Liabilities 4,225 5,998 6,721 9,245
Long-Term Liabilities 296 271 432 524
Total Liabilities 5,160 6,508 11,145 18,165
Shareholders' Equity 8,055 25,696 30,545 34,851
Total Liabilities & Equity 13,215 32,204 41,690 53,016
Credit Ratios 2004 2005 2006 2007
Debt / Capitalization 7.3% 0.9% 11.6% 19.4%
*EBITDA / Interest 66.7x 173.2x 67.2x 41.1x
Debt / EBITDA 0.18x 0.10x 0.34x 0.97x
Sept2007
Sept
* Annualized EBITDA and average debt
-
Key Accounting Policies
Consolidated financial statements have been prepared in
accordance with IFRS and applicable requirements of the UAE
law.
In relation to sold units, the revenue is recognized
progressively over the construction period of the project (subject
to a minimum of 20% of the construction cost being incurred).
Income from non-property development activities does not
contribute to Emaars Revenues and is recorded as Other Operating
Income.
The value of land is reported in the financial statements at
cost. Therefore, granted land cost is nil.
Slide Number 1DisclaimerAgendaEmaar at a Glance Vision, Mission
& HistoryEmaar at a Glance Where We Are TodayEmaar at a Glance
StrategyEmaar at a Glance A Model for Value CreationSlide Number
8Investment HighlightsTaking Advantage of Growing Untapped
MarketsOur Domestic Market Remains Very AttractiveAttractive Land
Bank Secured at Competitive ValuationsStrong and Influential
Strategic PartnersExperienced & Highly Qualified Management
TeamWe Have Successfully Extended our Business Practices to
International MarketsStrong Record of Execution & Value
CreationSlide Number 17Property Development: UAEProperty
Development: UAE50/50 JV with Bawadi - Project Overview50/50 JV
with Bawadi Transaction OverviewProperty Development: IndiaProperty
Development: IndiaSaudi Arabia King Abdullah Economic CityProperty
Development: Saudi ArabiaProperty Development: EgyptProperty
Development: MoroccoProperty Development: Jordan, Syria &
TurkeyProperty Development: PakistanProperty Development: USA John
Laing HomesRetail (Emaar Malls)Emaar Hospitality GroupEmaar Hotels
and ResortsEducation and HealthcareSlide Number 35Key Performance
IndicatorsRevenue & Gross Profit BreakdownsRevenue & Gross
Margin Analysis (Emaar Dubai excluding Land Sales)OutlookGlobal
Presence Slide Number 41Group StructureBalance Sheet & Credit
Metrics Key Accounting Policies
