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November 28th & 29th, 2007
Emaar Properties PJSCCitis MENA Equities Conference
Dubai
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.
EMAAR at a Glance
Investment Highlights
Operations Overview
Financial Performance
Outlook
Agenda
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
(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)
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
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
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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
Investment Highlights
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
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)
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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%
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%
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s
q
f
t
. CAGR
:
+25%
CAGR
:
+22%
Average price per sqft of saleable area
-
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
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Source: Various
Shortfall6,000 units
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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
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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
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Includes 6.5 m sq.mtrs of land through the JV with Bawadi
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
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
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
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
-
5,000
10,000
15,000
20,000
2004 2005 2006 2007(!)
ApartmentsVillas
P
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c
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(2)
8% 9%
15%
21%
17%14%
2002 2003 2004 2005 2006 9M2007
P
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c
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n
t
a
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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
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CAGR: 87%
(2002-2006
)
Total Assets Evolution
A
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CAGR: 58%
(2002-2006
)
Operations Overview
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)
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)
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
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
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
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%
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
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
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
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
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
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
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).
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
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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)
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
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
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
Financial Highlights
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
)
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
o
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