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Emaar Properties signs new AED 3.6 billion (approx. US$ 1 billion) financing facility

A testament to Emaar 's financial strength
Dubai, UAE; December 19, 2011: Emaar Properties PJSC has signed a new Islamic and Conventional financing facility amounting to AED 3.6 billion (approx. US$ 1 billion) with Dubai Islamic Bank PJSC, National Bank of Abu Dhabi and Standard Chartered Bank as Mandated Lead Arrangers and Bookrunners.

As part of the overall debt management for the Company, the drawdown of the facility will convert the Company's debt's maturity profile from short to longer term. This new facility will also assist in reducing the overall financing cost of Emaar due to the lower pricing achieved compared to existing borrowings.

Of the total facility, 50% is repayable in a bullet repayment after five years, and the rest is amortized over eight years. The pricing on the facility is benchmark plus 350 basis points and is secured by The Dubai Mall. Initially, the facility will be utilised to repay the existing US$ 300 million facility taken in 2010. Subsequent drawn downs will be made in 2012 as required.

Mr Mohamed Alabbar, Chairman, Emaar Properties PJSC, said that the financing arranged is a further testament to Emaar 's ability to raise long term finance at competitive pricing even in tougher economic conditions. " Emaar has again been amongst the first to raise an 8-year financing in the regional markets with the assistance of our core partner banks, which reflects the superior value Emaar has created for its stakeholders through its iconic developments.

He added: "The prevailing financial climate also offers a strong opportunity for forward-looking organisations to strengthen their reserves and structure long-term growth plans."

Emaar reported a net operating profit of AED 1.249 billion (US$ 340 million) in the first nine months (January to September) of 2011. Revenue for the first nine months of this year reached AED 5.873 billion (US$ 1.599 billion).

The nine-month performance of Emaar was underlined by the sustained growth of its hospitality & leisure and shopping malls & retail subsidiaries, the continued demand for homes and commercial space within its established communities such as Downtown Dubai, and the hand-over of prime real estate assets in international markets, including Turkey, Jordan and Syria. Emaar is on track to hand over residential projects in Saudi Arabia, among other global markets, shortly.

-Ends-

About Emaar Properties PJSC
Emaar Properties PJSC, listed on the Dubai Financial Market, is a global property developer with a significant presence in key emerging markets in the Middle East, North Africa and Asia. Besides building residential and commercial properties, the company also has proven competencies in shopping malls & retail, hospitality & leisure and financial services sectors.

Burj Khalifa, the world's tallest building, and The Dubai Mall, the world's largest shopping and entertainment destination, are some of Emaar 's trophy developments.

In Saudi Arabia, Emaar is developing King Abdullah Economic City, the region's largest private sector-led project in Saudi Arabia, featuring a Sea Port, Central Business District, Industrial Zone, Educational Zone, Residential Communities and Resort District.

Emaar recently launched its new wholly-owned subsidiary, Dawahi Development, a next-generation developer of 'value housing' projects within full-service community developments. For more information, visit www.emaar.com.

For more information, please contact:
Kelly Home / Nivine William
ASDA'A Burson-Marsteller
(+9714) 4507 600
k.home@asdaa.com, n.william@asdaa.com

© Press Release 2011