Abu Dhabi, UAE; December 17, 2008: Under the directions of His Highness Sheikh Khalifa Bin Zayed Bin Nahyan, UAE President, to develop Sheikh Khalifa Bin Zayed Residential City in Cairo, on a site of 2.2 million sq metres of land, Abu Dhabi Municipality signed a Memorandum of Understanding (MoU) with Emaar Misr for Development S.A.E, the wholly owned subsidiary of Emaar Properties PJSC. As per the MoU, Emaar Misr will manage the project development and also undertake the management of the City after completion.

The MoU was signed in Abu Dhabi, today, by Mr Juma Mubarak Al-Junaibi, General Manager, Abu Dhabi Municipality, and Mr Mohamed Ali Alabbar, Chairman, Emaar Properties. The MoU specifies that Emaar Misr, under the supervision of Abu Dhabi Municipality, will manage the project development on the land provided by the Egyptian Government and will find appropriate strategies to service the City in the long run.

Commenting on the project, Mr Al-Junaibi said: "This MoU with Emaar Misr reiterates the importance of strong public private partnerships, and the capabilities of Emaar to undertake large-scale projects."

He added: "The grant of US$100 million by His Highness Sheikh Khalifa to construct this social project highlights the strong relations and co-operation that exists between the UAE and Egypt and the wise leadership of the two countries to work towards socio-economic growth. It symoblises the UAE's generous involvement in community projects initiated by late His Highness Sheikh Zayed Bin Sultan Al Nahyan, which continues under the leadership of His Highness Sheikh Khalifa. The MoU underscores the importance placed by the UAE in fostering strong relations with the larger Arab world."

Mr Al-Junaibi said that the 2.2 million sq m project will provide housing and hope for the youth population of Egypt. "With homes of 70 to 90 sq metres being planned, the City can have the largest possible number of residential units in the given area. The project will also create several job opportunities in line with the socio-economic growth objectives of Egypt."

Sheikh Khalifa Bin Zayed City is being developed in association with the Egyptian Ministry of Housing, Utilities and Urban Development, and will adhere to the developmental norms set by the Egyptian government. The Ministry will allot the appropriate land for the project and provide necessary approvals needed to develop the project.

Sheikh Khalifa Bin Zayed City is envisaged as a fully integrated development featuring modern infrastructure including well-knit roads, power and telecom connectivity, healthcare centres, educational institutes, retail outlets, places of worship and community centres. The architecture will be to international standards, and superior infrastructure support will be ensured as well as world-class management practices following completion.

Mr Alabbar said: "We are thankful to His Highness Sheikh Khalifa for entrusting us with this pioneering developmental initiative. This is a momentous project for Emaar as we partner in one of the UAE's ambitious developments in the region, highlighted by its social commitment. Egypt and the UAE have shared strong bilateral relations in culture and trade, and with Sheikh Khalifa Bin Zayed City, the UAE underscores its regional partnerships that strengthen the socio-economic fabric of partner-nations."

He added: "Emaar Misr for Development is privileged to be associated with this project, which not only reiterates our long-term growth plans for Egypt but also our commitment to be involved in social housing projects that will benefit the large youth population of the country. We will bring in our extensive developmental expertise to develop a modern community that meets the aspirations of young Egyptians."

He added: "Emaar has proven its competencies in developing large scale projects and we are confident that their expertise will help us achieve our goals of creating an integrated community that benefits a wider cross-section of the Egyptian society."

As developers and project managers, Emaar will identify the right development strategies for Sheikh Khalifa Bin Zayed City, and implement them according to the given time-frame.

Abu Dhabi Municipality had received in August the allotted land for Sheikh Khalifa Bin Zayed City in New Cairo on the Cairo-Suez Road, next to Al Rehab City to commence the first phase of design after the Egyptian authorities finalise the leveling of the land.

-Ends-

About Emaar Properties PJSC:
Emaar Properties PJSC is one of the world's largest real estate companies and is rapidly evolving to become a global provider of premier lifestyles. Powered by its Vision 2010 to become one of the most valuable companies in the world, Emaar is charting a new course of growth with a two-pronged strategy of geographical expansion and business segmentation. Emaar has been assigned A- and A3 ratings with stable outlook by Standard & Poor's and Moody's Investor Services, respectively.

Replicating its successful business model in Dubai, Emaar is extending its expertise in creating master-planned communities to international markets. Emaar is also developing new competencies in malls, hospitality & leisure, education, healthcare and finance, which have evolved from its integrated approach to customer service and property development.

Listed on the Dubai Financial Market, part of the Dow Jones Arabia Titans Index and certified to ISO9001:2000 for quality standards, Emaar is developing Burj Dubai, the world's tallest building and free-standing structure, and The Dubai Mall, one of the world's largest shopping and entertainment destinations. In Saudi Arabia, Emaar is developing King Abdullah Economic City, the region's largest private sector-led project. Emaar's portfolio currently covers the following countries: the UAE, Saudi Arabia, Jordan, Syria, Lebanon, Morocco, Egypt, Turkey, Libya, Algeria, India, Pakistan, China, Indonesia, the US, the UK, France and Canada.

An award-winning developer, Emaar has strengthened its product sale competencies, market reach and best practices through strategic acquisitions and joint ventures. Emaar acquired John Laing Homes, America's second largest privately held home builder; Hamptons International, UK's premier realtor; and formed a joint venture with US-based Turner International to strengthen execution capabilities.

Emaar has joined hands with Giorgio Armani and Accor Hotels to strengthen its presence in hospitality, and will launch ten luxury Armani Hotels & Resorts world-wide and 100 Formule 1 budget hotels in India. The company is opening educational institutions and healthcare centres in South Asia, Middle East and North Africa and the Subcontinent. Emaar acquired Singapore-based leading education provider, Raffles Campus, to extend expertise to its educational institutions.

Emaar holds 30 per cent equity in Dubai Bank, focused on retail and commercial banking. Emaar is also the largest shareholder in Amlak Finance, UAE's leading Islamic home financing company. For more information, visit www.emaar.com.

For more information, please contact:
Kelly Home / Nivine William 
ASDA'A Burson-Marsteller
Dubai, UAE
Tel: (+971 4) 334 4550
E-mail: k.home@asdaa.com, n.william@asdaa.com

© Press Release 2008