DUBAI, 20 March 2007 — Emaar Properties and Dubai Holding have reached an agreement on Sunday in which the former will issue 2.364 billion new shares to the latter in lieu of land and will work toward a strategic partnership to further boost growth in Dubai and international markets.
Mohammad A-Gergawi, executive chairman of Dubai Holding, said: “Dubai Holding’s mission is to provide a better future for all, to dynamically support the development of Dubai as a world-leading hub and to drive our companies to become leaders in their respective fields in the Middle East and beyond. Emaar has generated tremendous value for its shareholders. The company has established an exceptional track record in Dubai, aggregating valuable expertise, know-how and resources in property development. Today, as an international player with a substantial presence outside of Dubai, Emaar has amassed a valuable land bank, embarking on landmark initiatives to provide the crucial catalyst for this region’s economic growth. Through equity participation, Dubai Holding and Emaar can jointly tap these remarkable prospects and be an integral part of the region’s incredible growth story.”
Dubai Holding is the largest conglomerate in the Middle East and has established a firm foothold in 11 industries, developing and launching initiatives across diverse sectors of the economy.
In January this year, three of the world’s leading credit agencies, Standard & Poor’s, Moody’s Investor Service and Fitch, assigned ace ratings to Dubai Holding as a strong vote of confidence in the group’s intrinsic financial strength, its strategic role in Dubai’s economic development and the Emirate’s phenomenal growth.
Emaar Properties is one of the world’s largest real estate companies and is evolving to become a global provider of premier lifestyles. A Dubai-based public joint stock company, Emaar Properties is listed on the Dubai Financial Market (DFM) and is ranked among the top four stocks of the Dow Jones Arabia Titans Index.
Emaar Properties announced record revenue of AED14.006 billion ($3.813 billion) and net profits of AED6.371 billion ($1.735 billion) in 2006, registering a 68 per cent and 35 percent increase in revenue and net profits, respectively.
Dubai Holding currently has 19 companies operating in a variety of sectors, ranging from health, technology, finance, real estate, research, education, tourism, energy, communication, industrial manufacturing, biotechnology and hospitality.