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Emaar unveils AED 4.5 billion (US$1.2 billion)

Bahia Bay project in Morocco Dubai, Nov. 27, 05 (WAM)-- Emaar Properties, the largest real estatedeveloper in the world in terms of market capitalization and ONA Group,the leading Moroccan industrial and financial group, today unveiled itssecond international venture in Morocco - Bahia Bay.

The AED 4.5 billion (US$1.2 billion) project will see the jointventure develop a large scale residential golfing community along thepicturesque Moroccan coast.

In close proximity to Casablanca, the 530 hectare development will combineall the benefits of an Emaar golfing community along with the advantagesof a coastal location. This announcement closely follows the venturesfirst project launch last month in Morocco - Amelkis II, the luxury residentialgolfing complex in Marrakech which allows individual buyers to purchaseplots of land and design and build their ideal home.

Mr Mohamed Ali Alabbar, Chairman Emaar Properties said: "Situated alongthe breathtaking Moroccan coast, Bahia Bay is a unique development inan idyllic setting. Following the success of our existing golfing communitiesin Dubai - Arabian Ranches and Emirates Hills - the Bahia Bay communitywill become a flagship development for Emaar's expansion in the NorthAfrica region." Residential units in the Bahia Bay project will range from luxury villasand spacious semi-detached houses to townhouses and apartments with viewsoverlooking the golf course and spectacular views of the Atlantic Ocean.

The development will also feature a beach hotel, golf hotel, beach clubs,equestrian facilities, retail and entertainment and a community and recreationcentre making Bahia Bay an ideal location for residents and visitors alike.

The development is expected to be completed in five years.

This latest announcement sees the continuation of Emaar's roll out strategyof undertaking prestigious master-planned residential developments instrategic locations - whether in the heart of the city or coastal picturesquelocations. As it bids to consolidate its position as the world's premierproperty developer, Emaar continues to provide buyers with quality lifestyleprojects and shareholders with value.

Added Alabbar: "Morocco is a significant part of Emaar's internationalexpansion plans. Already we have seen the great potential in the Moroccanmarket with our Amelkis II development. Not only will this project benefitthe people of Morocco, but it will also boost tourism within the area.

Our mission is to offer our customers world class communities - constantlyintegrating parks, landscaped areas and retail centres into master-plannedthemed lifestyles."With rock pools and breakwaters to help create sandy white beaches andan array of water sports and leisure options provided by the beach clubs,the latest Emaar offering in Morocco makes the most of the beautiful coastalviews and surrounding natural beauty. Golfing facilities provide residentswith the perfect opportunity to improve their golf as well as making themost of the relaxed and friendly clubhouse.

Located in close proximity to the Casablanca/Rabat coastal freeway, BahiaBay is within easy reach of both major cities and is the ideal getawayfor those in search of a premier luxurious lifestyle. Extensively landscapedwith an array of indigenous plants and featuring picturesque water features,expansive open parks and a world-class golf course, the lifestyle offeringis beyond compare.