Emaar Sukuk Ltd XS0586840588 - London Stock Exchange

c103695pu050 Proof 7: 17.1.11 B/L Revision:Whilst the introduction of the Strata Law provided an overview as to how jointly owned propertieswould be governed in Dubai, further guidance was always anticipated and required to enable vertical,horizontal and/or volumetric sub-division of properties. Although the Directions have not been issuedin the form of a law, they are binding and set out a number of mandatory requirements whichdevelopers must comply with before they will be able to sell or continue selling units in theirdevelopments. A principal feature of the strata title regime is that developers will be required todisclose detailed information to purchasers about developments before signing contracts to sell unitsto third parties.One of the key documents for the jointly owned property structure is the jointly owned propertydeclaration (JOPD). Any application to the Dubai Land Department to register a sale of a unit in adevelopment which has been sub-divided for sale as individual units will need to be accompanied by aJOPD setting out details relating to the development and, in particular, details as to how thecommon areas in the relevant building will be managed. A JOPD is required for each separate plot ofland in a development (which includes volumetric plots within the same building) and will beprovided to a purchaser as part of the developer’s ‘‘Disclosure Statement’’ requirements with otherkey documents detailing the management and operation of the development (see ‘‘Risk Factors – RiskFactors relating to Emaar – If Emaar or its subsidiaries, as developers, do not satisfy the relevantdisclosure requirements pursuant to the recently implemented directions supplementing the law relating tojointly owned properties, sales between third party purchasers and Emaar or its subsidiaries, asapplicable, may be held to be void’’).If a developer fails to satisfy the full ‘‘Disclosure Statement’’ requirements under the Directions, therelevant sale contract to which the failure relates may be held to be void.The Dubai Strategic Plan 2015The Dubai Strategic Plan 2015 (DSP) was announced by H.H. General Sheikh Mohammad BinRashid Al Maktoum on 3 February 2007 to address increasing rents, inflation and road congestion.The DSP sets out a strategic approach to develop Dubai’s most dynamic economic sectors includingthe livelihood and social condition of all residents, including both UAE nationals and/or expatriates.The most significant aspect of the DSP is that five areas have been identified where reform isconsidered necessary to accord with the times and targets of the future. These are: economicdevelopment; social development; infrastructure, land and environment; safety, security and justice;and public sector excellence.It is understood that, as a result of the global economic crisis, the Dubai government is currently reassessingthe stated aims of the DSP in the area of economic development. It is understood that thestated aims of the DSP in all other areas remain unchanged.The future strategic growth of Dubai is based on six key ‘‘building blocks’’ which include tourism,trade, transportation and finance. The development of these ‘‘building blocks’’ will be strategicallysupported by seven horizontal growth enablers, which will be addressed in parallel. These are humancapital, productivity, innovation, cost of living and doing business, quality of life, economic policyand institutional framework, and laws and regulations.In terms of infrastructure, land and the environment, the DSP covers four main areas - urbanplanning; energy, electricity and water; roads and transportation and the environment. It will targetsustainable development and seek to provide a balanced infrastructure that includes all aspects ofdevelopment, while protecting the environment.An integrated roads and transportation system will be constructed to facilitate movement andimprove safety. This will include greater use of public transport, reduced use of private cars, increasedroad network and transportation system capacity, the use of modern technology to make thetransport system more efficient, demand management and more effective management of accidentsand emergencies. The DSP also highlights the efforts already being made to improve road safety byenforcing safety audits, developing and implementing safety standards and influencing driverbehaviour through awareness, stricter regulations and effective enforcement.130