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									  Emaar Properties PJSC
Financial and Strategic Update
             November 5, 2007
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 Properties Third Quarter 2007 Results Presentation                           www.emaar.com      Page 1
Business Highlights

 Milestones:                            Burj Dubai is officially the world’s tallest free-standing structure

                                        S&P Index Inclusion (S&P IFCG Extended Frontier 150 Index)

                                        Emaar MGF started contributing positively to earnings

                                        Emaar Education opened its first school in Dubai

                                        858 units sold in new international project launches


 Emaar MGF IPO:                         Draft Red Herring Prospectus filed in September

                                        Listing expected to be completed in next six months


 Transaction with                       Joint Venture with Bawadi (a member of Tatweer) to develop land in a
                                        prime location in Dubai
 Bawadi:




Emaar Properties Third Quarter 2007 Results Presentation                            www.emaar.com      Page 2
Business Highlights

 Q3 Sales Status – Main International                      Units Released for      Number of
 Releases:                                                        Sale             Units Sold

 King Abdullah Economic City (Saudi Arabia)                       424                  324


 Uptown Cairo (Egypt)                                             450                  320

 The Eighth Gate (Syria)                                          98                    94*

 Tinja (Morocco)                                                  74                    69

 Tuscan Valley (Turkey)                                           160                   51




 *Sales commitments received


Emaar Properties Third Quarter 2007 Results Presentation           www.emaar.com    Page 3
Financial Highlights


                                                             Millions
                                                9M-2007                  9M-2006                 % of
                                                                                                change
                                           AED             USD          AED     USD
       Revenue                             12,537          3,413        8,458   2,303               48%


       Gross Profit                          5,115         1,393        4,873   1,327                 5%


       Net Profit                            4,839         1,317        4,658   1,268                 4%


       EPS (AED/USD)                           0.79         0.22         0.76     0.21                4%




Emaar Properties Third Quarter 2007 Results Presentation                        www.emaar.com     Page 4
   Revenue & Gross Profit Analysis

       Land Sales vs. Property Development Gross Profit                                                                      Revenue Composition Evolution
                                                     (Burj Dubai Development)
                                                                                                                                      6%                5%     Land
                                                                                                                    19%
                    Gross Profit in AED per sq.ft.




                                                                                                                                     16%            19%
                                                                                                                                                                L
                                                                                                                                                               W Homes
                                                                                                                    24%              13%
                                                                                                                                                    19%
                                                           + 40%
                                                                                                                                                               Villas
                                                                                                                    19%

                                                                                                                                                               A partments,
                                                                                                                                     65%            57%        commercial & rental
                                                                                                                    38%                                        income



                                                     Land Sale     Developed Properties
                                                                                                                   Q3-2006          Q2-2007        Q3-2007


                                                                                                           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 of WL Homes.


   Emaar Properties Third Quarter 2007 Results Presentation                                                                            www.emaar.com            Page 5
Quarterwise Revenue and GP Margin analysis– Emaar Dubai
(excluding land sales)

                         3,000                                                           80%


                                                                                         70%
                         2,500                                                                                 Revenue-Apt/comm/rental
                                                                                                               income
                                                                                         60%
  Revenue-AED millions




                         2,000                                                                                 Revenue from Villas
                                                                                         50%




                                                                                               GP Margin (%)
                         1,500                                                           40%                   Gross Margin Excluding Land
                                                                                                               Sales (%)
                                                                                         30%
                         1,000
                                                                                                               GP Margin-Apt/comm/rental
                                                                                         20%                   income

                          500
                                                                                         10%                   GP Margin - Villas


                            0                                                            0%
                                 Q1-06   Q2-06   Q3-06   Q4-06   Q1-07   Q2-07   Q3-07
 Gross
 Profit
 (AED MM)                         799    686     963     1,446   1,097   1,310   1,497




Emaar Properties Third Quarter 2007 Results Presentation                                  www.emaar.com                    Page 6
Quarterwise Sales – (UAE only)


     5,000

     4,500
                                                                                                             4,308
                                                                                                  3,607
     4,000                                                                           3,378
     3,500

     3,000
                                                                  2,552
                                   2,243             2,069
     2,500

     2,000       1,332
     1,500

     1,000

       500

          0
                   Q1-06            Q2-06             Q3-06        Q4-06             Q1-07         Q2-07     Q3-07

                                                              Sales (AED Millions)




Emaar Properties Third Quarter 2007 Results Presentation                                     www.emaar.com   Page 7
Financial Performance – AED millions

                                         Q307                Q207                     %                 Q306                     %                 9M07                  9M06               %


 Revenue                                 4,459               4,174                   7%                 3,379                  32%                12,537                 8,458             48%


 Gross Profit                            1,666               1,526                  9%                  1,705                 (2%)                 5,115                 4,873              5%

 SG&A                                    (574)               (490)                 17%                  (291)                  97%                (1,536)                (798)             92%
 Other Income                              344                492                 (30%)                   161                114%                  1,085                  520              109%
 Associates                                118                  23                413%                     52                127%                    168                  100              68%
 Income Tax                                 (5)                (3)                 67%                   (32)                (84%)                   (16)                 (43)             (63%)
 Minority Interest                          11                  10                 10%                     10                  10%                    23                     6             283%

 Net Profit                              1,560               1,558                     -                1,605                  (3%)                4,839                 4,658             4%


 EPS (Basic)                              0.26                0.26                     -                 0.26                      -                0.79                  0.76              4%



 Note 1: 3Q 2007 Gross Profit includes an inventory write-down of AED 382 million at WL Homes and an AED 291 million reversal of provision for impairment loss of land in Dubai




Emaar Properties Third Quarter 2007 Results Presentation                                                                                      www.emaar.com                       Page 8
 50/50 JV with Bawadi

                               Project Location                                                                                                 Project Details
     Part of Dubailand, the Bawadi project is located adjacent
     to Arabian Ranches and the Greens                                                                          AED 60 billion project to have a theme park, 6 hotels, a
                                                                                                                shopping mall, luxury homes and multiple business hubs
                                                                                                                           18,000 residential units
                                                                                                                           2.7 million square feet of commercial space
                                                                                                                           3.2 million square feet of retail space
                                                                                                                           6 hotels with 5,150 rooms and 1,200 service
                                                                                                                           apartments


                                                                                                                70 million square feet 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




(1) Assumes 100% of land is attributed to our share; our 50% proportionate share of the JV would imply a 38% increase to our Dubai land bank.




 Emaar Properties Third Quarter 2007 Results Presentation                                                                                       www.emaar.com     Page 9
50/50 JV with Bawadi

                           Key Terms                               Financial Impact of the Transaction

     Bawadi to contribute approximately 70 million square      Equity accounted by Emaar
     feet of land valued at AED 3.85 billion
                                                               JV to follow same accounting standards as Emaar
     Emaar to contribute AED 3.85 billion in cash to be paid
                                                               Emaar cash contribution phased over the expected
     over the construction period to finance project build
                                                               completion period of the project (7 to 10 years)
     Depending on project phasing, Bawadi will transfer
                                                               JV self funded post Emaar cash contributions (no
     corresponding land rights and Emaar will contribute its
                                                               additional equity investment required)
     equivalent portion of cash to the joint venture
                                                               Pre-sales funding model expected to apply for the
                                                               project
                Joint Venture Governance                       Sales to start in 2008 and positive contribution to
                                                               Emaar net profit expected in 2009
     Equal representation on the board
                                                               At least 15% compounded annual rate of return
     Chairman of the board to be appointed by Emaar
                                                               expected
     Emaar to manage the JV through a management and
     technical services agreement




Emaar Properties Third Quarter 2007 Results Presentation                      www.emaar.com          Page 10
Q4 2007 Project Launches

     India                     -              Palm Drive at Gurgoan,
                               -              Villas at Mohali,
                               -              Esplanade at Chennai


     KSA                       -              Jeddah Gate by Emaar Middle East
                               -              Villas by Emaar the Economic City


     Egypt                     -              Marassi


     Dubai                     -              Armani Residences in Burj Dubai Tower




Emaar Properties Third Quarter 2007 Results Presentation                  www.emaar.com   Page 11
Financial Guidance


 4Q 2007                                Gross margins in Dubai to remain robust in line with previous
 Guidance:                              quarters

                                        Net profit from normal operations to be in line with the Q3
                                        2007

 International                          Plans to launch an increasing number of international
 Operations:                            projects in 2008

                                        Earnings contribution from most of the international entities
                                        expected to start by H2 2008.




Emaar Properties Third Quarter 2007 Results Presentation                   www.emaar.com   Page 12
                                                           Q&A



Emaar Properties Third Quarter 2007 Results Presentation         www.emaar.com   Page 13
                                               Appendix



Emaar Properties Third Quarter 2007 Results Presentation   www.emaar.com   Page 14
Revenue & Gross Profit Breakdown

                                Revenue - 9M 2006                                                                             Revenue - 9M 2007

                                                                                                                                15%                   11%
                                   14%
                                                                                  28%                                                                              15%




                 33%
                                                                           25%                                                      59%



                                           REVENUE (AED Millions)                           GROSS PROFIT MARGIN (%)
                                            9M-2006                 9M-2007                   9M-2006            9M-2007
                                                                                                                              Land
 Land                                               2,352                   1,334                          94%       87%(1)   Villas
 Villas                                             2,131                   1,892                          57%         56%    Apartments, commercial & rental income
                                                                                                                              John Laing Homes
 Apartments,                                        2,813                   7,373                          44%         38%
 commercial & rental
 income
 John Laing Homes                                   1,162                   1,938                          18%        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 of WL Homes.



Emaar Properties Third Quarter 2007 Results Presentation                                                                       www.emaar.com          Page 15

								
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