Emaar Sukuk Ltd XS0586840588 - London Stock Exchange

c103695pu040 Proof 7: 17.1.11 B/L Revision:In November 2006, Emaar sold a 17.67 per cent. stake in Emrill Services to Al Futtaim Group forapproximately U.S.$1.8 million (approximately AED6.5 million). As at the date of this BaseProspectus, Emaar holds 33.33 per cent. of the shares in Emrill Services.Turner International Middle East LtdIn July 2006, Emaar and Turner Corporation, a leading building services provider, announced theirinvestment in a newly formed entity, Turner International Middle East Ltd (Turner International ME),to jointly tap regional growth opportunities. Emaar’s stake in Turner International ME is 50 per cent.with Turner International Industries Inc. (Turner) and Turner management holding the remaining 50per cent. Turner contributed its existing operating arm in the Middle East and became an equalshareholder in the new entity. Turner continues to own certain intellectual property rights and theexclusive rights to the Turner trademark, provides manpower support and training and participates inkey decisions in respect of Turner International ME.Turner International ME is headquartered in Dubai and focuses on project and constructionmanagement in the MENA region.Hamptons International Holding Private Limited (Hamptons)In 2006, Emaar acquired UK based Hamptons for U.S.$154 million (approximately AED565 million).Hamptons has a presence in Europe, the Far East, the Indian sub-continent and the MENA regionwith more than 85 branches.In June 2010, Emaar sold the Hamptons business in Europe, the Far East and the Indiansubcontinent to Countrywide Plc, one of the UK’s largest estate agency and property services groups.Emaar countinues to own and operate the Hamptons business in the MENA region and uses thebusiness as a means to market and sell units in its UAE and MENA region projects.Emaar Industries and Investments Pvt. JSC (Emaar Industries and Investments)Emaar Industries and Investments, a private joint stock company, was established in August 2005 tocapitalise on the growth prospects of the technology and manufacturing sectors in the MENASAregion. On incorporation, 50 per cent. of the shares of Emaar Industries and Investments were heldby Emaar, 10 per cent. were held by Amlak Finance and the remaining shares were held by otherinvestors throughout the GCC region. Emaar currently holds 40 per cent. of the shares in EmaarIndustries and Investments having previously sold a 10 per cent. stake to Amlak Finance (who havesubsequently sold the stake to Zabeel Investments).CompetitionDubai and the UAEEmaar currently competes in Dubai with other major Dubai based property development companiesincluding:* Nakheel PJSC (Nakheel) – a private joint stock company established in 2003. Its maindevelopments include the Palm Islands, the Dubai Waterfront, International City and TheWorld. As in the case of Emaar, Nakheel was gifted its land bank in Dubai by theGovernment. It has also developed a broad portfolio of projects in Dubai across a range ofsectors – residential, commercial, retail and leisure. Nakheel currently operates under theumbrella of Dubai World, which manages various businesses on behalf of the Government.Nakheel (along with Dubai World) is currently in discussions with creditors in relation torestructuring Nakheel’s debt obligations.* Dubai Properties LLC (Dubai Properties) – a limited liability company established in 2004. It ispart of the Dubai Holding Group (an umbrella organisation owned by the Government). Itsmain developments include Culture Village, Business Bay and the Jumeriah Beach Residences.As in the case of Emaar, the Dubai Holding Group was gifted its land bank in Dubai by theGovernment.* Sama Dubai LLC (previously Dubai International Properties) (Sama Dubai) – a limited liabilitycompany established in 2004 and a member of the Dubai Holding Group. Some of the notabledevelopments within its portfolio include The Lagoons and Dubai Towers in the UAE.This competition principally takes the form of competing for purchasers of residential property,tenants in retail properties and guests in its resort and hotel developments. In the latter cases, Emaaralso competes with other already established and to be established retail outlets and hotels. In113