Casablanca, Morocco, March 29, 2006 (WAM) - Emaar Properties,the world's number one property developer, has further strengthenedits position in the Moroccan market with the company's investmentsreaching Dh 25.3 billion covering six real estate projects acrossthe country.

The company signed a new Dh 19.8 billion Memorandum of Understanding(MoU) today with His Majesty King Mohammed VI, King of Morocco.

Emaar was represented by its Chairman Mohamed Ali Alabbar.

The MoU opens the door for Emaar to develop communities comprisingresidential, commercial, retail, leisure and entertainment facilities.

The momentous MoU includes three unique developments stretchingfrom the Atlas Mountains to the Atlantic coast and includes worldclass golf and ski communities, Riviera living and luxury spasand resorts. Construction work will start on all three projectsthis year.

A shared vision for the prosperity of their nations and inspirationalleadership cements the long standing partnership between HisMajesty King Mohammed VI and H.H. Sheikh Mohammed binRashid Al Maktoum, Vice President, Prime Minister andRuler of Dubai. Both leaders have been instrumental in shapingtheir nations and driving forward their economic growth.

Due to the vision and leadership of His Majesty King MohammedVI, Morocco has in recent years made great headway in openingthe economy to foreign investment and trade as well as makingfinancial reforms which will encourage the continued growth ofthe Moroccan economy.

Emaar's Chairman Mohamed Ali Alabbar said: "The signing ofthis MoU is the culmination of our commitment to provide communitiesthat will complement Morocco's unique environment, architectureand cultural character. We look forward to working with the Moroccangovernment in creating these exciting developments." "Morocco will play an important role in the international expansionof Emaar. With a total of six projects planned, Morocco is oneof Emaar's most significant commitments outside of the UnitedArab Emirates and we will soon be opening our office headquartersin Marrakech as well as offices in Rabat and Tangiers to cementthis commitment," he added.

Alabbar said any planned future projects will complement Morocco'smaturing as a tourist destination and residential investmentlocation.

"Morocco is a natural fit with the types of world classcommunities we offer. It has distinctive natural beauty, fromrocky coast to snow-capped mountains, and a climate conduciveto year round outdoor living and leisure. As a destination anda place to live it is increasingly sought after." The three distinct developments covered in the MoU are: Oukaimeden:Located in the Atlas Mountains, Oukaimeden, the valley of fourwinds, is set to become the ultimate four season mountain destinationfor recreation, entertainment, relaxation and residence as wellas being the Middle East and Africa's only golf and ski resort.

In keeping with Berber design and architecture of the greatAtlas Mountains, Oukaimeden village will combine commercial,office, retail, entertainment and dining amenities with a fullrange of residential options to choose from. With 2,000 hotelrooms, more than 300 retail units and 25,000 sq. metres of businessand conference facilities planned, Oukaimeden will be a yearround hive of activity.

Saphira: Situated on the City's western side, Saphira (RabatCorniche) will become the leisure and tourism hub of Rabat City,one of the country's most famous historic and cultural centres.

With a striking Atlantic coastal position, Mediterranean andMoorish architecture and an ancient commercial heart, Saphirawill provide high quality residential communities, as well asa vast array hotel and leisure facilities.

Stretching along 11km of coastline, covering 330 hectares andcomprising nine distinctive districts, Saphira will include aroad network of tree-lined boulevards, an electric tram system,cycle-paths, parks and green spaces. At Saphira's core will bethe pedestrian, "Le Grand Souk", which will connect the old medinawith the new Medina Maris district - a world class marina developmentwith vibrant Riviera lifestyle and a host of leisure and retailopportunities.

Tinja: Nestled between seafront and natural indigenous forest,Tinja is a haven of peace and tranquility just 20 minutes fromTangiers. Offering a mix of high quality residential and commercialzones arranged around a vibrant marina, Tinja is a world classdevelopment located on the impressive Atlantic Ocean coastline.

With more than 670 residential units and over 600 hotel roomsas well as leisure clubs and facilities, Tinja offers Rivieraliving at its best - eye catching coastal views combined withworld class facilities. Located close to the main coastal routeand the Ibn Battuta airport, Tinja provides the perfect gatewayfrom which to explore Tangiers and Morocco as a whole.

"Our Moroccan projects draw together all the most successfulelements of Emaar's many signature lifestyle communities. Usingour experience of creating world class golf communities, luxuryleisure and hotel resorts as well as internationally renownedmarinas and amenities rich communities, we will work with theMoroccan government to build innovative real estate - like ourunique golf and ski resort - that adds value both to Moroccoand its people," added Alabbar.

This latest signing signals Emaar's fourth move into Morocco,following its announcement of the US$327 million Amelkis II -the luxury residential golfing development in Marrakech, theannouncement of Amelkis III - further development of the residentialgolfing community and its launch of the US$1.2 billion BahiaBay project, a large scale residential golfing community alongthe picturesque Moroccan coast - all with joint venture partnerONA Group.

Emaar's innovative offering of self-contained, amenities-richcommunities have created lifestyle options that have been thefirst choice for many residents. The integration of schools,health facilities, parks, landscaped grounds and retail centresinto master-planned golf, equestrian and marina themed lifestyleshas proved a winning combination. With joint ventures and projectsacross the region covering Saudi Arabia, Turkey, India and Pakistan,Emaar is taking its winning formula to the rest of the world.