EMAAR Properties is the largest land and real estate developer in the Gulf region. The company was established in 1997, with an initial paid-up capital of AED 1 bn. The firm had a mandate to develop a diversified portfolio of high quality properties - housing communities, offices, shopping centers and tourist sites - and to provide a comprehensive range of property related services, primarily in Dubai.

EMAAR's strong support from the government, which holds a 32% equity stake, has granted it a large strategic land-bank that has a total value estimated at AED 23 bn. EMAAR's portfolio of projects includes the following: 1.

Dubai Marina: man-made waterfront to be completed by June 2005 at a cost of AED 4.52 bn. 2. EMAAR Towers: 168 Freehold apartments completed at a cost of AED 148 mn. 3. Arabian Ranches: AED 2,376 mn development including 3,691 units, golf course and equestrian center with polo ground.

4. Burj Dubai: Tallest structure in the world to include residence, commercial outlets, hotel, and entertainment that costs AED 9 bn. 5. Emirates Living: includes 5 residential projects. EMAAR also owns and controls the following subsidiaries:
' Amlak Finance: Property financing company with a paid-up capital of AED 750 mn that lends medium and long-term mortgages.


' Dubai Bank: Established in 2002 to provide retail & commercial products & services. Paid-in capital was raised to AED 500 mn.
' Sahm Technologies: Established in 2001 and owns telecom infrastructure for EMAAR developments.


' Emrill: JV with UK-based Carillion and provides energy management, mechanical and engineering maintenance, and sanitation services.
' JV with Armani to develop luxury hotel chain in Dubai, Milan, London, Paris

Individuals	34%
Institutions	N/A
Floating	34%
Government	32%

Director	Abdul Aziz Aabdallah Al Ghurair
Vice Chairman	Mohamed Khalfan Bin Kharbash
Chairman	Mohamed Ali Alabbar
Director	Mohamed Ibrahim Al Shibani
Director	Salem Rashed Al Mohannadi
Director	Sultan Ahmed Khalfan Al Ghaith

	2005	2004	2003
Total Assets	32,204,732	12,755,857	9,205,685
Shareholder's Equity	25,560,922	7,501,898	6,395,691
NIAT	4,729,052	1,690,557	676,342
Dividends	2,438,530	344,500	318,000

	2005	2004	2003
Assets Growth	152.47%	38.57%	38.69%
Earning Growth	179.73%	149.96%	30.83%
ROaA	21.04%	15.40%	8.54%
ROaE	28.61%	24.33%	11.27%
No. Of Shares	6,096,325,000	2,650,000,000	265,000,000
EPS	0.78	0.64	2.55
EPS Growth	179.73%	149.96%	30.83%
Payout Ratio	51.565	20.378	47.018

	Trailing
PE	14.57
PB
DVPS	N/A
Div Yield	N/A
EV	140,520,291.25
EV/Equity	5.50

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