Emaar Sukuk Ltd XS0586840588 - London Stock Exchange

c103695pu040 Proof 7: 17.1.11 B/L Revision:the City of Rabat on the Atlantic Coast; and Oukaimeden, a residential development, located in theAtlas Mountains, 70 miles from the city of Marrakech.All three communities are being developed pursuant to an MOU signed by Emaar and theGovernment of Morocco in 2006. Pursuant to such MOU, Emaar has agreed to purchase the landfor these developments from the Government. Emaar plans to lease certain forest land from theGovernment adjacent to the development. The land for Saphira will be transferred to Emaar uponcertain public equipment and infrastructure (including four schools, a medical centre, a trade school,public parks and related infrastructure) being developed and handed over to the Government. Theland for the Oukaimeden development is to be paid for in accordance with an agreed paymentschedule and, on completion of such payments, will be transferred to Emaar.Tinja will comprise 1,200 freehold units, 150 hotel rooms and leisure facilities. Constructioncommenced in 2007 and is expected to be completed by 2018. As at 30 September 2010, 41 per cent.of the freehold units released to the public for sale had been sold. Saphira will compriseapproximately 5,100 freehold units consisting of one to four bedroom villas and apartments. It willalso include hotels, an office district and various retail facilities. Oukaimeden is still at the masterplanning stage. Certain project feasibilities for the Moroccan projects are currently being reviewed.United StatesBeverly West ResidencesBeverly West Residences is a development of 35 high rise freehold residential units near Beverly Hills,Los Angeles with a planned development cost of approximately U.S.$270 million (approximatelyAED992 million). The development is being undertaken by Emaar LA Properties LLC, a whollyowned indirect subsidiary of Emaar. The units range in size up to 761 m 2 and benefit from amenitiesincluding a fitness centre, swimming pool, valet parking, housekeeping quarters and guest suites.Construction started in September 2007 and is expected to be completed by the end of 2011. As at 30September 2010, approximately 33 per cent. of the total freehold units released to the public for salehad been sold.CanadaWills CreekWills Creek is a development of 108 freehold residential units located on 76,000 m 2 of land in SouthSurrey, British Columbia with a planned development cost of approximately U.S.$75 million(approximately AED275 million). The development is being undertaken by Emaar Properties(Canada) Ltd, a wholly owned subsidiary of Emaar. Construction started in September 2007 and isexpected to be completed in the first quarter of 2012. As at 30 September 2010, approximately 56 percent. of the total freehold units released to the public for sale had been sold.Property Developments – International – Non Wholly OwnedSaudi ArabiaEmaar’s primary development activities in Saudi Arabia are undertaken through its joint venturerelationships. The King Abdullah Economic City development is being undertaken by Emaar TheEconomic City, a publicly listed company on the Saudi Arabian Stock Exchange (Tadawul) in whichEmaar owns a non-controlling 30.59 per cent. stake; Jeddah Gate and Al Khobbar Lakes are beingundertaken by Emaar Middle East LLC, a joint venture between Emaar (as to 61 per cent.) and AlOula (as to 39 per cent.), a Saudi Arabian real estate company; and Emaar Residences at FairmontMakkah is being undertaken by Manarat Al Manzel Lil Istithmar Al Aqary Al Mahdauda (Manarat),a joint venture between Emaar (as to 92.2 per cent.) and Al Oula (as to 7.8 per cent.). Further detailsof these projects are set out below.King Abdullah Economic City (KAEC)KAEC has a planned development cost of approximately U.S.$100 billion (approximately AED367billion). The project is closely connected with Saudi Arabia’s ongoing initiative to expand thedomestic economy and is intended to function as a catalyst to attract foreign investment, globaltrade, commerce and industry. SAGIA, the body responsible for inward investments into SaudiArabia, is the prime facilitator for KAEC.The development will have 4.5 million m 2 of parks and waterways provided by 42 linear kms ofcanals, offering 75 kms of pedestrian promenade, seawater lagoons stretching over 11 kms and a 14104