EMAAR ENTERING PAKISTAN IN A BIG WAY...

Signs of major expansion in the real estate industry the arrival of the Middle East giant...

MUNTAZIR HAIDER
Apr 30 - May 13, 2007

EMAAR - THE REAL ESTATE GIANT

Emaar Properties, the Dubai-based Public Joint Stock Company, is listed on the Dubai Financial Market and is part of the Dow Jones Arabia Titans Index. Emaar is a rapidly growing real estate and property giant of the Middle East that showed an impressive growth of 35% for the year ended 2006. In October 2006, Emaar Properties was awarded 'Best Developer in the UAE' for the second consecutive year at the Euro-money Real Estate Awards. Emaar also won the 'Best Developer in Egypt' award, a reiteration of the company's international expansion strategy of developing luxury master-planned communities in key emerging markets. The awards, voted for by industry peers, took into account factors such as most consistent providers of high quality, profitable real estate projects and innovation as well as individual developments, both recently completed and those at the planning stage.

CURRENT HOME COUNTRY PROJECTS

Emaar has several real estate projects in its primary market of Dubai in various stages of completion. These include Dubai Marina, Arabian Ranches, Emirates Hills, The Meadows, The Springs, The Greens, The Lakes and The Views. The company has witnessed tremendous growth since its inception in 1997 and boasts a rapidly growing tenant base with more than 15,000 homes handed over to satisfied customers to date. Emaar has begun construction of its most ambitious project within the UAE, the AED 73 billion (US$20 billion) downtown Burj Dubai development project, which comprises Burj Dubai - stated to be the world's tallest tower when completed in 2008; The Dubai Mall - the world's largest entertainment and shopping mall; The Old Town - a low-rise traditional residences community inspired by Arabian architecture; The Old Town Island; Burj Dubai Square; The Lofts; Burj Dubai Lake Hotel and Serviced Apartments; Burj Dubai Boulevard - a 3.5 km stretch that binds the entire development; man-made lakes; landscaped parks and gardens.

EMAAR GLOBAL

In line with its international expansion strategy, Emaar has joint ventures and projects across the region covering India, Egypt, Turkey, Morocco, Syria, Pakistan, Tunisia and Saudi Arabia. Major international projects include: Uptown Cairo in Egypt; Boulder Hills, a world-class leisure and residential community project in Hyderabad, India; multiple resort projects in Morocco, including Amelkis II & III and Bahia Bay, luxury residential golfing communities; the Eighth Gate project in Damascus (Syria) will be the city's first master planned community; and Lakeside in Istanbul is a landmark development for Turkey's cultural and commercial hub.

EMAAR IN PAKISTAN

In May last year, Emaar announced three real estate developments in the cities of Islamabad and Karachi in Pakistan. The projects, with a total investment of AED 8.8 billion (US$2.4 billion), will include a series of master planned communities that will set new standards in commercial, residential and retail property within Pakistan. All three projects are expected to be completed in the next four to five years.

THE HIGHLANDS AND CANYON VIEWS, ISLAMABAD

At the 1000 acres project, Canyon Views, Emaar has planned approximately 4500 units; 2650 townhouses & villas and 1850 units in mid rise buildings in a range of architectural styles with easy access to amenities including retail centers, community club houses, parks, lakes, schools and mosques. The Highlands is located within the Defense Housing Authority Islamabad (DHAI) Phase 1 Extension and Canyon Views within the DHA Phase 2 Extension. Offering 50 separate community districts with their own individual identity, a spectrum of architectural styles ranging from Mediterranean, Tuscan, Mughal, Arabic and Spanish, will be available to select from. World famous master planners on the Crescent Bay development are Halcrow International with architects Norr and Holford while master planners WATG, RNL and JZMK are working on Highlands and Canyon Views projects. Architects for the Islamabad projects are Mazen N. Issa, Alexandra Hayes, Bassenian Lagoni and Saunders & Wiant. The master planners have brought inspiration from the world's best designed residential communities to Pakistan offering another Emaar signature landmark to the region.

CRESCENT BAY, KARACHI

A 108-acre reclaimed land development features high and mid-rise towers for residential and commercial use, a shopping centre and five-star beachfront hotel. The towers will contain 4000 residential apartments. Crescent Bay is located within Karachi's DHA Phase 8 and in close proximity to the DHA Golf Course. It will offer individual architectural styles for each tower within the development.

BUNDAL AND BUDDO DEVELOPMENT PROJECTS

The two mega projects of island development are stated to be the largest in the company's portfolio; the multi-billion US dollar projects in Pakistan's financial hub Karachi are proceeding towards ground breaking phase quite shortly. These two islands would be self-contained cities with mixed use developments, spreading over 30,000 acres. The projects would include residential, commercial towers, shopping malls, medical facilities, schools, apart from creation of civic infrastructure. The amount of investment involved is really huge, which would be revealed after the details of the projects are finalized with Port Qasim Authority (PQA); the expectation of returns is not on the higher side, yet the projects are undertaken to depict the strong bond and ties that the firm holds with the government and people here in Pakistan. Especially with the economic reforms prevailing in Pakistan, the environment for trade and commerce, along with the attitude that the locals have towards investors from the UAE is fabulous.

CONTRIBUTION OF EMAAR TO PAKISTAN ECONOMY

There exist tremendous political ties between the governments of Pakistan and UAE, thus enhancing the trade and business environment to a better impact and future. Currently, Emaar has already hired 300 individuals in Pakistan, while the impact so far has been the contribution of Emaar being around $2.4 billion in developmental projects in our country. Apart from creating new job opportunities for Pakistanis, the projects will support ancillary industries and strengthen foreign investment inflow into the country. Pakistan has always been viewed as a country with enormous business potential, and investors are comfortable and see opportunity rather than risk. One of the officials of Emaar has been stating that the projects currently under-taken are just a small and initial part of the commitment that Emaar holds to providing world-class living and infrastructure in Pakistan. The same official also stated that these new ventures and their presence in Pakistan will play an important role in the development of their reputation in Asia, and would also remain one of the most significant commitments that Emaar holds outside the UAE. The goal for Emaar is to create a series of exciting developments that set new standards for commercial and residential property. Highlands, Canyon Views and Crescent Bay will set these standards and are the first of many projects that the company plans for other cities in Pakistan, which would be developed over the next few years. It has also been stated on several occasions that 20% of the project area would solely be reserved for green space, offering a haven of peace and natural beauty in the middle of a thriving community.

STRATEGIC VIEWPOINT AND EMAAR STRATEGY

Emaar's innovative offering of self-contained, amenities-rich communities have created lifestyle options that have been the first choice for many residents around the world. The integration of schools, health facilities, parks, landscaped grounds and retail centres into master-planned golf, equestrian and marina-themed lifestyles has proved a winning combination. With joint ventures and projects covering Saudi Arabia, Syria, Morocco, Egypt, Tunisia, Turkey and India, Emaar is taking its winning formula first conceived in its home base Dubai to the rest of the world.