Emaar and ONA Group join forces for AED 1.2 billion (US$327 million) real estate venture in Morocco

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About Emaar Properties PJSC:
Emaar Properties, the Dubai-based Public Joint Stock Company, is listed on the Dubai Financial Market and is part of the Dow Jones Arab Titans Index. Emaar is the No. 1 real estate company in the world in terms of market capitalisation which is over US$40 billion. The company announced that its net profits for the first nine months to September 30 climbed 255 per cent, to a record AED 3.690 billion. The figures represent a substantial increase on the AED 1.039 billion in the same period a year ago. The company also reported an impressive 77 per cent rise in revenues to AED 6.757 billion, from AED 3.808 billion for the same period in 2004.

The company has witnessed tremendous growth since its inception in 1997 and boasts a rapidly growing tenant base with more than 12,000 homes handed over to satisfied customers to date. Currently, it has several major real estate projects under various stages of development in Dubai including Arabian Ranches, Dubai Marina, Emirates Hills, The Views, The Meadows, The Springs, The Lakes and The Greens. The company also owns and manages the Gold and Diamond Park.

Emaar has started construction on its most ambitious project to date, the Burj Dubai Development, which comprises the Burj Dubai, The Dubai Mall, Burj Dubai Boulevard, The Lofts, The Old Town, The Old Town Island, The Residences, Burj Views, man-made lakes, landscaped parks and gardens. The company has joint ventures and projects across the region covering Saudi Arabia, Egypt, Syria, Jordan, Morocco, India and Pakistan. Recently the award winning property developer announced plans to aggressively expand the retail sector with investments of over AED 15 billion to develop approximately 100 malls in the mega emerging markets of the Middle East, North Africa and the Indian subcontinent. In addition, Emaar has teamed up with Giorgio Armani S.p.A to build and manage 10 Armani hotels and resorts across the world; the first Armani hotel will feature in Emaar's flagship Burj Dubai tower - the tallest in the world when completed in 2008.

While continuing to actively pursue expansion in its core business of innovative, high quality real estate development, Emaar has diversified into related business lines to further build value for its 41,000 shareholders, which includes the Government of Dubai. Emaar owns and manages two subsidiaries - Dubai Bank, focused on retail and commercial banking and EMRILL, a joint venture with the UK-based Carillion which provides innovative property and facilities management services. Emaar is also the majority shareholder in Amlak Finance, UAE's leading Islamic home financing company. For further information, please visit www.emaar.com.

Onapar:
Formed in 1989, Onapar is a subsidiary of the ONA Group, the leading Moroccan industrial and financial group. Onapar currently operates in the fields of tourism, real estate and management of industrial zones. Its activities are centred around four key areas namely, playing an increasing role in the Moroccan tourist industry, the marketing and management of industrial and commercial zones, increasing construction and marketing of classic real estate developments and mounting the technical realisation of real estate projects initiated by Onapar. For further information, please visit www.ona.ma.


For further information, please contact:

Kelly Home / Linsey Worgan
ASDA'A Public Relations
Exclusive Affiliate of Edelman PR Worldwide
in Middle East & North Africa
Tel: (+971 4) 335 5969;
Fax: (+971 4) 335 6080