Emaar appoints 4-member Shari'a Board to monitor company operations

Notes and media contacts

About Emaar Properties PJSC:
Emaar Properties, the Dubai-based Public Joint Stock Company and No. 1 real estate company in the world, is listed on the Dubai Financial Market and is part of the Dow Jones Arab Titans Index. The company recently announced that its net profits for the year ended 31 December, 2005 climbed 180 per cent, to a record AED 4.731 billion. The figures represent a substantial increase on the AED 1.691 billion for the year 2004. The company also reported an impressive 59 per cent rise in revenues to AED 8.361 billion, as compared to AED 5.248 billion for the year 2004.

The company has witnessed tremendous growth since its inception in 1997 and boasts a rapidly growing tenant base with more than 13,000 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, which comprises the Burj Dubai - the tallest tower in the world when completed in 2008, 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, 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; an Armani hotel will feature in Emaar's flagship Burj Dubai tower.

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 EMRILL, a joint venture with the UK-based Carillion which provides innovative property and facilities management services. Emaar also holds 30 per cent equity in Dubai Bank, focused on retail and commercial banking and is the majority shareholder in Amlak Finance, UAE's leading Islamic home financing company.

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