Prospektus Emaar Sukuk

BASE PROSPECTUS
EMAAR SUKUK LIMITED

(incorporated as an exempted company in the Cayman Islands with limited liability)
U.S.$2,000,000,000
Trust Certicate Issuance Programme
Under the trust certicate issuance programme described in this Base Prospectus (the Programme), Emaar Sukuk Limited (in its
capacity as issuer, the Issuer and, in its capacity as trustee, the Trustee), subject to compliance with all relevant laws, regulations and
directives, may from time to time issue trust certicates (the Trust Certicates) in any currency agreed between the Issuer and the
relevant Dealer (as dened below).
Trust Certicates may only be issued in registered form. The maximum aggregate face amount of all Trust Certicates from time to
time outstanding under the Programme will not exceed U.S.$2,000,000,000 (or its equivalent in other currencies calculated as described
in the Programme Agreement described herein), subject to increase as described herein.
The Trust Certicates may be issued on a continuing basis to one or more of the Dealers (each a Dealer and together the Dealers)
specied under General Description of the Programme and any additional Dealer appointed under the Programme from time to time
by the Issuer, which appointment may be for a specic issue or on an ongoing basis. References in this Base Prospectus to the relevant
Dealer shall, in the case of an issue of Trust Certicates being (or intended to be) subscribed by more than one Dealer, be to all
Dealers agreeing to subscribe such Trust Certicates.
The Trust Certicates will be limited recourse obligations of the Issuer. An investment in Trust Certicates issued under the Programme
involves certain risks. For a discussion of these risks, see Risk Factors.
Each Series (as dened herein) of Trust Certicates issued under the Programme will be constituted by (i) an amended and restated
master trust deed (the Master Trust Deed) dated 18 January 2011 entered into between the Issuer, the Trustee, Emaar Properties PJSC
(Emaar) and HSBC Corporate Trustee Company (UK) Limited as delegate of the Trustee (in such capacity, the Delegate) and (ii) a
supplemental trust deed (the Supplemental Trust Deed) in relation to the relevant Series. Trust Certicates of each Series confer on the
holders of the Trust Certicates from time to time (the Certicateholders) the right to receive certain payments (as more particularly
described herein) arising from the assets of a trust declared by the Trustee in relation to the relevant Series (the Trust) over certain
assets including, in particular, the rights, title, interest and benet of Emaar Sukuk Limited in, to and under the Lease Assets of the
relevant Series (the Relevant Lease Assets) as set out in (i) an amended and restated master lease agreement (the Master Lease
Agreement) dated 18 January 2011 entered into between the Issuer, the Trustee and Emaar (in its capacity as lessee, the Lessee) and (ii)
a supplemental lease agreement (as re-executed to give effect to any substitution, the Supplemental Lease Agreement) for the relevant
Series (such assets being referred to as the Trust Assets for the relevant Series).
Application has been made to the Financial Services Authority in its capacity as competent authority under the Financial Services and
Markets Act 2000 (the UK Listing Authority) for Trust Certicates issued under the Programme during the period of 12 months from
the date of this Base Prospectus to be admitted to the ofcial list of the UK Listing Authority (the Ofcial List) and to the London
Stock Exchange plc (the London Stock Exchange) for such Trust Certicates to be admitted to trading on the London Stock Exchanges
regulated market.
References in this Base Prospectus to Trust Certicates being listed (and all related references) shall mean that such Trust Certicates
have been admitted to trading on the London Stock Exchanges regulated market and have been admitted to the Ofcial List. The
London Stock Exchanges regulated market is a regulated market for the purposes of Directive 2004/39/EEC (the Markets in Financial
Instruments Directive). The Programme provides that Trust Certicates may be listed or admitted to trading, as the case may be, on
such other or further stock exchanges or markets as may be agreed between the Issuer, Emaar and the relevant Dealer. The Issuer may
also issue unlisted Trust Certicates and/or Trust Certicates not admitted to trading on any market.
Notice of the aggregate face amount of Trust Certicates and any other terms and conditions not contained herein which are applicable
to each Series of Trust Certicates will be set out in a nal terms supplement (the applicable Final Terms) which, with respect to Trust
Certicates to be listed on the London Stock Exchange, will be delivered to the UK Listing Authority and the London Stock
Exchange.
The Issuer and Emaar may agree with any Dealer that Trust Certicates may be issued with terms and conditions not contemplated by
the Terms and Conditions of the Trust Certicates herein, in which event a supplemental Base Prospectus, if appropriate, will be made
available which will describe the effect of the agreement reached in relation to such Trust Certicates.
The rating of certain Series of Trust Certicates to be issued under the Programme may be specied in the applicable Final Terms.
Whether or not each credit rating applied for in relation to relevant Series of Trust Certicates will be issued by a credit rating agency
established in the European Union and registered under Regulation (EU) No 1060/2009 (the CRA Regulation) will be disclosed in the
Final Terms. In general, European regulated entities (as set out in Article 4(1) of the CRA Regulation) are restricted from using a
rating for regulatory purposes if such rating is not issued by a credit rating agency established in the European Union and registered
under the CRA Regulation unless the rating is provided by a credit rating agency operating in the European Union before 7 June 2010
which has submitted an application for registration in accordance with the CRA Regulation and such registration is not refused.
This Base Prospectus relates to an Exempt Offer in accordance with the Offered Securities Rules (the Rules) of the Dubai Financial
Services Authority. This Base Prospectus is intended for distribution only to Persons of a type specied in those Rules. It must not be
delivered to, or relied on by, any other Person. The Dubai Financial Services Authority has no responsibility for reviewing or verifying
any documents in connection with Exempt Offers. The Dubai Financial Services Authority has not approved this document nor taken
steps to verify the information set out in it, and has no responsibility for it. The Trust Certicates to which this Base Prospectus relates
may be illiquid and/or subject to restrictions on their resale. Prospective purchasers of the Trust Certicates offered should conduct
their own due diligence on the Trust Certicates. If you do not understand the contents of this Base Prospectus you should consult an
authorised nancial adviser.
Arrangers
Standard Chartered Bank HSBC The Royal Bank of Scotland
Dealers
BNP PARIBAS DBS Bank Ltd
HSBC Bank of America Merrill Lynch
Standard Chartered Bank The Royal Bank of Scotland
The date of this Base Prospectus is 18 January 2011.
Proof7:17.1.11
This Base Prospectus comprises a base prospectus for the purposes of Article 5.4 of Directive 2003/
71/EC (the Prospectus Directive).
The Issuer and Emaar accept responsibility for the information contained in this Base Prospectus. To
the best of the knowledge of each of the Issuer and Emaar (each having taken all reasonable care to
ensure that such is the case) the information contained in this Base Prospectus is in accordance with
the facts and does not omit anything likely to affect the import of such information.
This Base Prospectus should be read and construed together with any amendments or supplements
hereto and, in relation to any Series of Trust Certicates, should be read and construed together with
the applicable Final Terms.
Copies of Final Terms will be available from the registered ofce of the Issuer and the specied ofce
set out below of the Principal Paying Agent (as dened below) save that, if the relevant Trust
Certicates are neither admitted to trading on a regulated market in the European Economic Area
nor offered in the European Economic Area in circumstances where a prospectus is required to be
published under the Prospectus Directive, the applicable Final Terms will only be obtainable by a
Certicateholder holding one or more Trust Certicates and such Certicateholder must produce
evidence satisfactory to the Issuer or, as the case may be, the Principal Paying Agent as to its holding
of such Trust Certicates and identity.
Certain information identied as such in this Base Prospectus has been extracted from independent
sources identied in this Base Prospectus. Each of the Issuer and Emaar conrms that such
information has been accurately reproduced and that, so far as it is aware, and is able to ascertain
from information published by the relevant sources, no facts have been omitted which would render
the reproduced information inaccurate or misleading.
Neither the Dealers nor the Delegate have independently veried the information contained herein.
Accordingly, no representation, warranty or undertaking, express or implied, is made and no
responsibility or liability is accepted by the Dealers and the Delegate as to the accuracy or
completeness of the information contained in this Base Prospectus or any other information provided
by the Issuer or Emaar in connection with the Programme. No Dealer nor the Delegate accepts any
liability in relation to the information contained in this Base Prospectus or any other information
provided by the Issuer and Emaar in connection with the Programme.
No person is or has been authorised by the Issuer or Emaar to give any information or to make any
representation not contained in or not consistent with this Base Prospectus or any other information
supplied in connection with the Programme or the Trust Certicates and, if given or made, such
information or representation must not be relied upon as having been authorised by the Issuer,
Emaar, the Trustee, the Delegate or any of the Dealers.
Neither this Base Prospectus nor any other information supplied in connection with the Programme
or any Trust Certicates (a) is intended to provide the basis of any credit or other evaluation or (b)
should be considered as a recommendation by the Issuer, Emaar, the Trustee, the Delegate or any of
the Dealers that any recipient of this Base Prospectus or any other information supplied in
connection with the Programme or any Trust Certicates should purchase any Trust Certicates.
Each investor contemplating purchasing any Trust Certicates should make its own independent
investigation of the nancial condition and affairs, and its own appraisal of the creditworthiness, of
the Issuer and Emaar. Neither this Base Prospectus nor any other information supplied in connection
with the Programme or the issue of any Trust Certicates constitutes an offer or invitation by or on
behalf of the Issuer, Emaar, the Trustee, the Delegate or any of the Dealers to any person to
subscribe for or to purchase any Trust Certicates.
No comment is made or advice given by the Issuer, Emaar, the Trustee, the Delegate or the Dealers
in respect of taxation matters relating to any Trust Certicates or the legality of the purchase of
Trust Certicates by an investor under applicable or similar laws.
EACH PROSPECTIVE INVESTOR IS ADVISED TO CONSULT ITS OWN TAX ADVISER,
LEGAL ADVISER AND BUSINESS ADVISER AS TO TAX, LEGAL, BUSINESS AND
RELATED MATTERS CONCERNING THE PURCHASE OF TRUST CERTIFICATES.
Neither the delivery of this Base Prospectus nor the offering, sale or delivery of any Trust Certicates
shall in any circumstances imply that the information contained herein concerning the Issuer or
Emaar is correct at any time subsequent to the date hereof or that any other information supplied in
connection with the Programme is correct as of any time subsequent to the date indicated in the
document containing the same. The Delegate and the Dealers expressly do not undertake to review
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the nancial condition or affairs of the Issuer or Emaar during the life of the Programme or to
advise any investor in the Trust Certicates of any information coming to their attention.
The Trust Certicates have not been and will not be registered under the United States Securities Act
of 1933, as amended (the Securities Act). Subject to certain exceptions, Trust Certicates may not be
offered, sold or delivered within the United States or to U.S. persons, see Subscription and Sale.
This Base Prospectus does not constitute an offer to sell or the solicitation of an offer to buy any
Trust Certicates in any jurisdiction to any person to whom it is unlawful to make the offer or
solicitation in such jurisdiction. The distribution of this Base Prospectus and the offer or sale of Trust
Certicates may be restricted by law in certain jurisdictions. The Issuer, Emaar, the Trustee, the
Delegate and the Dealers do not represent that this Base Prospectus may be lawfully distributed, or
that any Trust Certicates may be lawfully offered, in compliance with any applicable registration or
other requirements in any such jurisdiction, or pursuant to an exemption available thereunder, or
assume any responsibility for facilitating any such distribution or offering. In particular, no action has
been taken by the Issuer, Emaar, the Trustee, the Delegate or the Dealers which is intended to permit
a public offering of any Trust Certicates or distribution of this Base Prospectus in any jurisdiction
where action for that purpose is required. Accordingly, no Trust Certicates may be offered or sold,
directly or indirectly, and neither this Base Prospectus nor any advertisement or other offering
material may be distributed or published in any jurisdiction, except under circumstances that will
result in compliance with any applicable laws and regulations. Persons into whose possession this
Base Prospectus or any Trust Certicates may come must inform themselves about, and observe, any
such restrictions on the distribution of this Base Prospectus and the offering and sale of Trust
Certicates. In particular, there are restrictions on the distribution of this Base Prospectus and the
offer or sale of Trust Certicates in the United States, the European Economic Area (including the
United Kingdom), the Cayman Islands, the Dubai International Financial Centre, Hong Kong,
Malaysia, Saudi Arabia, Singapore and the United Arab Emirates, see Subscription and Sale.
This Base Prospectus includes forward-looking statements. All statements other than statements of
historical facts included in this Base Prospectus may constitute forward-looking statements. Forward-
looking statements generally can be identied by the use of forward-looking terminology such as
may, will, expect, intend, estimate, anticipate, believe, continue or similar
terminology. Although Emaar believes that the expectations reected in its forward-looking statements
are reasonable at this time, there can be no assurance that these expectations will prove to be correct.
Presentation of nancial information
Emaar is obliged to prepare consolidated nancial statements for the Group in accordance with
International Financial Reporting Standards.
The consolidated nancial statements of Emaar for the two nancial years ended 31 December 2008
and 2009 have been audited without qualication by Ernst & Young Middle East (Dubai Branch)
(Ernst & Young), independent auditors, as stated in their reports included elsewhere in this Base
Prospectus (the Audited Consolidated Financial Statements). Unless otherwise indicated, the
consolidated nancial information as at and for the years ended 31 December 2008 and 2009 included
in this Base Prospectus has been extracted without material adjustment from Emaars audited
consolidated nancial statements for the years ended 31 December 2008 and 2009.
The unaudited interim condensed consolidated nancial statements of Emaar as at and for the nine
month period ended 30 September 2010 have been reviewed by Ernst & Young in accordance with
the International Standard on Review Engagement 2410, Review of Interim Financial Information
Performed by the Independent Auditor of the entity (the Interim Consolidated Financial Statements and
together with the Audited Consolidated Financial Statements, the Consolidated Financial Statements).
In particular, the nancial information contained in the Selected Financial Information and
Financial Review sections present certain selected nancial information of Emaar as at and for the
years ended 31 December 2008 and 2009, as at 30 September 2010 and for the nine month periods
ended 30 September 2009 and 2010. As a result of certain changes in accounting policies and
classications during these periods, such information has been extracted from Emaars previously
published consolidated nancial statements as follows:
* the selected nancial data as at 30 September 2010 and as at and for the nine month periods
ended 30 September 2009 and 2010 appearing in this Base Prospectus has been extracted from
the unaudited interim condensed consolidated nancial statements as at and for the nine month
period ended 30 September 2010;
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*
the selected nancial data as at and for the year ended 31 December 2009 appearing in this
Base Prospectus has been extracted from Emaars 2009 audited consolidated nancial statements;
and
*
Base Prospectus has been extracted from the comparative nancial information as at and for the
year ended 31 December 2008 included in the 2009 audited consolidated nancial statements,
which has been restated to take into account the application of IFRIC 15 (Agreements for the
Construction of Real Estate). The selected nancial data as at and for the year ended 31
December 2008 has not been extracted from the 2008 audited consolidated nancial statements
as such data is not directly comparable to the nancial data as at and for the year ended 31
December 2009 as it appears in the 2009 audited consolidated nancial statements due to the
effect of the application of IFRIC 15 (Agreements for the Construction of Real Estate). See note
2.2 to the 2009 audited consolidated nancial statements for further details.
Emphasis of Matter
Ernst & Youngs audit report in respect of the 2009 audited consolidated nancial statements and its
review report in respect of the 30 September 2010 interim condensed consolidated nancial statements
each include an emphasis of matter relating to (i) an arbitration proceeding resulting from a claim
made against Emaar in respect of a conditional joint venture agreement in the Kingdom of Saudi
Arabia and (ii) Emaars investment in Amlak Finance PJSC. Emaar has settled the arbitration
proceeding referred to in (i) above in December 2010 with neither party having any claim against the
other in respect of the dispute. See Description of Emaar Properties PJSC Financial Services
Amlak Finance and the relevant reports contained in Financial Information for further details.
The Consolidated Financial Statements are located at page F-1 of this Base Prospectus.
Certain Publicly Available Information
Certain statistical data and other information appearing in this Base Prospectus have been extracted
from independent public sources identied in this Base Prospectus. Each of the Issuer and Emaar
conrms that such information has been accurately reproduced and that, so far as it is aware and is
able to ascertain from information published by the relevant sources, no facts have been omitted
which would render the reproduced information inaccurate or misleading.
Currency
All references in this document to U.S. dollars, U.S.$ and $ are to the lawful currency of the United
States of America, references to Sterling and are to the lawful currency of the United Kingdom and
references to AED and dirham are to the lawful currency of the United Arab Emirates. The UAE
dirham has been pegged to the U.S. dollar since 22 November 1980. The mid point between the
ofcial buying and selling rates for the dirham is at a xed rate of AED3.6725 = U.S.$1.00. All
references to euro and g refer to the currency introduced at the start of the third stage of European
economic and monetary union pursuant to the Treaty on the Functioning of the European Union, as
amended. In addition, all references in this Base Prospectus to the UAE are to the United Arab
Emirates and references to Dubai are to the Emirate of Dubai.
Rounding
Certain nancial and statistical amounts included in this Base Prospectus are approximations or have
been subject to rounding adjustments. Accordingly, gures shown as derivations or totals in certain
tables may not be exact arithmetic derivatives or aggregations of the gures that precede them.
NOTICE TO UK RESIDENTS
Any Trust Certicates to be issued under the Programme which do not constitute alternative nance
investment bonds within the meaning of Article 77A of the Financial Services and Markets Act 2000
(Regulated Activities) (Amendment) Order 2010 (the Non-Regulatory AFIBs) will represent interests in a
collective investment scheme (as dened in the Financial Services and Markets Act 2000 (the FSMA))
which has not been authorised, recognised or otherwise approved by the Financial Services Authority.
Accordingly, this Base Prospectus is not being distributed to, and must not be passed on to, the general
public in the United Kingdom.
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The price and amount of Trust Certicates to be issued under the Programme will be determined by
the Issuer and each relevant Dealer at the time of issue in accordance with prevailing market
conditions.
The distribution in the United Kingdom of this Base Prospectus, any Final Terms and any other
marketing materials relating to the Trust Certicates (A) if effected by a person who is not an
authorised person under the FSMA, is being addressed to, or directed at, only the following persons: (i)
persons who are Investment Professionals as dened in Article 19(5) of the Financial Services and
Markets Act 2000 (Financial Promotion) Order 2005 (the Financial Promotion Order) and (ii) persons
falling within any of the categories of persons described in Article 49 (High net worth companies,
unincorporated associations, etc) of the Financial Promotion Order and (B) if the Trust Certicates are
Non-Regulatory AFIBs and the distribution is effected by a person who is an authorised person under
the FSMA, is being addressed to, or directed at, only the following persons: (i) persons falling within one
of the categories of Investment Professional as dened in Article 14(5) of the Financial Services and
Markets Act 2000 (Promotion of Collective Investment Schemes) (Exemptions) Order 2001 (the
Promotion of CISs Order), (ii) persons falling within any of the categories of person described in Article
22 (High net worth companies, unincorporated associations, etc.) of the Promotion of CISs Order and
(iii) any other person to whom it may otherwise lawfully be made in accordance with the Promotion of
CISs Order. Persons of any other description in the United Kingdom may not receive and should not act
or rely on this Base Prospectus, any Final Terms or any other marketing materials in relation to the
Trust Certicates.
Potential investors in the United Kingdom in any Trust Certicates which are Non-Regulatory AFIBs
are advised that all, or most, of the protections afforded by the United Kingdom regulatory system will
not apply to an investment in such Trust Certicates and that compensation will not be available under
the United Kingdom Financial Services Compensation Scheme.
Any individual intending to invest in any investment described in this Base Prospectus should consult his
professional adviser and ensure that he fully understands all the risks associated with making such an
investment and that he has sufcient nancial resources to sustain any loss that may arise from such
investment.
CAYMAN ISLANDS NOTICE
No invitation may be made to any member of the public of the Cayman Islands to subscribe for the
Trust Certicates.
NOTICE TO BAHRAIN RESIDENTS
The Central Bank of Bahrain and the Bahrain Stock Exchange assume no responsibility for the accuracy
and completeness of the statements and information contained in this document and expressly disclaim
any liability whatsoever for any loss howsoever arising from reliance upon the whole or any part of the
contents of this document. Each potential investor subscribing for Trust Certicates on the Issue Date of
such Trust Certicates (each, a potential investor) will be required to provide satisfactory evidence of
identity and, if so required, the source of funds to purchase the Trust Certicates within a reasonable
time period determined by the Issuer, Emaar and the Managers of the relevant issue. Pending the
provision of such evidence, an application to subscribe for Trust Certicates will be postponed. If a
potential investor fails to provide satisfactory evidence within the time specied, or if a potential investor
provides evidence but neither the Issuer nor the Managers are satised therewith, its application to
subscribe for Trust Certicates will be rejected immediately in which event any money received by way
of application will be returned to the potential investor (without any additional amount added thereto and
at the risk and expense of such potential investor). In respect of any Bahraini potential investors, the
Issuer and Emaar will comply with Bahrains Legislative Decree No. (4) of 2001 with respect to
Prohibition and Combating of Money Laundering and various Ministerial Orders issued thereunder
including, but not limited to, Ministerial Order No. (7) of 2001 with respect to Institutions Obligations
Concerning the Prohibition and Combating of Money Laundering.
KINGDOM OF SAUDI ARABIA NOTICE
This Base Prospectus may not be distributed in the Kingdom of Saudi Arabia except to such persons as
are permitted under the Offers of Securities Regulations issued by the Capital Market Authority of the
Kingdom of Saudi Arabia (the Capital Market Authority).
The Capital Market Authority does not make any representations as to the accuracy or completeness of
this Base Prospectus, and expressly disclaims any liability whatsoever for any loss arising from, or
5
incurred in reliance upon, any part of this Base Prospectus. Prospective purchasers of the securities
offered hereby should conduct their own due diligence on the accuracy of the information relating to the
securities. If a prospective purchaser does not understand the contents of this Base Prospectus he or she
should consult an authorised nancial adviser.
NOTICE TO RESIDENTS OF MALAYSIA
Any Trust Certicates to be issued under the Programme may not be offered for subscription or
purchase and no invitation to subscribe for or purchase such Trust Certicates in Malaysia may be
made, directly or indirectly, and this Base Prospectus or any document or other materials in connection
therewith may not be distributed in Malaysia other than to person or in categories falling within
Schedule 6 or Section 229(1)(b), Schedule 7 or Section 230(1)(b) and Schedule 8 or Section 257(3) of
the Capital Market and Services Act, 2007 of Malaysia.
The Securities Commission of Malaysia shall not be liable for any non-disclosure on the part of the
Issuer or Emaar and assumes no responsibility for the correctness of any statements made or opinions or
reports expressed in this Base Prospectus.
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TABLE OF CONTENTS
Page
Risk Factors............................................................................................................................. 8
Structure Diagram and Cashows........................................................................................... 32
General Description of the Programme................................................................................... 34
Form of the Trust Certicates................................................................................................. 40
Form of Final Terms ............................................................................................................... 41
Terms and Conditions of the Trust Certicates ...................................................................... 48
Use of Proceeds ....................................................................................................................... 71
Description of the Issuer.......................................................................................................... 72
Selected Financial Information................................................................................................ 74
Financial Review...................................................................................................................... 77
Description of Emaar Properties PJSC ................................................................................... 88
Organisation, Directors, Management and Employees ........................................................... 117
Overview of the United Arab Emirates................................................................................... 125
Industry Overview.................................................................................................................... 131
Summary of the Principal Transaction Documents ................................................................ 134
Taxation................................................................................................................................... 146
Subscription and Sale .............................................................................................................. 148
General Information................................................................................................................ 152
Financial Information.............................................................................................................. F-1
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RISK FACTORS
The purchase of Trust Certicates may involve substantial risks and is suitable only for sophisticated
investors who have the knowledge and experience in nancial and business matters necessary to enable
them to evaluate the risks and merits of an investment in the Trust Certicates. Before making an
investment decision, prospective purchasers of Trust Certicates should consider carefully, in the light of
their own nancial circumstances and investment objectives, all of the information in this Base
Prospectus.
Each of the Issuer and Emaar believes that the factors described below represent the principal risks
inherent in investing in Trust Certicates, but the inability of the Issuer to pay any amounts on or in
connection with any Trust Certicate may occur for other reasons and neither the Issuer nor Emaar
represents that the statements below regarding the risks of holding any Trust Certicate are exhaustive.
There may also be other considerations, including some which may not be presently known to the Issuer
or Emaar or which the Issuer or Emaar currently deems immaterial, that may impact any investment in
Trust Certicates.
Prospective investors should also read the detailed information set out elsewhere in this Base Prospectus
and reach their own views prior to making any investment decision. Words and expressions dened in
Form of the Trust Certicates and Terms and Conditions of the Trust Certicates shall have the
same meanings in this section.
Risk factors relating to the Issuer
At the date of this Base Prospectus, the Issuer is an exempted company with limited liability
incorporated under the laws of the Cayman Islands on 8 September 2008 and has no operating
history. The Issuer will not engage in any business activity other than the issuance of Trust
Certicates under the Programme, the acquisition of the Trust Assets as described herein, acting in
the capacity as Trustee, the issuance of shares in its capital and other activities incidental or related
to the foregoing as required under the Transaction Documents.
The Issuers only material assets, which will be held on trust for Certicateholders, will be the Trust
Assets relating to each Series of Trust Certicates, including the obligation of the Lessee to make
payments under the Lease Agreement (as dened below) and the obligation of Emaar (in such
capacity, the Obligor) to make payments under the Purchase Undertaking (as dened below) to the
Issuer in its capacity as Trustee. Therefore, the Issuer is subject to all the risks to which Emaar is
subject to the extent that such risks could limit Emaars ability to satisfy in full and on a timely basis
its obligations under the Lease Agreement and the Purchase Undertaking. See Risk Factors relating
to Emaar below for a further description of these risks.
The ability of the Issuer to pay amounts due on the Trust Certicates will primarily be dependent
upon receipt by the Issuer from the Lessee and the Obligor, respectively, of all amounts due under
the Lease Agreement and the Purchase Undertaking or the Sale Undertaking (as dened below),
respectively (which in aggregate may not be sufcient to meet all claims under the Trust Certicates
and the Transaction Documents).
Risk factors relating to Emaar
Emaars nancial performance is dependent on economic and other conditions of the regions in which it
operates
Emaar conducts most of its activities in the Middle East, North Africa and South Asia (MENASA)
region and its business, results of operations, cash ows and nancial condition could be materially
adversely affected by any adverse change in the social, political or economic conditions in these
regions, including in particular in their real estate markets. Up until the fourth quarter of 2008,
Emaars expansion and growth had been supported by strong economic conditions in the Gulf
Cooperation Council (GCC) region in general and the UAE in particular. However, following the
onset of the global economic downturn and the ensuing turmoil in the UAE real estate markets,
particularly in Dubai, there can be no assurance that Emaars nancial performance will not
deteriorate in future and that the same levels of growth experienced in the UAE and GCC region
prior to the last quarter of 2008 will return in the future. As such, nancial support required to
sustain international growth may not be available. In addition, no assurance can be given that general
economic conditions in the regions where Emaar operates will not deteriorate in future due to further
nancial or general economic crises. A sustained economic downturn in any of the countries where
Emaar operates or a downturn originating in a different country which causes global or regional
8
repercussions may have a material adverse effect on Emaars business, results of operations, cash
ows and nancial condition.
Emaars revenue diversication strategy may not be successful
Historically, Emaars business activity was focused on real estate development in Dubai and its
revenues were almost entirely derived from the sale of real estate plots for development and the sale
of residential properties developed by it. More recently, Emaar has sought to diversify its revenue
streams geographically through the expansion of its property development business into other markets
and through the retention for investment purposes of certain commercial assets developed as part of
its masterplans, which led to the operation of malls and other retail properties, the management of
hotels and resorts as well as other hospitality activities located in its developments as part of its
philosophy of creating lifestyle communities (see Description of Emaar Properties PJSC for further
information on Emaars developments). Almost all of these ancillary businesses have only recently
begun to generate revenues. Although Emaar has been relatively successful in adjusting its strategy
following the onset of the global economic recession, if the real estate market in Dubai experiences a
sustained downturn, there is no assurance that Emaar will be able to successfully reduce its current
revenue dependence on the Dubai real estate market and its Dubai property development segment. In
addition, all of Emaars malls and hotels which are currently operational are located in Dubai. To
the extent the overall Dubai economy worsens or does not recover in the near future, Emaar may not
be able to collect anticipated rental and operating revenues from its mall and hotel businesses in
Dubai. These circumstances may have a material adverse effect on Emaars business, results of
operations, cash ows and nancial condition. Similarly, with respect to Emaars international
businesses, if demand for property (whether for purchase or for rental), high-end hotels and retail
space in the countries where Emaar operates were to signicantly decrease for a prolonged period of
time (due to the global economic downturn or otherwise), this may also have a material adverse
effect on Emaars business, results of operations, cash ows and nancial condition. Moreover, in the
event of a global or regional economic or nancial crisis strongly affecting the MENASA region,
Emaars geographic diversication might magnify such negative effects.
Emaars growth and expansion strategy could strain its ability to respond to the increasing complexities
derived from such strategy, including complexities arising in relation to its operational and managerial
resources
In recent years, the operating complexity of Emaars business and the responsibility of its
management has increased signicantly due to Emaars sustained growth, development, signicant
geographic expansion, its ongoing expansion into a number of ancillary business segments and its
increasing number of subsidiaries, afliates and joint ventures. It is expected that the operating
complexity of Emaars business and the responsibility of its management will continue to increase in
the future. As of the date of this Base Prospectus, Emaar has been successful in attracting
appropriately qualied individuals to ll management roles created by its growth and development.
Emaar has also developed a set of control systems to respond to the increase in the operating
complexity of its business.
Emaars continued success will depend, inter alia, on its ability to continue to retain and attract
appropriately qualied personnel to manage its businesses and to improve its operational and
nancial systems and managerial controls and procedures to keep pace with its growth. Emaar relies
on its senior management for the implementation of its strategy and its day to day operations.
Competition for appropriately qualied personnel with the relevant expertise in the property
development sector in the regions in which Emaar operates is high. There can be no assurance that
Emaar will continue to be able to successfully recruit management staff or that the operational
controls that it develops will continue to be effective. Should Emaar experience, for any reason, the
loss of one or more of its key members of management and be unable to replace them in a timely
fashion (or at all) with other appropriately qualied and experienced individuals, this could have a
material adverse effect on Emaars business, results of operations, cash ows and nancial condition.
The loss of any member of the senior management team without adequate replacement may result in,
among other things, (i) a loss of organisational focus, (ii) poor execution of operations, and (iii) an
inability to identify and execute potential strategic initiatives. In addition, since Emaars industry is
characterised by high demand and increasing competition for appropriately qualied personnel with
the relevant expertise and its markets are characterised by scarcity of such personnel in the relevant
elds, Emaar may need to offer higher compensation and other benets in order to attract and retain
key personnel in the future.
9
If Emaar is unable to successfully manage the impact of its growth on its operational and managerial
resources, this could have a material adverse effect on its business, results of operations, cash ows
and nancial condition.
If Emaar is required to comply with the Escrow Law, Emaars business model could be signicantly impaired
UAE Law No. 8 of 2007 (the Escrow Law) was introduced on 28 June 2007 and regulates the way in
which purchase price instalments paid by purchasers of off-plan properties may be dealt with. Under
the Escrow Law, developers are required to establish separate escrow accounts for each phase of
work for a development and purchasers pay their requisite purchase price instalments directly into the
relevant escrow account. The escrow account is managed by a nancial institution approved by the
Real Estate Regulatory Authority (RERA). An escrow agent, also approved by RERA, governs when
a developer will be permitted to make withdrawals from the escrow account. Essentially, money is
only permitted to be drawn down when certain specied construction milestones are met in
accordance with the relevant legislation and any relevant escrow agreement. The release of monies
from the escrow account is subject to a requirement to retain funds for one year following the date
upon which the units sold in the development are registered in the names of the buyers to address
any remedial works required in that period. Developers are permitted to retain 5 per cent. of the
funds paid by purchasers for soft costs associated with the development such as advertising,
brokers fees and other disbursements. RERA oversees the operation of the escrow accounts and is
permitted to have audits carried out to ensure that the escrow account holds the requisite amount of
funds based on the relevant stage of the development, the money paid by the purchasers and the
construction costs incurred by the developer. If there are insufcient funds, RERA can require the
developer to top up the escrow account.
As at the date of this Base Prospectus, the Dubai Land Department has not enforced compliance
with the Escrow Law against Emaar. As such, Emaar continues to rely upon purchase price
instalments paid by purchasers to nance its projects. Should Emaar be required to comply with the
Escrow Law, Emaars business model may be signicantly impaired as it would only be able to
nance the construction of projects with corresponding purchase price instalments once certain
construction milestones are met. As such, Emaar may have to access alternative sources of funds to
nance its projects which may not be available on commercially acceptable terms (see Emaars
business is dependent on large capital investments below). This may have a material adverse effect on
Emaars business, results of operations, cash ows and nancial condition.
If Emaar or its subsidiaries, as developers, do not satisfy the relevant disclosure requirements pursuant to the
recently implemented directions supplementing the law relating to jointly owned properties, sales between third
party purchasers and Emaar or its subsidiaries, as applicable, may be held to be void
The directions supplementing Law No. (27) of 2007 (Law No. 27) concerning jointly owned properties
(the Directions) became effective on 13 April 2010. Any property which is divided up into units
intended for separate ownership and which has areas which are used by more than one owner will
constitute a jointly owned property. Law No. 27 sets out the framework for granting purchasers of
individual units in a building freehold ownership rights to their units together with ownership of a
proportionate share of the common areas in the building. The law also provides for an owners
association (which is a legal entity in its own right) to manage and operate the common areas of the
building. The owners association is responsible for, amongst other things, the collection of the service
charge required to maintain and operate the common areas (including collection of service charges
from developers that have unsold units in the development). Each unit owner will be a member of
the owners association and will have a right to vote on decisions taken by the association.
Whilst the introduction of Law No. 27 provided an overview as to how jointly owned properties
would 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 issued
in the form of a law, they are binding and set out a number of mandatory requirements which
developers must comply with before they will be able to sell or continue selling units in their
developments.
A principal feature of the Directions is that developers will be required to disclose detailed
information to purchasers about developments before signing contracts to sell units to third parties.
For existing developments the Directions provided a transitional period, which came to an end on
13 October 2010, giving developers a period of time in order to be able to comply with the new
requirements.
10
One of the key documents for the jointly owned property structure is the jointly owned property
declaration (JOPD). Any application to the Dubai Land Department to register a sale of a unit in a
development which has been sub-divided for sale as individual units will need to be accompanied by a
JOPD setting out details relating to the development and, in particular, details as to how the
common areas in the relevant building will be managed. A JOPD is required for each separate plot of
land in a development (which includes volumetric plots within the same building) and will be
provided to a purchaser as part of the developers Disclosure Statement requirements with other
key documents detailing the management and operation of the development.
The full Disclosure Statement requirements under the Directions apply to new developments and to
existing developments (from 13 October 2010 in the case of the latter).
If a developer fails to satisfy the disclosure requirements under the Directions, the relevant sale
contract to which the failure relates may be held to be void. Due to their recent implementation, the
applicability and enforcement of the Directions has not been tested. If a large number of purchases of
units with Emaar or its subsidiaries, as applicable, were held to be void on the basis of Emaars or
its subsidiaries failure to satisfy the relevant disclosure requirements, this could have a material
adverse effect on Emaars business, results of operations, cash ows and nancial condition.
Emaars business is dependent on large capital investments
Emaar aims to nance its projects through internally generated cash ows, including through the pre-
selling of developments, and third party nancing. Emaar also requires additional nancing to fund
land acquisitions and the initial project development costs, capital expenditures, support the future
growth of its business and renance its existing debt obligations. However, Emaar may not have
sufcient capital to make, or may be restricted by covenants in its nancing agreements from meeting,
future capital expenditures and other investments that it may deem necessary or desirable. Emaars
ability to obtain external nancing and the cost of such nancing are dependent on numerous factors,
including general economic and capital market conditions, interest rates, credit availability from banks
or other lenders, investor condence in Emaar and its area of business focus, the success of Emaars
business, provisions of tax and securities laws that may be applicable to Emaars ability to raise
capital and political and economic conditions in any relevant jurisdiction. There can be no assurance
that additional nancing, either on a short-term or long-term basis, will be made available or, if
available, that such nancing will be obtained on terms favourable to Emaar and Emaar may also be
required to provide security over its assets to obtain any such nancing. The inability of Emaar to
obtain additional nancing on terms favourable to it or at all could have a material adverse effect on
A progressive move towards project nancing may impair Emaars ability to allocate cash to other parts of its
business
Historically, Emaar has derived the majority of its nancing from the pre-sale of off-plan units in its
developments. However, more recently, Emaar has progressively moved towards project nancing to
fund its projects. Although this type of nancing typically results in increased protection for a
company (as a creditors recourse is limited to the assets of the relevant project), the terms of any
such nancing tend to require a company to re-invest cash generated from such project into the
further development of that project or to progressively amortise the specic project nancing and
include restrictions on the companys ability to allocate cash to other parts of its business. The
inability of Emaar to move cash freely from one part of its business to another may have a material
adverse effect on Emaars business, results of operations, cash ows and nancial condition.
Emaars business model is based on potential access to future equity markets
Part of Emaars business strategy involves growing its more material subsidiaries and, once they reach
business and operational maturity, launching public offerings for their shares, whilst maintaining a
majority stake. As such, Emaar is exposed to equity market conditions and investor preferences. To
the extent equity markets suffer a downturn (due to adverse economic conditions or otherwise), or
investor preferences shift away from the real estate sector or from sectors in which Emaars
subsidiaries operate in particular, these factors may have a negative impact on Emaars ability to
implement its business strategy with respect to its subsidiaries, which may in turn have a material
adverse effect on its business, results of operations, cash ows and nancial condition.
11
The terms of Emaars current and any future nancings may restrict Emaar from entering into certain
transactions and/or limit its ability to respond to changing market conditions
Emaars current nancing arrangements contain various covenants that limit its ability to engage in
specied types of transactions, including, among other things, its ability to incur or guarantee
additional nancial indebtedness and/or grant security or create any security interests. In addition,
certain of Emaars current nancing arrangements contain cross default clauses whereby a default
under one of Emaars nancing arrangements may constitute an event of default under another
nancing arrangement. Such provisions of Emaars current nancing arrangements may restrict
Emaars ability to respond to adverse economic conditions, which could have a material adverse effect
on Emaars business, results of operations, cash ows and nancial condition.
Furthermore, if Emaar secures additional funding in the future, such funding would increase its
leverage and could thereby limit its ability to raise further funding, limit its ability to react to changes
in the economy or the real estate markets in which it operates, and/or prevent it from meeting its
debt obligations. Additionally, the securing of further funding could also, among other things:
*
increase Emaars vulnerability to general economic and industry conditions;
* increase the risk that Emaar may be unable to pay the interest or principal on any outstanding
obligations;
*
require Emaar to provide security over certain of its assets;
* require a substantial portion of cash ow from operations to be dedicated to the payment of
nancing costs and repayment of principal on Emaars indebtedness, thereby reducing Emaars
ability to use its cash ow to fund its operations, capital expenditures and future business
opportunities;
* restrict Emaar from making strategic acquisitions or cause Emaar to make non-strategic
divestitures;
*
limit Emaars ability to obtain additional nancing for working capital, capital expenditures,
product development, debt service requirements, acquisitions and general corporate or other
purposes; and
* limit Emaars ability to adjust to changing market conditions and place Emaar at a competitive
disadvantage compared to its competitors who are less highly leveraged.
Any of the foregoing consequences could have a material adverse effect on Emaars business, results
of operations, cash ows and nancial condition.
Emaar is exposed to interest rate volatility
A signicant proportion of Emaars debt has been entered into on a oating rate basis. Furthermore,
the vast majority of Emaars oating rate debt is not hedged. If interest rates increase, Emaar will be
obliged to pay a higher rate of interest on its debt. Paying a higher rate of interest on its oating
rate debt may have a material adverse effect on Emaars business, results of operations, cash ows
Amlak, an associated company of Emaar, may need to restructure its debt obligations which may expose
Emaar to loan write offs and a decrease in the value of its investment
Amlak Finance PJSC (Amlak) was launched as a wholly-owned subsidiary by Emaar in April 2000 as
part of its business strategy in the Dubai real estate market to offer mortgage lending to Emaars
customers. Amlak was subsequently listed on the Dubai Financial Market (the DFM) and, as at the
date of this Base Prospectus, Emaar has a 48 per cent. shareholding in Amlak. The onset of the
global economic downturn and the ensuing negative impact on the Dubai real estate market has had
an adverse effect on Amlaks business and its ability to nance its operations.
On 23 November 2008, the UAE Ministry of Finance announced that it had ofcially started the
procedure to merge Amlak and Tamweel PJSC (Tamweel), another leading real estate nance provider
in the UAE. In light of the pending merger, trading in the shares of both Amlak and Tamweel were
suspended. On 4 February 2009, the Ministry of Finance formed a steering committee with the aim
of reviewing the proposed merger of the two companies and making recommendations with respect to
implementing the merger. The steering committee is currently evaluating various options to secure
sustainable funding to enable Amlak to continue meeting its commitments. On 26 September 2010,
Dubai Islamic Bank announced that it would become a majority shareholder in Tamweel, increasing
12
its 20 per cent. stake to 57.33 per cent. In light of this development, it is unknown what future
announcements will be made with respect to a potential merger between Tamweel and Amlak.
Due to its nancial difculties, Amlak is no longer offering new mortgage loans to Emaars
customers. Although Emaar has not been affected as negatively by the downturn in the Dubai real
estate market as some of its competitors, the ongoing lack of mortgage nancing generally, and
through Amlak in particular, may eventually have an adverse effect on Emaars Dubai business,
results of operations, cash ows and nancial condition. In the past, Emaar extended a number of
inter-company loans to Amlak. Should Amlaks nancial condition worsen or fail to improve, Emaar
may be required to make provisions in its consolidated nancial statements for potential losses arising
under the inter-company loans, and ultimately it may have to write off amounts owed to it which are
not recoverable. Furthermore, such a deterioration in Amlaks nancial condition may adversely affect
the value of Emaars shareholding in the company. These factors may adversely affect Emaars
business, results of operations, cash ows and nancial condition.
The auditors report on the consolidated nancial statements of Emaar for the year ended
31 December 2009 and the review report on the interim condensed consolidated financial statements
of Emaar for the nine month period ended 30 September 2010 both include an emphasis of matter in
respect of Emaars investment in Amlak. For further information relating to Amlak, please see note
14 (Investments in Associates) to the interim condensed consolidated financial statements of Emaar for
the nine month period ended 30 September 2010 and note 15 (Investments in Associates) to the
audited consolidated nancial statements of Emaar for the year ended 31 December 2009.
There can be no assurance that, following the transfer of The Commonwealth Games Village back to Emaar
MGF, Emaar MGF will not need to spend materially more than originally envisaged to refurbish the properties
in preparation for handover to customers
Emaar has a joint venture with MGF Development Limited in India, Emaar MGF Land Limited
(Emaar MGF). Emaar MGF has been involved in the construction, planning and design of The
Commonwealth Games Village (CGV), a low rise medium development on a 40 acre site located in
New Delhi, with a capacity for 8,500 athletes and ofcials for the Commonwealth Games which took
place from 3 October 2010 to 14 October 2010 in New Delhi, India.
During August 2010, Emaar MGF transferred the CGV to the organising committee of the
Commonwealth Games. This transfer was evidenced by an ofcial handover certicate, with the
commercial understanding that the development would be transferred back to Emaar MGF following
the completion of the games, for the purposes of (a) handing over properties to customers of Emaar
MGF who have already made purchases in the development, and (b) for future sales. There can be
no assurance that following the transfer back to Emaar MGF after the completion of the games,
Emaar MGF will not need to spend materially more than it originally envisaged to refurbish and
recondition the properties in preparation for handover to customers, leading to diminished returns. In
addition, handover to such customers is due to occur six months following the return of the
development from the organising committee of the Commonwealth Games back to Emaar MGF.
Emaar MGF may be liable to pay penalties for any delay in handover to customers. Any of the
foregoing factors could have a negative impact on the market reputation of Emaar MGF and/or
Emaar or may create an adverse market environment for Emaars operations in India. Further, there
can be no assurance that a negative reputation in India will not affect Emaars reputation elsewhere.
This could in turn affect the future protability of Emaars international operations.
Negative publicity stemming from concerns relating to the readiness and tness for purpose of the CGV
During September 2010, ofcials from the Commonwealth Games Federation as well as certain
ofcials representing member countries raised public concerns about the readiness and tness for
purpose of the CGV and whether the state of the construction of the village would delay or
negatively affect the Commonwealth Games themselves. Subsequent to the completion of the
Commonwealth Games, the Government of India commenced a number of investigations following
various allegations being made in relation to the CGV. Such allegations related to corruption, the
poor condition in which the CGV was delivered and the delay in delivering the CGV.
On 23 October 2010, the project sponsor Delhi Development Authority (DDA) invoked a bank
guarantee which had been provided by Emaar MGF in relation to the construction and delivery of
the CGV. The bank guarantee was for an amount of Indian Rupees (INR) 1.83 billion
(approximately U.S.$41 million). This invoking of the guarantee was immediately challenged by
Emaar MGF in the Delhi High Court. On 25 October 2010, the High Court stayed the encashment
13
of INR930 million (approximately U.S.$20.5 million). With respect to the encashment of the amount
remaining under the guarantee, Emaar MGF is contesting this before the High Court on the grounds
that the CGV was built in accordance with the specications set out in the development contract.
Moreover, the CGV was handed over to the DDA and the organising committee after a full
inventory was conducted in June 2010 following which the CGV was put to full use during the
Commonwealth Games. Emaar MGF is of the view that any deciencies pointed out by the DDA or
any other agency were duly rectied by Emaar MGF prior to the handing over of the CGV. Emaar
MGF is also of the view that following its handover of the CGV, the DDAs contractors were not
supervised when undertaking furnishing work resulting in damage to parts of the CGV and therefore
Emaar MGF is not responsible for such damage. Emaar MGF has provided documentation to this
effect to the DDA.
Investors should be aware that Emaar MGF may not be able to prevent the encashment of the
remaining amount under the guarantee, such amount being INR900 million (approximately U.S.$20
million), and any legal process could be very time consuming. In addition, the negative publicity
stemming from this incident could have a negative impact on the market reputation of Emaar MGF
and may create an adverse market environment for Emaars operations in India.
Emaars connection to Andhra Pradesh Industrial Infrastructure Corporation Ltd. (APIIC) could have
negative consequences on Emaars operations in the province of Andhra Pradesh in India as well as widespread
reputational consequences
In early September 2010, the special court dealing with Anti-Corruption Bureau cases in Andhra
Pradesh, India, directed the director general of the bureau to probe the role of three APIIC ofcials
in a joint venture entered into between APIIC and Emaar. The petition contains charges of bribery
and corruption against, inter alia, Emaar, Emaar MGF, Emaar Hills Township Pvt. Ltd and three
APIIC ofcials who were members of the board of Emaar Hills Township Pvt. Ltd, pertaining to
commercial arrangements between APIIC, Emaar and Emaar MGF. At issue is the sale of 13 plots of
land to various private companies (including Emaar) by APIIC at a price that was below the fair
market value. It is alleged that the APIIC ofcials made personal gains by favouring these private
companies to the detriment of APIICs interests, causing a signicant nancial loss to APIIC.
Since the original petition was led, the Solicitor General of Andhra Pradesh has since recommended
that APIIC take steps to stop registration of the sale of properties by Emaar MGF to Emaar MGFs
customers and, in cases where properties have already been registered and sold, the government
should cancel these registrations. The stoppage of all further development work by Emaar MGF in
the province of Andhra Pradesh has also been recommended.
Emaar believes that the foregoing allegations are politically motivated and that its operations in India
are in full compliance with the laws of India. However, investors should be aware that there can be
no assurance as to the outcome of the investigations and proceedings being launched against former
APIIC ofcials. Such events may have a negative impact on the market reputation of Emaar MGF
and/or Emaar and may create an adverse market environment for Emaars joint venture operations in
India. A negative outcome to any proceedings could result in Emaar losing its capital investment in
Andhra Pradesh. Any such loss, if incurred, would not be material. Further, there can be no
assurance that such events in India may not affect the future protability of Emaars international
operations or the future value of Emaars shares.
A legal dispute relating to APIICs stake in a joint venture with Emaar may have an unfavourable outcome and
negative reputational consequences for Emaar
A legal dispute has arisen whereby it is alleged that APIICs share in its joint venture with Emaar
was diluted when Emaar entered into a development agreement with Emaar MGF to assist with the
construction of its developments. Under the initial joint venture arrangements, APIIC had a stake of
approximately 26 per cent. in the joint venture, with Emaar having a stake of approximately 74 per
cent. However, under the development agreement entered into separately by Emaar with Emaar
MGF, Emaar MGF was entitled to approximately 75 per cent. of the gross revenue received from the
sale of plots, ats and villages and commercial development, with 25 per cent. being retained by the
joint venture between APIIC and Emaar. Emaar MGF was also entitled to 95 per cent. of the lease
rentals, with the joint venture retaining 5 per cent. It has been alleged that APIICs initial overall
stake in the joint venture has been reduced from 26 per cent. to (i) approximately 6.5 per cent. of
revenues from sales of plots, villas, ats and commercial development and (ii) approximately 1.5 per
cent. of revenues from lease rentals. However, Emaar is of the view that these allegations are
unfounded as they fail to take into account the fact that Emaar MGF is responsible for all costs
14
relating to the relevant developments. Moreover, with respect to rental property, Emaar MGF is also
responsible for all capital costs and operating expenses. As such, management of Emaar does not
believe that Emaar MGFs entitlement to revenues from sales or lease rentals has a prejudicial effect
on the revenue-sharing arrangements between itself and APIIC.
In addition, APIIC has initiated proceedings with the Company Law Board in Chennai requesting
involvement in the management of the joint venture company. Emaar has applied to the High Court
to request the dispute be settled amicably.
In the event of an unfavourable outcome of such legal disputes, the commercial arrangements
between Emaar and Emaar MGF could be held to be void, in which case, Emaar MGF could be
required to halt all its activities in the province of Andhra Pradesh and all its sales and registration
of properties to date could be nullied, resulting in Emaar losing its capital investment in Andhra
Pradesh. Any such loss, if incurred, would not be material. In addition, such an outcome could have
negative implications on the market reputation of Emaar MGF and/or Emaar and/or may create an
adverse market environment for Emaars joint venture operations in India. Further, there can be no
assurance that such events in India may not affect the future protability of Emaars international
operations.
Lack of experienced contractors may affect Emaars projects
Whilst Emaar has had access to experienced contractors for its completed and under-construction
projects, there can be no guarantee that it will continue to have such access to experienced
contractors in the future (particularly in relation to some of its projects located outside the UAE).
Accordingly, there can be no assurance that the quality of construction within Emaars completed and
under-construction projects will also be retained for its future projects. Although Emaar believes it
has a strong reputation for providing high quality properties, any difference in the quality of
construction from project to project could adversely affect Emaars brand name which in turn may
have a material adverse effect on Emaars business, results of operations, cash ows or nancial
condition.
Projects may overrun and incur further costs
There are a number of construction, nancing, operating and other risks associated with project
development. Due to the extensive nature of Emaars project developments (for example, Emaars
residential developments typically centre around creating a lifestyle community, as is the case with the
Downtown Dubai Development which includes The Dubai Mall and the Burj Khalifa), these projects
require substantial capital expenditure during the land acquisition and construction phase. It can take
a substantial amount of time before such projects become operational and generate revenue. The time
taken and the costs involved in completing construction can be adversely affected by many factors,
which may include but are not limited to the following:
* delays or refusals in obtaining all necessary building, occupancy and other required
governmental permits, requisite licences, permits, approvals and authorisations;
* shortages of or defective materials and/or equipment, labour shortages and/or disputes and
disputes with subcontractors;
*
increases in the cost of construction materials and/or labour;
* adverse weather conditions, natural disasters, accidents and/or changes in governmental
priorities; and
* changes in demand trends due, among other things, to a shift in buyer preferences.
Any of these factors could give rise to delays in the completion of construction and/or lead to cost
overruns. Projects subject to any delays or cost overruns will take longer to generate revenue and
cash ow than may originally have been anticipated and may not generate the revenue and cash ow
which may have been expected. In addition, the target return on the investment in the project may
not be realised. The occurrence of any of the above factors could have a material adverse effect on
Not only can construction delays trigger covenants in project nancing packages which could
accelerate the repayment schedules of the debt owed by Emaar, they can also result in a loss of
revenues. In the event of a delay in the completion and delivery beyond a specied contractually
agreed deadline of certain of Emaars projects, purchasers have a right to terminate their contracts
and claim repayment of a part or all of the sums paid to Emaar together with interest. While this
right has never been exercised by purchasers in the past, in light of the signicant adverse nancial
15
and economic conditions that have been recently experienced globally, in the UAE and in Dubai, and
the resultant loss of real property values, there can be no certainty that this will continue to be the
case. If a signicant portion of purchasers were to exercise this right, this would create a nancial
liability for Emaar. Even where there is no contractual right of termination and repayment, in the
event of non-delivery, it is possible, for example, for a Dubai purchaser, pursuant to Law No. (13)
(as amended by Law No. (9) of 2009), to claim reimbursement from Emaar together with interest.
Furthermore, even if purchasers are not entitled to claim reimbursement, any signicant delays or
pauses in construction on projects represent a potential reputational risk for Emaar. In the event that
Emaar was required to reimburse purchasers, it may have a material adverse effect on Emaars
Emaars business model is typically based on pre-selling freehold units with progressive payments
made on pre-determined dates over the period of construction and nal payment on completion.
Accordingly, construction delays can also give rise to delays in Emaar realising the full value of
property sold which could have a material adverse effect on Emaars business, results of operations,
cash ows and nancial condition.
The continued success of Emaars businesses is dependent in part upon disposable income and consumer
spending and the continued appeal of Dubai as a tourist and business destination
The gross domestic product of Dubai recorded strong growth in recent years up to and including
2008 (with growth rates (at constant prices) of 9.2 per cent. and 5.7 per cent. for 2007 and 2008,
respectively, according to the Dubai Statistics Centre). However, the growth in gross domestic
product of Dubai is not expected to be as strong in the future. The strong growth experienced in the
Dubai economy has resulted in an increase in disposable income and consumer spending in the
Emirate which has beneted a number of Emaars businesses. A downturn in general economic
conditions, rising cost of living in the Emirate, loss of jobs, a decline in the expansion of the
expatriate population in the region or other factors that result in a decline in consumer spending
could have an adverse effect on Emaars operations. A decline in tourism to Dubai, resulting from
factors including increases in airline travel costs, threats or events of terrorism, or a reduction in
travel by foreigners due to the impact of the global nancial crisis on leisure travellers and business
activity in the region could have an adverse effect on Emaars business, results of operations and
nancial condition.
Emaar is subject to joint venture risks
Some of Emaars operations are, or will be, conducted through jointly controlled entities and
associated companies. Co-operation and agreement with Emaars joint venture partners on its existing
or any future projects are important factors for the smooth operation and nancial success of such
projects. Emaars joint venture partners may (i) have economic or business interests or goals that are
inconsistent with those of Emaar, (ii) be unable or unwilling to full their obligations under the
relevant joint venture or other agreements or (iii) experience nancial or other difculties.
Furthermore, Emaar may not be able to control the decision-making process of the joint ventures
without reference to the joint venture partners and, in some cases, it does not have, or may not have,
a majority control of the joint venture. In addition, no assurance can be given that disputes among
the partners will not arise in the future that could adversely affect Emaars joint venture projects. In
addition, there is a risk that such joint venture partners may ultimately become competitors of
Emaar. Many of Emaars joint venture partners are directly or indirectly owned by government
related entities which further exposes Emaar to additional risks, including the need to satisfy both
political and regulatory demands and the need to react to differences in focus or priorities between
successive governments, both of which can lead to delays in decision making, thereby increasing costs
and exposure to competition. Any of these factors, alone or in combination, could lead to a decline
in construction quality, delays in project delivery and a diminishment in Emaars reputation, which
could in turn have a material adverse effect on Emaars business, results of operations, cash ows
Emaars operations may be subject to delays due to utility and roading infrastructure providers inability to
provide services and connections to Emaars developments at the required levels and within the project delivery
time
Access to some of Emaars projects is dependent on the completion of connecting infrastructure, such
as roads connecting a project with the city and the main regional road network and utilities for
which third parties are responsible. There can be no assurance that material delays in delivering
16
Emaars projects will not occur in the future as a result of delays in the connection of infrastructure.
For example, in Dubai, the demand for electricity, water and gas substantially increased in the past
and may continue to increase in the future if the infrastructure and population of Dubai expands.
Emaars international projects, especially but not limited to those located in fast-growing cities (such
as Cairo) or in more remote areas (such as Emaars Oukaimeden project in the Atlas mountains in
Morocco), may be exposed to similar risks. As a result, Emaars current projects may be delayed and
future projects may be hindered due to the inability of utility providers to provide the required levels
of water and power generation and connections for these utilities in a timely manner. In addition, a
breakdown in Emaars relationships with third party utility and roading infrastructure providers could
cause further delays. Although Emaar has a record of delivering projects on time, any delays in its
projects, even when outside of Emaars control, may adversely affect its brand and reputation which
may materially adversely affect its business, results of operations, cash ows and nancial condition.
The default by one of Emaars contractors or suppliers may adversely affect the construction of certain
projects and impact its ability to full its obligations under its contracts with its customers
The global economic downturn has placed increased nancial pressure on the suppliers and
contractors that operate within the UAE. Should one of Emaars contractors or suppliers default on
its arrangements with Emaar, for any reason, including the bankruptcy or insolvency of such
contractor or supplier, there is a risk that Emaar will not be able to nd a suitable replacement
contractor or supplier promptly, on favourable terms or at all. Even if Emaar were able to nd a
replacement contractor or a supplier in a timely fashion, it is likely that the cost to Emaar would
increase. Any new contractor or supplier may need time to familiarise itself with the ongoing project,
causing a further delay in the completion of the project. There is no guarantee that any replacement
contractor or supplier would be one that Emaar has previously employed and thus there is a risk that
such replacement contractor or supplier may not meet Emaars high standards for quality
workmanship and product. If any of these events were to occur, it may have a material adverse effect
The default by one of Emaars contractors with respect to any liability relating to workmanship or structural
defects may adversely affect Emaars reputation
Emaar sub-contracts all development work on its masterplans to contractors who typically give
Emaar a one year warranty on their workmanship and remain liable for structural defects for a
period of 10 years. Emaar in turn typically gives its customers a one year warranty on the
workmanship in the property they have purchased and remains liable for structural defects for a
period of 10 years. If a contractor defaults on its liability in relation to the correction of a
workmanship-related or structural defect which is discovered during the relevant period, Emaar may
not be able to replace such defaulting contractor in a timely manner or at all (see The default by
one of Emaars contractors or suppliers may adversely affect the construction of certain projects and
impact its ability to full its obligations under its contracts with its customers above) and may not be
able to recover the cost of such repair from the defaulting contractor. If a signicant number of
customers encounter workmanship or structural defects and these are not addressed in a timely
manner or at all, Emaars reputation may be negatively affected which may in turn adversely affect
Emaars business, results of operations, cash ows and nancial condition. Although Emaar has made
provisions in its nancial statements for such warranties and such provisions have historically
signicantly exceeded any claim under such warranty, there can be no assurance that this will
continue to be the case in the future.
If Emaars contractors relationship with their employees were to deteriorate, Emaar may be faced with labour
shortages or stoppages which would adversely affect its ability to develop and/or operate its properties
Emaars contractors relations with their employees could deteriorate due to disputes related to, inter
alia, the level of wages, accommodation or benets or their response to changes in government
regulation of workers and the workplace. Emaar relies heavily on contractors providing a high quality
service, and any labour shortage or stoppage caused by poor relations between a contractor and its
employees could adversely affect Emaars ability to complete projects on time and on budget, thus
damaging its reputation. Such an occurrence may have a material adverse effect on Emaars business,
results of operations, cash ows and nancial condition.
Emaar is exposed to the risk of customers defaulting on their purchase price instalments
Emaar typically sells its properties when they are still off-plan. Upon buying a property, the customer
contractually agrees to pay Emaar the purchase price in instalments on a pre-agreed payment
17
schedule. Once Emaar receives a sufcient portion of deposits (typically between 50 and 60 per cent.
in relation to the number of units to be constructed), construction is initiated and Emaar uses the
cash collected to cover construction costs. Subsequent purchase price instalments are used to fund
further construction of the project. If (due to poor economic conditions, declines in property values
or otherwise) a signicant portion of customers were to default on paying their subsequent
instalments at any particular stage in the construction of a project, this could jeopardise the
completion of the project, which may in turn negatively affect the reputation and protability of
Emaar. These factors could have a material adverse effect on Emaars business, results of operations,
Emaar is exposed to reputation or legal risk if, following the pre-selling of a large proportion of off-plan units,
the relevant project is delayed or cancelled
Once Emaar has sufcient commitment on a project (i.e. a signicant proportion of off-plan units
typically between 50 and 60 per cent. have been pre-sold), it will commence construction. The
completion of a given project is dependent on a number of factors, including general economic
conditions, timely delivery on the part of sub-contractors and the absence of any force majeure. If a
project with extensive commitment from customers has been signicantly delayed or altogether
cancelled, this will affect Emaars reputation which may have a negative impact on its ability to
attract future customers for its properties. This may also lead to litigation being brought against
Emaar by its customers. This may have a material adverse effect on Emaars business, results of
operations, cash ows and nancial condition.
Emaar is exposed to reputation risk if it fails to deliver substantial parts of its masterplans
The majority of Emaars residential developments are centred around creating a lifestyle community,
which contain amenities and conveniences such as retail areas, supermarkets, clinics and medical
centres, schools and parks. In the event Emaar is unable to complete and deliver substantial parts of
an integrated masterplan, customers who have acquired units in portions of the masterplan which
have been completed will not be able to enjoy the services or the overall environment which they may
have expected when the project was originally launched. As a result, Emaars reputation may be
affected, which may have a material adverse effect on its business, results of operations, cash ows
Emaars ability to generate its desired returns on its investment properties will depend on its ability to manage
and/or dispose of those properties on appropriate terms
Emaars ability to achieve returns on its investment properties will be affected by its ability to
generate demand for those properties on terms that are attractive to Emaar. Emaars investment
properties include a range of ofce and retail establishments (including shopping malls) for which it
seeks to attract tenants and hotels, resorts and other hospitality venues for which it seeks to attract
guests. From time to time, Emaar may also seek to sell investment properties owned by it.
Revenue earned from, and the value of, the investment properties held by Emaar may be materially
adversely affected by a number of factors, including:
*
in relation to its retail properties, an inability to fully let the properties or to achieve target
rental returns;
* in relation to its hotels, resorts and hospitality properties, an inability to achieve target
occupancy rates;
* Emaars inability to adequately manage its communities maintenance services on commercial
terms or at all;
*
Emaars inability to collect rent and service charge payments from tenants and owners and other
contractual payments on a timely basis or at all;
*
tenants seeking the protection of bankruptcy laws which could result in delays in receipt of
rental and other contractual payments or the termination of a tenants lease, all of which could
hinder or delay the re-letting of a property;
* the amount of rent and the terms on which lease renewals and new leases are agreed being less
favourable than current leases;
* a competitive rental market, which may affect rental levels or occupancy levels at Emaars
properties;
*
the reputation of Emaar within the real estate markets it operates; and
18
*
changes in laws and governmental regulations in relation to real estate, including those
governing permitted and planned usage, taxes and government charges. Such changes may lead
to an increase in management expenses or unforeseen capital expenditure to ensure compliance.
Any of these factors may have a material adverse effect on Emaars business, results of operations,
The rental revenues from Emaars malls operation depend upon its ability to nd tenants, the ability of such
tenants to full their lease obligations and the duration of their rental contracts
There can be no guarantee that Emaar Malls will nd or be able to retain suitable retailers to lease
space in its shopping centres or an appropriate tenant mix in its malls on the terms and conditions it
seeks. In addition, the nancial stability of these tenants may change over time due to factors
affecting such tenants directly, such as a down-grading of their credit rating, or to broader
macroeconomic factors, and this may affect the nancial performance of these malls and the cash
ows generated by them.
In addition, the laws of Dubai restrict the annual amount by which a landlord is legally able to
increase rental charges on commercial premises. Emaar Malls lease term for anchor tenants typically
varies from ve to 10 years and for other tenants from between one and three years. Therefore,
although the market rents chargeable for its retail space may increase, Emaar Malls may be unable to
fully realise any such increases from its existing tenants, which could adversely affect its prot
margins, particularly if associated costs are rising at a faster rate than permissible and/or achievable
rental rates.
Although Emaar Malls can adjust rents to prevailing market rates if its anchor or other tenants
decide not to renew their leases upon expiration, it may need to expend signicant time and money
attracting replacement tenants and there is no guarantee that potential new tenants could be sourced
or that such tenants would accept the then market rates. In addition, in connection with any renewal
or re-letting, Emaar Malls may incur costs to renovate or remodel the relevant rental space. Any of
the foregoing factors would reduce Emaar Malls cash ow and could have a material adverse affect
on the business, prospects, results of operations and nancial condition of Emaar.
Emaar Malls properties depend on anchor stores or major tenants to attract shoppers and could be adversely
affected by the loss of, or a store closure by, one or more of these tenants
Shopping malls are typically anchored by department stores and other large nationally recognised
tenants. Emaar Malls anchor tenants and major tenants are owned by a very limited number of large
retail groups. The value of some of Emaar Malls properties could be adversely affected if these
tenants fail to comply with their contractual obligations, seek concessions in order to continue
operations, or cease their operations, and any decision by Emaar Malls to challenge a particular
tenant would have to be considered, where appropriate, in light of Emaar Malls general client
relationship with the retail group that owns the tenant in question. Lease modications could be
unfavourable to Emaar Malls as the lessor and could decrease rents or service charges. In addition,
major tenant closures may result in decreased customer trafc which could lead to decreased sales at
other stores. If the sales of stores operating in Emaar Malls properties were to decline signicantly
due to closing of anchor tenants, economic conditions or other reasons, tenants may be unable to pay
their minimum rents or service charges. In the event of default by a tenant or anchor store, Emaar
Malls may experience delays and costs in enforcing its rights as landlord to recover amounts due to it
under the terms of its agreements with those parties, and the business, prospects, results of operations
and nancial condition of Emaar may be adversely affected.
Emaar Hospitalitys protability is dependent on the management of certain of its hotel properties by
independent third-party operators
Emaar Hospitality works with third parties to operate some of its assets. For instance, Southern Sun
Hotels manages the Al Manzil and Qamardeen Hotels in Dubai. Accordingly, Emaar Hospitality does
not have the means to compel any such hotel to be operated in a particular manner or to govern any
particular aspect of its operations. Therefore, even if Emaar Hospitality believes its properties are
being operated inefciently or in a manner that does not result in satisfactory revenues or operating
prots, it will generally not have rights under the management agreements to change the operation of
the properties or how they are operated until the expiry of the term of the agreements. Outside these
circumstances, Emaar Hospitality can only seek redress if an operator breaches the terms of the
management agreements. If Emaar Hospitality were to seek to replace any of its current management
operators, it would likely experience signicant disruptions at the affected properties, which could
19
have a material adverse effect on the business, prospects, results of operations and nancial condition
of Emaar.
Emaars projects could be exposed to catastrophic events over which Emaar has no control
Emaars business operations and development and construction projects could be adversely affected or
disrupted by natural disasters (such as earthquakes, oods, tsunamis, hurricanes, volcanoes, res or
typhoons) or other catastrophic events, including, but not limited to:
* changes to predominant natural weather, hydrologic and climatic patterns, including sea levels;
* major accidents, including chemical and radioactive or other material environmental
contamination; and
*
major epidemics affecting the health of persons in the region and travel into the region.
The occurrence of any of these events at one or more of Emaars development or construction
projects or in any city where Emaar operates may cause disruptions to Emaars operations in part or
in whole. In addition, such an occurrence may increase the costs associated with Emaars
development and construction projects, may subject Emaar to liability or impact its brand and
reputation and may otherwise hinder the normal operation of Emaars facilities, which could have a
material adverse effect on its business, result of operations, cash ows and nancial condition. The
effect of any of these events on Emaars nancial condition and results of operations may be
worsened to the extent that any such event involves risks for which Emaar is uninsured or not fully
insured (see Emaar may not have adequate insurance).
Real estate valuation is inherently subjective and uncertain
Property assets are inherently difcult to value. The judgement of Emaars management as well as the
independent appraisers who perform valuations on Emaars behalf signicantly impact the
determination of the fair value of Emaars properties, particularly with respect to development land
and projects. As a result, valuations, including those contained in this Base Prospectus, are dated as
at a certain (historic) date, are subject to substantial uncertainty and are made on the basis of
assumptions which may not be correct. Furthermore, not all valuations of Emaars assets have been
carried out in compliance with international best practice, such as the Royal Institution of Chartered
Surveyors (RICS) Appraisal and Valuation Standards and by RICS-approved valuers. This increases
the risk of subjectivity and uncertainty with respect to the valuation of the asset in question. In
addition, a key component of determining the fair value of such property is based on the assessment
by management or the independent valuer of real estate market conditions in the city or country
where the project is located. The real estate market is in turn affected by many factors such as
general economic conditions, availability of nancing, interest rates and other factors, including
supply and demand, that are beyond Emaars control and may adversely impact projects after their
most recent valuation date. As a result, any material decline in the real estate markets where Emaar
operates could have a material adverse effect on its business, results of operations, cash ows and
nancial condition.
Real estate investments are illiquid
Because real estate investments in general are relatively illiquid, Emaars ability to promptly sell one
or more of its properties in response to changing political, economic, nancial and investment
conditions is limited. The real estate market is affected by many factors that are beyond Emaars
control (see Real estate valuation is inherently subjective and uncertain above). Emaars
management cannot be certain that it will be able to sell any property for the price or on the terms
set by it, or whether any price or other terms offered by a prospective purchaser would be acceptable
to it. Emaars management also cannot predict the length of time needed to nd a willing purchaser
for Emaars properties and to effect the sale of any property. In addition, to the extent Emaar
requires third party funding, a requirement of any such funding could include Emaar granting a
mortgage over certain property to secure its payment obligations, which could preclude Emaar from
selling such property. There can be no assurance that the sale of any of Emaars development land or
completed properties will be at a price which reects the most recent valuation of the relevant project,
particularly if Emaar was forced to sell properties prior to completion of the relevant development or
in adverse economic conditions. Any of these factors, alone or in combination, could have a material
adverse effect on Emaars real estate portfolio which could in turn have a material adverse effect on
20
Foreign exchange movements may adversely affect Emaars protability
Emaar maintains its accounts and reports its results in UAE dirham which is the currency in which
the majority of its revenues are earned. A signicant part of Emaars costs are incurred in U.S.
dollars and a part of Emaars income and expenses are incurred in other currencies. As a result,
Emaar is exposed to movements in foreign exchange rates. Although there can be no assurance that
foreign currency uctuations may not adversely affect Emaars prots and nancial performance in
the future, Emaars management believes that Emaar is not currently subject to signicant foreign
exchange risk in relation to the U.S. dollar as the UAE dirham is pegged to the U.S. dollar. In
relation to its other currency earnings and expenses, Emaars management believes that its foreign
exchange rate risk is reduced by the fact that where earnings in relation to a particular project are in
a local currency, these are usually substantially matched by the expenses of the project being incurred
in the local currency. Emaar has also implemented systems to monitor currency uctuations and
accordingly execute hedging transactions if required.
As at the date of this Base Prospectus, the UAE dirham remains pegged to the U.S. dollar. However,
there can be no assurance that the UAE government will not de-peg the UAE dirham from the U.S.
dollar in the future, which may have a material adverse effect on Emaars business, results of
Emaar faces competition in its property development, malls and hospitality businesses
Emaar faces competition for the development and leasing of properties from other property
developers in Dubai and internationally. Such competition may affect Emaars ability to sell
development land or completed properties at expected prices, if at all, or, in relation to investment
properties, attract and retain tenants, resulting in lower than expected rents. Emaars competitors may
lower their pricing or rental rates for properties which are comparable to those being sold or leased
by Emaar, which may result in downward pressure on Emaars pricing and rental rates. In addition,
the Government of Dubai could decide to support new entrants or other property development
companies to implement its development strategy, which would further increase competition.
Additionally, as a result of the global economic downturn, consumer demand for real estate
properties has decreased. In response to these adverse market conditions, there is a possibility that
other property developers will merge in order to achieve economies of scale in their businesses. If
consolidation in the Dubai real estate market were to occur, there is a risk that Emaar would have to
operate in a more competitive market place and against larger competitors than it has historically.
Furthermore, given the recent economic downturn and the strategy of investors to diversify their
investments and re-examine the robustness of various real estate markets in the region, Dubai may
see demand for its real estate market decrease in favour of other real estate markets in the region.
These circumstances, either alone or in combination, could have a material adverse effect on Emaars
Emaar believes that it does not currently face any signicant competition in many of those countries
in which it operates as a property developer. In such cases, management believes that Emaar is
typically the only developer offering lifestyle projects of the type offered by it. However, there can be
no assurance that this will remain the case and Emaar expects that it will face competition from
other real estate developers within those countries in the future. This may result in an increase in the
cost of completing projects, an increase in supply of real estate projects and/or a decrease in the
prices of property, which in turn may have a material adverse effect on Emaars business, results of
Emaar also faces competition in respect of its malls and hospitality businesses in Dubai (where its
malls and hospitality businesses are currently operating). There are a number of large malls in Dubai
which compete with Emaars malls for both tenants and customers. Such competition may affect
Emaars ability to attract and retain tenants, resulting in lower than expected rents. Emaars
competitors may also lower their rental rates for retail space within their malls which is comparable
to that being offered by Emaar, which may result in downward pressure on Emaars rental rates.
There are also a number of hospitality venues in Dubai that are comparable to Emaars hospitality
offerings which may affect the ability of Emaar to attract customers and lead to downward pressure
on the prices Emaar is able to charge customers. In the event such competition has the effects
described, there may be a material adverse effect on Emaars business, results of operations, cash
ows and nancial condition.
21
The MENA region in which Emaar primarily operates is characterised by a lack of real estate transparency
According to a real estate transparency survey conducted by Jones Lang LaSalle in 2008, many of
the real estate markets in which Emaar operates are categorised as semi-transparent (Dubai), low-
transparent (Saudi Arabia, Egypt and the other Emirates of the UAE) or opaque (Syria). In addition,
the other markets in which Emaar has operations are also subject to issues relating to transparency of
information. The degree of transparency of a real estate market is determined by reference to a
number of factors, including comparable transactions, accessibility of information relating to
counterparties and land title, reliability of market data, clarity of regulations relating to all matters of
real estate conveyance and access to government agencies to verify information provided by
counterparties in connection with real estate transactions. There can be no assurance that the factors
described above will not result in the discovery at a later date of information or liabilities in
association with Emaars investments that could affect their value, expected purpose or returns on
investment.
The right of Emaar to obtain title to certain parcels of its land is subject to legal complexities and uncertainties
As a result of various issues related to, among other things, the gradual contribution of land by joint
venture partners over time and/or the process of registration of title, Emaar may not in all cases have
title to land on which developments are planned or located. Although Emaar has not to date
experienced a situation where any such title has been the subject of legal proceedings leading to such
loss of title, Emaar is subject to the risk that it may not acquire or be granted title to such land,
and/or that it could be determined to be in violation of applicable law. Any such outcome could have
a material adverse effect on Emaars business, prospects, nancial condition and results of operations.
Emaars relationships with governments and other key partners may change adversely
Most of Emaars land bank in the UAE was granted by the Government of Dubai, which is the
single largest shareholder in Emaar. The land bank has contributed signicantly to Emaars business
and revenue. Outside the UAE, Emaar has sought to enter into strategic partnerships with other
governments and local companies. Any adverse change to the relationship between Emaar and the
Government of Dubai or any of its other strategic partners may affect Emaars existing or future
operations and thereby have a material adverse effect on its business, results of operations, cash ows
Emaar may not have adequate insurance
Although Emaar seeks to ensure that its projects and developed properties are appropriately insured,
no assurance can be given that any existing insurance policies will be renewed on equivalent terms, at
an acceptable cost or at all. In addition, certain types of risks and losses (for example, losses resulting
from terrorism) are not economically insurable or generally insured.
Moreover, Emaar has not taken key person insurance with respect to any members of its senior
management. If an important member of senior management is unable to perform his or her
functions due to extended illness or death, the replacement of such person may take a signicant
amount of time (due to recruitment and the requisite training of an appropriately qualied individual,
who may not be easy to nd). Due to the fact that Emaar does not have key person insurance,
Emaar may not be able to offset (i) the costs of hiring temporary help or recruiting a successor or
(ii) the losses incurred due to being unable to transact business as efciently whilst a successor is
being sought (see Emaars growth and expansion strategy could strain its ability to respond to the
increasing complexities derived from such strategy, including complexities arising in relation to its
operational and managerial resources). The occurrence of an uninsured or uninsurable loss could have
a material adverse effect on Emaars business, results of operations, cash ows and nancial
condition.
Emaar may be liable for certain maintenance costs for its investment properties
Emaar bears the risk of repairing fair wear and tear to its investment properties, together with paying
for the cost of its maintenance. As a result, Emaar must use its own resources to carry out such
work which may necessitate signicant capital expenditure. Failure to carry out such work could
affect the reputation of Emaar and the value and marketability of its investment properties. The
occurrence of any of these factors could have a material adverse effect on Emaars business, results of
22
The regulatory framework governing the Dubai real estate market is not yet fully developed
The regulatory framework governing the Dubai real estate market is not yet fully developed.
However, it is becoming subject to increasing levels of regulation and monitoring, including by
RERA of the Dubai Land Department, which was established in July 2007. RERA is taking
responsibility for the implementation and enforcement of its new regulations in Dubai. However, in
light of their recent implementation, there may be uncertainty surrounding the application of such
new regulations, which in turn may lead to difculties and/or delays in enforcing them.
Emaar cannot predict the contents of any future legislation that is imposed or implemented by
RERA or the Government of Dubai. While many of the real estate laws and regulations recently
implemented and to be implemented in the future in Dubai are intended to improve the real estate
market in Dubai, the effects of the implementation of such laws, including the newly implemented
Law No. (9) of 2009 relating to the termination of off-plan sales is often uncertain and there can be
no assurance that such laws and regulations will not impose more onerous obligations on Emaar or
have a material adverse effect on Emaars business, results of operations, cash ows and nancial
condition.
Infringement of Emaars trademarks and other intellectual property could materially adversely affect its
business
Emaar relies on brand recognition and the goodwill associated with it. Therefore, the name Emaar
and its associated brand and trading names and trademarks are key to Emaars business. Substantial
erosion in the value of the brands on which Emaar relies, whether due to project related issues,
customer complaints, adverse publicity, legal action, third party dealings or other factors, could
materially adversely affect Emaars business, results of operations, cash ows or nancial condition.
Although Emaars management believes that it has taken appropriate steps to protect its trademark
and other intellectual property rights, such steps may be insufcient, and third parties could infringe
or challenge such rights, either of which could materially adversely affect Emaars business, results of
operations, cash ows or nancial condition.
Certain of Emaars businesses are required to maintain and renew numerous licences and permits to operate
their businesses, the violation of which could adversely affect their nancial performance and prospects
Emaars operation of hotels, its nance businesses, shopping malls, leisure facilities and entertainment
venues, requires it to comply with numerous laws and regulations, both at the local and national
level, and require the maintenance and renewal of licences and permits to conduct its businesses in
each of the jurisdictions in which it operates. It is the responsibility of the relevant operating entity
that is undertaking the activity requiring the licence (with the assistance of Emaar and, where
applicable, its joint venture partners) to obtain and maintain such licences. Because of the
complexities involved in procuring and maintaining numerous licences and permits, as well as in
ensuring continued compliance with different and sometimes inconsistent local and national licensing
regimes, Emaar cannot give any assurance that it will at all times be in compliance with all of the
requirements imposed on each of its businesses and properties, although it is not aware of any
material breaches that currently exist. Emaars potential failure to comply with applicable laws and
regulations or to obtain and maintain requisite approvals, certications, permits and licences, whether
intentional or unintentional, could lead to substantial sanctions, including criminal, civil or
administrative penalties, revocation of its licences and/or increased regulatory scrutiny, and liability
for damages. It could also trigger a default under one or more of its nancing agreements or
invalidate or increase the cost of the insurance that Emaar maintains for its businesses (assuming it is
covered for any consequential losses). For the most serious violations, it could also be forced to
suspend operations until it obtains required approvals, certications, permits or licences or otherwise
brings its operations into compliance. In addition, any adverse publicity resulting from any
compliance failure, particularly as regards the safety of Emaars leisure and entertainment venues,
could have a material adverse affect on the nancial performance, prospects and reputation of Emaar.
Emaar may be subject to health and safety and environmental issues
Emaar has adopted safety standards to comply with applicable laws and regulations in the various
countries in which it carries on business. In addition, safety requirements are contractually agreed
with Emaars contractors. If Emaar and/or its contractors fail to comply with the relevant standards,
either or both may be liable for penalties and the business and/or reputation of Emaar might be
materially and adversely affected.
23
In addition, Emaar seeks to ensure it and its contractors comply with all applicable environmental
laws in the various countries in which they carry out business. Whilst Emaar has no reason to believe
that it is not in compliance with all applicable environmental laws, there can be no assurance that
Emaar will not be subject to potential environmental liability. If an environmental liability arises in
relation to any project owned or developed by Emaar and it is not remedied, is not capable of being
remedied, or is required to be remedied at the cost of Emaar, this may have a material adverse effect
on the relevant project and on Emaars business, results of operations, cash ows and nancial
condition (either because of the cost implications for Emaar or because of disruption to services
provided at the relevant project or property). Moreover, it may result in a reduction of the value of
the relevant project or property or affect the ability of Emaar to dispose of such project or property.
Amendments to existing laws and regulations relating to safety standards and the environment may
impose more onerous requirements on Emaar. Emaars compliance with such laws or regulations may
necessitate further capital expenditure or subject Emaar to other obligations or liabilities, which could
have a material adverse effect on Emaars business, results of operations, cash ows and nancial
condition.
Risks relating to the emerging markets
Investments in emerging markets are subject to greater risks than more developed markets, including
signicant political, social and economic risks
Almost all of Emaars operations are conducted, and most of its assets are, as at the date of this
Base Prospectus, located in emerging markets. Whilst most of the countries in which Emaar is
carrying on business have historically not been affected by political instability, there is no assurance
that any political, social, economic and market conditions affecting such countries and the MENASA
region generally would not have a material adverse impact on Emaars business, results of operations,
Specic risks in these countries and the MENASA region that may have a material impact on
Emaars business, results of operations, cash ows and nancial condition include:
*
an increase in ination and the cost of living;
*
external acts of warfare and civil clashes or other hostilities involving nations in the region;
* government actions or interventions, including tariffs, protectionism and subsidies;
*
difculties and delays in obtaining new permits and consents for Emaars operations or renewing
existing ones;
*
potential lack of transparency as to title to real property in certain jurisdictions where Emaar
operates;
* cancellation of contractual rights;
*
lack of infrastructure;
*
expropriation of assets;
* inability to repatriate prots and/or dividends;
* regional political instability, including government or military regime change, riots or other
forms of civil disturbance or violence;
*
a material curtailment of the industrial and economic infrastructure development that is
currently underway across the MENA region;
* increased government regulations, or adverse governmental activities, with respect to price,
import and export controls, the environment, customs and immigration, capital transfers, foreign
exchange and currency controls, labour policies, land and water use and foreign ownership;
*
changing tax regimes, including the imposition of taxes in currently tax-free jurisdictions such as
the UAE;
*
arbitrary, inconsistent or unlawful government action, including capricious application of tax
laws and selective tax audits;
* limited availability of capital or debt; and
*
slowing regional and global economic environment.
24
Any unexpected changes in the political, social, economic or other conditions in the countries in
which Emaar operates or neighbouring countries may have a material adverse effect on Emaars
It is not possible to predict the occurrence of events or circumstances such as or similar to those
outlined above or the impact of such occurrences and no assurance can be given that Emaar would
be able to sustain its current prot levels if such events or circumstances were to occur.
Investors should also be aware that emerging markets are subject to greater risks than more
developed markets, including in some cases signicant legal, economic and political risks. Accordingly,
investors should exercise particular care in evaluating the risks involved and must decide for
themselves whether, in light of those risks, their investment is appropriate. Generally, investment in
developing markets is only suitable for sophisticated investors who fully appreciate the signicance of
the risks involved.
For example, Emaar has operations in Syria, which is a country that the US Department of
Treasurys Ofce of Foreign Assets Control has targeted for economic and trade sanctions. Should
Syria be the subject of further sanctions by the international community, this may lead to a
deterioration in the countrys economic environment, which may in turn affect the protability of
Emaars operations in that country.
Emaar also has operations in Pakistan, which has in recent times been affected by terrorist activities.
To the extent further terrorist acts are carried out, in particular in the cities where Emaar has its
developments, this may adversely affect demand for its property in those areas, which may in turn
have an adverse effect on its business, results of operations, cash ows and nancial condition.
Legal and regulatory systems may create an uncertain environment for investment and business activities
As the majority of the countries in which Emaar currently operates are emerging markets, they are in
various stages of developing institutions and legal and regulatory systems that are not yet as rmly
established as they are in Western Europe and the United States. Some of these countries are also in
the process of transitioning to a market economy and, as a result, are experiencing changes in their
economies and their government policies (including, without limitation, policies relating to foreign
ownership, repatriation of prots, property and contractual rights and planning and permit granting
regimes) that may affect Emaars business in those countries.
The procedural safeguards of the legal and regulatory regimes in these countries are still developing
and, therefore, existing laws and regulations may be applied inconsistently. Often fundamental
contract, property and corporate laws and regulatory regimes have only recently become effective,
which may result in ambiguities, inconsistencies and anomalies in their interpretation and
enforcement. In addition, legislators may often contemplate implementing regulations that have not
yet been promulgated, leaving substantial gaps in the regulatory infrastructure. All of these
weaknesses could affect Emaars ability to enforce its rights under its contracts or to defend itself
against claims by others.
Any of the above factors, alone or in combination, may have a material adverse effect on Emaars
Risks arising from unlawful or arbitrary governmental action
Governmental authorities in many of the countries in which Emaar operates may have a high degree
of discretion and, at times, act selectively or arbitrarily, without hearing or prior notice, and
sometimes in a manner that is contrary to law or inuenced by political or commercial
considerations. Such governmental action could include, amongst other things, the withdrawal of
building permits; the expropriation of property without adequate compensation; or the forcing of
business equitisations, combinations or sales. Any such action taken could have an adverse effect on
Statistical information
The statistical information in this Base Prospectus has been derived from a number of different
identied sources. Certain information (including real GDP data) is only available on a federal basis
relating to the entire UAE and investors should note Dubais own position may differ in material
respects from the position at an overall federal level. All statistical information provided in this Base
Prospectus may differ from that produced by other sources for a variety of reasons, including the use
of different denitions and cut-off times. The International Monetary Fund, in its 2006 Article IV
Consultation on the UAE, identied a number of weaknesses in the statistical information prepared
25
in relation to the UAE including with respect to data quality, coverage, regularity, timeliness and
inter-sectoral consistency which will have impacted the statistical data included in this document.
There is therefore no assurance that the economic and statistical data presented on the UAE and
Dubai in the section Overview of the United Arab Emirates is accurate.
Recent UAE visa legislation may have an adverse effect on Emaars business
A decree issued by the Minister of the Interior on 2 May 2009, which came into effect on 1 June
2009, has attempted to standardise terms of residence visas issued to expatriate property owners
across the UAE. The decree allows expatriate property owners to apply for renewable multiple-entry
visas with a validity of six months. The residence visa does not permit the holder to work but only
to reside in the UAE. In order to successfully apply for the new visa, the expatriate property owners
must full certain criteria, including earning thresholds and the maintenance of appropriate insurance.
Whilst the decree has been passed with the intention of standardising the previous rules and
stimulating the domestic real estate market, it is not possible to assess whether the effect of the new
decree will have a positive or negative effect on investment in UAE property. If the new visa law
discourages property investment in the UAE, it may have a material adverse effect on Emaars
business, results of operations, nancial condition and prospects.
The UAE may introduce VAT
Although the UAE does not currently impose value added tax (VAT) on the sale of goods or
services, there is a possibility that this situation will not continue to be the case. On 2 June 2008, the
Director General of Dubai Customs announced that his department had been studying the possibility
of introducing a VAT system across the UAE and that draft laws had been submitted to the federal
authorities. Although the Director General has stated that UAE customs duties would be cancelled
upon the introduction of any new VAT system, the federal authorities have not yet provided any
details of the VAT system or conrmed a possible date of introduction. Accordingly, it is difcult to
assess the effect of a new VAT system on the business, results of operations, cash ows and nancial
condition of Emaar, however investors should be aware that the effects could have an adverse impact
The UAE may introduce corporation tax
Emaar is not currently subject to corporation tax on its earnings within the UAE, although there is
no guarantee that this will continue to be the case. If the UAE authorities or other authorities in the
jurisdictions in which Emaar operates impose new tax regimes on Emaar, this may have a material
adverse effect on Emaars business, results of operations, cash ows and nancial condition. In
addition, any imposition of a tax on earnings would reduce the amount of funds which would
ordinarily be distributed to Emaars shareholders through dividends.
International sanction considerations
European, U.S. and other international sanctions have in the past been imposed on companies
engaging in certain types of transactions with specied countries or companies or individuals in those
countries. Enterprises operating in certain countries in the Middle East and Africa have been subject
to such sanctions in the past. The terms of legislation and other rules and regulations which establish
sanctions regimes are often broad in scope and difcult to interpret. If Emaar were in the future to
violate existing European, U.S. or international sanctions, penalties could include a prohibition or
limitation on Emaars ability to conduct business in certain jurisdictions or to access the U.S. or
international capital markets. Any such sanction could have a material adverse effect on Emaars
Risk factors relating to the Trust Certicates
Absence of secondary market/limited liquidity
There is no assurance that a market for the Trust Certicates of any Series will develop or, if it does
develop, that it will continue for the life of such Trust Certicates. Accordingly, a Certicateholder
may not be able to nd a buyer to buy its Trust Certicates readily or at prices that will enable the
Certicateholder to realise a desired yield. The market value of the Trust Certicates may uctuate
and a lack of liquidity, in particular, can have a severe adverse effect on the market value of the
Trust Certicates. Accordingly, the purchase of the Trust Certicates is suitable only for investors
who can bear the risks associated with a lack of liquidity in the Trust Certicates and the nancial
and other risks associated with an investment in the Trust Certicates.
26
The Trust Certicates are limited recourse obligations
Recourse to Emaar Sukuk Limited in respect of each Series of Trust Certicates is limited to the
Trust Assets of that Series and proceeds of such Trust Assets are the sole source of payments on the
relevant Trust Certicates. Upon occurrence of a Dissolution Event or early dissolution pursuant to
Conditions 11.2 or 11.3, the sole rights of each of the Issuer, the Trustee, the Delegate and the
Certicateholders of the relevant Series of Trust Certicates will be against the Issuer and Emaar to
perform their respective obligations under the Transaction Documents. Certicateholders will
otherwise have no recourse to any assets of the Trustee, the Delegate, Emaar, the relevant Dealer, the
Issuer, the Principal Paying Agent or any afliate of any of the foregoing entities in respect of any
shortfall in the expected amounts due under the relevant Trust Assets. Certicateholders will also not
be able to petition for, or join any other person in instituting proceedings for, the reorganisation,
liquidation, winding up or receivership of Emaar (in respect of its obligations under the Transaction
Documents to the extent that it fulls all such obligations), or Emaar Sukuk Limited or any of their
afliates as a consequence of such shortfall or otherwise. Emaar is obliged to make certain payments
under the Transaction Documents directly to the Issuer, and the Trustee and the Delegate will have
direct recourse against Emaar to recover payments due to the Issuer from Emaar pursuant to the
Transaction Documents. There can be no assurance that the net proceeds of the realisation of, or
enforcement with respect to, the Trust Assets will be sufcient to make all payments due in respect of
the Trust Certicates of the relevant Series. After enforcing or realising the relevant Trust Assets and
distributing the net proceeds of such Trust Assets in accordance with Condition 5.2, the obligations
of the Issuer and the Trustee in respect of the Trust Certicates of the relevant Series shall be
satised and no Certicateholder may take any further steps against the Issuer or the Trustee to
recover any further sums in respect of such Trust Certicates and the right to receive any such sums
unpaid shall be extinguished. Furthermore, under no circumstances shall any Certicateholder, the
Trustee or the Delegate have any right to cause the sale or other disposition of any of the Trust
Assets except pursuant to the Transaction Documents and the sole right of the Trustee, the Delegate
and the Certicateholders against Emaar shall be to enforce the obligation of Emaar to perform its
obligations under the Transaction Documents.
The Trust Certicates may be subject to early redemption
In the event that the amount payable on the Trust Certicates is required to be increased to include
additional amounts in certain circumstances and/or Emaar is required to pay additional amounts
pursuant to certain Transaction Documents, in each case as a result of certain changes affecting
taxation in the UAE or the Cayman Islands as the case may be, or in each case any political
subdivision or any authority thereof or therein having power to tax, the Issuer may redeem all but
not some only of the Trust Certicates upon giving notice in accordance with the Terms and
Conditions of the Trust Certicates.
Risk factors relating to taxation
Taxation risks on payments
Payments made by Emaar to the Issuer under the Transaction Documents or by the Issuer in respect
of the Trust Certicates could become subject to taxation. The Transaction Documents require Emaar
to pay additional amounts in the event that any withholding or deduction is required by UAE law to
be made in respect of payments made by it to the Issuer which are intended to fund Periodic
Distribution Amounts and Dissolution Amounts. Condition 13 provides that the Issuer is required to
pay additional amounts in respect of any such withholdings or deductions imposed by the Cayman
Islands or the United Arab Emirates in certain circumstances. In the event that the Issuer fails to
gross-up for any such withholding or deduction on payments due in respect of the Trust Certicates
to Certicateholders, Emaar has, pursuant to the Master Trust Deed, unconditionally and irrevocably
undertaken (irrespective of the payment of any fee), as a continuing obligation, to pay to the Issuer
(for the benet of the Certicateholders) an amount equal to the liabilities of the Issuer in respect of
any and all additional amounts required to be paid in respect of the Trust Certicates pursuant to
Condition 13 in respect of any withholding or deduction in respect of any tax as set out in that
Condition.
EU Savings Directive
Under EC Council Directive 2003/48/EC on the taxation of savings income (the Directive), Member
States are required to provide to the tax authorities of another Member State details of certain
payments paid by a person within its jurisdiction to an individual resident in that other Member
27
State or to certain limited types of entities established in that other Member State. However, for a
transitional period, Luxembourg and Austria are instead required (unless during that period they elect
otherwise) to operate a withholding system in relation to such payments (the ending of such
transitional period being dependent upon the conclusion of certain other agreements relating to
information exchange with certain other countries). A number of non-EU countries and territories
including Switzerland have adopted similar measures (a withholding system in the case of
Switzerland).
On 15 September 2008 the European Commission issued a report to the Council of the European
Union on the operation of the Directive, which included the Commissions advice on the need for
changes to the Directive. On 13 November 2008 the European Commission published a more detailed
proposal for amendments to the Directive, which included a number of suggested changes. The
European Parliament approved an amended version of this proposal on 24 April 2009. If any of
those proposed changes are made in relation to the Directive, they may amend or broaden the scope
of the requirements described above.
If a payment were to be made or collected through a Member State which has opted for a
withholding system and an amount of, or in respect of tax were to be withheld from that payment,
neither the Issuer nor any Paying Agent nor any other person would be obliged to pay additional
amounts with respect to any Trust Certicate as a result of the imposition of such withholding tax.
The Issuer is required to maintain a Paying Agent in a Member State that is not obliged to withhold
or deduct tax pursuant to the Directive.
Risk factors relating to enforcement
UAE bankruptcy law
In the event of Emaars insolvency, UAE bankruptcy law may adversely affect Emaars ability to
perform its obligations under the Transaction Documents to which it is a party and, consequently,
the Issuers ability to make payments to Certicateholders. There is little precedent to predict how a
claim on behalf of Certicateholders against Emaar upon its insolvency would be resolved.
Change of law
The structure of the issue of the Trust Certicates under the Programme is based on English law,
Dubai law and, to the extent applicable in Dubai, UAE federal law, and administrative practices in
these jurisdictions in effect as at the date of this Base Prospectus. No assurance can be given as to
the impact of any possible change to English law, Dubai law, UAE federal law or any such
administrative practices after the date of this Base Prospectus, nor can any assurance be given as to
whether any such change could adversely affect the ability of the Issuer to make payments under any
Trust Certicates or of the Issuer and Emaar to comply with their respective obligations under the
Transaction Documents.
Enforcement risk
Ultimately the payments under the Trust Certicates are dependent upon Emaar making payments in
the manner contemplated under the Transaction Documents. If Emaar fails to do so, it may be
necessary for an investor to bring an action against Emaar to enforce its obligations and/or to claim
damages, as appropriate, which could be both time consuming and costly.
Emaar has irrevocably agreed to certain of the Transaction Documents being governed by English
law and, where this is the case, that any dispute arising from such Transaction Documents may be
referred to arbitration in London under the rules of arbitration of The London Court of
International Arbitration.
The 1958 New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards
entered into force in the UAE on 19 November, 2006. Any arbitration award rendered in London
should therefore be enforceable in the UAE in accordance with the terms of the New York
Convention. Under the New York Convention, the UAE has an obligation to recognise and enforce
foreign arbitration awards, unless the party opposing enforcement can prove one of the grounds
under Article V of the New York Convention to refuse enforcement, or the UAE courts nd that the
subject matter of the dispute is not capable of settlement by arbitration or enforcement would be
contrary to the public policy of the UAE. Although there is precedent for a foreign arbitral award
being enforced by the UAE courts under the New York Convention, how the UAE courts will
interpret and apply the New York Convention remains uncertain.
28
Under such Transaction Documents, any dispute may also be referred to the courts in England (who
shall have exclusive jurisdiction to settle any dispute arising from such Transaction Documents).
Where an English judgment has been obtained, there is no assurance that Emaar has or would at the
relevant time have assets in the United Kingdom against which such a judgment could be enforced.
Emaar is a UAE Company and is incorporated in and has the majority of its assets located in the
UAE. Under current UAE federal law, the courts in the UAE are unlikely to enforce an English
judgment without re-examining the merits of the claim and may not observe the choice by the parties
of English law as the governing law of such Transaction Documents. In addition, even if English law
is accepted as the governing law, this will only be applied to the extent that it is compatible with the
laws of Dubai, the UAE and public policy. This may mean that the Dubai courts may seek to
interpret English law governed documents as if governed by UAE law and there can therefore be no
certainty that in those circumstances the Dubai courts would give effect to such documents in the
same manner as the parties may intend.
However, in the event that enforcement is sought for a judgment obtained pursuant to an English law
governed document or an action is brought under an English law governed document in the UAE
and the UAE court does not agree to enforce the judgment and/or give effect to the choice of law, it
is likely that the UAE court would review the transaction as a whole and seek to uphold the
intention of the parties to treat the arrangements between the parties as a nancing transaction on
the terms agreed (subject to any third party interests that may exist).
As the UAE judicial system is based on a civil code, judicial precedents in the UAE have no binding
effect on subsequent decisions. In addition, there is no formal system of reporting court decisions in
the UAE. These factors create greater judicial uncertainty.
Claims for specic enforcement
In the event that Emaar fails to perform its obligations under any Transaction Document, the
potential remedies available to the Trustee and the Delegate include obtaining an order for specic
enforcement of the relevant obligations or a claim for damages. There is no assurance that a court
will provide an order for specic enforcement which is a discretionary matter.
The amount of damages which a court may award in respect of a breach will depend upon a number
of possible factors including an obligation on the Trustee and the Delegate to mitigate any loss
arising as a result of the breach. No assurance is provided on the level of damages which a court
may award in the event of a failure by Emaar to perform its obligations as set out in the Transaction
Documents.
Additional risks
Credit ratings may not reect all risks
One or more independent credit rating agencies may assign credit ratings to the Trust Certicates.
The ratings may not reect the potential impact of all risks related to the transaction structure, the
market, the additional factors discussed above or any other factors that may affect the value of the
Trust Certicates. A credit rating is not a recommendation to buy, sell or hold securities and may be
revised or withdrawn by the rating agency at any time.
Suitability of investments
The Trust Certicates may not be a suitable investment for all investors. Each potential investor in
Trust Certicates must determine the suitability of that investment in light of its own circumstances.
In particular, each potential investor should:
(a) have sufcient knowledge and experience to make a meaningful evaluation of the Trust
Certicates, the merits and risks of investing in the Trust Certicates and the information
contained in this Base Prospectus;
(b) have access to, and knowledge of, appropriate analytical tools to evaluate, in the context of its
particular nancial situation, an investment in the Trust Certicates and the impact the Trust
Certicates will have on its overall investment portfolio;
(c) have sufcient nancial resources and liquidity to bear all of the risks of an investment in the
Trust Certicates, including where the currency of payment is different from the potential
investors currency;
(d) understand thoroughly the terms of the Trust Certicates and be familiar with the behaviour of
any relevant indices and nancial markets; and
29
(e) be able to evaluate (either alone or with the help of a nancial adviser) possible scenarios for
economic and other factors that may affect its investment and its ability to bear the applicable
risks.
Emerging Markets
Investors in emerging markets should be aware that these markets are subject to greater risks than
more developed markets, including, in some cases, signicant legal, economic and political risks.
Accordingly, investors should exercise particular care in evaluating the risks involved and must decide
for themselves whether, in light of those risks, their investment is appropriate. Generally, investment
in emerging markets is only suitable for sophisticated investors who fully appreciate the signicance
of the risk involved.
Total Loss Event
As owner of the Lease Assets relating to each Series, Emaar Sukuk Limited is required, among other
things, to insure the Relevant Lease Assets if Condition 11.4 is specied in the applicable Final Terms
as being applicable. In accordance with Sharia principles, Emaar Sukuk Limited has delegated this
obligation to Emaar, as its servicing agent, which has undertaken in the Servicing Agency Agreement,
inter alia, to insure the Relevant Lease Assets in these circumstances in the name of Emaar Sukuk
Limited against the occurrence of a Total Loss Event for their full reinstatement value (and to
ensure, in relation to each relevant Series, that such amount is not at any time less than the aggregate
face amount of Trust Certicates of such Series then outstanding). A Total Loss Event is dened as
the total loss or destruction of, or damage to the whole of, the Relevant Lease Assets or any event
or occurrence that renders the whole of the Relevant Lease Assets permanently unt for any
economic use and (but only after taking into consideration any insurances or other indemnity granted
by any third party in respect of the Relevant Lease Assets) the repair or remedial work in respect
thereof is wholly uneconomical.
Nevertheless, should such an event occur the relevant Lease will terminate and the Trust Certicates
of the relevant Series will be repaid using the proceeds of the insurance received by Emaar Sukuk
Limited. In this scenario, potential investors should be aware that: (i) rental under the Lease will
cease upon the occurrence of a Total Loss Event as that Lease will have terminated and accordingly
the Periodic Distribution Amount received by the Certicateholders of the relevant Series will reect
this fact and (ii) there may be a delay in Emaar Sukuk Limited receiving the proceeds of insurance
and therefore in the relevant Certicateholders receiving a Dissolution Amount in respect of their
Trust Certicates and no additional Periodic Distribution Amount will be paid in respect of this
delay. In this regard, the Servicing Agency Agreement provides that if the insurance proceeds for an
amount equal to the full reinstatement value are not paid into the Transaction Account within 30
days of the occurrence of the Total Loss Event, Emaar, as Servicing Agent, shall have failed in its
responsibility to properly insure the Relevant Lease Assets and accordingly (unless it proves beyond
any doubt that any shortfall in the insurance proceeds is not attributable to its negligence or its
failure to comply with the terms of the Servicing Agency Agreement relating to insurance) Emaar
shall be responsible for paying any shortfall. The Delegate will be entitled to enforce this undertaking
against Emaar on behalf of the Certicateholders of the relevant Series.
Consents to variation of Transaction Documents and other matters
The Master Trust Deed contains provisions permitting the Delegate from time to time and at any
time without any consent or sanction of the Certicateholders to make any modication to the
Master Trust Deed if, in the opinion of the Delegate, such modication (a) is of a formal, minor or
technical nature, or (b) is made to correct a manifest or proven (to the satisfaction of the Delegate)
error, or (c) is not materially prejudicial to the interest of Certicateholders. Unless the Delegate
otherwise decides, any such modication shall as soon as practicable thereafter be notied to the
Certicateholders and shall in any event be binding upon the Certicateholders.
Reliance on Euroclear and Clearstream, Luxembourg procedures
The Trust Certicates of each Series will be represented on issue by a Global Certicate that will be
deposited with a common depositary for Euroclear and Clearstream, Luxembourg. Except in the
circumstances described in each Global Certicate, investors will not be entitled to receive Trust
Certicates in denitive form. Euroclear and Clearstream, Luxembourg and their respective direct and
indirect participants will maintain records of the benecial interests in the Global Certicates. While
the Trust Certicates of any Series are represented by a Global Certicate, investors will be able to
30
trade their benecial interests only through Euroclear and Clearstream, Luxembourg and their
respective participants.
While the Trust Certicates of any Series are represented by a Global Certicate, the Issuer will
discharge its payment obligation under the relevant Trust Certicates by making payments through
the relevant clearing systems. A holder of a benecial interest in a Global Certicate must rely on the
procedures of the relevant clearing system and its participants to receive payments under the relevant
Trust Certicates. The Issuer has no responsibility or liability for the records relating to, or payments
made in respect of, benecial interests in any Global Certicate.
Holders of benecial interests in a Global Certicate will not have a direct right to vote in respect of
the relevant Trust Certicates. Instead, such holders will be permitted to act only to the extent that
they are enabled by the relevant clearing system and its participants to appoint appropriate proxies.
Trust Certicates subject to early dissolution by the Issuer
An early dissolution feature of any Trust Certicate is likely to limit its market value. During any
period when the Issuer may elect to dissolve Trust Certicates, the market value of those Trust
Certicates generally will not rise substantially above the dissolution amount payable. This also may
be true prior to any dissolution period.
Sharia Rules
HSBC Amanah Central Shariah Committee and the Sharia advisory board of Standard Chartered
Bank have conrmed that the Transaction Documents are Sharia compliant. However, there can be
no assurance that the Transaction Documents or any issue and trading of a Series of Trust
Certicates will be deemed to be Sharia compliant by any other Sharia board or Sharia scholars.
None of the Issuer, Emaar or the Dealers makes any representation as to the Sharia compliance of
any Series of Trust Certicates and potential investors are reminded that, as with any Sharia views,
differences in opinion are possible. Potential investors should obtain their own independent Sharia
advice as to the compliance of the Transaction Documents and the issue and trading of a Series of
Trust Certicates with Sharia principles.
31
STRUCTURE DIAGRAM AND CASHFLOWS
Set out below is a simplied structure diagram and description of the principal cash ows underlying
each Series of Trust Certicates issued. Potential investors are referred to the terms and conditions of
the Trust Certicates and the detailed descriptions of the relevant Transaction Documents set out
elsewhere in this document for a fuller description of certain cash ows and for an explanation of the
meaning of certain capitalised terms used below.
Structure Diagram
Cashows
Payments by the Certicateholders and the Issuer
On the Issue Date of each Series of Trust Certicates, the relevant Certicateholders will pay the
issue price in respect thereof to Emaar Sukuk Limited and Emaar Sukuk Limited will pay an
equivalent amount to Emaar as the purchase price payable under the relevant Supplemental Purchase
Agreement for the Relevant Lease Assets.
Periodic Payments by the Issuer
Prior to each Periodic Distribution Date, the Lessee will pay to Emaar Sukuk Limited an amount
reecting the rental due in respect of the Relevant Lease Assets, which is intended to be sufcient to
fund the Periodic Distribution Amounts payable by the Issuer under the Trust Certicates and shall
be applied by the Issuer for that purpose.
Dissolution Payments
On the Maturity Date, Emaar Sukuk Limited will have the right under the Purchase Undertaking to
require the Obligor to purchase all of its rights, benets and entitlements in and to the Relevant
32
Lease Assets and the exercise price payable by the Obligor to the Issuer is intended to fund the
Dissolution Amount payable by the Issuer under the Trust Certicates.
The Trust may be dissolved prior to the Maturity Date for a range of reasons including (i) default or
the imposition of Taxes or (ii) in certain cases where so specied in the applicable Final Terms, at
the option of the Issuer. In any such case the Dissolution Amount will be funded by requiring the
Obligor to purchase the Relevant Lease Assets and pay the relevant exercise price to or to the order
of Emaar Sukuk Limited (pursuant to the terms of the Purchase Undertaking or the Sale
Undertaking, as the case may be).
33
GENERAL DESCRIPTION OF THE PROGRAMME
The following is an overview of the principal features of the Programme. This overview does not contain
all of the information that an investor should consider before investing in Trust Certicates and is
qualied in its entirety by the remainder of this Base Prospectus and the applicable Final Terms. Each
investor should read the entire Base Prospectus and the applicable Final Terms carefully, especially the
risks of investing in the Trust Certicates issued under the Programme discussed under Risk Factors.
Words and expressions dened in Form of the Trust Certicates and Terms and Conditions of the
Trust Certicates shall have the same meanings in this general description. In particular, the
expressions Trust Deed, Lease Agreement and Purchase Agreement mean, in relation to each
Series, the Master Trust Deed when read together with the relevant Supplemental Trust Deed, the
Master Lease Agreement when read together with the relevant Supplemental Lease Agreement and
the Master Purchase Agreement when read together with the relevant Supplemental Purchase
Agreement, respectively.
The Programme provides a facility for the issuance of Trust Certicates in Series. The terms and
conditions governing each Series of Trust Certicates will be the Terms and Conditions of the Trust
Certicates as described herein, as modied or supplemented by the applicable Final Terms. The
following is an overview of the principal features of the Trust Certicates.
On the occasion of each issuance of Trust Certicates, the Issuer will receive contributions from the
Certicateholders representing the proceeds of the Trust Certicates in the amount specied in the
relevant Supplemental Trust Deed.
In relation to each Series of Trust Certicates, Emaar Sukuk Limited (in its capacity as Trustee and
as Purchaser) will enter into a Supplemental Purchase Agreement with Emaar (in its capacity as
Seller). Pursuant to the Supplemental Purchase Agreement, the Seller will sell the Relevant Lease
Assets to the Purchaser. The purchase price of the Relevant Lease Assets will be an equivalent
amount to the proceeds of the issue of such Series of Trust Certicates. Emaar Sukuk Limited (in its
capacity as Trustee and as Lessor) will lease the Relevant Lease Assets to Emaar (in its capacity as
Lessee).
The relevant Lease will commence on the Issue Date of the relevant Series of Trust Certicates and
will end on (a) the later of the Maturity Date and the date on which the relevant Series of Trust
Certicates is redeemed in full or (b) in the event that the relevant Series of the Trust Certicates is
redeemed in full prior to its Maturity Date, on the date of such redemption. Under the Servicing
Agency Agreement, Emaar Sukuk Limited (in its capacity as Lessor) has appointed Emaar as
servicing agent in respect of the Lease Assets, with responsibility for insuring the Lease Assets, paying
proprietorship taxes and performing major maintenance and structural repair.
The Obligor has agreed to purchase all of the rights, benets and entitlements of Emaar Sukuk
Limited in and to the Relevant Lease Assets on the relevant Maturity Date or, as the case may be,
on the relevant Dissolution Date pursuant to an amended and restated purchase undertaking dated
on or about 18 January 2011 executed as a deed by the Obligor (the Purchase Undertaking), to be
supplemented, at the time of each such purchase, by a sale agreement (each a Sale Agreement)
substantially in the form annexed to the Purchase Undertaking and containing the specic terms
applicable to the relevant purchase. In addition, in any case where the Issuer is entitled to require the
redemption of the Trust Certicates of any Series, the Obligor has the right to purchase the Trustees
rights, benets and entitlements in and to the Relevant Lease Assets on the relevant Distribution
Date pursuant to an amended and restated sale undertaking dated on or about 18 January 2011
executed as a deed by Emaar Sukuk Limited (the Sale Undertaking), to be supplemented, at the time
of each such purchase, by a sale agreement (each a Sale Agreement) substantially in the form annexed
to the Sale Undertaking and containing the specic terms applicable to the relevant purchase. The
exercise price (the Exercise Price) payable by the Obligor pursuant to each Sale Agreement will be an
amount equal to (a) the Aggregate Face Amount (as specied in the applicable Final Terms) then
outstanding of the relevant Series of Trust Certicates, (b) all accrued but unpaid Periodic
Distribution Amounts if any on such date (including any additional amounts payable pursuant to
Condition 11), (c) an amount equal to any Servicing Agency Expenses in respect of which an
appropriate Lease rental payment has not been made in accordance with the Lease Agreement, and
(d) any other amounts payable on redemption of the relevant Series of Trust Certicates as specied
in the applicable Final Terms. The Trustee will distribute the proceeds of sale of the Issuers rights,
benets and entitlements in and to the Relevant Lease Assets to Certicateholders of the relevant
34
Series in the manner provided in the Conditions or as otherwise specied in the applicable Final
Terms.
In relation to each Series of Trust Certicates, the Trustee has granted Emaar the right to require the
Trustee to sell any or all of the Relevant Lease Assets (the Substituted Assets) to it in exchange for
new assets (the New Assets) of a value which is equal to or greater than the value of such Substituted
Assets. Such right has been granted by the Trustee to Emaar pursuant to an amended and restated
substitution undertaking dated on or about 18 January 2011 executed as a deed by the Trustee (the
Substitution Undertaking), to be supplemented at the time of each such substitution by a sale
agreement (each a Sale Agreement) substantially in the form annexed to the Substitution Undertaking
and containing the specic terms applicable to the relevant substitution. The substitution of the
Substituted Assets with the New Assets will become effective on the Substitution Date (as specied in
the Substitution Notice to be delivered by the Lessee in accordance with the Substitution
Undertaking) by the Trustee and the Lessee entering into a Sale Agreement and the relevant Lease
Agreement shall be amended in the manner provided in the Substitution Notice. Each Sale Agreement
will (i) effect the transfer of rights in the Substituted Assets from the Trustee to the Lessee and (ii)
effect the transfer of the rights in the New Assets from the Lessee to the Trustee and the Substitution
Notice will provide that the New Assets and any Relevant Lease Assets not replaced will be leased to
Emaar under the relevant Lease Agreement.
Pursuant to the Trust Deed the Issuer (acting in its capacity as Trustee) will declare a trust (a Trust)
over all of its rights, title, interest and benet in, to and under the Relevant Lease Assets and over all
of its rights, title, interest and benet, present and future, in, to and under each of the Transaction
Documents (other than in relation to any representations given to Emaar Sukuk Limited by Emaar
pursuant to any of the Transaction Documents) and any amounts standing to the credit of the
Transaction Account for the relevant Series of Trust Certicates, subject to the terms of the relevant
Supplemental Trust Deed.
The Issuer will act as trustee in respect of the Trust Assets for the benet of Certicateholders of
each Series in accordance with the Trust Deed and the Conditions. Under the Master Trust Deed, the
Issuer will, with effect from and including the date of the Master Trust Deed and save in certain
limited respects only, unconditionally and irrevocably delegate certain of the present and future
duties, powers, trusts, authorities and discretions vested in the Trustee under the Trust Deed to the
Delegate.
Following the distribution of the relevant Trust Assets to the Certicateholders of any Series in
accordance with the Conditions and the Trust Deed, the Trustee shall not be liable for any further
sums, and accordingly those Certicateholders may not take any action against the Trustee or any
other person to recover any such sum in respect of the relevant Trust Certicates or the relevant
Trust Assets.
The Trustee shall not be bound in any circumstances to take any action to enforce or to realise such
Trust Assets or take any action against Emaar under any Transaction Documents unless directed or
requested to do so by the relevant Certicateholders in accordance with the Conditions, and then
only to the extent indemnied and/or secured and/or prefunded to its satisfaction.
No Certicateholder shall be entitled to proceed directly against Emaar unless (i) the Trustee, having
become so bound to proceed, fails to do so within 30 days of becoming so bound and such failure is
continuing and (ii) the relevant Certicateholder (together with the other Certicateholders of the
same Series who propose to proceed directly against Emaar) holds at least 20 per cent. of the
aggregate face amount of the relevant Series of Trust Certicates then outstanding.
The foregoing is subject to the following: in relation to each Series after enforcing or realising the
Trust Assets and distributing the net proceeds of the Trust Assets in accordance with Condition 5.2,
the obligations of the Trustee in respect of the Trust Certicates shall be satised and no
Certicateholder may take any further steps against the Trustee to recover any further sums in
respect of the Trust Certicates and the right to receive any such sums unpaid shall be extinguished.
Under no circumstances shall the Trustee or any Certicateholder have any right to cause the sale or
other disposition of any of the Trust Assets except pursuant to the Transaction Documents, and the
sole right of the Trustee and the Certicateholders against Emaar shall be to enforce the obligation of
Emaar to pay the Dissolution Amount and amounts due under the Transaction Documents.
Certicateholders, by subscribing for or acquiring Trust Certicates, acknowledge that no recourse may
be had for the payment of any amount owing in respect of any Trust Certicates against the Trustee,
the Issuer or the Delegate, in any circumstances whatsoever, to the extent the relevant Trust Assets have
35
been exhausted, following which all obligations of the Trustee, the Issuer and the Delegate shall be
extinguished.
Certicateholders should note that the Trustee and the Delegate will have recourse to Emaar (pursuant
to the terms of the Transaction Documents) and the ability of the Issuer to pay the amounts due in
respect of the Trust Certicates will ultimately be dependent on Emaar.
A Description of Emaar is included in this Base Prospectus under Description of Emaar Properties
PJSC below.
Certain Transaction Documents are described in more detail in Summary of the Principal Transaction
Documents below.
Issuer, Trustee, Purchaser and
Lessor:
Emaar Sukuk Limited, an exempted company incorporated in
accordance with the laws of the Cayman Islands.
Obligor, Seller, Lessee, Servicing
Agent and Emaar:
Emaar Properties PJSC.
Ownership of the Issuer: The authorised share capital of the Issuer is U.S.$50,000 consisting
of 50,000 shares of U.S.$1.00 each, of which 250 shares are fully
paid up and issued. The Issuer s entire issued share capital is held
by MaplesFS Limited, P.O. Box 1093, Queensgate House, Grand
Cayman, KY1-1102, Cayman Islands under the terms of a trust for
charitable purposes.
Administration of the Issuer: The affairs of the Issuer are managed by MaplesFS Limited (the
Issuer Administrator), who will provide, amongst other things,
certain administrative services for and on behalf of the Issuer
pursuant to the Corporate Services Agreement dated on or about
12 January 2009 between the Issuer and the Issuer Administrator
(the Corporate Services Agreement).
Arrangers: HSBC Bank plc
Standard Chartered Bank
The Royal Bank of Scotland plc.
Dealers: BNP Paribas
DBS Bank Ltd
HSBC Bank plc
Merrill Lynch International
Standard Chartered Bank
The Royal Bank of Scotland plc
and any other Dealers appointed in accordance with the
Programme Agreement.
Certain Restrictions: Each issue of Trust Certicates denominated in a currency in
respect of which particular laws, guidelines, regulations, restrictions
or reporting requirements apply will only be issued in circumstances
which comply with such laws, guidelines, regulations, restrictions or
reporting requirements from time to time (see Subscription and
Sale). The proceeds of any issue of Trust Certicates will not be
accepted in the United Kingdom except in compliance with
applicable law, including article 5 of the Financial Services and
Markets Act 2000 (Regulated Activities) Order 2001.
Delegate: HSBC Corporate Trustee Company (UK) Limited.
Principal Paying Agent and
Calculation Agent:
HSBC Bank plc.
Registrar and Transfer Agent: HSBC Bank plc.
Programme Size: Up to U.S.$2,000,000,000 (or its equivalent in other currencies
calculated as described in the Programme Agreement) outstanding
at any time. The Issuer and Emaar may increase the amount of the
Programme in accordance with the terms of the Programme
Agreement.
36
Distribution: Trust Certicates may be distributed by way of private or public
placement and in each case on a syndicated or non-syndicated
basis.
Currencies: Subject to any applicable legal or regulatory restrictions, any
currency agreed between the Issuer, Emaar and the relevant Dealer.
Maturities: The Trust Certicates will have such maturities as may be agreed
between the Issuer, Emaar and the relevant Dealer, subject to such
minimum or maximum maturities as may be allowed or required
from time to time by the relevant central bank (or equivalent body)
or any laws or regulations applicable to the Issuer, Emaar or the
relevant Specied Currency.
Issue Price: Trust Certicates may only be issued on a fully-paid basis and at an
issue price which is at par.
Form of Trust Certicates: The Trust Certicates will be issued in registered form as described
in Form of the Trust Certicates.
Status: Each Trust Certicate will evidence an undivided benecial
ownership interest of the Certicateholders in the Trust Assets of
the relevant Series, will be a limited recourse obligation of the
Issuer and will rank pari passu, without any preference or priority,
with all other Trust Certicates of the relevant Series issued under
the Programme.
Periodic Distributions: Certicateholders are entitled to receive Periodic Distribution
Amounts calculated on the basis specied in the applicable Final
Terms.
Redemption of Trust Certicates: Trust Certicates shall be redeemed at the Dissolution Amount
specied in the applicable Final Terms.
Face Amount of Trust Certicates: The Trust Certicates will be issued in such face amounts as may be
agreed between the Issuer, Emaar and the relevant Dealer save that
the minimum face amount of each Trust Certicate will be such
amount as may be allowed or required from time to time by the
relevant central bank (or equivalent body) or any laws or
regulations applicable to the relevant Specied Currency, see
Certain Restrictions above, and save that the minimum face
amount of each Trust Certicate admitted to trading on a regulated
market within the European Economic Area or offered to the
public in a Member State of the European Economic Area in
circumstances which require the publication of a prospectus under
the Prospectus Directive will be c100,000 (or, if the Trust
Certicates are issued in a currency other than euro, the
equivalent amount in such currency).
Dissolution Events: Upon the occurrence of any Dissolution Event, the Trust
Certicates may be redeemed on the Dissolution Date at 100 per
cent. of their face amount and the relevant Return Accumulation
Period may be adjusted accordingly. See Condition 15.
Optional Dissolution: If so specied in the applicable Final Terms, a Series of Trust
Certicates may be dissolved prior to its Maturity Date in the
circumstances set out in Condition 11.2 and Condition 11.3.
Total Loss Event: If Total Loss Event is specied in the applicable Final Terms as
applying in relation to the Series, the occurrence of a Total Loss
Event will result in the redemption of the Trust Certicates of that
Series and the consequent dissolution of the relevant Trust. The
Servicing Agent is responsible for ensuring that, in the event of a
Total Loss Event occurring, all insurance proceeds in respect
thereof are paid in U.S. dollars directly into the Transaction
Account by no later than the 30th day after the occurrence of the
Total Loss Event.
37
Cancellation of Trust Certicates
held by Emaar and/or any of its
subsidiaries:
Emaar and/or any of its subsidiaries may at any time purchase
Trust Certicates at any price in the open market or otherwise.
Following any purchase of Trust Certicates, Emaar or its
subsidiary, as the case may be, may at its option hold or resell
such Trust Certicates. Should Emaar wish to cancel any Trust
Certicates so purchased, it shall deliver an Exercise Notice to
Emaar Sukuk Limited (in accordance with the terms of the Sale
Undertaking) whereupon Emaar Sukuk Limited shall, in
accordance with the terms of the Sale Undertaking, be obliged to
transfer all of Emaar Sukuk Limiteds rights, benets and
entitlements in and to the Cancelled Lease Assets to Emaar in
consideration for which the Trust Certicates shall be cancelled.
The transfer of the Cancelled Lease Assets will take effect by Emaar
and Emaar Sukuk Limited entering into a Sale Agreement (in the
form scheduled to the Sale Undertaking). Following the entry into
such Sale Agreement, Emaar Sukuk Limited shall cancel the
relevant Trust Certicates identied for cancellation in the Exercise
Notice on the Cancellation Date (which shall be a Periodic
Distribution Date).
Withholding Tax: All payments by the Lessee under the Lease Agreement shall be
made without withholding or deduction for, or on account of, any
taxes, levies, imposts, duties, fees, assessments or governmental
charges of whatever nature imposed or levied by or on behalf of any
Relevant Jurisdiction. In the event that any such withholding or
deduction is made, the Lessee will be required to pay additional
amounts so that the Issuer will receive the full amounts that it
would have received in the absence of such withholding or
deduction.
All payments in respect of Trust Certicates by the Issuer shall be
made without withholding or deduction for, or on account of, any
taxes, levies, imposts, duties, fees, assessments or governmental
charges of whatever nature imposed or levied by or on behalf of any
Relevant Jurisdiction. In the event that any such withholding or
deduction is made, the Issuer will, save in the limited circumstances
provided in Condition 13, be required to pay additional amounts so
that the holders of the Trust Certicates will receive the full
amounts that they would have received in the absence of such
withholding or deduction.
Negative Pledge and Other
Covenants:
The Master Lease Agreement contains a negative pledge and
certain other covenants given by the Obligor. See Summary of the
Principal Transaction Documents.
Cross Default: The Master Lease Agreement contains a cross default provision in
relation to the Obligor. See Summary of the Principal Transaction
Documents.
Issuer Covenants: The Issuer has agreed to certain restrictive covenants as set out in
Condition 6.
Ratings: The ratings assigned to each Series of Trust Certicates to be issued
under the Programme will be specied in the applicable Final
Terms.
Listing and admission to trading: Application has been made to the UK Listing Authority for Trust
Certicates issued under the Programme to be admitted to the
Ofcial List and to the London Stock Exchange for such Trust
Certicates to be admitted to trading on the London Stock
Exchange s regulated market.
38
Trust Certicates may be listed or admitted to trading, as the case
may be, on other or further stock exchanges or markets agreed
between the Issuer, Emaar and the relevant Dealer in relation to the
Series. Trust Certicates which are neither listed nor admitted to
trading on any market may also be issued.
The applicable Final Terms will state whether or not the relevant
Trust Certicates are to be listed and/or admitted to trading and, if
so, on which stock exchanges and/or markets.
Governing Law and Jurisdiction: The Trust Certicates will be governed by, and construed in
accordance with, English law.
The Master Trust Deed, each Supplemental Trust Deed, the
Programme Agreement, each Subscription Agreement, the Agency
Agreement, the Servicing Agency Agreement, the Purchase
Undertaking, the Sale Undertaking, the Substitution Undertaking
and the Costs Undertaking will be governed by English law. In
respect of any dispute under any such Transaction Document to
which it is a party, Emaar has consented to arbitration in London
under the rules of arbitration of the LCIA. Any dispute may also be
referred to the courts in England (who shall have jurisdiction to
settle any dispute arising from such documents).
The Master Purchase Agreement, each Supplemental Purchase
Agreement, the Master Lease Agreement, each Supplemental Lease
Agreement and each Sale Agreement will be governed by the laws
of Dubai and, to the extent applicable in Dubai, the federal laws of
the UAE. In respect of any dispute under any such Transaction
Document, Emaar has consented to arbitration in London under
the rules of arbitration of the LCIA. Any dispute may also be
referred to the courts in England (who shall have jurisdiction to
settle any dispute arising from such documents).
The Corporate Services Agreement will be governed by the laws of
the Cayman Islands. The courts of the Cayman Islands will have
jurisdiction to hear all disputes relating to it.
Waiver of Immunity: To the extent that Emaar may claim for itself or its assets or
revenues immunity from jurisdiction, enforcement, prejudgment
proceedings, injunctions and all other legal proceedings and relief
and to the extent that such immunity (whether or not claimed) may
be attributed to it or its assets or revenues, Emaar will agree in the
Transaction Documents not to claim and will irrevocably and
unconditionally waive such immunity in relation to any legal
proceedings. Further, Emaar will irrevocably and unconditionally
consent to the giving of any relief or the issue of any legal
proceedings, including, without limitation, jurisdiction,
enforcement, prejudgment proceedings and injunctions in
connection with any legal proceedings.
Selling Restrictions: There are restrictions on the offer, sale and transfer of the Trust
Certicates in the United States, the European Economic Area
(including the United Kingdom), the Cayman Islands, the Dubai
International Financial Centre, Hong Kong, Malaysia, Saudi
Arabia, Singapore and the United Arab Emirates (excluding the
Dubai International Financial Centre) and such other restrictions
as may be required in connection with the offering and sale of a
particular Series of Trust Certicates, see Subscription and Sale.
United States Selling Restrictions: Regulation S, Category 2.
39
FORM OF THE TRUST CERTIFICATES
The Trust Certicates of each Series will be in registered form. Trust Certicates will be issued
outside the United States in reliance on Regulation S under the U.S. Securities Act of 1933, as
amended.
Each Series of Trust Certicates will initially be represented by a global trust certicate in registered
form (a Global Trust Certicate). Global Trust Certicates will be deposited with a common
depositary (the Common Depositary) for Euroclear Bank S.A./N.V. (Euroclear) and Clearstream
Banking, societe anonyme (Clearsteam, Luxembourg) and will be registered in the name of a nominee
for the Common Depositary. Persons holding benecial interests in Global Trust Certicates will be
entitled or required, as the case may be, under the circumstances described below, to receive physical
delivery of denitive Trust Certicates in fully registered form.
Payments of any amount in respect of each Global Trust Certicate will, in the absence of provision
to the contrary, be made to the person shown on the relevant Register (as dened in Condition 2.2)
as the registered holder of the relevant Global Trust Certicate. None of the Issuer, the Trustee, the
Delegate, any Paying Agent or the Registrar will have any responsibility or liability for any aspect of
the records relating to or payments or deliveries made on account of benecial ownership interests in
the Global Trust Certicates or for maintaining, supervising or reviewing any records relating to such
benecial ownership interests.
Payment of any amounts in respect of Trust Certicates in denitive form will, in the absence of
provision to the contrary, be made to the persons shown on the relevant Register on the relevant
Record Date (as dened in Condition 1.1) immediately preceding the due date for payment in the
manner provided in the Conditions.
Interests in a Global Trust Certicate will be exchangeable (free of charge), in whole but not in part,
for denitive Trust Certicates only upon the occurrence of an Exchange Event. The Issuer will
promptly give notice to Certicateholders in accordance with Condition 18 if an Exchange Event
occurs. For these purposes, Exchange Event means that (i) a Dissolution Event (as dened in
Condition 15) has occurred and is continuing or (ii) the Issuer has been notied that both Euroclear
and Clearstream, Luxembourg have been closed for business for a continuous period of 14 days
(other than by reason of holiday, statutory or otherwise) or have announced an intention permanently
to cease business or have in fact done so and, in any such case, no successor clearing system is
available. In the event of the occurrence of an Exchange Event, Euroclear and/or Clearstream,
Luxembourg (acting on the instructions of any holder of an interest in such Global Trust Certicate)
may give notice to the Registrar requesting exchange and, in the event of the occurrence of an
Exchange Event as described in (ii) above, the Delegate may also give notice to the Registrar
requesting exchange. Any such exchange shall occur not later than 10 days after the date of receipt of
the rst relevant notice by the Registrar.
For so long as any of the Trust Certicates is represented by a Global Trust Certicate held on
behalf of Euroclear and/or Clearstream, Luxembourg each person (other than Euroclear or
Clearstream, Luxembourg) who is for the time being shown in the records of Euroclear or of
Clearstream, Luxembourg as the holder of a particular face amount of such Trust Certicates (in
which regard any certicate or other document issued by Euroclear or Clearstream, Luxembourg as
to the face amount of such Trust Certicates standing to the account of any person shall be
conclusive and binding for all purposes save in the case of manifest error) shall be treated by the
Issuer, the Trustee, the Delegate and their respective agents as the holder of such face amount of
such Trust Certicates for all purposes other than with respect to any payment on such face amount
of such Trust Certicates, for which purpose the registered holder of the relevant Global Trust
Certicate shall be treated by the Issuer, the Trustee, the Delegate and their respective agents as the
holder of such face amount of such Trust Certicates in accordance with and subject to the terms of
the relevant Global Trust Certicate and the expressions Certicateholder and holder of Trust
Certicates and related expressions shall be construed accordingly.
Any reference herein to Euroclear and/or Clearstream, Luxembourg shall, whenever the context so
permits, be deemed to include a reference to any additional or alternative clearing system specied in
40
FORM OF FINAL TERMS
Set out below is the form of Final Terms which will be completed for each Series of Trust Certicates
issued under the Programme.
[Date]
Emaar Sukuk Limited
Issue of [Aggregate Face Amount of Series] [Title of Trust Certicates]
under the
U.S.$2,000,000,000
Trust Certicate Issuance Programme
PART A CONTRACTUAL TERMS
Terms used herein shall be deemed to be dened as such for the purposes of the Conditions set forth
in the Base Prospectus dated 18 January 2011 [and the Supplement to the Base Prospectus dated
[ ]] which [together] constitute[s] a base prospectus for the purposes of the Prospectus Directive
(Directive 2003/71/EC) (the Prospectus Directive). This document constitutes the Final Terms of the
Trust Certicates described herein for the purposes of Article 5.4 of the Prospectus Directive and
must be read in conjunction with the Base Prospectus[, as so supplemented]. Full information on the
Issuer, Emaar Properties PJSC and the offer of the Trust Certicates is only available on the basis of
a combination of these Final Terms and the Base Prospectus[, as so supplemented]. The Base
Prospectus [and the supplement[s] to the Base Prospectus] [is/are] available for viewing during normal
business hours at the registered ofce of the Issuer at c/o MaplesFS Limited, PO Box 1093,
Queensgate House, Grand Cayman, KY1-1102, Cayman Islands and copies may be obtained from
that ofce.
[Include whichever of the following apply or specify as Not Applicable (N/A). Note that the
numbering should remain as set out below, even if Not Applicable is indicated for individual
paragraphs or sub-paragraphs. Italics denote directions for completing the Final Terms.]
[When adding any other nal terms or information consideration should be given as to whether such
terms or information constitute signicant new factors and consequently trigger the need for a
supplement to the Base Prospectus under Article 16 of the Prospectus Directive.]
[The proceeds of any issue of Trust Certicates should not be accepted in the United Kingdom except in
compliance with applicable law, including article 5 of the Financial Services and Markets Act 2000
(Regulated Activities) Order 2001.]
[Trust Certicates which have a maturity of less than one year from the date of their issue must have a
minimum denomination of 100,000 or its equivalent in any other currency.]
1. Issuer, Trustee and Lessor: Emaar Sukuk Limited
2. Obligor and Lessee: Emaar Properties PJSC (Emaar)
3. Series Number: [ ]
4. Specied Currency: [ ]
5. Aggregate Face Amount of Series: [ ]
6. Issue Price: 100 per cent. of the Aggregate Face Amount
7. Specied Denominations: [ ]
(this means the minimum integral amount in
which transfers can be made)
(N.B. If an issue of Trust Certicates is (i) NOT
admitted to trading on an European Economic Area
exchange; and (ii) only offered in the European
Economic Area in circumstances where a prospectus
is not required to be published under the Prospectus
Directive, the c100,000 minimum denomination is not
required.)
8. (a) Issue Date: [ ]
(b) Return Accrual Commencement Date: [Issue Date][specify other]
41
9. Maturity Date: [Specify date or (for Floating Periodic Distribution
Trust Certicates) Periodic Distribution Date falling
in or nearest to the relevant month and year.]
10. Periodic Distribution Amount Basis: [[ ] per cent. Fixed Periodic Distribution
Amount] [[specify reference rate] +/- [ ] per cent.
Floating Periodic Distribution Amount]
(further particulars specied below)
11. Dissolution Basis: Dissolution at par
12. Change of Periodic Distribution Basis: [Specify details of any provision for convertibility of
Trust Certicates into another Periodic Distribution
basis.] [Not Applicable]
13. Call Options: [Not Applicable]
[Optional Dissolution (Call)]
[further particulars specied below]
14. (a) Status: Unsubordinated
(b) [Date [Board] approval for issuance of
Trust Certicates]
[ ] [and [ ], respectively]
15. Method of distribution: [Syndicated/Non-syndicated]
PROVISIONS RELATING TO PERIODIC DISTRIBUTIONS PAYABLE
16. Fixed Periodic Distribution Provisions: [Applicable/Not Applicable]
(If not applicable, delete the remaining sub-
paragraphs of this paragraph)
(a) Rate[(s)]: [ ] per cent. per annum [payable [annually/semi-
annually/quarterly/monthly] in arrear]
(b) Periodic Distribution Date(s): [[ ] in each year up to and including the
Maturity Date] [specify other]
(c) Fixed Amount(s): [ ] per Trust Certicate of [ ] Specied
Denomination
(d) Broken Amount(s): [ ] per Trust Certicate of [ ] Specied
Denomination
(Insert particulars of any initial or nal broken
Periodic Distribution Amounts which do not
correspond with the Fixed Amount(s) specied under
paragraph 16(c))
(e) Day Count Fraction: [30/360 or Actual/Actual (ICMA) or [specify other]]
(f) Determination Date(s): [ ] in each year
[Insert regular periodic distribution dates, ignoring
issue date or maturity date in the case of a long or
short rst or last return accumulation period
N.B. This will need to be amended in the case of
regular periodic distribution dates which are not of
equal duration
N.B. Only relevant where Day Count Fraction is
Actual/ Actual (ICMA)]
(g) Other terms relating to the method of
calculating Fixed Periodic
Distributions:
[Not Applicable/give details]
17. Floating Periodic Distribution Provisions: [Applicable/Not Applicable]
42
(a) Specied Periodic Distribution Dates: [ ] [Not Applicable]
(Specied Period and Specied Periodic Distribution
Dates are alternatives. If the Business Day
Convention is the Floating Rate Convention, insert
Not Applicable)
(b) Specied Period: [ ] [Not Applicable]
(Specied Period and Specied Periodic Distribution
Dates are alternatives. A Specied Period, rather
than Specied Periodic Distribution Dates, will only
be relevant if the Business Day Convention is the
Floating Rate Convention. Otherwise, insert Not
Applicable)
(c) Business Day Convention: [Floating Rate Convention/Following Business Day
Convention/Modied Following Business Day
Convention/Preceding Business Day Convention/
[specify other]]
(d) Additional Business Centre(s): [Not Applicable/give details]
(e) Manner in which the Rate(s) is/are to
be determined:
[Screen Rate Determination (Condition 8.3 applies)/
specify other]
(f) Screen Rate Determination: [Applicable/Not Applicable]
(i) Reference Rate: [ ]
(Either LIBOR, EURIBOR or other. If other,
provide the additional information required, including
reference to fallback provisions (see Condition
8.3(d)))
(ii) Periodic Distribution
Determination Date:
[ ]
(Second London business day prior to the start of
each Return Accumulation Period if LIBOR (other
than Sterling or euro LIBOR), rst day of each
Return Accumulation Period if Sterling LIBOR and
the second day on which the TARGET2 System is
open prior to the start of each Return Accumulation
Period if EURIBOR or euro LIBOR)
(iii) Relevant Screen Page: [ ]
(In the case of EURIBOR, if not Reuters
EURIBOR01 or, in the case of LIBOR, if not
Reuters LIBOR01, ensure it is a page which shows a
composite rate. If it is not a page which shows a
composite rate, consider whether additional
information is required including with reference to
fallback provisions (see Condition 8.3(d)))
(iv) Relevant Time: [For example, 11.00 a.m. London time]
(g) Margin: [[+/-]]
(h) Day Count Fraction: [Actual/Actual (ISDA)
Actual/365 (Fixed)
Actual/365 (Sterling)
Actual/360
30/360
30E/360
43
30E/360 (ISDA)
Other]
(See Condition 8 for alternatives)
(i) Calculation Agent: [Principal Paying Agent] [specify other]
(j) Other terms relating to the method of
calculating Floating Periodic
Distributions:
[Not Applicable] [give details]
PROVISIONS RELATING TO DISSOLUTION
18. Optional Dissolution (Call): [Applicable/Not Applicable]
(If not applicable, delete the remaining subparagraphs
of this paragraph)
(a) Optional Dissolution Amount: [Final Dissolution Amount] [[ ] per Trust
Certicate of [ ] Specied Denomination]
[specify other]
(b) Optional Dissolution Date: [Any Periodic Distribution Date] [specify other]
(c) Notice period (if other than as set out
in the Conditions):
[ ]
19. Final Dissolution Amount: [ ] per Trust Certicate [ ] of Specied
Denomination] [specify other]
20. Early Dissolution Amount (Tax): [Final Dissolution Amount] [[ ] per Trust
Certicate of [ ] Specied Denomination]
[specify other]
21. Dissolution Amount pursuant to Condition
14:
[ ] per Trust Certicate of [ ] Specied
Denomination] [specify other]
GENERAL PROVISIONS APPLICABLE TO THE TRUST CERTIFICATES
22. Form of Trust Certicates: Global Trust Certicate exchangeable for Trust
Certicates in denitive registered form in the
limited circumstances specied in the Global Trust
Certicate
23. Additional Financial Centre(s): [ ]
(Note that this paragraph relates to the place of
payment and not Return Accumulation Period end
dates, to which sub-paragraph 17(d) relates)
PROVISIONS IN RESPECT OF THE TRUST ASSETS
24. Lease Assets on the Issue Date: As scheduled to the Supplemental Purchase
Agreement specied below, a copy of which
schedule is set out in the Annex hereto
25. Trust Assets: [Condition 5.1 applies] [specify other]
26. Details of Transaction Account: Emaar Sukuk Limited Transaction Account No:
[ ] with [ ] for Series No.: [1/2/3 etc]
27. Other Transaction Document Information: [ ]
(a) Supplemental Trust Deed: Supplemental Trust Deed dated [ ] between the
Issuer, the Trustee, Emaar and the Delegate
(b) Supplemental Purchase Agreement: Supplemental Purchase Agreement dated [ ]
between the Trustee, the Purchaser and the Seller
(c) Supplemental Lease Agreement Supplemental Lease Agreement dated [ ]
between the Trustee, the Lessor, the Lessee and the
Delegate
44
28. Total Loss Event Condition [11.4] [does/does not] apply
29. Financial Covenants:
(a) Consolidated Tangible Assets: [not less than U.S.$6,000,000,000, as set out in the
Master Lease Agreement] / [not less than U.S.$*,
as set out in the Supplemental Lease Agreement
dated *] / [specify other] / [Not Applicable]
(b) Ratio of Consolidated Total Net
Indebtedness to Total Equity:
[not to exceed 0.6:1, as set out in the Master Lease
Agreement] / [not to exceed *:1, as set out in the
Supplemental Lease Agreement dated *] / [specify
other] / [Not Applicable]
(c) Ratio of Consolidated Total Net
Indebtedness to Consolidated
EBITDA:
[not to exceed 3.5:1, as set out in the Master Lease
Agreement] / [not to exceed *:1, as set out in the
(d) Ratio of Consolidated EBITDA to
Consolidated Net Finance Charges
Payable:
[not less than 2.5:1, as set out in the Master Lease
Agreement] / [not less than *:1, as set out in the
30. Other nal terms: [Not Applicable/give details]
(When adding any other nal terms consideration
should be given as to whether such terms constitute
signicant new factors and consequently trigger the
need for a supplement to the Base Prospectus under
Article 16 of the Prospectus Directive)
DISTRIBUTION
31. (a) If syndicated, names of Managers: [Not Applicable/give names]
(b) Date of Subscription Agreement: [ ]
32. If non-syndicated, name of relevant Dealer: [ ]
33. Additional selling restrictions: [Not Applicable/give details]
[LISTING AND ADMISSION TO TRADING APPLICATION
These Final Terms comprise the nal terms required for the issue and admission to trading on
[specify relevant regulated market (for example, the London Stock Exchanges regulated market) and, if
relevant, listing on an ofcial list (for example, the Ofcial List of the UK Listing Authority)] of the
Trust Certicates described herein pursuant to the U.S.$2,000,000,000 Trust Certicate Issuance
Programme of Emaar Sukuk Limited]
RESPONSIBILITY
Each of the Issuer and Emaar accepts responsibility for the information contained in these Final
Terms. To the best of the knowledge and belief of each of the Issuer and Emaar (having taken all
reasonable care to ensure that such is the case) the information contained in these Final Terms is in
accordance with the facts and does not omit anything likely to affect the import of such information.
[[ ] has been extracted from [ ]. Each of the Issuer and Emaar conrms that such information
has been accurately reproduced and that, so far as it is aware and is able to ascertain from
information published by [ ], no facts have been omitted which would render the reproduced
information inaccurate or misleading.]
Signed on behalf of Emaar Sukuk Limited (the
Issuer):
Signed on behalf of Emaar Properties PJSC:
By:.......................................................................... By: .........................................................................
Duly authorised Duly authorised
45
PART B OTHER INFORMATION
1. LISTING AND ADMISSION TO TRADING
(i) Listing and admission to trading: [Application has been made by the Issuer (or on its
behalf) for the Trust Certicates to be admitted to trading
on [specify relevant regulated market (for example, the
London Stock Exchanges regulated market) and, if
relevant, listing on an ofcial list (for example, the Ofcial
List of the UK Listing Authority)] with effect from [ ].]
[Application is expected to be made by the Issuer (or on
its behalf) for the Trust Certicates to be admitted to
trading on [specify relevant regulated market (for example,
the London Stock Exchanges regulated market) and, if
relevant, listing on an ofcial list (for example, the Ofcial
List of the UK Listing Authority)] with effect from [ ].]
[Not Applicable.]
(ii) Estimate of total expenses related
to admission to trading:
[ ]
2. RATINGS
Ratings: The Trust Certicates to be issued have been rated:
[S & P: [ ]]
[Moodys: [ ]]
[[Other]: [ ]]
[[Name of credit rating agency] [is/is not] established in the
European Union and [has applied to be/is/is not]
registered under Regulation (EC) No 1060/2009 of the
European Parliament and of the Council of 16 September
2009 on credit rating agencies[, although notication of
the corresponding registration decision has not yet been
provided by the relevant competent authority].]
(The above disclosure should reect the rating allocated to
Trust Certicates of the type being issued under the
Programme generally or, where the issue has been specially
rated, that rating)
3. INTERESTS OF NATURAL AND LEGAL PERSONS INVOLVED IN THE ISSUE
[Save for any fees payable to the [Managers/Dealers], so far as each of the Issuer and Emaar is
aware, no person involved in the issue of the Trust Certicates has an interest material to the
offer Amend as appropriate if there are other interests.]
[(When adding any other description, consideration should be given as to whether such matters
described constitute signicant new factors and consequently trigger the need for a supplement to
the Base Prospectus under Article 16 of the Prospectus Directive.)]
4. YIELD (Fixed Periodic Distribution Trust Certicates only)
Indication of yield: [ ]
The yield is calculated at the Issue Date on the basis of
the Issue Price. It is not an indication of future yield.
46
5. OPERATIONAL INFORMATION
(i) ISIN Code: [ ] [ ]
(ii) Common Code: [ ]
(iii) Any clearing system(s) other than
Euroclear Bank S.A./N.V. and
Clearstream Banking, societe
anonyme and the relevant
identication number(s):
[Not Applicable/give name(s) and number(s)]
(iv) Delivery: Delivery [against/free of] payment
(v) Names and addresses of
additional Paying Agent(s) (if
any):
[ ]
47
TERMS AND CONDITIONS OF THE TRUST CERTIFICATES
The following is the text of the Terms and Conditions of the Trust Certicates, which will be endorsed
on each Trust Certicate in denitive registered form issued under the Programme and will apply to
each Global Trust Certicate. The applicable Final Terms in relation to any series of Trust Certicates
may specify other terms and conditions which shall, to the extent so specied or to the extent
inconsistent with the following Terms and Conditions, replace or modify the following Terms and
Conditions for the purpose of such Trust Certicates.
Emaar Sukuk Limited (in its capacity as issuer, the Issuer and, in its capacity as trustee, the Trustee)
has established a programme (the Programme) for the issuance of up to U.S.$2,000,000,000 in
aggregate face amount of Trust Certicates.
Trust Certicates issued under the Programme are issued in series (each a Series). The nal terms for
this Trust Certicate (or the relevant provisions thereof) are set out in Part A of the Final Terms
attached to or endorsed on this Trust Certicate which supplement these Terms and Conditions (the
Conditions) and may specify other terms and conditions which shall, to the extent so specied or to
the extent inconsistent with the Conditions, replace or modify the Conditions for the purposes of this
Trust Certicate. References to the applicable Final Terms are to Part A of the Final Terms (or the
relevant provisions thereof) attached to or endorsed on this Trust Certicate.
Each of the Trust Certicates will represent an undivided benecial ownership interest in the Trust
Assets which are held by the Trustee on trust (the Trust) for, inter alia, the benet of the holders of
the Trust Certicates pursuant to (i) an amended and restated Master Trust Deed (the Master Trust
Deed) dated 18 January 2011 and made between the Issuer, the Trustee, Emaar Properties PJSC
(Emaar) and HSBC Corporate Trustee Company (UK) Limited (the Delegate) and (ii) a supplemental
trust deed (the Supplemental Trust Deed and, together with the Master Trust Deed, the Trust Deed)
having the details set out in the applicable Final Terms.
In these Conditions, references to Trust Certicates shall be references to the Trust Certicates which
are the subject of the applicable Final Terms.
Payments relating to the Trust Certicates will be made pursuant to an amended and restated agency
agreement dated on or about 18 January 2011 (the Agency Agreement) made between the Issuer, the
Trustee, the Delegate, Emaar and HSBC Bank plc in its capacity as principal paying agent (in such
capacity, the Principal Paying Agent, which expression shall include any successor), calculation agent
(in such capacity, the Calculation Agent, which expression shall include any successor), transfer agent
(in such capacity, the Transfer Agent, which expression shall include any successor) and registrar (in
such capacity, the Registrar, which expression shall include any successor). The Principal Paying
Agent, the Calculation Agent, the Transfer Agent and the Registrar are together referred to in these
Conditions as the Agents.
The holders of the Trust Certicates (the Certicateholders) are entitled to the benet of, are bound
by, and are deemed to have notice of, all the provisions of the documents set out below, copies of
which are available for inspection and obtainable free of charge during normal business hours at the
specied ofce for the time being of the Principal Paying Agent:
(a) an amended and restated master purchase agreement between the Trustee, Emaar Sukuk Limited
(in its capacity as purchaser) and Emaar Properties PJSC (in its capacity as seller) dated on or
about 18 January 2011 (the Master Purchase Agreement);
(b) the supplemental purchase agreement (the Supplemental Purchase Agreement and, together with
the Master Purchase Agreement, the Purchase Agreement) having the details set out in the
applicable Final Terms;
(c) an amended and restated master lease agreement between the Trustee, Emaar Sukuk Limited (in
such capacity, the Lessor), Emaar Properties PJSC (in such capacity, the Lessee) and the
Delegate dated on or about 18 January 2011 (the Master Lease Agreement);
(d) the supplemental lease agreement (the Supplemental Lease Agreement and, together with the
Master Lease Agreement, the Lease Agreement) having the details set out in the applicable Final
Terms (including any new Supplemental Lease Agreement entered into pursuant to the
Substitution Undertaking on any substitution of Lease Assets);
48
(e) an amended and restated purchase undertaking entered into by Emaar (in such capacity, the
Obligor) as a deed dated on or about 18 January 2011 (the Purchase Undertaking), containing
the form of sale agreement (the Sale Agreement) to be executed by Emaar, the Issuer and the
Trustee on the Maturity Date or, as the case may be, the relevant Dissolution Date;
(f) an amended and restated sale undertaking entered into by Emaar Sukuk Limited as a deed
dated on or about 18 January 2011 (the Sale Undertaking) containing the form of sale
agreement (the Sale Agreement) to be executed by Emaar, the Issuer and the Trustee on the
relevant Dissolution Date;
(g) an amended and restated substitution undertaking entered into by the Trustee as a deed dated
on or about 18 January 2011 (the Substitution Undertaking) containing the form of sale
agreement (the Sale Agreement) to be executed by the Trustee and Emaar on the exercise by
Emaar of its right under the Substitution Undertaking to require the Trustee to sell any or all
of the Lease Assets to it in consideration for New Assets of a value which is equal to or greater
than the value of the Substituted Assets (each such expression having the meaning given to it in
the Substitution Undertaking);
(h) an amended and restated servicing agency agreement between the Lessor and Emaar Properties
PJSC (in its capacity as servicing agent) dated on or about 18 January 2011 (the Servicing
Agency Agreement);
(i) the Trust Deed;
(j) the Agency Agreement;
(k) an amended and restated programme agreement between the Issuer, the Trustee, Emaar and the
Dealers dated on or about 18 January 2011 (the Programme Agreement);
(l) an amended and restated costs undertaking entered into by Emaar as a deed dated on or about
18 January 2011 (the Costs Undertaking); and
(m) the applicable Final Terms.
The statements in the Conditions include summaries of, and are subject to, the detailed provisions of
the Trust Deed and the Agency Agreement.
Each initial Certicateholder, by its acquisition and holding of its interest in a Trust Certicate, shall
be deemed to authorise and direct the Issuer (acting as trustee on behalf of the Certicateholders) to
enter into each Transaction Document to which it is a party, subject to the terms and conditions of
the Trust Deed and these Conditions and to apply the sums paid by it in respect of its Trust
Certicates to the Seller to purchase the Lease Assets.
1. INTERPRETATION
1.1 Denitions
Words and expressions dened in the Trust Deed and the Agency Agreement or used in the
applicable Final Terms shall have the same meanings where used in the Conditions unless the
context otherwise requires or unless otherwise stated and provided that, in the event of
inconsistency between any such document and the applicable Final Terms, the applicable Final
Terms will prevail. In addition, in these Conditions the following expressions have the following
meanings:
Calculation Agent means the Principal Paying Agent or such other Person specied in the
applicable Final Terms as the party responsible for calculating the Periodic Distribution Amount
and/or such other amount(s) as may be specied in the applicable Final Terms in accordance
with Condition 8;
Cancellation Date means the date on which Trust Certicates are to be cancelled as specied in
the Exercise Notice and which shall be a Periodic Distribution Date;
Cancelled Lease Assets means the assets to be sold by Emaar Sukuk Limited to Emaar in
accordance with the Sale Undertaking following the delivery of, and as specied in, an
applicable Exercise Notice;
Dissolution Amount means, as appropriate, the Final Dissolution Amount, the Early Dissolution
Amount (Tax), the Optional Dissolution Amount (Call), the Dissolution Amount for the
purposes of Condition 15 or such other amount in the nature of a redemption amount as may
49
be specied in, or determined in accordance with the provisions of, the applicable Final Terms
(including any amount payable following a Total Loss Event (if so specied in the applicable
Final Terms));
Dissolution Date means, as the case may be, (a) following the occurrence of a Dissolution Event
(as dened in Condition 15), the date on which the Trust Certicates are dissolved in
accordance with the provisions of Condition 15, (b) the date on which the Trust Certicates are
dissolved in accordance with the provisions of Condition 11.2, or (c) the Optional Dissolution
Date (Call);
Exercise Notice means a notice substantially in the form set out in Schedule 1 of the Sale
Undertaking;
Extraordinary Resolution has the meaning given in Schedule 4 to the Master Trust Deed;
Payment Business Day means:
(a) a day on which banks in the relevant place of surrender of the denitive Trust Certicate
are open for presentation and payment of registered securities and for dealings in foreign
currencies; and
(b) in the case of payment by transfer to an account:
(i) if the currency of payment is euro, a TARGET2 Settlement Day and a day on which
dealings in foreign currencies may be carried on in each (if any) Additional Financial
Centre; or
(ii) if the currency of payment is not euro, any day which is a day on which dealings in
foreign currencies may be carried on in the principal nancial centre of the currency
of payment and in each (if any) Additional Financial Centre;
Periodic Distribution Amount means, in relation to a Trust Certicate and a Return
Accumulation Period, the amount of prot distribution payable in respect of that Trust
Certicate for that Return Accumulation Period which amount may be a Fixed Amount, a
Broken Amount or an amount otherwise calculated in accordance with Condition 7 or
Condition 8;
Person means any individual, company, corporation, rm, partnership, joint venture, association,
organisation, state or agency of a state or other entity, whether or not having separate legal
personality;
Potential Dissolution Event means an event which, with the giving of notice, lapse of time,
determination of materiality or fullment of any other applicable condition (or any combination
of the foregoing), would constitute a Dissolution Event;
Rate means the rate or rates (expressed as a percentage per annum) specied in the applicable
Final Terms or calculated or determined in accordance with the provisions of these Conditions
and/or the applicable Final Terms;
Rating Agencies means the rating agencies, each of which has assigned a credit rating to the
Trust Certicates, and their successors, and each a Rating Agency;
Record Date means, (a) in the case of the payment of a Periodic Distribution Amount, (i) in
respect of a Global Trust Certicate, at the close of the business day (being for this purpose a
day on which Euroclear and Clearstream, Luxembourg are open for business) before the
relevant Periodic Distribution Date, and (ii) in respect of Trust Certicates in denitive form,
the date falling on the fteenth day before the relevant Periodic Distribution Date, and (b) in
the case of the payment of a Dissolution Amount, the date falling two Payment Business Days
before the Maturity Date or Dissolution Date, as the case may be, or other due date for
payment of the relevant Periodic Distribution Amount;
Reference Banks means the principal London ofce of each of four major banks engaged in the
London or Eurozone inter-bank market selected by or on behalf of the Issuer, provided that
once a Reference Bank has rst been selected by or on behalf of the Issuer, such Reference
Bank shall not be changed unless it ceases to be capable of acting as such;
Relevant Date means, in relation to any payment, whichever is the later of (a) the date on which
the payment in question rst becomes due and (b) if the full amount payable has not been
received in the principal nancial centre of the currency of payment by the Principal Paying
Agent on or prior to such due date, the date on which the full amount has been so received;
50
Relevant Jurisdiction means the Cayman Islands and the United Arab Emirates or, in either
case, any political subdivision or authority thereof or therein having the power to tax;
Relevant Screen Page means the page, section or other part of a particular information service
(including, without limitation, the Reuter Money 3000 Service) specied as the Relevant Screen
Page in the applicable Final Terms, or such other page, section or other part as may replace it
on that information service or such other information service, in each case, as may be
nominated by the Person providing or sponsoring the information appearing there for the
purpose of displaying rates or prices comparable to the Reference Rate;
Return Accumulation Period means the period from (and including) a Periodic Distribution Date
(or the Return Accumulation Commencement Date) to (but excluding) the next (or rst)
Periodic Distribution Date;
Stock Exchange means, in relation to the Trust Certicates, the stock exchange or exchanges (if
any) on which the Trust Certicates are for the time being quoted or listed;
Subsidiary means any company which is for the time being a subsidiary (within the meaning of
Section 736 of the Companies Act 1985 of Great Britain) or a subsidiary undertaking (within
the meaning of Section 258 and Schedule 10A of the Companies Act 1985 of Great Britain);
TARGET2 Settlement Day means any day on which the Trans-European Automated Real-Time
Gross Settlement Express Transfer (TARGET2) System (the TARGET2 System) is open;
Taxes means any taxes, levies, imposts, duties, fees, assessments or other charges of whatever
nature imposed or levied by or on behalf of any Relevant Jurisdiction, and all interest, penalties
or similar liabilities with respect thereto;
Transaction Account means the account in the Issuers name, details of which are specied in the
applicable Final Terms;
Transaction Documents means the Purchase Agreement, the Lease Agreement, the Purchase
Undertaking, the Sale Undertaking, Servicing Agency Agreement, the Substitution Undertaking,
the Trust Deed, the Costs Undertaking, the Agency Agreement, the Programme Agreement, any
Subscription Agreement (as dened in the Programme Agreement) and any Sale Agreement;
Treaty means the Treaty on the Functioning of the European Union, as amended; and
Trust Assets means the assets, rights and/or cash described in Condition 5.1.
1.2 Interpretation
In these Conditions:
(a) any reference to face amount shall be deemed to include the Dissolution Amount, any
additional amounts (other than relating to Periodic Distribution Amounts) which may be
payable under Condition 13, and any other amount in the nature of face amounts payable
pursuant to these Conditions;
(b) any reference to Periodic Distribution Amounts shall be deemed to include any additional
amounts in respect of prot distributions which may be payable under Condition 11 and
any other amount in the nature of a prot distribution payable pursuant to these
Conditions;
(c) references to Trust Certicates being outstanding shall be construed in accordance with
the Master Trust Deed; and
(d) any reference to a Transaction Document shall be construed as a reference to that
Transaction Document as amended and/or supplemented up to and including the Issue
Date.
2. FORM, DENOMINATION AND TITLE
2.1 Form and Denomination
The Trust Certicates are issued in registered form in the Specied Denominations and, in the
case of Trust Certicates in denitive form, are serially numbered.
For so long as any of the Trust Certicates is represented by a Global Trust Certicate held on
behalf of Euroclear Bank S.A./N.V. (Euroclear) and/or Clearstream Banking, societe anonyme
(Clearstream, Luxembourg), each person (other than Euroclear or Clearstream, Luxembourg)
who is for the time being shown in the records of Euroclear or of Clearstream, Luxembourg as
51
the holder of a particular face amount of such Trust Certicates (in which regard any certicate
or other document issued by Euroclear or Clearstream, Luxembourg as to the face amount of
such Trust Certicates standing to the account of any person shall be conclusive and binding for
all purposes save in the case of manifest error or proven error) shall be treated by the Issuer,
the Trustee, the Delegate, Emaar and the Agents as the holder of such face amount of such
Trust Certicates for all purposes other than with respect to payment in respect of such Trust
Certicates, for which purpose the registered holder of the Global Trust Certicate shall be
treated by the Issuer, the Trustee, the Delegate, Emaar and any Agent as the holder of such
face amount of such Trust Certicates in accordance with and subject to the terms of the
relevant Global Trust Certicate and the expressions Certicateholder and holder in relation to
any Trust Certicates and related expressions shall be construed accordingly.
Trust Certicates which are represented by a Global Trust Certicate will be transferable only in
accordance with the rules and procedures for the time being of Euroclear and Clearstream,
Luxembourg, as the case may be.
References to Euroclear and/or Clearstream, Luxembourg shall, whenever the context so permits,
be deemed to include a reference to any additional or alternative clearing system specied in the
applicable Final Terms.
2.2 Register
The Registrar will maintain a register (the Register) of Certicateholders in respect of the Trust
Certicates in accordance with the provisions of the Agency Agreement. In the case of Trust
Certicates in denitive form, a denitive Trust Certicate will be issued to each
Certicateholder in respect of its registered holding of Trust Certicates.
2.3 Title
The Issuer, the Trustee, the Delegate, Emaar and the Agents may (to the fullest extent permitted
by applicable laws) deem and treat the person in whose name any outstanding Trust Certicate
is for the time being registered (as set out in the Register) as the holder of such Trust
Certicate or of a particular face amount of the Trust Certicates for all purposes (whether or
not such Trust Certicate or face amount shall be overdue and notwithstanding any notice of
ownership thereof or of trust or other interest with regard thereto, and any notice of loss or
theft or any writing thereon), and the Issuer, the Trustee, the Delegate, Emaar and the Agents
shall not be affected by any notice to the contrary.
All payments made to such registered holder shall be valid and, to the extent of the sums so
paid, effective to satisfy and discharge the liability for monies payable in respect of such Trust
Certicate or face amount.
3. TRANSFERS OF DEFINITIVE TRUST CERTIFICATES
3.1 Transfers
Subject to Conditions 3.4 and 3.5, a denitive Trust Certicate may be transferred in whole or
in an amount equal to the Specied Denomination or any integral multiple thereof by
depositing the denitive Trust Certicate, with the form of transfer on the back duly completed
and signed, at the specied ofce of the Registrar.
3.2 Delivery of new denitive Trust Certicates
Each new denitive Trust Certicate to be issued upon transfer of denitive Trust Certicates
will, within ve business days of receipt by the Registrar of the duly completed form of transfer
endorsed on the relevant denitive Trust Certicate, be mailed by uninsured mail at the risk of
the holder entitled to the denitive Trust Certicate to the address specied in the form of
transfer. For the purposes of this Condition, business day shall mean a day on which banks are
open for business in the city in which the specied ofce of the Registrar is located.
Where some but not all of the Trust Certicates in respect of which a denitive Trust Certicate
is issued are to be transferred, a new denitive Trust Certicate in respect of the Trust
Certicates not so transferred will, within ve business days of receipt by the Registrar of the
original denitive Trust Certicate, be mailed by uninsured mail at the risk of the holder of the
Trust Certicates not so transferred to the address of such holder appearing on the Register or
as specied in the form of transfer.
52
3.3 Formalities free of charge
Registration of transfer of denitive Trust Certicates will be effected without charge by or on
behalf of the Issuer and the Registrar but upon payment (or the giving of such indemnity as the
Issuer and the Registrar may reasonably require) in respect of any tax or other governmental
charges which may be imposed in relation to such transfer.
3.4 Closed periods
No Certicateholder may require the transfer of a denitive Trust Certicate to be registered
during the period of 15 days ending on a Periodic Distribution Date, the Maturity Date, a
Dissolution Date or any other date on which any payment of the face amount or payment of
any prot in respect of a Trust Certicate falls due.
3.5 Regulations
All transfers of denitive Trust Certicates and entries on the Register will be made subject to
the detailed regulations concerning the transfer of Trust Certicates scheduled to the Master
Trust Deed. A copy of the current regulations will be mailed (free of charge) by the Registrar to
any Certicateholder who requests one.
4. STATUS AND LIMITED RECOURSE
4.1 Status
Each Trust Certicate evidences an undivided benecial ownership interest in the Trust Assets
subject to the terms of the Trust Deed and these Conditions and is a limited recourse obligation
of the Issuer. Each Trust Certicate ranks pari passu, without any preference or priority, with
all other Trust Certicates.
4.2 Limited Recourse
Proceeds of the Trust Assets are the sole source of payments on the Trust Certicates. The
Trust Certicates do not represent an interest in any of the Issuer, the Trustee, the Delegate,
Emaar, any of the Agents or any of their respective afliates. Accordingly, Certicateholders will
have no recourse to any assets of the Obligor or the Lessee (to the extent that each of the
Obligor and the Lessee fulls all of its obligations under the relevant Transaction Documents to
which it is a party), the Issuer (other than the Trust Assets), the Trustee (including, in particular
other assets comprised in other trusts, if any), the Delegate, the Agents or any of their
respective afliates in respect of any shortfall in the expected amounts from the Trust Assets.
Each of the Obligor and the Lessee is obliged to make payments under the relevant Transaction
Documents to which it is a party directly to the Issuer and the Delegate, for and on behalf of
the Certicateholders, and the Issuer and the Delegate will have direct recourse against the
Obligor and the Lessee to recover payments due to the Issuer from the Obligor and the Lessee
pursuant to such Transaction Documents.
The net proceeds of the realisation of, or enforcement with respect to, the Trust Assets may not
be sufcient to make all payments due in respect of the Trust Certicates. If, following
distribution of such proceeds, there remains a shortfall in payments due under the Trust
Certicates, subject to Condition 16, no Certicateholder will have any claim against the
Delegate, the Agents, the Obligor or the Lessee (to the extent that each fulls all of its
obligations under the relevant Transaction Documents to which it is a party) or the Issuer or
the Trustee or any of their afliates or other assets in respect of such shortfall and any
unsatised claims of the Certicateholders shall be extinguished. In particular, no
Certicateholder will be able to petition for, or join any other person in instituting proceedings
for, the reorganisation, liquidation, winding up or receivership of the Obligor or the Lessee (to
the extent that each fulls all of its obligations under the relevant Transaction Documents to
which it is a party), or the Issuer or the Trustee or any of their afliates as a consequence of
such shortfall or otherwise.
53
4.3 Agreement of Certicateholders
By purchasing the Trust Certicates, each Certicateholder agrees that notwithstanding anything
to the contrary contained herein or in any other Transaction Document:
(a) no payment of any amount whatsoever shall be made by any of the Issuer or the Trustee
or any of their respective agents on their behalf except to the extent funds are available
therefor from the Trust Assets and further agrees that no recourse shall be had for the
payment of any amount owing hereunder or under any other Transaction Document,
whether for the payment of any fee or other amount hereunder or any other obligation or
claim arising out of or based upon any Transaction Document, against any of the Issuer
or the Trustee to the extent the Trust Assets have been exhausted (including actions to
procure payment by the Obligor under the Transaction Documents) following which all
obligations of the Issuer and the Trustee shall be extinguished;
(b) prior to the date which is one year and one day after the date on which all amounts
owing by the Issuer under the Transaction Documents have been paid in full, it will not
institute against, or join with any other person in instituting against, the Issuer or the
Trustee any bankruptcy, reorganisation, arrangement or liquidation proceedings or other
proceedings under any bankruptcy or similar law; and
(c) no recourse (whether by institution or enforcement of any legal proceedings or assessment
or otherwise) in respect of any breaches of any duty, obligation or undertaking of the
Issuer or the Trustee arising under or in connection with these Conditions by virtue of any
law, statute or otherwise shall be had against any shareholder, ofcer or director of the
Issuer or the Trustee, in their capacity as such and any and all personal liability of every
such shareholder, ofcer or director in their capacity as such for any breaches by the
Issuer or the Trustee of any such duty, obligation or undertaking is hereby expressly
waived and excluded to the extent permitted by law.
5. THE TRUST
5.1 Trust Assets
Unless otherwise specied in the applicable Final Terms, the Trust Assets will comprise:
(a) the rights, title, interest and benet, present and future, of Emaar Sukuk Limited in, to
and under the assets the subject of the Supplemental Lease Agreement (as varied from
time to time as a result of the exercise of rights granted under the Substitution
Undertaking and which, as of any Cancellation Date, shall exclude the Cancelled Lease
Assets (as dened in the Sale Undertaking)) (the Lease Assets);
(b) the rights, title, interest and benet, present and future, of Emaar Sukuk Limited in, to
and under the Transaction Documents (other than in relation to any representations given
to Emaar Sukuk Limited by Emaar pursuant to any of the Transaction Documents);
(c) all monies standing to the credit of the Transaction Account from time to time; and
(d) any other assets, rights, cash or investments as may be specied in the applicable Final
Terms,
and all proceeds of the foregoing.
5.2 Application of Proceeds from the Trust Assets
Pursuant to the Trust Deed, the Trustee holds the Trust Assets for and on behalf of the
Certicateholders. On each Periodic Distribution Date, or on any Dissolution Date, the
Principal Paying Agent, notwithstanding any instructions to the contrary from the Trustee, will
apply the monies standing to the credit of the Transaction Account in the following order of
priority:
(a) rst, (to the extent not previously paid) to the Delegate in respect of all amounts owing to
it under the Transaction Documents;
(b) second, to the Principal Paying Agent for application in or towards payment pari passu
and rateably of all Periodic Distribution Amounts due and unpaid;
(c) third, only if such payment is made on the Maturity Date or any Dissolution Date, to the
Principal Paying Agent in or towards payment pari passu and rateably of the Dissolution
Amount;
54
(d) fourth, only if such payment is made on the Maturity Date or any Dissolution Date, to
the Servicing Agent in or towards payment of all outstanding Servicing Agency Expenses;
and
(e) fth, only if such payment is made on the Maturity Date or any Dissolution Date, to the
Issuer.
6. COVENANTS
The Issuer covenants that for so long as any Trust Certicate is outstanding, it will not (without
the prior written consent of the Delegate):
(a) incur any indebtedness in respect of borrowed money whatsoever, or give any guarantee in
respect of any obligation of any person or issue any shares (or rights, warrants or options
in respect of shares or securities convertible into or exchangeable for shares);
(b) secure any of its present or future indebtedness for borrowed money by any lien, pledge,
charge or other security interest upon any of its present or future assets, properties or
revenues (other than those arising by operation of law);
(c) sell, lease, transfer, assign, participate, exchange or otherwise dispose of, or pledge,
mortgage, hypothecate or otherwise encumber (by security interest, lien (statutory or
otherwise), preference, priority or other security agreement or preferential arrangement of
any kind or nature whatsoever or otherwise or permit such to occur or suffer such to
exist), any part of its interest in any of the Trust Assets except pursuant to any
Transaction Documents;
(d) use the proceeds of the issue of the Trust Certicates for any purpose other than payment
of the purchase price of the Lease Assets identied in the applicable Final Terms;
(e) amend or agree to any amendment of any Transaction Document to which it is a party, or
its memorandum and articles of association, in a manner which is prejudicial to the rights
of holders of outstanding Trust Certicates (it being accepted that an increase in the
aggregate face amount of the Programme will not be prejudicial to such rights) without (i)
the prior approval of the Delegate or the Certicateholders by way of Extraordinary
Resolution and (ii) rst notifying the Rating Agencies of the proposed amendments and
subsequently providing the Rating Agencies with copies of the relevant executed amended
Transaction Documents;
(f) act as trustee in respect of any trust other than the Trust corresponding to a Series of
Trust Certicates issued from time to time pursuant to the Programme;
(g) have any subsidiaries or employees;
(h) redeem any of its shares or pay any dividend or make any other distribution to its
shareholders;
(i) put to its directors or shareholders any resolution for or appoint any liquidator for its
winding up or any resolution for the commencement of any other bankruptcy or
insolvency proceeding with respect to it; and
(j) enter into any contract, transaction, amendment, obligation or liability other than the
Transaction Documents to which it is a party or any permitted amendment or supplement
thereto or as expressly permitted or required thereunder or engage in any business or
activity other than:
(i) as provided for or permitted in the Transaction Documents;
(ii) the ownership, management and disposal of Trust Assets as provided in the
Transaction Documents; and
(iii) such other matters which are incidental thereto.
7. FIXED PERIODIC DISTRIBUTION PROVISIONS
7.1 Application
This Condition 7 is applicable to the Trust Certicates only if the Fixed Periodic Distribution
Provisions are specied in the applicable Final Terms as being applicable.
55
7.2 Periodic Distribution Amount
A Periodic Distribution Amount for the Trust Certicates will be payable in respect of the Trust
Certicates and will be distributable by the Issuer to the Certicateholders in accordance with
these Conditions.
7.3 Determination of Periodic Distribution Amount
Except as provided in the applicable Final Terms, the Periodic Distribution Amount payable in
respect of each Trust Certicate in denitive form for any Return Accumulation Period shall be
the Fixed Amount. Payments of Periodic Distribution Amount in respect of Trust Certicates in
denitive form on any Periodic Distribution Date may, if so specied in the applicable Final
Terms, amount to the Broken Amount so specied.
Except in the case of Trust Certicates in denitive form where a Fixed Amount or Broken
Amount is specied in the applicable Final Terms, the Periodic Distribution Amount shall be
calculated by applying the Rate to each Specied Denomination, multiplying such sum by the
applicable Day Count Fraction, and rounding the resultant gure to the nearest sub-unit of the
relevant Specied Currency, half of any such sub-unit being rounded upwards or otherwise in
accordance with applicable market convention.
Day Count Fraction means, in respect of the calculation of Periodic Distribution Amount in
accordance with this Condition 7.3:
(a) if Actual/Actual (ICMA) is specied in the applicable Final Terms:
(i) in the case of Trust Certicates where the number of days in the relevant period
from (and including) the most recent Periodic Distribution Date (or, if none, the
Return Accumulation Commencement Date) to (but excluding) the relevant payment
date (the Accrual Period) is equal to or shorter than the Determination Period during
which the Accrual Period ends, the number of days in such Accrual Period divided
by the product of (A) the number of days in such Determination Period and (B) the
number of Determination Dates (as specied in the applicable Final Terms) that
would occur in one calendar year; or
(ii) in the case of Trust Certicates where the Accrual Period is longer than the
Determination Period during which the Accrual Period ends, the sum of:
(A) the number of days in such Accrual Period falling in the Determination Period
in which the Accrual Period begins divided by the product of (x) the number of
days in such Determination Period and (y) the number of Determination Dates
that would occur in one calendar year; and
(B) the number of days in such Accrual Period falling in the next Determination
Period divided by the product of (x) the number of days in such Determination
Period and (y) the number of Determination Dates that would occur in one
calendar year; and
(b) if 30/360 is specied in the applicable Final Terms, the number of days in the period
from (and including) the most recent Periodic Distribution Date (or, if none, the Return
Accumulation Commencement Date) to (but excluding) the relevant payment date (such
number of days being calculated on the basis of a year of 360 days with 12 30 day
months) divided by 360.
In the Conditions:
Determination Period means each period from (and including) a Determination Date to (but
excluding) the next Determination Date (including, where either the Return Accrual
Commencement Date or the nal Periodic Distribution Date is not a Determination Date, the
period commencing on the rst Determination Date prior to, and ending on the rst
Determination Date falling after, such date); and
sub-unit means, with respect to any currency other than euro, the lowest amount of such
currency that is available as legal tender in the country of such currency and, with respect to
euro, one cent.
56
7.4 Payment in Arrear
Subject to Condition 7.5, Condition 11.2, Condition 11.3 and Condition 15 below, and unless
otherwise specied in the applicable Final Terms, each Periodic Distribution Amount will be
paid in respect of the relevant Trust Certicates in arrear on each Periodic Distribution Date.
7.5 Cessation of Prot Entitlement
No further amounts will be payable on any Trust Certicate from and including the Maturity
Date or, as the case may be, the Dissolution Date, unless default is made in the payment of the
Dissolution Amount in which case Periodic Distribution Amounts will continue to accrue in
respect of the Trust Certicates in the manner provided in this Condition.
8. FLOATING PERIODIC DISTRIBUTION PROVISIONS
8.1 Application
This Condition 8 is applicable to the Trust Certicates only if the Floating Periodic Distribution
Provisions are specied in the applicable Final Terms as being applicable.
8.2 Periodic Distribution Amount
A Periodic Distribution Amount for the Trust Certicates will be payable in respect of the Trust
Certicates and will be distributable by the Issuer to the Certicateholders in accordance with
these Conditions. Such Periodic Distribution Amounts will be payable in arrear on either:
(a) the Specied Periodic Distribution Date(s) in each year specied in the applicable Final
Terms; or
(b) if no Specied Periodic Distribution Date(s) is/are specied in the applicable Final Terms,
each date (each such date, together with each Specied Periodic Distribution Date, a
Periodic Distribution Date) which falls the number of months or other period specied as
the Specied Period in the applicable Final Terms after the preceding Periodic Distribution
Date or, in the case of the rst Periodic Distribution Date, after the Return Accumulation
Commencement Date.
Such Periodic Distribution Amounts will be payable in respect of each Return Accumulation
Period.
If a Business Day Convention is specied in the applicable Final Terms and (x) if there is no
numerically corresponding day in the calendar month in which a Periodic Distribution Date
should occur or (y) if any Periodic Distribution Date would otherwise fall on a day which is not
a Business Day, then, if the Business Day Convention specied is:
(A) in any case where Specied Periods are specied in accordance with Condition 8.2(b)
above, the Floating Rate Convention, such Periodic Distribution Date (a) in the case of (x)
above, shall be the last day that is a Business Day in the relevant month and the
provisions of (ii) below shall apply mutatis mutandis or (b) in the case of (y) above, shall
be postponed to the next day which is a Business Day unless it would thereby fall into the
next calendar month, in which event (i) such Periodic Distribution Date shall be brought
forward to the immediately preceding Business Day and (ii) each subsequent Periodic
Distribution Date shall be the last Business Day in the month which falls the Specied
Period after the preceding applicable Periodic Distribution Date occurred; or
(B) the Following Business Day Convention, such Periodic Distribution Date shall be
postponed to the next day which is a Business Day; or
(C) the Modied Following Business Day Convention, such Periodic Distribution Date shall be
postponed to the next day which is a Business Day unless it would thereby fall into the
next calendar month, in which event such Periodic Distribution Date shall be brought
forward to the immediately preceding Business Day; or
(D) the Preceding Business Day Convention, such Periodic Distribution Date shall be brought
forward to the immediately preceding Business Day.
57
In these Conditions, Business Day means a day which is both:
(a) a day on which commercial banks and foreign exchange markets settle payments and are
open for general business (including dealing in foreign exchange and foreign currency
deposits) in London and any Additional Business Centre specied in the applicable Final
Terms; and
(b) either (i) in relation to any sum payable in a Specied Currency other than euro, a day on
which commercial banks and foreign exchange markets settle payments and are open for
general business (including dealing in foreign exchange and foreign currency deposits) in
the principal nancial centre of the country of the relevant Specied Currency (if other
than London and any Additional Business Centre) or (ii) in relation to any sum payable in
euro, a TARGET2 Settlement Day.
8.3 Screen Rate Determination
(a) If Screen Rate Determination is specied in the applicable Final Terms as the manner in
which the Rate(s) is/are to be determined, the Rate applicable to the Trust Certicates for
each Return Accumulation Period will, subject as provided below, be either:
(i) the offered quotation; or
(ii) the arithmetic mean (rounded if necessary to the fth decimal place, with 0.000005
being rounded upwards) of the offered quotations,
(expressed as a percentage rate per annum), for the Reference Rate which appears or
appear, as the case may be, on the Relevant Screen Page as at the Relevant Time on the
Periodic Distribution Determination Date in question plus or minus (as indicated in the
applicable Final Terms) the Margin (if any), all as determined by the Calculation Agent. If
ve or more of such offered quotations are available on the Relevant Screen Page, the
highest (or, if there is more than one highest quotation, one only of those quotations) and
the lowest (or, if there is more than one lowest quotation, one only of those quotations)
shall be disregarded by the Calculation Agent for the purpose of determining the
arithmetic mean (rounded as provided above) of the offered quotations.
(b) If the Relevant Screen Page is not available or if, in the case of Condition 8.3(a)(i), no
offered quotation appears or, in the case of Condition 8.3(a)(ii), fewer than three offered
quotations appear, in each case as at the Relevant Time, the Calculation Agent shall
request each of the Reference Banks to provide the Calculation Agent with its offered
quotation (expressed as a percentage rate per annum) for the Reference Rate at
approximately the Relevant Time on the Periodic Distribution Determination Date in
question. If two or more of the Reference Banks provide the Calculation Agent with
offered quotations, the Rate for such Return Accumulation Period shall be the arithmetic
mean (rounded if necessary to the fth decimal place with 0.000005 being rounded
upwards) of the offered quotations plus or minus (as appropriate) the Margin (if any), all
as determined by the Calculation Agent.
(c) If on any Periodic Distribution Determination Date one only or none of the Reference
Banks provides the Calculation Agent with an offered quotation as provided in the
preceding paragraph, the Rate for such Return Accumulation Period shall be the rate per
annum which the Calculation Agent determines as being the arithmetic mean (rounded if
necessary to the fth decimal place, with 0.000005 being rounded upwards) of the rates, as
communicated to (and at the request of) the Agent by the Reference Banks or any two or
more of them, at which such banks were offered, at approximately the Relevant Time on
the relevant Periodic Distribution Determination Date, deposits in the Specied Currency
for a period equal to that which would have been used for the Reference Rate by leading
banks in the London inter-bank market (if the Reference Rate is LIBOR) or the Euro-
zone inter-bank market (if the Reference Rate is EURIBOR) plus or minus (as
appropriate) the Margin (if any) or, if fewer than two of the Reference Banks provide the
Agent with such offered rates, the offered rate for deposits in the Specied Currency for a
period equal to that which would have been used for the Reference Rate, or the arithmetic
mean (rounded as provided above) of the offered rates for deposits in the Specied
Currency for a period equal to that which would have been used for the Reference Rate,
at which, at approximately the Relevant Time on the relevant Periodic Distribution
Determination Date, any one or more banks (which bank or banks is or are in the
58
opinion of Emaar suitable for the purpose) informs the Calculation Agent it is quoting to
leading banks in the London inter-bank market (if the Reference Rate is LIBOR) or the
Euro-zone inter-bank market (if the Reference Rate is EURIBOR) plus or minus (as
appropriate) the Margin (if any), provided that, if the Rate for such Return Accumulation
Period cannot be determined in accordance with the foregoing provisions of this
paragraph, the Rate for such Return Accumulation Period shall be determined as at the
last preceding Periodic Distribution Determination Date (though substituting, where a
different Margin is to be applied to the relevant Return Accumulation Period from that
which applied to the last preceding Return Accumulation Period, the Margin relating to
the relevant Return Accumulation Period in place of the Margin relating to that last
preceding Return Accumulation Period).
(d) If the Reference Rate from time to time is specied in the applicable Final Terms as being
other than LIBOR or EURIBOR, the Rate in respect of the relevant Trust Certicates will
be determined as provided in the applicable Final Terms.
8.4 Cessation of Prot Entitlement
No further amounts will be payable on any Trust Certicate from and including the Maturity
Date or, as the case may be, the Dissolution Date, unless default is made in the payment of the
Dissolution Amount in which case Periodic Distribution Amounts will continue to accrue in
respect of the Trust Certicates in the manner provided in this Condition.
8.5 Calculation of Periodic Distribution Amount
The Calculation Agent will, as soon as practicable after the time at which the Rate is to be
determined in relation to each Return Accumulation Period, calculate the Periodic Distribution
Amount payable in respect of each Trust Certicate for such Return Accumulation Period. The
Periodic Distribution Amount will be calculated by applying the Rate applicable to the relevant
Return Accumulation Period to the face amount (in the case of a Trust Certicate in global
form) or Specied Denomination (in the case of a Trust Certicate in denitive form) of such
Trust Certicate during such Return Accumulation Period, multiplying the product by the
relevant Day Count Fraction and rounding the resultant gure to the nearest sub-unit of the
Specied Currency (half a sub-unit being rounded upwards).
Day Count Fraction means, in respect of the calculation of a Periodic Distribution Amount in
accordance with this Condition 8:
(a) if Actual/Actual (ISDA) or Actual/Actual is specied in the applicable Final Terms,
the actual number of days in the Return Accumulation Period divided by 365 (or, if any
portion of that Return Accumulation Period falls in a leap year, the sum of (A) the actual
number of days in that portion of the Return Accumulation Period falling in a leap year
divided by 366 and (B) the actual number of days in that portion of the Return
Accumulation Period falling in a non-leap year divided by 365);
(b) if Actual/365 (Fixed) is specied in the applicable Final Terms, the actual number of
days in the Return Accumulation Period divided by 365;
(c) if Actual/365 (Sterling) is specied in the applicable Final Terms, the actual number of
days in the Return Accumulation Period divided by 365 or, in the case of a Periodic
Distribution Date falling in a leap year, 366;
(d) if Actual/360 is specied in the applicable Final Terms, the actual number of days in the
Return Accumulation Period divided by 360;
(e) if 30/360 360/360 or Bond Basis is specied in the applicable Final Terms, the
number of days in the Return Accumulation Period divided by 360, calculated on a
formula basis as follows:
Day Count Fraction =
[360 6(Y
2
Y
1
)] + [30 6(M
2
M
1
)] + (D
2
D
1
)
360
where:
Y
1
is the year, expressed as a number, in which the rst day of the Return
Accumulation Period falls;
59
Y
2
is the year, expressed as a number, in which the day immediately following the last
day of the Return Accumulation Period falls;
M
1
is the calendar month, expressed as a number, in which the rst day of the Return
M
2
is the calendar month, expressed as a number, in which the day immediately
following the last day of the Return Accumulation Period falls;
D
1
is the rst calendar day, expressed as a number, of the Return Accumulation Period,
unless such number is 31, in which case D1 will be 30; and
D
2
is the calendar day, expressed as a number, immediately following the last day
included in the Return Accumulation Period, unless such number would be 31 and D1 is
greater than 29, in which case D2 will be 30;
(f) if 30E/360 or Eurobond Basis is specied in the applicable Final Terms, the number
of days in the Return Accumulation Period divided by 360, calculated on a formula basis
as follows:
[360 6(Y
2
Y
1
)] + [30 6(M
2
M
1
)] + (D
2
D
1
)
360
where:
Y
1
Y
2
M
1
M
2
2 is the calendar month, expressed as a number, in which the day immediately
D
1
unless such number would be 31, in which case D1 will be 30; and
D
2
included in the Return Accumulation Period, unless such number would be 31, in which
case D2 will be 30;
(i) if 30E/360 (ISDA) is specied in the applicable Final Terms, the number of days in the
Return Accumulation Period divided by 360, calculated on a formula basis as follows:
[360 6(Y
2
Y
1
)] + [30 6(M
2
M
1
)] + (D
2
D
1
)
360
where:
Y
1
Y
2
M
1
M
2
is the calendar month, expressed as a number, in which the day immediately
D
1
unless (i) that day is the last day of February or (ii) such number would be 31, in which
case D1 will be 30; and
D
2
included in the Return Accumulation Period, unless (i) that day is the last day of February
but not the Maturity Date or (ii) such number would be 31, in which case D2 will be 30.
60
8.6 Calculation of Other Amounts
If the applicable Final Terms species that any other amount is to be calculated by the
Calculation Agent, the Calculation Agent will, as soon as practicable after the time or times at
which any such amount is to be determined, calculate the relevant amount. The relevant amount
will be calculated by the Calculation Agent in the manner specied in the applicable Final
Terms.
8.7 Publication
The Calculation Agent will cause each Rate and Periodic Distribution Amount determined by it,
together with the relevant Periodic Distribution Date, and any other amount(s) required to be
determined by it together with any relevant payment date(s) to be notied to the Paying Agents
and each listing authority, stock exchange and/or quotation system (if any) by which the Trust
Certicates have then been admitted to listing, trading and/or quotation as soon as practicable
after such determination but (in the case of each Rate, Periodic Distribution Amount and
Periodic Distribution Date) in any event not later than the rst day of the relevant Return
Accumulation Period. Notice thereof shall also promptly be given to the Certicateholders. The
Calculation Agent will be entitled to recalculate any Periodic Distribution Amount (on the basis
of the foregoing provisions) without notice in the event of an extension or shortening of the
relevant Return Accumulation Period.
8.8 Notications, etc. to be nal
All notications, opinions, determinations, certicates, calculations, quotations and decisions
given, expressed, made or obtained for the purposes of the provisions of this Condition 8 by the
Calculation Agent will (in the absence of wilful default, bad faith or manifest or proven error)
be binding on the Issuer, the Trustee, the Delegate, the Principal Paying Agent and all
Certicateholders (in the absence as referred to above). No liability to the Issuer, the Trustee,
the Delegate, Emaar, the Principal Paying Agent or the Certicateholders shall attach to the
Calculation Agent in connection with the exercise or non-exercise by it of its powers, duties and
discretions under this Condition 8.
9. PAYMENT
Payment of Dissolution Amounts and Periodic Distribution Amounts will be made by transfer
to the registered account (as dened below) of a Certicateholder or by cheque drawn on a
bank that processes payments in the Specied Currency mailed to the registered address of a
Certicateholder if it does not have a registered account. Payments of Dissolution Amounts will
only be made against surrender of the relevant denitive Trust Certicate at the specied ofce
of the Registrar or the Principal Paying Agent. Dissolution Amounts and Periodic Distribution
Amounts will be paid to the Certicateholder shown on the Register at the close of business on
the relevant Record Date.
For the purposes of this Condition, a Certicateholders registered account means the account in
the Specied Currency maintained by or on behalf of such Certicateholder with a bank that
processes payments in the Specied Currency, details of which appear on the Register at the
close of business on the relevant Record Date, and a Certicateholders registered address means
its address appearing on the Register at that time.
All such payments will be made subject to any scal or other laws and regulations applicable in
the place of payment, but without prejudice to the provisions described in Condition 1.
Where payment is to be made by transfer to a registered account, payment instructions (for
value the due date or, if that is not a Payment Business Day, for value the rst following day
which is a Payment Business Day) will be initiated and, where payment is to be made by
cheque, the cheque will be mailed, on the Payment Business Day preceding the due date for
payment or, in the case of a payment of face amounts if later, on the Payment Business Day on
which the relevant denitive Trust Certicate is surrendered at the specied ofce of the
Registrar or the Principal Paying Agent.
61
Unless otherwise specied in the applicable Final Terms, Certicateholders will not be entitled to
any payment for any delay after the due date in receiving the amount due if the due date is not
a Payment Business Day, if the Certicateholder is late in surrendering its denitive Trust
Certicate (if required to do so) or if a cheque mailed in accordance with this Condition arrives
after the due date for payment.
If the amount of any Dissolution Amount or Periodic Distribution Amount is not paid in full
when due, the Registrar will annotate the Register with a record of the amount of such
Dissolution Amount or Periodic Distribution Amount in fact paid.
10. AGENTS
10.1 Agents of Issuer
In acting under the Agency Agreement and in connection with the Trust Certicates, the Agents
act solely as agents of the Issuer and (to the extent provided therein) the Trustee and do not
assume any obligations towards or relationship of agency or trust for or with any of the
Certicateholders.
10.2 Specied Ofces
The names of the initial Agents and their initial specied ofces are set out below. The Issuer
reserves the right at any time to vary or terminate the appointment of any Agent and to
appoint additional or other Agents provided, however, that:
(a) there will at all times be a Principal Paying Agent;
(b) there will at all times be a Registrar;
(c) so long as any Trust Certicates are admitted to listing, trading and/or quotation on any
listing authority, stock exchange and/or quotation system, there will at all times be a
Paying Agent and a Transfer Agent having its specied ofce in such place (if any) as may
be required by the rules of such listing authority, stock exchange and/or quotation system;
and
(d) there will at all times be a Paying Agent in a Member State of the European Union that is
not obliged to withhold or deduct tax pursuant to European Council Directive 2003/48/EC
on the taxation of savings income or any law implementing or complying with, or
introduced to conform to, such Directive.
Notice of any termination or appointment and of any changes in specied ofces will be given
to the Certicateholders promptly by the Issuer in accordance with Condition 18.
11. CAPITAL DISTRIBUTIONS OF TRUST
11.1 Scheduled Dissolution
Unless the Trust Certicates are redeemed or cancelled earlier, each Trust Certicate will be
redeemed on the Maturity Date at its Final Dissolution Amount together with any Periodic
Distribution Amount payable. Upon payment in full of such amounts and the dissolution of the
Trust, the Trust Certicates shall cease to represent interests in the Trust Assets and no further
amounts shall be payable in respect thereof and the Issuer and the Trustee shall have no further
obligations in respect thereof.
11.2 Early Dissolution for Tax Reasons
The Trust Certicates may be redeemed at the option of the Issuer (with the prior written
consent of Emaar) in whole, but not in part:
(a) at any time (if the Floating Periodic Distribution Provisions are not specied in the
applicable Final Terms as being applicable); or
(b) on any Periodic Distribution Date (if the Floating Periodic Distribution Provisions are
specied in the applicable Final Terms as being applicable),
on giving not less than 30 nor more than 60 days notice to the Certicateholders in accordance
with Condition 18 (which notice shall be irrevocable), at their Early Dissolution Amount (Tax),
together with Periodic Distribution Amounts accrued (if any) to the Dissolution Date, if:
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(i) (A) the Issuer has or will become obliged to pay additional amounts as provided or
referred to in Condition 13 as a result of any change in, or amendment to, the laws or
regulations of a Relevant Jurisdiction or any change in the application or ofcial
interpretation of such laws or regulations, which change or amendment becomes effective
on or after the Issue Date and (B) such obligation cannot be avoided by the Issuer taking
reasonable measures available to it; or
(ii) (A) the Issuer has received notice from the Lessee that the Lessee has or will become
obliged to pay additional amounts pursuant to the terms of the Lease Agreement as a
result of any change in, or amendment to, the laws or regulations of a Relevant
Jurisdiction or any change in the application or ofcial interpretation of such laws or
regulations, which change or amendment becomes effective on or after the Issue Date and
(B) such obligation cannot be avoided by the Lessee taking reasonable measures available
to it,
provided, however, that no such notice of dissolution shall be given earlier than:
(A) where the Trust Certicates may be dissolved at any time, 90 days prior to the earliest
date on which the Issuer would be obliged to pay such additional amounts if a payment in
respect of the Trust Certicates were then due or (in the case of (ii) above) the Lessee
would be obliged to pay such additional amounts if a payment to the Issuer under the
Lease Agreement was then due; or
(B) where the Trust Certicates may be dissolved only on a Periodic Distribution Date, 60
days prior to the Periodic Distribution Date occurring immediately before the earliest date
on which the Issuer would be obliged to pay such additional amounts if a payment in
respect of the Trust Certicates were then due or (in the case of (ii) above) the Lessee
would be obliged to pay such additional amounts if a payment to the Issuer under the
Lease Agreement was then due.
Prior to the publication or delivery (as applicable) of any notice of dissolution pursuant to this
paragraph, the Issuer shall deliver to the Delegate (a) a certicate signed by two directors of the
Issuer, which shall be binding on the Certicateholders, stating that the Issuer is entitled to
effect such dissolution and setting forth a statement of facts showing that the conditions
precedent in (i) and (ii) above to the right of the Issuer so to redeem have occurred, and (b) an
opinion of independent legal advisers of recognised standing to the effect that the Issuer or, as
the case may be, the Lessee has or will become obliged to pay such additional amounts as a
result of such change or amendment. Upon the expiry of any such notice as is referred to in
this Condition 11.2, the Issuer shall be bound to redeem the Trust Certicates. Upon such
redemption, the Trust will be dissolved and the Trust Certicates shall cease to represent
interests in the Trust Assets and no further amounts shall be payable in respect thereof and the
Issuer and the Trustee shall have no further obligations in respect thereof.
11.3 Dissolution at the Option of the Issuer
If the Optional Dissolution (Call) option is specied in the applicable Final Terms as being
applicable, the Trust Certicates may be redeemed in whole but not in part on any Optional
Dissolution Date at the relevant Optional Dissolution Amount together with Periodic
Distribution Amounts accrued (if any) to the Optional Dissolution Date on the Issuer (with the
prior written consent of Emaar) giving not less than 30 nor more than 60 days notice to the
Certicateholders in accordance with Condition 18 (which notice shall be irrevocable and shall
oblige the Issuer to redeem the Trust Certicates on the relevant Optional Dissolution Date).
Upon such redemption, the Trust will be dissolved and the Trust Certicates shall cease to
represent interests in the Trust Assets and no further amounts shall be payable in respect
thereof and the Issuer and the Trustee shall have no further obligations in respect thereof.
11.4 Dissolution following a Total Loss Event
This Condition 11.4 is applicable to the Trust Certicates only if it is specied in the applicable
Final Terms as being applicable.
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Upon the occurrence of a Total Loss Event the Trust Certicates may be redeemed and the
Trust dissolved on the dates specied by the Delegate. The Trust Certicates will be redeemed
using the proceeds of insurance payable in respect of the Total Loss Event which are required
to be paid into the Transaction Account by no later than the 30th day after the occurrence of
the Total Loss Event.
A Total Loss Event is the total loss or destruction of, or damage to the whole of, the Lease
Assets or any event or occurrence that renders the whole of the Lease Assets permanently unt
for any economic use and (but only after taking into consideration any insurances or other
indemnity granted by any third party in respect of the Lease Assets) the repair or remedial
work in respect thereof is wholly uneconomical.
The Servicing Agency Agreement provides that if the obligations of the Servicing Agent thereunder
are not strictly complied with and as a result any insurance amounts paid into the Transaction
Account are less than the Full Reinstatement Value (the difference between such amount and the
amount (if any) paid into the Transaction Account being the Total Loss Shortfall Amount), the
Servicing Agent shall be responsible for paying the Total Loss Shortfall Amount into the
Transaction Account immediately.
11.5 No Other Optional Early Dissolution
The Issuer shall not be entitled to redeem the Trust Certicates, and the Trustee shall not be
entitled to dissolve the Trust, otherwise than as provided in this Condition 11 and Condition 15
(Dissolution Events).
11.6 Cancellation
All Trust Certicates which are redeemed will forthwith be cancelled and destroyed and
accordingly may not be held, reissued or resold.
12. PURCHASE AND CANCELLATION OF TRUST CERTIFICATES BY EMAAR
12.1 Purchases
Emaar and/or any of its subsidiaries may at any time purchase Trust Certicates at any price in
the open market or otherwise. Following any purchase of Trust Certicates by Emaar pursuant
to this Condition 12.1, Emaar or its subsidiary, as the case may be, may at its option hold or
resell such Trust Certicates (subject to such Trust Certicates being deemed not to remain
outstanding for certain purposes as provided under the Master Trust Deed if so held).
12.2 Cancellation
Should Emaar wish to cancel any Trust Certicates purchased pursuant to Condition 12.1, it
shall deliver an Exercise Notice to Emaar Sukuk Limited (in accordance with the terms of the
Sale Undertaking) whereupon Emaar Sukuk Limited shall, in accordance with the terms of the
Sale Undertaking, be obliged to transfer all of Emaar Sukuk Limiteds rights, benets and
entitlements in and to the Cancelled Lease Assets to Emaar in consideration for which the Trust
Certicates shall be cancelled. The transfer of the Cancelled Lease Assets will take effect by
Emaar and Emaar Sukuk Limited entering into a Sale Agreement (in the form scheduled to the
Sale Undertaking). Following the entry into such Sale Agreement, Emaar Sukuk Limited shall
cancel the relevant Trust Certicates identied for cancellation in the Exercise Notice on the
Cancellation Date (which shall be a Periodic Distribution Date).
13. TAXATION
All payments in respect of the Trust Certicates shall be made without withholding or deduction
for, or on account of, any Taxes, unless the withholding or deduction of the Taxes is required
by law. In such event, the Issuer will pay to the Certicateholders additional amounts so that
the full amount which otherwise would have been due and payable under the Trust Certicates
is received by parties entitled thereto, except that no such additional amount shall be payable to
any Certicateholder:
(a) who is liable for such Taxes in respect of such Trust Certicate by reason of having some
connection with any Relevant Jurisdiction other than the mere holding of such Trust
Certicate; or
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(b) where such withholding or deduction is imposed on a payment to an individual and is
required to be made pursuant to European Council Directive 2003/48/EC on the taxation
of savings income or any law implementing or complying with, or introduced in order to
conform to, such Directive; or
(c) where the denitive Trust Certicate is required to be presented for payment and is
presented for payment by or on behalf of a Certicateholder who would be able to avoid
such withholding or deduction by presenting the relevant denitive Trust Certicate to
another Paying Agent in a Member State of the European Union; or
(d) where the relevant denitive Trust Certicate is required to be presented for payment and
is surrendered for payment more than 30 days after the Relevant Date except to the extent
that the relevant Certicateholder would have been entitled to such additional amount if it
had surrendered the relevant denitive Trust Certicate on the last day of such period of
30 days.
14. PRESCRIPTION
The rights to receive distributions in respect of the Trust Certicates will be forfeited unless
claimed within periods of 10 years (in the case of Dissolution Amounts) and ve years (in the
case of Periodic Distribution Amounts) from the Relevant Date in respect thereof.
15. DISSOLUTION EVENTS
If any of the following events occurs and is continuing (each, a Dissolution Event):
(a) default is made in the payment of the Dissolution Amount on the date xed for payment
thereof, or default is made in the payment of any Periodic Distribution Amount on the
due date for payment thereof and, the default continues for a period of at least seven days
in the case of the relevant Dissolution Amount or for a period of at least 14 days in the
case of any Periodic Distribution Amount; or
(b) the Issuer fails duly to perform or comply with any of the obligations expressed to be
assumed by it in the Transaction Documents; or
(c) an Emaar Event (as dened in the Master Lease Agreement) occurs; or
(d) the Issuer repudiates any Transaction Document or does or causes to be done any act or
thing evidencing an intention to repudiate any Transaction Document; or
(e) at any time it is or will become unlawful for the Issuer (by way of insolvency or
otherwise) to perform or comply with any of its obligations under the Transaction
Documents or any of the obligations of the Issuer under the Transaction Documents are
not or cease to be legal, valid, binding and enforceable,
then the Delegate shall give notice of the occurrence of such Dissolution Event to the
Certicateholders in accordance with Condition 18 with a request to such holders to indicate if
they wish the Trust Certicates to become immediately due and payable, provided, however,
that in the case of the event described in (b) above, such notice may only be given if the
Delegate is of the opinion that the event is materially prejudicial to the interests of the
Certicateholders. If so requested in writing by Certicateholders representing not less than one-
fth in face amount of the Trust Certicates for the time being outstanding (subject to being
indemnied and/or secured and/or prefunded to its satisfaction), or if the Delegate decides in its
discretion, the Delegate may give notice to the Issuer, Emaar and the Certicateholders in
accordance with Condition 18 that the Trust Certicates are to be redeemed at the Dissolution
Amount on the date specied in such notice. Upon payment in full of such amounts, the Trust
will be dissolved and the Trust Certicates shall cease to represent interests in the Trust Assets
and no further amounts shall be payable in respect thereof and the Issuer and the Trustee shall
have no further obligations in respect thereof.
For the purpose of (a) above, amounts shall be considered due in respect of the Trust
Certicates (including for the avoidance of doubt any amounts calculated as being payable
under Condition 7, Condition 8 and Condition 11) notwithstanding that the Issuer has at the
relevant time insufcient funds to pay such amounts.
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16. ENFORCEMENT AND EXERCISE OF RIGHTS
16.1 Enforcement
Upon the occurrence of a Dissolution Event, to the extent that the amounts payable in respect
of the Trust Certicates have not been paid in full pursuant to Condition 15, the Delegate shall,
upon being requested in writing by Certicateholders representing not less than 20 per cent. in
face amount of the Trust Certicates for the time being outstanding (subject to being
indemnied and/or secured and/or prefunded to its satisfaction), take one or more of the
following steps:
(a) enforce the provisions of the Purchase Undertaking against the Obligor; and/or
(b) enforce the provisions of the Lease Agreement against the Lessee; and/or
(c) take such other steps as the Delegate may consider necessary in its absolute discretion to
protect the interests of the Certicateholders.
Notwithstanding the foregoing, the Delegate may at any time, at its discretion and without
notice, take such proceedings and/or other steps as it may think t against or in relation to each
of the Issuer and/or the Obligor and/or the Lessee to enforce their respective obligations under
the Transaction Documents, the Conditions and the Trust Certicates.
16.2 Limitation on liability of the Trustee
Following the distribution of the proceeds of the Trust Assets in respect of the Trust Certicates
to the Certicateholders in accordance with these Conditions and the Trust Deed, the Trustee
shall not be liable for any further sums, and accordingly no Certicateholder may take any
action against the Trustee or any other person (other than the Obligor and/or the Lessee to the
extent they have not performed all their obligations under the Transaction Documents) to
recover any such sum in respect of the Trust Certicates or Trust Assets.
16.3 Delegate not obliged to take action
The Delegate shall not be bound in any circumstances to take any action to enforce or to
realise the Trust Assets or take any action against the Obligor or the Lessee under any
Transaction Document unless directed or requested to do so (a) by an Extraordinary Resolution
or (b) in writing by the holders of at least 20 per cent. in aggregate face amount of the Trust
Certicates then outstanding and subject, in each case, to it being indemnied and/or secured
and/or prefunded to its satisfaction against all liabilities to which it may thereby render itself
liable or which it may incur by so doing.
16.4 Direct enforcement by Certicateholders
No Certicateholder shall be entitled to proceed directly against the Issuer, the Obligor or the
Lessee, unless (a) the Delegate, having become so bound to proceed, fails to do so within 30
days of becoming so bound and such failure is continuing and (b) the relevant Certicateholder
(or such Certicateholder together with the other Certicateholders who propose to proceed
directly against the Issuer, the Obligor or the Lessee) holds at least 20 per cent. of the aggregate
face amount of the Trust Certicates then outstanding. Under no circumstances shall the
Delegate or any Certicateholder have any right to cause the sale or other disposition of any of
the Trust Assets except pursuant to the Purchase Undertaking, and the sole right of the
Delegate and the Certicateholders against the Issuer, the Obligor or the Lessee shall be to
enforce their respective obligations under the Transaction Documents.
16.5 Limited recourse
Conditions 16.2, 16.3 and 16.4 are subject to this Condition 16.5. After enforcing or realising
the Trust Assets and distributing the net proceeds of the Trust Assets in accordance with
Condition 5.2, the obligations of the Issuer in respect of the Trust Certicates shall be satised
and no Certicateholder may take any further steps against the Issuer, the Trustee and the
Delegate to recover any further sums in respect of the Trust Certicates and the right to receive
any such sums unpaid shall be extinguished. In particular, no Certicateholder shall be entitled
in respect thereof to petition or to take any other steps for the winding-up of the Issuer or the
Trustee.
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17. REPLACEMENT OF DEFINITIVE TRUST CERTIFICATES
Should any denitive Trust Certicate be lost, stolen, mutilated, defaced or destroyed it may be
replaced at the specied ofce of the Registrar upon payment by the claimant of the expenses
incurred in connection with the replacement and on such terms as to evidence and indemnity as
the Issuer may reasonably require. Mutilated or defaced denitive Trust Certicates must be
surrendered before replacements will be issued.
18. NOTICES
All notices to the Certicateholders will be valid if:
(a) published in a daily newspaper (which will be in a leading English language newspaper
having general circulation) in the Gulf region and a daily newspaper having general
circulation in London (which is expected to be the Financial Times) approved by the
Delegate; or
(b) mailed to them by rst class pre-paid registered mail (or its equivalent) or (if posted to an
overseas address) by airmail at their respective addresses in the Register.
The Issuer shall also ensure that notices are duly given or published in a manner which
complies with the rules and regulations of any stock exchange or other relevant authority on
which the Trust Certicates are for the time being listed. Any notice shall be deemed to have
been given on the day after being so mailed or on the date of publication or, if so published
more than once or on different dates, on the date of the rst publication.
Until such time as any denitive Trust Certicates are issued, there may, so long as the Global
Trust Certicate representing the Trust Certicates is held in its entirety on behalf of Euroclear
and/or Clearstream, Luxembourg, be substituted for such publication in such newspaper(s) the
delivery of the relevant notice to Euroclear and/or Clearstream, Luxembourg for communication
by them to the Certicateholders and, in addition, for so long as any Trust Certicates are
listed on a stock exchange or are admitted to trading by another relevant authority and the
rules of that stock exchange or relevant authority so require, such notice will be published in a
daily newspaper of general circulation in the place or places required by those rules. Any such
notice shall be deemed to have been given to the Certicateholders on the day after the day on
which the said notice was given to Euroclear and/or Clearstream, Luxembourg.
Notices to be given by any Certicateholder shall be in writing and given by lodging the same
with the Principal Paying Agent. Whilst any of the Trust Certicates are represented by the
Global Trust Certicate, such notice may be given by any holder of a Trust Certicate to the
Principal Paying Agent through Euroclear and/or Clearstream, Luxembourg, as the case may be,
in such manner as the Principal Paying Agent and Euroclear and/or Clearstream, Luxembourg,
as the case may be, may approve for this purpose.
19. MEETINGS OF CERTIFICATEHOLDERS, MODIFICATION, WAIVER, AUTHORISATION
AND DETERMINATION
19.1 The Master Trust Deed contains provisions for convening meetings of Certicateholders to
consider any matter affecting their interests, including the modication or abrogation by
Extraordinary Resolution of any of these Conditions or any of the provisions of the Trust
Deed. The quorum at any meeting for passing an Extraordinary Resolution will be one or more
Certicateholders, proxies or representatives holding or representing not less than 50 per cent. in
aggregate face amount of the Trust Certicates for the time being outstanding, or at any
adjourned such meeting one or more Certicateholders, proxies or representatives present
whatever the face amount of the Trust Certicates held or represented by him or them except
that any meeting the business of which includes the modication of certain provisions of the
Trust Certicates (including modifying the Maturity Date, reducing or cancelling any amount
payable in respect of the Trust Certicates or altering the currency of payment of the Trust
Certicates or amending certain covenants given by the Issuer in the Master Trust Deed), the
quorum shall be one or more persons present holding or representing not less than 75 per cent.
in aggregate face amount of the Trust Certicates for the time being outstanding, or at any
adjourned such meeting one or more persons present holding or representing not less than 25
per cent. in aggregate face amount of the Trust Certicates for the time being outstanding. To
be passed, an Extraordinary Resolution requires a majority in favour consisting of not less than
three-quarters of the persons voting on a show of hands or, if a poll is duly demanded, a
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majority of not less than three-quarters of the votes cast on such poll and, if duly passed, will
be binding on all Certicateholders, whether or not they are present at the meeting and whether
or not voting.
19.2 The Delegate may agree, without any consent or sanction of Certicateholders, to any
modication of, or to the waiver or authorisation of any breach or proposed breach of any of
these Conditions or any of the provisions of the Trust Deed or any other Transaction
Document or determine, without any such consent or sanction as aforesaid, that any Dissolution
Event or Potential Dissolution Event shall not be treated as such if, in the opinion of the
Delegate, (a) such modication is of a formal, minor or technical nature, (b) such modication
is made to correct a manifest or proven (to the satisfaction of the Delegate) error or (c) such
modication, waiver, authorisation or determination is not materially prejudicial to the interests
of Certicateholders.
19.3 In connection with the exercise by it of any of the powers, trusts, authorities and discretions
vested in it (including, without limitation, any modication, waiver, authorisation or
determination), the Delegate shall have regard to the general interests of the Certicateholders as
a class (but shall not have regard to any interests arising from circumstances particular to
individual Certicateholders (whatever their number) and, in particular but without limitation,
shall not have regard to the consequences of any such exercise for individual Certicateholders
(whatever their number) resulting from their being for any purpose domiciled or resident in, or
otherwise connected with, or subject to the jurisdiction of, any particular territory or any
political sub-division thereof) and the Delegate shall not be entitled to require, nor shall any
Certicateholder be entitled to claim from the Delegate or any other person, any indemnication
or payment in respect of any tax consequence of any such exercise upon individual
Certicateholders except to the extent provided in Condition 13.
19.4 Any modication, abrogation, waiver, authorisation or determination shall be binding on all the
Certicateholders and shall be notied to the Certicateholders as soon as practicable thereafter
in accordance with Condition 18.
20. INDEMNIFICATION AND LIABILITY OF THE DELEGATE
20.1 The Trust Deed contains provisions for the indemnication of the Delegate in certain
circumstances and for its relief from responsibility, including provisions relieving it from taking
action unless indemnied and/or secured and/or prefunded to its satisfaction.
20.2 The Delegate makes no representation and assumes no responsibility for the validity, sufciency
or enforceability of the obligations of the Obligor or the Lessee under any Transaction
Document and shall not under any circumstances have any liability or be obliged to account to
the Certicateholders in respect of any payment which should have been made by the Obligor
or the Lessee, but is not so made, and shall not in any circumstances have any liability arising
from the Trust Assets other than as expressly provided in the Conditions or in the Trust Deed.
20.3 Each of the Delegate and the Trustee is exempted from (a) any liability in respect of any loss or
theft of the Trust Assets or any cash, (b) any obligation to insure the Trust Assets or any cash
and (c) any claim arising from the fact that the Trust Assets or any cash are held by or on
behalf of the Trustee or on deposit or in an account with any depository or clearing system or
are registered in the name of the Trustee or its nominee, unless such loss or theft arises as a
result of default or misconduct of the Delegate or the Trustee, as the case may be.
21. CONTRACTS (RIGHTS OF THIRD PARTIES) ACT 1999
No rights are conferred on any person under the Contracts (Rights of Third Parties) Act 1999
to enforce any term of the Conditions, but this does not affect any right or remedy of any
person which exists or is available apart from that Act.
22. GOVERNING LAW AND SUBMISSION TO JURISDICTION
22.1 The Trust Deed and the Trust Certicates (including the remaining provisions of this Condition
22 and any non-contractual obligations arising out of or in connection with the Trust Deed and
the Trust Certicates) are governed by, and shall be construed in accordance with, English law.
22.2 Subject to Condition 22.3, any dispute arising out of or in connection with the Trust Deed and/
or the Trust Certicates (including a dispute regarding the existence, validity or termination of
the Trust Deed and/or the Trust Certicates and a dispute relating to any non-contractual
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obligations arising out of or in connection with the Trust Deed and/or the Trust Certicates) (a
Dispute) shall be referred to and nally resolved by arbitration in accordance with the
Arbitration Rules of The London Court of International Arbitration (LCIA) (the Rules), which
Rules (as amended from time to time) are incorporated by reference into this Condition 22.2.
For these purposes:
(a) the place of arbitration shall be London;
(b) there shall be three independent arbitrators, each of whom shall be disinterested in the
arbitration, shall have no connection with any party thereto and shall be an attorney
experienced in international securities transactions;
(c) the language of the arbitration shall be English; and
(d) any requirement in the Rules to take account of the nationality of a person considered for
appointment as an arbitrator shall be disapplied and a person shall be nominated or
appointed as an arbitrator (including as Chairman) regardless of his nationality.
22.3 Notwithstanding Condition 22.2 above, the Delegate or, but only where it is permitted to take
action in accordance with the terms of the Trust Deed, any Certicateholder may, in the
alternative, and at its sole discretion, by notice in writing to the Issuer:
(a) within 28 days of service of a Request for Arbitration (as dened in the Rules); or
(b) in the event no arbitration is commenced,
require that a Dispute be heard by a court of law. If such notice is given, the Dispute to which
such notice refers shall be determined in accordance with Condition 22.4 and any arbitration
commenced under Condition 22.2 in respect of that Dispute will be terminated. With the
exception of the Delegate (whose costs will be borne by the Issuer, failing which Emaar), each
of the parties to the terminated arbitration will bear its own costs in relation thereto.
If any notice to terminate is given after service of any Request for Arbitration in respect of any
Dispute, the Delegate or, but only where it is permitted to take action in accordance with the
terms of the Trust Deed, any Certicateholder, as the case may be, must also promptly give
notice to the LCIA Court and to any Tribunal (each as dened in the Rules) already appointed
in relation to the Dispute that such Dispute will be settled by the courts. Upon receipt of such
notice by the LCIA Court, the arbitration and any appointment of any arbitrator in relation to
such Dispute will immediately terminate. Any such arbitrator will be deemed to be functus
ofcio. The termination is without prejudice to:
(a) the validity of any act done or order made by that arbitrator or by the court in support of
that arbitration before his appointment is terminated;
(b) his entitlement to be paid his proper fees and disbursements; and
(c) the date when any claim or defence was raised for the purpose of applying any limitation
bar or any similar rule or provision.
22.4 In the event that a notice pursuant to Condition 22.3 is issued, the following provisions shall
apply:
(a) subject to paragraph (c) below, the courts of England shall have exclusive jurisdiction to
settle any Dispute;
(b) the Issuer agrees that the courts of England are the most appropriate and convenient
courts to settle any Dispute and, accordingly, that it will not argue to the contrary; and
(c) this Condition 22.4 is for the benet of the Delegate and the Certicateholders only. As a
result, and notwithstanding paragraph (a) above, the Delegate or, but only where it is
permitted to take action in accordance with the terms of the Trust Deed, Certicateholder
may take proceedings relating to a Dispute (Proceedings) in any other courts with
jurisdiction. To the extent allowed by law, the Delegate or, but only where it is permitted
to take action in accordance with the terms of the Trust Deed, any Certicateholder may
take concurrent Proceedings in any number of jurisdictions.
22.5 The Issuer appoints Maples and Calder at its registered ofce at Princes Court, 7 Princes Street,
London EC2R 8AQ as its agent for service of process, and undertakes that, in the event of
Maples and Calder ceasing so to act or ceasing to be registered in England, it will appoint
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another person approved by the Delegate as its agent for service of process in England in
respect of any Proceedings or Disputes. Nothing herein shall affect the right to serve
proceedings in any other manner permitted by law.
22.6 The Issuer and Emaar have in the Trust Deed agreed to arbitration and the option to litigate,
submitted to the jurisdiction of the English courts and appointed an agent for service of process
in terms substantially similar to those set out above. In addition Emaar has in the Trust Deed
waived any right to claim sovereign or other immunity from jurisdiction or execution and any
similar defence and has consented to the giving of any relief or the issue of any process,
including without limitation, the making, enforcement or execution against any property
whatsoever (irrespective of its use or intended use) of any order of judgment made or given in
connection with any Disputes or Proceedings.
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USE OF PROCEEDS
The proceeds of each Series of Trust Certicates issued under the Programme will be paid by the
Issuer to the Seller as the purchase price for the Relevant Lease Assets and applied by the Seller for
its general corporate purposes.
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DESCRIPTION OF THE ISSUER
General
Emaar Sukuk Limited, a Cayman Islands exempted company with limited liability, was incorporated
on 8 September 2008 under the Companies Law (2007 Revision) of the Cayman Islands with
company registration number 216801. The Issuer has been established as a special purpose vehicle for
the sole purpose of issuing Trust Certicates under the Programme and entering into the transactions
contemplated by the Transaction Documents. The registered ofce of the Issuer is at MaplesFS
Limited, P.O. Box 1093, Queensgate House, Grand Cayman, KY1-1102, Cayman Islands, and its
telephone number is +1 345 945 7099.
The authorised share capital of the Issuer is U.S.$50,000 divided into 50,000 ordinary shares of
U.S.$1.00 each, 250 of which have been issued. All of the issued shares (the Shares) are fully-paid
and are held by MaplesFS Limited as share trustee (the Share Trustee) under the terms of a trust
deed (the Share Trust Deed) dated 12 January 2009 under which the Share Trustee holds the Shares
in trust until the Termination Date (as dened in the Share Trust Deed). Prior to the Termination
Date, the trust is an accumulation trust, but the Share Trustee has the power to benet Qualied
Charities (as dened in the Share Trust Deed). It is not anticipated that any distribution will be made
whilst any Trust Certicate is outstanding. Following the Termination Date, the Share Trustee will
wind up the trust and make a nal distribution to charity. The Share Trustee has no benecial
interest in, and derives no benet (other than its fee for acting as Share Trustee) from, its holding of
the Shares.
Business of the Issuer
The Issuer has a limited operating history and will not have any substantial liabilities other than in
connection with the Trust Certicates to be issued under the Programme. The Trust Certicates are
the obligations of the Issuer alone and not the Share Trustee.
The objects for which the Issuer is established are set out in clause 3 of its Memorandum as
registered or adopted on 8 September 2008.
Financial Statements
Since the date of incorporation, no nancial statements of the Issuer have been prepared. The Issuer
is not required by Cayman Islands law, and does not intend, to publish audited nancial statements.
Directors of the Issuer
The Directors of the Issuer are as follows:
Name: Principal Occupation:
Guy Major Director of MaplesFS Limited
Carlos Farjallah Senior Vice President of MaplesFS Limited
The business address of Guy Major and Carlos Farjallah is c/o MaplesFS Limited, P.O. Box 1093,
Boundary Hall, Cricket Square, Grand Cayman, KY1-1102, Cayman Islands.
There are no potential conicts of interest between the private interests or other duties of the
Directors listed above and their duties to the Issuer, save for the fact that each Director is an
employee and/or ofcer of the Issuer Administrator.
The Administrator
MaplesFS Limited also acts as the Issuer Administrator. The ofce of the Issuer Administrator serves
as the general business ofce of the Issuer. Through the ofce, and pursuant to the terms of the
Corporate Services Agreement, the Issuer Administrator will perform in the Cayman Islands various
administrative functions on behalf of the Issuer, including communications with shareholders and the
general public, and the provision of certain clerical, administrative and other services until termination
of the Corporate Services Agreement. In consideration of the foregoing, the Issuer Administrator will
receive various fees payable by the Issuer at rates agreed upon from time to time, plus expenses. The
terms of the Corporate Services Agreement provide that the Issuer may terminate the appointment of
the Issuer Administrator by giving 14 days notice to the Issuer Administrator at any time within 12
months of the happening of certain stated events, including any breach by the Issuer Administrator of
72
its obligations under the Corporate Services Agreement. In addition, the Corporate Services
Agreement provides that the Issuer Administrator shall be entitled to retire from its appointment by
giving at least three months notice in writing.
The Issuer Administrator will be subject to the overview of the Issuers Board of Directors. The
Corporate Services Agreement may be terminated (other than as stated above) by either the Issuer or
the Issuer Administrator giving the other party at least three months written notice.
The Issuer Administrators principal ofce is P.O. Box 1093, Boundary Hall, Cricket Square, Grand
Cayman, KY1-1102, Cayman Islands.
The Directors of the Issuer are all employees or ofcers of the Issuer Administrator. The Issuer has
no employees and is not expected to have any employees in the future.
73
SELECTED FINANCIAL INFORMATION
This section presents certain selected consolidated nancial information of Emaar as at and for the
years ended 31 December 2008 and 2009, as at 30 September 2010 and for the nine month periods
ended 30 September 2009 and 2010. As a result of certain changes in accounting policies and
classications during these periods, this information has been extracted from Emaars previously
published consolidated nancial statements as follows:
*
the selected nancial data as at 30 September 2010 and as at and for the nine month periods
ended 30 September 2009 and 2010 appearing below has been extracted from the unaudited
interim condensed consolidated nancial statements as at and for the nine month period ended
30 September 2010;
* the selected nancial data as at and for the year ended 31 December 2009 appearing below has
been extracted from Emaars 2009 audited consolidated nancial statements; and
* the selected nancial data as at and for the year ended 31 December 2008 appearing below has
been extracted from the comparative nancial information as at and for the year ended 31
December 2008 included in the 2009 audited consolidated nancial statements, which has been
restated to take into account the application of IFRIC 15 (Agreements for the Construction of
Real Estate). The selected nancial data as at and for the year ended 31 December 2008 has not
been extracted from the 2008 audited consolidated nancial statements as such data is not
directly comparable to the nancial data as at and for the year ended 31 December 2009 as it
appears in the 2009 audited consolidated nancial statements due to the effect of the application
of IFRIC 15 (Agreements for the Construction of Real Estate). See note 2.2 to the 2009 audited
consolidated nancial statements for further details.
See also Presentation of Financial Information for a further discussion of the presentation of
nancial information contained in this Base Prospectus.
The Consolidated Financial Statements have been prepared in conformity with International Financial
Reporting Standards (IFRS).
The selected nancial information set forth below should be read in conjunction with Emaars
Consolidated Financial Statements and related notes thereto, appearing elsewhere in this document.
The results of operations for any period are not necessarily indicative of the results to be expected for
any future period.
74
Consolidated Statement of Financial Position
As at 30
September As at 31 December
2010 2009
2008
(Restated)
AED million
Bank balances and cash............................................................... 3,568 2,267 5,393
Trade receivables ......................................................................... 1,012 981 1,058
Other receivables, deposits and prepayments .............................. 3,064 3,211 3,511
Development properties............................................................... 28,828 31,076 26,799
Securities ...................................................................................... 776 937 867
Loans to associates ...................................................................... 2,266 2,005 1,636
Investments in associates ............................................................. 7,929 7,861 8,314
Property, plant and equipment.................................................... 7,318 6,822 5,414
Investment properties .................................................................. 8,126 8,546 13,248
Goodwill ...................................................................................... 46 439 439
Total assets .................................................................................. 62,933 64,145 66,680
Advances from customers............................................................ 12,187 15,888 18,109
Trade and other payables ............................................................ 8,600 9,545 9,680
Interest bearing loans and borrowings ........................................ 9,933 8,625 9,174
Retentions payable ...................................................................... 1,166 1,160 1,079
Provisions for employees end of service benets........................ 57 47 37
Total liabilities ............................................................................. 31,942 35,266 38,079
Share capital ................................................................................ 6,091 6,091 6,091
Treasury shares............................................................................ (1) (1)
Employees performance share programme................................. (2) (2) (2)
Reserves ....................................................................................... 14,695 14,711 14,432
Retained earnings ........................................................................ 10,020 7,878 7,586
Equity attributable to equity holders of the parent company..... 30,804 28,677 28,107
Non-controlling interest............................................................... 187 202 494
Total equity.................................................................................. 30,991 28,879 28,601
Total liabilities and equity............................................................ 62,933 64,145 66,680
75
Consolidated Income Statement
Nine months ended
30 September
Year ended
31 December
2010 2009 2009
2008
(Restated)
(AED million)
Continuing operations
Revenue ................................................................. 8,320 5,429 8,413 10,717
Cost of revenue...................................................... (4,966) (2,753) (4,314) (5,487)
Gross prot ............................................................ 3,354 2,676 4,099 5,230
Other operating income......................................... 302 357 520 531
Selling, general and administrative expenses......... (1,395) (1,368) (1,912) (1,905)
Other operating expenses....................................... (200) (209) (288) (363)
Finance income...................................................... 199 290 356 422
Finance costs ......................................................... (282) (172) (217) (75)
Other income ......................................................... 469 71 83 240
Share of results from associated companies.......... (235) (293) (534) 109
Impairment of assets ............................................. (31) (80)
Loss on disposal of subsidiaries ............................ (52)
Prot before tax..................................................... 2,159 1,322 2,028 4,189
Income tax credit................................................... 1 10 24 3
Prot for the period from continuing operations .... 2,160 1,332 2,051 4,191
Loss from discontinued operations ....................... (1,762) (1,762) (4,068)
Net prot (loss) for the period................................ 2,160 (430) 289 124
Attributable to:
Equity holders of the parent ................................. 2,175 (393) 327 166
Non-controlling interest ........................................ (15) (37) (38) (42)
2,160 (430) 289 124
Earnings per share attributable to the equity
holders of the parent (AED/share):
Total operations
basic and diluted earnings per share .............. 0.36 (0.07) 0.05 0.03
Continuing operations
basic and diluted earnings per share .............. 0.36 0.22 0.34 0.70
Discontinued operations
basic and diluted earnings per share .............. (0.29) (0.29) (0.67)
76
FINANCIAL REVIEW
The following discussion and analysis should be read in conjunction with the information set out in
Selected Financial Information and the Consolidated Financial Statements. References in this section
to 2009 and 2008 are to the nancial years ended 31 December in each of those years.
Basis of Presentation
This section presents certain selected nancial information of Emaar as at and for the years ended 31
December 2008 and 2009, as at 30 September 2010 and for the nine month periods ended 30
September 2009 and 2010. As a result of certain changes in accounting policies and classications
during these periods, this information has been extracted from Emaars previously published
consolidated nancial statements as follows:
* the selected nancial data as at 30 September 2010 appearing in this section and as at and for
the nine month periods ended 30 September 2009 and 2010 has been extracted from the
unaudited interim condensed consolidated nancial statements as at and for the nine month
period ended 30 September 2010;
* the selected nancial data as at and for the year ended 31 December 2009 appearing in this
section has been extracted from Emaars 2009 audited consolidated nancial statements;
*
section has been extracted from the comparative nancial information as at and for the year
ended 31 December 2008 included in the 2009 audited consolidated nancial statements, which
has been restated to take into account the application of IFRIC 15 (Agreements for the
Construction of Real Estate). The selected nancial data as at and for the year ended
31 December 2008 has not been extracted from the 2008 audited consolidated nancial
statements as such data is not directly comparable to the nancial data as at and for the year
ended 31 December 2009 as it appears in the 2009 audited consolidated nancial statements due
to the effect of the application of IFRIC 15 (Agreements for the Construction of Real Estate).
See note 2.2 to the 2009 audited consolidated nancial statements for further details.
See also Presentation of Financial Information for a further discussion of the presentation of
nancial statements contained in this Base Prospectus.
Emphasis of Matter
Ernst & Youngs audit report in respect of the 2009 audited consolidated nancial statements and its
review report in respect of the 30 September 2010 interim condensed consolidated nancial statements
each include an emphasis of matter relating to (i) an arbitration proceeding resulting from a claim
made against Emaar in respect of a conditional joint venture agreement in the Kingdom of Saudi
Arabia and (ii) Emaars investment in Amlak Finance PJSC. Emaar has settled the arbitration
proceeding referred to in (i) above in December 2010 with neither party having any claim against the
other in respect of the dispute. See Description of Emaar Properties PJSC Financial Services
Amlak Finance and the relevant reports contained in Financial Information for further details.
Key Factors Affecting Results of Operations
The following is a discussion of the most signicant factors that have affected, or are expected to
affect, Emaars results of operations and nancial condition.
Evolving mix of income streams
Historically, almost all of Emaars revenue was derived from the sale of properties (whether in the
form of development land or completed residential properties) and Emaar recorded only a limited
amount of income generated from the operation of hotels and other hospitality businesses operated
by it and rental income from properties leased by it.
However, in more recent years, many of Emaars revenue generating assets have been completed and
have started to generate revenue (e.g. The Dubai Mall, Marina Mall and The Address Hotels in the
UAE). As a result, revenue from hospitality grew to approximately 8.1 per cent. and 7.9 per cent. of
total revenue in the nine month period to 30 September 2010 and the year to 31 December 2009,
respectively, and revenue from leased properties and related income grew to approximately
16.1 per cent. and 17.9 per cent. of total revenue in the nine month period to 30 September 2010 and
the year to 31 December 2009, respectively. The proportion of revenues from these sectors has
77
remained relatively constant for the nine months to 30 September 2010 compared to the year to
31 December 2009 (despite growing in absolute terms compared to the same period in 2009) due, in
part, to the increase in delivery of sold units in 2010 including units in the Burj Khalifa. In future
periods, Emaar anticipates that its revenue generating assets will continue to increase and accordingly
the proportion of its revenues derived from hospitality and rental income and other non-property
sales sources will also continue to increase. While Emaar expects the level of these other revenues to
continue to increase, revenues from the sales of development land and completed properties are
expected to remain the most substantial part of its revenues.
Timing of revenue recognition of sales of properties and comparability of income growth
IFRIC 15 (Agreements for the Construction of Real Estate) was issued in July 2008, became effective
for annual nancial years beginning on or after 1 January 2009 and is applied retrospectively to the
2008 audited consolidated nancial statements. IFRIC 15 claries when and how revenue and related
expenses from the sale of a real estate unit should be recognised if an agreement between a developer
and a buyer is reached before the construction of the real estate is completed. With effect from 1
January 2009, Emaar has changed its accounting policy of recognising revenue from sale of properties
in certain geographic locations from the percentage of completion method to full completion upon or
after delivery when the control and signicant risks and rewards of ownership are transferred to the
buyer in order to comply with the requirements of IFRIC 15. In other locations, the local laws are
such that percentage of completion method continues to be appropriate under IFRIC 15. See note 2.2
to the 2009 audited consolidated nancial statements for a further discussion and the effects of the
change in the accounting policy on the 2008 audited nancial statements.
Therefore, for certain geographic locations, in respect of units sold prior to completion of
construction of the building or cluster in which the unit is located, revenue from the sale of the
apartment is recognised only when the entire building or cluster of units is complete and all units in
the building or cluster of units have been delivered to the purchasers of those units. This can
therefore give rise to periodic, large-value revenue recognition events.
Property prices in Dubai
Since 2008, the global economy has experienced signicant turmoil, the impact of which has been felt
in the GCC, and in particular in Dubai, since the last quarter of 2008. The effects of the economic
downturn have had a signicant impact on property prices in Dubai.
In the period prior to (and including) the third quarter of 2008, property prices in Dubai increased at
a signicant rate. This enabled Emaar to realise higher prices for property developments launched
prior to the third quarter of 2008. However, since the third quarter of 2008, property prices in Dubai
have decreased signicantly, as a result of, inter alia, the global nancial crisis and an increase in the
supply of completed units. Emaar aims to pre-sell a signicant proportion of the properties to be
developed in any project or project phase prior to the commencement of construction in order to
assist the funding of construction and this has, to an extent, protected Emaar from such property
price decreases. However, in addition to the decline in property values, the economic downturn has
also led to a signicant decrease in property sales volumes. A further signicant effect of the global
nancial crisis has been a sharp decline in monetary liquidity in the GCC which has manifested itself
in a reluctance of nancial institutions in the UAE to extend credit. This has affected Emaars
residential customers who are suffering from a lack of availability of mortgage nance. The decline in
sales volumes coupled with decreases in sales prices has caused Emaar to reconsider development
plans for projects or phases of projects which have not commenced and has limited Emaars ability to
sell units in projects which were not pre-sold (and/or has limited the price obtained for any such
sale).
Signicant Accounting Policies
Business combinations and consolidated and separate nancial statements
Emaar, its subsidiaries and associated companies (together, the Group) have applied the revised IFRS
3 and amended IAS 27 since 1 January 2010. The revised IFRS 3 policy introduced signicant
changes in the accounting for business combinations after this date. The changes affect valuation of
non-controlling interests, accounting for transaction costs and contingent consideration and business
combinations achieved in stages. These changes will impact the amount of goodwill recognised, the
reported results in the period that an acquisition occurs and future reported results.
78
The amended IAS 27 provides that changes in the ownership of subsidiaries (without loss of control)
do not give rise to goodwill gains or losses and also changes the accounting for losses incurred by the
subsidiary and the loss of control of the subsidiary.
The changes by IFRS 3 (Revised) and IAS 27 (Amended) will affect future acquisitions or loss of
control of subsidiaries and transactions with non-controlling interests. For further information in
relation to these changes please refer to note 2.3 to the 30 September 2010 interim condensed
consolidated nancial statements.
Revenue Recognition
Provided it is probable that the economic benets will ow to the Group and the revenue and costs,
if applicable, can be measured reliably, revenue is recognised in the consolidated income statement as
follows:
Sale of property
In addition to the above requirements for recognition of revenue and costs, revenue and costs from
the sale of property are recognised when the risks and rewards of ownership of the property have
been transferred to the buyer, which is normally on unconditional exchange of contracts. For
conditional exchanges, sales are recognised only when all the signicant conditions are satised.
In jurisdictions where the Group transfers risks and rewards of ownership of the property in its
entirety at a single point of time, revenue and the associated costs are recognised at that point of
time. Although this trigger is determined by reference to the sales contract and the relevant local
laws, and so may differ from transaction to transaction, in general the Group determines the point of
recognition to be the time at which the buyer takes possession of the property.
In jurisdictions where the Group transfers to the buyer control and the signicant risks and rewards
of ownership of the work in progress in its current state as the work progresses, revenues and related
costs of development are recognised on a progressive basis using the percentage of completion
method.
The above recognition policy is in compliance with IFRIC 15 (Agreements for the Construction of
Real Estate). See Timing of revenue recognition of sales of properties and comparability of income
growth and note 2.4 to the 2009 audited consolidated nancial statements and note 2.3 to the
30 September 2010 interim condensed consolidated nancial statements for further information.
Lease to buy scheme
Sales under the lease to buy scheme are accounted as follows:
*
rental income during the period of lease is accounted for on a straight-line basis until such time
as the lessee exercises its option to purchase;
* when the lessee exercises its option to purchase, a sale is recognised in accordance with the
revenue recognition policy for sale of property as stated above; and
*
when recognising the sale, revenue is the amount which the lessee has to pay at the time of
exercising the option to acquire the property.
Lease of investment property
Rental income from investment properties is accounted for on a straight-line basis over the lease term
on ongoing leases.
Interest revenue
Interest revenue is recognised as the interest accrues using the effective interest method, under which
the rate used exactly discounts estimated future cash receipts through the expected life of the nancial
asset to the net carrying amount of the nancial asset.
Services
Revenue from rendering of services is recognised when the outcome of the transaction can be
estimated reliably, by reference to the stage of completion of the transaction at reporting date.
Investment properties
Properties held for rental or capital appreciation purposes are classied as investment properties.
Investment properties are measured at cost less any accumulated depreciation and any accumulated
79
impairment losses. Depreciation is charged on a straight line basis over the estimated useful lives as
follows:
*
Buildings 10 45 years
* Fixed furniture and xtures 10 years
*
Movable furniture and xtures 4 years
The useful life and depreciation method are reviewed periodically to ensure that the method and
period of depreciation are consistent with the expected pattern of economic benets from these assets.
Properties are transferred from investment properties to development properties when, and only when,
there is a change in use, evidenced by commencement of development with a view to sale. Such
transfers are made at the carrying value of the properties at the date of transfer.
Development properties
Properties acquired, constructed or in the course of construction for sale are classied as development
properties. Unsold properties are stated at the lower of cost or net realisable value. Cost includes:
* Freehold and leasehold rights for land;
*
Amounts paid to contractors for construction; and
*
Borrowing costs, planning and design costs, costs of site preparation, professional fees for legal
services, property transfer taxes, construction overheads and other related costs.
Net realisable value is the estimated selling price in the ordinary course of the business, based on
market prices at the reporting date and discounted for the time value of money if material, less costs
to completion and the estimated costs of sale.
The cost of development properties recognised in the consolidated income statement on disposal is
determined with reference to the specic costs incurred on the property sold and an allocation of any
non-specic costs based on the relative size of the property sold.
Derivative nancial instruments
The Group enters into derivative nancial instruments to manage its exposure to foreign exchange
rate risk, including foreign exchange forward contracts. Derivatives are initially recognised at fair
value at the date the derivative contract is entered into and are subsequently remeasured to their fair
value at the end of each reporting period. The resulting gain or loss is recognised in prot or loss
immediately unless the derivative is designated and effective as a hedging instrument, in which event,
the timing of the recognition in prot or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a nancial asset; a derivative with a negative
fair value is recognised as a nancial liability.
Interest in a joint venture
The Group has interests in joint ventures which are jointly controlled. The Group recognises its
interest in the joint ventures using the equity method until the date on which the Group ceases to
have joint control over the joint venture. The interest in the joint venture is carried in the
consolidated statement of nancial position at cost, plus post-acquisition changes in the Groups share
of net assets of the joint venture, less any impairment in value. The consolidated income statement
reects the Groups share of the results of its joint venture.
Critical Accounting Judgments and Key Sources of Estimation Uncertainty
Emaar prepares its consolidated nancial statements in accordance with IFRS and applicable
requirements of UAE law. The preparation of the consolidated nancial statements requires
management to make certain judgments and are subject to certain estimation uncertainties, the most
signicant of which are described in note 2.3 to the 2009 audited consolidated nancial statements
and note 2.2 to the 30 September 2010 interim condensed consolidated nancial statements. These
judgments and estimations include (i) the adoption of the cost model for investment properties; (ii)
the classication of hotels and serviced apartment buildings operated by the Group as part of
property, plant and equipment rather than investment properties; (iii) the accounting for commercial
and retail property leases as operating leases; and (iv) the determination of total provisions for
current and deferred taxes in various jurisdictions.
80
Signicant accounting estimations made by management include impairment of non-nancial assets
and accounts receivable, and the determination of useful lives of property, plant and equipment.
Segmental Analysis
For reporting purposes, Emaar currently classies its activities into three major segments: real estate
(development and sale of residential and commercial units and plots of land), leasing and related
activities (development, leasing and managing malls, retails, commercial and residential space) and
hospitality (development, owning and/or managing hotels, serviced apartments and leisure activities).
Other businesses (including Emaars property management and nancial services) do not meet the
criteria for a reportable segment under IFRS 8. Prior to the 2010 nancial year, Emaar used two
reporting segments in preparation of its consolidated nancial statements, being real estate and other.
Geographically, Emaar classies its activities in the UAE as domestic and its activities elsewhere as
international.
A breakdown of Emaars revenue, results, assets and liabilities and certain other information by
business and geographic segment is included in note 3 to each of the 2009 audited consolidated
nancial statements and 30 September 2010 interim condensed consolidated nancial statements.
Results of Operations
Period ended 30 September 2010 compared with period ended 30 September 2009
Revenue, cost of revenue and gross prot
Total revenue for the nine month period ended 30 September 2010 was AED8,320 million recording a
growth of 53 per cent. over the nine month period ended 30 September 2009 revenue of AED5,429
million. The Groups diversied business segments in shopping malls and hospitality are now yielding
strong recurring revenues, and contributed 24 per cent. of the Groups revenue during the period.
The table below shows the breakdown of Emaars revenues, cost of revenue and gross prot for each
of the nine month periods ended 30 September 2010 and 2009.
Revenue
Cost of
Revenue
Gross
Prot Revenue
Cost of
Revenue
Gross
Prot
30 September 2010 30 September 2009
AED Million
Sale of properties....... 6,310 4,230 2,080 3,890 2,280 1,610
Hospitality income .... 670 448 222 447 275 172
Leasing and related
activities ................ 1,340 288 1,052 1,092 198 894
Total .......................... 8,320 4,966 3,354 5,429 2,753 2,676
During the nine month period ended 30 September 2010, Emaars revenues from sale of properties
were mainly derived from the handover of Burj Khalifa residential apartments, Armani Residences,
Dubai Marina Quays & Park Island. Although Emaar derived less revenue from hospitality and
leasing and related activities than from property sales, these revenue streams increased in absolute
amount and as a proportion of total revenue for the nine months ended 30 September 2010 in
comparison to the corresponding period in the previous year. Total revenue increased approximately
53 per cent. from AED5,429 million for the nine months ended 30 September 2009 to AED8,320
million for the nine months ended 30 September 2010. This increase was largely due to a higher
number of units being delivered in 2010 and increased revenue from hospitality and leasing related
activities.
Emaars cost of revenue over the two periods evidenced growth of approximately 80 per cent. from
AED2,753 million for the nine months ended 30 September 2009 to AED4,966 million for the nine
months ended 30 September 2010. This increase was largely due to a higher number of units being
delivered during 2010. Accordingly gross prot for the nine months ended 30 September 2010
increased by approximately 25 per cent. as compared to the corresponding period in 2009.
81
During the nine month period under review, the breakdown of Emaars revenue generated from sale
of properties is as follows:
Revenue
Cost of
Revenue
Gross
Prot Revenue
Cost of
Revenue
Gross
Prot
30 September 2010 30 September 2009
AED Million
Apartments/
condominiums....... 5,104 3,569 1,535 2,778 1,824 954
Commercial spaces/
Villas.......................... 1,180 652 528 978 449 529
Plots of land.............. 26 9 17 134 7 127
Total .......................... 6,310 4,230 2,080 3,890 2,280 1,610
Other operating income
Other operating income primarily includes revenue from other business operations such as property
services, healthcare and district cooling plants. Operating income for the nine month period ended
30 September 2010 was AED302 million compared to AED357 million in the corresponding period in
2009. The decrease is primarily due to the sale of Hamptons International business in the United
Kingdom.
Selling, general and administrative expenses
During the nine month period ended 30 September 2010, Emaars selling, general and administrative
expenses amounted to AED1,395 million compared to AED1,368 million in 2009. The increase in
selling, general and administrative expenses is primarily due to depreciation on certain hotels (The
Address Dubai Mall and The Address Dubai Marina Mall) that opened in the fourth quarter of 2009
and depreciation resulting from the opening of the Armani Hotel in 2010. The breakdown of selling,
general and administrative expenses over the periods under review were as follows:
Nine months ended
30 September
2010 2009
(AED million)
Payroll and related expenses.............................................................................. 289 371
Sales and marketing expenses............................................................................ 147 150
Depreciation of property, plant and equipment................................................ 299 224
Depreciation of investment properties............................................................... 234 235
Property management expenses ......................................................................... 98 47
Land registration fees ........................................................................................ 37 42
Pre-operating expenses....................................................................................... 48 29
Other expenses ................................................................................................... 243 269
Total................................................................................................................... 1,395 1,368
Other operating expenses
Other operating expenses (which includes expenses relating to operations other than sale of properties,
hospitality or leasing and related activities) amounted to AED200 million for the nine month period
ended 30 September 2010, a marginal decrease from AED209 million in the corresponding period of
2009.
Finance income and nance costs
Finance income for the nine month period ended 30 September 2010 was AED199 million, a decrease
of 31 per cent. compared to AED290 million recorded in the corresponding period in 2009. Finance
income principally comprises the returns earned by Emaar on cash held by it on deposit with banks.
This decrease was principally due to lower average deposits and lower interest rates during 2010.
82
Finance costs for the nine month period ended 30 September 2010 were AED282 million, an increase
of 64 per cent. compared to AED172 million recorded in the corresponding period in 2009. Finance
costs principally represents interest paid by Emaar on its borrowings and the increase in nance costs
reects an increase in Emaars borrowings during the rst nine months of 2010.
Other income
Other income amounted to AED469 million for the nine month period ended 30 September 2010, a
signicant increase of 561 per cent. from AED71 million in the corresponding period of 2009. The
increase is primarily due to the disposal of certain investment properties.
Share of results from associated companies
Share of results from associated companies for the nine month period ended 30 September 2010 was
a loss of AED235 million, an improvement of 20 per cent. compared to the loss of AED293 million
recorded in the corresponding period in 2009. This line item principally reects the results of Emaars
associated companies including Emaar Economic City, Emaar MGF, Amlak Finance and Dubai
Bank. This improvement was principally due to lower losses in Amlak Finance and Dubai Bank.
Net prot for the period
Reecting the above factors, Emaars net prot for the nine month period ended 30 September 2010
was AED2,160 million, compared to the AED430 million net loss recorded in the corresponding
period in 2009.
Year ended 2009 compared with year ended 2008
Revenue, cost of revenue and gross prot
The table below shows the breakdown of Emaars revenues for each of 2009 and 2008.
Revenue
Cost of
Revenue
Gross
Prot Revenue
Cost of
Revenue
Gross
Prot
2009 2008
AED Million
Sale of properties....... 6,236 3,598 2,368 9,641 4,943 4,698
Hospitality income .... 667 448 219 577 367 210
Rental income ........... 1,510 268 1,242 499 178 321
Total .......................... 8,413 4,314 4,099 10,717 5,487 5,230
During the periods under review, Emaars revenues were mainly derived from the sale of properties.
The total revenues decreased over the two year period, by 21.5 per cent. in 2009 compared to 2008.
This decrease was due to lower revenues from sale of properties following the lower number of
deliveries in 2009 and lower new unit sales as a result of the global economic downturn experienced
over the period. This decrease was partially offset by increases in hospitality and rental income due to
the opening of various facilities in 2009.
Emaars cost of revenue over the two year period evidenced a similar trend, with the total cost of
revenues decreasing by 21.4 per cent. in 2009 compared to 2008. This decrease was principally due to
lower revenue from sale of properties.
Reecting the proportionately greater decreases in revenues than in the cost of revenues themselves,
Emaars gross prot for 2009 was AED4,099 million, a decrease of 21.6 per cent. compared to the
AED5,230 million recorded in 2008.
83
During 2009 and 2008, the breakdown of Emaars revenue generated from sale of properties was as
follows:-
Revenue
Cost of
Revenue
Gross
Prot Revenue
Cost of
Revenue
Gross
Prot
2009 2008
AED Million
Apartments/
condominiums....... 4,312 2,803 1,509 6,053 3,869 2,184
Villas/Commercial ..... 1,789 787 1,002 2,976 1,049 1,927
Plots of land.............. 135 9 126 613 25 588
Total .......................... 6,236 3,599 2,637 9,641 4,943 4,699
A breakdown of Emaars revenues by geographic segment for the years ended 2008 and 2009 is
included in note 3 to the 2009 audited consolidated nancial statements.
Other operating income
Other operating income for 2009 was AED520 million, a decrease of 2.1 per cent. compared to the
AED531 million recorded in 2008.
Selling, general and administrative expenses
Selling, general and administrative expenses for 2009 were AED1,912 million, an increase of 0.4 per
cent. compared to the AED1,905 million in 2008.
Year ended 31 December
2009 2008
(AED million)
Payroll and related expenses.............................................................................. 454 601
Sales and marketing expenses............................................................................ 189 380
Depreciation of property, plant and equipment................................................ 322 209
Depreciation of investment properties............................................................... 314 86
Property management expenses ......................................................................... 67 71
Land registration fees ........................................................................................ 72 97
Provision for doubtful debts/write off 94
Pre-operating expenses....................................................................................... 52 69
Other expenses ................................................................................................... 348 393
Total................................................................................................................... 1,912 1,905
The overall increase in selling, general and administrative costs from 2008 to 2009 was mainly due to
the 54.1 per cent. increase in depreciation of property, plant and equipment (mainly due to the
opening of The Address Downtown at the end of 2008 and the opening of The Address Dubai Mall
and The Address Dubai Marina Mall in the fourth quarter of 2009), a 265.1 per cent. increase in
depreciation of investment properties (mainly due to opening of The Dubai Mall and Dubai Marina
Mall at the end of 2008) and the inclusion of a AED94 million provision for doubtful debts/write off.
The increases were largely off set by a 24.5 per cent. decrease in payroll and related expenses as well
as the 50.1 per cent. decrease in sales and marketing expenses (mainly due to decreased sales
commission due to lower new sales and decreased marketing expenditure during the global nancial
crisis).
Other operating expenses
Other operating expenses for 2009 amounted to AED288 million, a decrease of 20.7 per cent. from
AED363 million in 2008. This decrease over the period was principally due to decreased costs in the
non-real estate business primarily relating to manpower and sales and marketing.
84
Finance income and nance costs
Finance income for 2009 was AED356 million, a decrease of 15.6 per cent. compared to the AED422
million recorded in 2008. The movement in nance income over the period was principally related to
lower interest rates on deposits during 2009 as compared to 2008.
Finance costs for 2009 was AED217 million, an increase of 189.3 per cent. compared to AED75
million recorded in 2008. The movements in nance costs over the period was principally related to
higher borrowing and also due to completion of certain assets, and the fact that no interest was
capitalised in 2009 (in 2008, interest for borrowing apportioned to construction of investments assets
was capitalised).
Other income
Other income for 2009 amounted to AED83 million, a signicant decrease from AED240 million in
2008. This decrease over the period under review was principally due to transfer and housing fees
that were charged to customers in 2008 being handled by the Dubai Land Department in 2009.
Share of results from associated companies
Share of results from associated companies for 2009 was a loss of AED534 million compared to a
gain of AED109 million recorded in 2008. This decrease over the period was principally due to
increased losses in Amlak Finance and Dubai Bank relating to provisioning against loans and
advances. See Risk Factors Risks relating to Emaar Amlak, an associated company of Emaar, may
need to restructure its debt obligations which may expose Emaar to loan write offs and a decrease in the
value of its investment.
Net prot for the year
Reecting the above factors, Emaars net prot for 2009 was AED289 million, a signicant increase
compared to AED124 million recorded in 2008.
Net prot for the year in both 2009 and 2008 were signicantly affected by losses from discontinued
operations, amounting to AED1,762 million in 2009 and AED4,068 million in 2008. These losses
from discontinued operations related to the Groups U.S. subsidiary, WL Homes LLC and its
afliates, which led Chapter 11 petitions in the US Bankruptcy Court for the District of Delaware
in February 2009 and were subsequently put into liquidation. See note 7 to the 2009 audited
consolidated nancial statements for further details.
Analysis of Certain Consolidated Statement of Finanical Position Items
Cash and bank balances
As at 30 September 2010, the Groups cash and bank balances amounted to AED3,568 million
compared to AED2,267 million as at 31 December 2009. Of those amounts, AED439 million and
AED388 million of deposits, respectively, are held in lien and the rest of the cash or unrestricted
deposits are placed with the banks as short term deposits. The increase in cash balance is due to
higher collection from customers, increased sales of new properties, additional borrowings from
nancial institutions and disposal of non-core businesses including Hamptons International business,
in the United Kingdom and RSH Limited, in Singapore. Approximately 83 per cent. of the Groups
cash and bank balances as at 30 September 2010 are AED-denominated.
Investment properties
Emaars investment properties amounted to AED8,126 million as at 30 September 2010 compared to
AED8,546 million as at 31 December 2009 and AED13,248 million as at 31 December 2008.
Investment property is stated at cost and includes assets held for rental or capital appreciation
purposes. Emaar Malls and retail assets are included at cost under investment properties. Land
amounting to AED4,521 million held for development purposes has been transferred to development
properties in 2009. The decrease in investment properties is due to the sale of certain investment
properties and current period depreciation.
Property, plant and equipment (PPE)
Emaars investment in PPE amounted to AED7,318 million as at 30 September 2010 compared to
AED6,822 million as at 31 December 2009 and AED5,414 million as at 31 December 2008. PPE
includes the Groups hospitality assets, district cooling plants, other revenue generating assets and self
occupied properties. In addition, PPE also includes the construction cost of certain projects, which
once constructed, will generate revenue for the Group upon completion.
85
Development Properties
Properties acquired, constructed or in the course of construction for sale are classied as development
properties. Unsold properties are stated at the lower of cost or net realisable value. The cost of
development properties includes the cost of land and other related expenditure which are capitalised
as and when activities that are necessary to get the properties ready for sale are in progress.
Development work in progress amounted to AED28,828 million as at 30 September 2010 compared
to AED31,076 million as at 31 December 2009 and AED26,799 million as at 31 December 2008. The
decrease in development properties during the period ended 30 September 2010 compared to
31 December 2009 is attributable to recognition of the cost of projects handed over. However, the
increase in development properties in 2009 compared to 2008 is due to transfer of land from
investment properties to development properties and expenses incurred for development of projects.
Borrowings
Emaars nancing requirements are primarily to fund its initial property development expenditure,
construction of investment properties and xed assets, and investment in international subsidiaries. In
relation to its residential developments, Emaar generally sells units in advance of their construction
with the purchasers paying an initial deposit and the balance of the purchase price in installments
during the construction period. These advance payments are used by Emaar to part nance the
development with the balance of the nancing being equity and borrowings. Emaars commercial
developments are generally funded through cash from equity and borrowings.
As at 30 September 2010, interest-bearing loans and borrowings were AED9,933 million compared to
AED8,625 million as at 31 December 2009 and AED9,174 million as at 31 December 2008.
The table below shows a breakdown of the interest-bearing loans and borrowings of the Group as at
30 September 2010.
Particulars
Total
Borrowings Maturity (AED Millions)
AED Millions 512 Month 412 Month
Corporate Facilities......................................................... 1,042 938 103
Musharaka Facility (U.S.$1 billion)................................ 3,673 3,673
Emaar Malls (U.S.$300 million) ..................................... 1,102 200 902
International Facilities:
Turkey* .......................................................................... 1,994 1,994
Egypt**........................................................................... 952 808 144
Pakistan.......................................................................... 246 213 33
EME............................................................................... 196 174 22
Lebanon.......................................................................... 157 157
USA................................................................................ 352 352
Others ............................................................................. 219 97 122
Total International Facilities........................................... 4,116 3,638 478
Total Group Facilities ..................................................... 9,933 4,776 5,156
* The current short term facilities availed for acquiring land in Turkey are intended to be replaced by a 12 year project nance
facility. Discussions for this facility are at an advanced stage with the draft term sheet having been issued, which is expected to be
signed by December 2010. Financial closure is expected in the rst quarter of 2011.
** Discussions are currently are at an advanced term sheet stage for the ve year syndication of the facilities for the three projects in
Egypt (being Uptown Cairo, Marassi and New Cairo (Mivida)). The syndication is expected to be closed in the rst quarter of
2011.
Equity
Emaars equity attributable to the equity holders as at 30 September 2010 was AED30,804 million
compared to AED28,677 million as at 31 December 2009 and AED28,107 million as at 31 December
2008.
86
Liquidity and Cash Flows
The table below summarises Emaars cash ows from operating activities, investing activities and
nancing activities for the nine months ended 30 September 2010 and 30 September 2009 and for
each of 2009 and 2008. The cash ows of Emaar are from continuing operations.
The positive net cash ow from operating activities below signies the Groups higher operating
prots from malls and hospitality, collection from sales and effective working capital management.
Nine months ended
30 September Year ended 31 December
2010 2009 2009 2008
AED Million
Cash from/(used in) operating activities................ 315 (1,640) (1,632) 6,132
Cash used in investing activities ............................ (1,022) (2,345) (2,790) (2,681)
Cash from nancing activities ............................... 1,037 513 1,210 1,160
Total ...................................................................... 330 (3,472) (3,213) 4,611
Capital commitment
As at 30 September 2010, the Group had commitments of AED8,162 million (compared to AED9,180
million as at 31 December 2009 and AED17,705 million as at 31 December 2008) including project
commitments of AED8,068 million (compared to AED9,074 million as at 31 December 2009 and
AED16,110 million as at 31 December 2008). This represents the value of contracts issued as of 30
September 2010 net of invoices received and accruals made at that date. The above project
commitments in addition to the committed construction cost relating to the properties under
construction for sale also include the commitment of AED195 million relating to the construction of
the Armani Milan Hotel. In addition, the Group also has plans to construct Armani Hotels in
Marrakech and Marrasi, and four malls in Turkey, Syria, Egypt and Saudi Arabia.
Off-Balance Sheet Arrangements
Note 21 to the 30 September 2010 interim condensed consolidated nancial statements and note 29 to
the 2009 audited consolidated nancial statements contain detailed information about Emaars
contingencies and commitments including guarantees.
Related Party Transactions
Note 20 to the 30 September 2010 interim condensed consolidated nancial statements and note 30 to
the 2009 audited consolidated nancial statements contain detailed disclosure about transactions with
related parties and signicant balances outstanding as at 30 September 2010 and 31 December 2009,
respectively. As at 30 September 2010, Emaars principal related party transactions were with its
associates and other related parties. These transactions are appropriately described in the note.
Disclosures about Risk
Note 31 to the 2009 audited consolidated nancial statements contains detailed disclosure about
Emaars capital and nancial risk management activities, including discussions and statistical
disclosure in relation to market risk, foreign currency risk management, interest rate risk
management, credit risk management and liquidity risk management.
87
DESCRIPTION OF EMAAR PROPERTIES PJSC
Overview
Emaar was incorporated as a public joint stock company on 23 June 1997 pursuant to the UAE
companies law, Federal Law No. 8 of 1984, with Commercial Registration number 49563 and
commenced operations on 29 July 1997. As at 1 December 2010, Emaar had a market capitalisation
of approximately AED22.35 billion (approximately U.S.$6.09 billion) (Source: DFM). Emaars
registered ofce is P.O. Box 9440, Dubai, UAE and its contact number is +971 (0) 4 367 3333.
Emaar is a leading real estate company having developed, as at 30 September 2010, over 9.4 million
square metres (m
2
) of residential and commercial real estate. Emaar commenced operations as a
property development company specialising in real estate development, specically master planned
lifestyle community developments, in Dubai. Since its incorporation, Emaar has expanded its business
in the UAE and internationally and currently has developments in 13 countries across the Middle
East and North African (MENA) region, the Indian sub-continent, Europe and North America.
Emaar operates through three primary business segments, as outlined below.
Property Development is Emaars core business segment. This segment focuses on Emaars residential
and commercial real estate developments in the UAE and internationally. As at the date of this Base
Prospectus, Emaar has developments in Canada, Egypt, India, Italy, Jordan, Lebanon, Morocco,
Pakistan, Saudi Arabia, Syria, Turkey, the UAE and the United States of America (the Project
Regions) (see Property Developments for further details). In the nine months ended 30 September
2010, approximately 76 per cent. of Emaars revenue was generated from Property Development.
The Malls and Retail segment focuses on Emaars national and international retail developments (see
Emaar Malls and Emaar Retail). In the nine months ended 30 September 2010, approximately 16
per cent. of Emaars revenue was generated from Malls and Retail.
The Hospitality segment focuses on the development of hotels, resorts and leisure facilities and their
management in the UAE and internationally (see Hospitality). In the nine months ended
30 September 2010, approximately 8.1 per cent. of Emaars revenue was generated from Hospitality.
In addition to these primary business segments, Emaar also has business operations and subsidiaries
in other sectors, such as nancial services (see Financial Services).
Emaar previously had activities in the healthcare sector, however, on 29 December 2010 it announced
that it had entered into agreements pursuant to which Emirates Healthcare Limited would take over
the management of the healthcare clinics previously owned by Emaar. Following the agreements
becoming effective on 15 January 2011, Emaar ceased to undertake any healthcare related activities.
Emaar remains the landlord in respect of the clinics located in its Downtown Dubai, Arabian
Ranches and The Meadows developments.
Aside from Property Development, Emaars business segments are currently focused predominantly on
the UAE. For the nine months ended 30 September 2010, the UAE accounted for 96 per cent. of
Emaars revenues (including those from Property Development). However, many of Emaars
developments across the Project Regions offer scope for expansion of the other business segments
(primarily Malls and Retail and Hospitality) internationally (see Strategy).
As at 30 September 2010, the Group had a land bank of approximately 280 million m
2
consisting of
plots of freehold land and leasehold land. In the UAE, the Group had, as at 30 September 2010,
approximately 20 million m
2
of land (amounting to approximately 7 per cent. of its total land bank)
and internationally it had approximately 260 million m
2
of land (amounting to approximately 93 per
cent. of its total land bank)
1
.
The following map illustrates the location of the principal developments being undertaken, or
proposed to be undertaken, by Emaar, its subsidiaries or associated companies globally.
1 Figures reect total land bank area of Emaar and its subsidiaries and associated companies and not Emaars proportionate
ownership of the same
88
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89
Shares and Shareholding
Emaar is a publicly listed company, with its shares having been admitted to the ofcial list of the
DFM since 26 March 2000. As at 1 January 2011, 6,091,238,503 shares with a nominal value of
AED1 each have been issued. Information relating to general assembly meetings and any resolutions
passed at such meetings (including those relating to dividends and capital increases) can be found on
the DFM website (www.dfm.ae).
Pursuant to the rules of the DFM, Emaar is required to disclose any interest in its shares of 5 per
cent. or more. As at 1 January 2011, only the Investment Corporation of Dubai (an entity wholly
owned by the Government of Dubai (Government)) holds shares over the 5 per cent. disclosure
threshold, with a shareholding of 31.22 per cent.
Awards and Accolades
Emaar and its developments have been awarded a number of international awards and accolades for
various achievements in 2009 and 2010, including Best Developer in the MENA region by
Euromoney, and the Middle East Business Global Competitiveness Excellence Award in 2009 and the
Best Tall Building in the Middle East and Africa by CTBUH (the Council on Tall Buildings and
Urban Habitat) in 2010.
Competitive Strengths
Emaars competitive strengths include:
*
Strategic partnerships with governments: Emaar was established in accordance with the
Governments strategy to diversify and grow Dubais economy. The Government continues to
own a signicant interest in Emaar (see Shares and Shareholding). Reecting its signicant
strategic partnership with the Government, a substantial part of Emaars land bank in Dubai
was gifted to it. This increases Emaars ability to develop large parcels of land in the most
exible and protable manner according to market conditions, location and other relevant
factors. Internationally, Emaar has entered into direct or indirect partnerships with governments
or government related entities for some of its projects (including in Morocco, India and
Pakistan) (see Property Development International Non Wholly Owned);
* Strong brand names and proven track record: Emaar believes that it has a well respected and
recognised brand name as it has a proven track record and reputation in Dubai and in other
countries in which it operates as an on-time developer of master planned lifestyle communities,
delivering over 28,900 residential units in the UAE by 30 September 2010. In addition, Emaar
benets from strong alliances with key industry players through a number of its business
segments and its ability to use brand names such as Armani assists Emaar in achieving
international appeal;
* Joint ventures with strategic local partners: Emaar has entered into a number of joint ventures
with local partners in different international jurisdictions. These partnerships provide Emaar
with, amongst other things, regional know-how and development rights to tracts of desirable
land at attractive prices (see Business Model Partnerships);
* First mover advantage in a number of international jurisdictions: Emaar believes that in most of
its international markets it is the rst real estate developer offering lifestyle community
developments to have entered the market. This enables it to obtain access to desirable land and
is a signicant marketing advantage when selling its developments;
* Low nancing costs: Emaars ability to nance its projects through pre-selling means that Emaar
has not needed to borrow signicantly to date relative to many of its competitors in the GCC
region, enabling it to maintain a low debt to equity ratio. Historically, payments received have
been adequate to nance most of the costs associated with the design and construction of
Emaars real estate developments (see Business Model Sales and Leasing);
* Strong management team: Emaar believes the strength and experience of its senior management
team represent a competitive advantage and are critical to the successful conduct of its business.
Emaars management team has considerable experience in the relevant business segments in
which Emaar operates; and
90
*
Monetising core assets: In order to maintain sufcient nancial exibility and growth capital to
meet Emaars medium and long term objectives, Emaar intends to monetise certain core assets
when they are of sufcient size whilst retaining control. This will provide Emaar with long term
growth capital and help it take advantage of future development opportunities.
Strategy
Emaars primary objective is to produce sustained and secure long term returns from the development
and management of, and investment in, its real estate activities. Its strategy to achieve this objective
involves completing its existing development projects in Dubai and internationally, focusing on
initiating additional developments in its international target markets and diversifying its revenue
streams in order to increase the proportion of revenues from its non property development business
segments. Emaars strategy includes, inter alia, (i) the development of a brand that is recognised as a
market leader in delivering sustainable master planned lifestyle communities, and (ii) the development
of real estate targeted towards the mid-market affordable segment (also referred to as affordable
luxury), in both cases, in the countries in which it operates.
Emaars principal projects in Dubai have included Dubai Marina, Arabian Ranches, Emirates Living
and the Downtown Dubai Development (elements of all of which are complete and which, subject to
market conditions, are expected to be fully completed in 2017). Details of the stage of completion of
such projects and Emaars interest in the same, together with details of Emaars other Dubai (and
UAE) projects, are contained in Property Developments UAE Wholly Owned and Property
Developments UAE Non Wholly Owned. Each of these developments has involved the sale by
Emaar of principally residential development properties and, once complete, will involve Emaar
holding completed development properties (principally commercial and leisure but also certain
residential properties) as investment properties in order to achieve both rental income and capital
appreciation.
Emaar has undertaken international projects itself and in conjunction with third parties. These include
numerous projects in India spanning 7 cities in the country, four projects in Egypt (Uptown Cairo,
Marassi, Mivida and Cairo Gate), two projects in Pakistan (Crescent Bay and Canyon Views), ve
projects in Morocco (Tinja, Saphira, Oukaimeden, Amelkis and Bahia Bay), four projects in Saudi
Arabia (King Abdullah Economic City, Jeddah Gate, Al Khobbar Lakes and Emaar Residences at
Fairmont Makkah), two projects in Turkey (Tuscan Valley and the New Istanbul Development), one
project in Jordan (Samarah Dead Sea Resort), one project in Syria (The Eighth Gate) and one
project in Lebanon (Beit Misk). Details of the stage of completion of such projects and Emaars
interests in the same, together with details of Emaars other international projects, are contained in
Property Developments International Wholly Owned and Property Developments International
Non Wholly Owned. Emaars decision on whether to commence operations in a particular country
is based on numerous factors including the state of development of that country (favouring emerging
economies where greater returns can be realised), the level of competition in the country and the
macro-economic conditions of the country (favouring high growth economies with high demand for
Emaars offerings). In the majority of its international projects, Emaar is aiming to replicate its Dubai
model of developing integrated lifestyle community developments which enable it to earn revenues
both from the sale of properties and through the holding and management (including via its
international joint ventures) of investment properties. Whilst the UAE accounts for the majority of
Emaars revenue (96 per cent. for the nine months to 30 September 2010, a 60 per cent. increase from
the same period in 2009), Emaar intends to increase the proportion of revenue generated from its
international operations by 2013.
Emaar anticipates that rental and other revenues from its Malls and Retail and Hospitality segments
will grow as a proportion of its total revenues in the medium term. To date, the Malls and Retail
segment has focused on operating Emaars Dubai based shopping malls, including The Dubai Mall,
Gold and Diamond Park, The Marina Mall and Souk Al Bahar. The Hospitality segment focuses on
owning and managing hospitality and leisure assets (including hotels and resorts (including The
Address Hotels and Resorts brand (See Hospitality The Address Hotels and Resorts)), golf resorts,
serviced apartments, a polo and equestrian club, a yacht club, restaurants and health clubs) following
completion of their development by Emaar. The Armani Hotels and Resorts brand is being developed
by Emaar in collaboration with Giorgio Armani S.p.A. (see Hospitality Armani Hotels and
Resorts). Whilst Property Development accounts for the majority of Emaars revenue (76 per cent.
for the nine months to 30 September 2010), Emaar intends to further diversify its revenue base such
that despite growth in revenue from Property Development in absolute terms, the share of revenue
91
from stable and recurring income streams (being, predominantly income from the Malls and Retail
and Hospitality segments) is maintained at current levels or grown up to 30 per cent. of total
revenues.
Emaar anticipates that, as its developments are completed, its Malls and Retail and Hospitality
segments will further mature into self-sustaining international companies from which Emaar will be
able to realise value through initial public offerings once the relevant segment has reached an
appropriate stage of development. It is Emaars current intention to retain strategic and management
control of each segment after any such public offering.
Emaar aims to increase shareholder value by efcient utilisation of its nancial and physical assets.
Emaars project nance strategy is to nance through a combination of shareholders equity, pre-
selling of projects, debt nancings, initial public offerings and strategic sales. Emaar aims to retain
sufcient reserves and liquidity to ensure operational obligations are met on a timely basis. As at
30 September 2010, Emaar had U.S.$8.4 billion (approximately AED30.8 billion) in equity and
reserves including retained earnings.
Business Model
The central elements of Emaars business model are as follows:
*
the creation of integrated lifestyle communities;
*
the partnering with governments, government related entities and/or key local business partners;
and
*
the project development process.
Lifestyle Communities
Emaars business model is based on the creation of entire master planned lifestyle communities.
Lifestyle communities refer to developments that are self contained so as to include not only
residential accommodation but also a range of amenities for residents. These amenities include retail
and restaurant facilities, recreational facilities, schools, medical centres and commerical centres. In
addition, Emaar ensures through its collaboration with local developers that the infrastructure
necessary to support these residential communities, such as roads, power, water and sewage,
landscaping and open recreational spaces is in place.
Partnerships
For its international projects, where possible, Emaar seeks to co-ordinate such projects, directly or
indirectly, with the government (or government related entities) of the particular country, state or
district in which it is undertaking the development. In other instances, Emaar seeks to enter into
partnerships or strategic alliances with local partners, who either provide Emaar or its subsidiaries
with development rights to tracts of desirable land at attractive prices or contribute land as part of
their equity participation in the joint venture. These partners typically have established relationships
with government and government related entities and local suppliers of construction services or they
themselves have construction capability. Additionally, they provide Emaar with regional know-how,
assist with regulatory processes such as permits and authorisations and consequently expedite projects
and assist in increasing Emaars brand recognition (see Group Structure for further details).
92
Project Development Process
Emaars development process involves the following steps:
Project Assessment
The rst phase of any proposed project is the project assessment stage. This stage focuses on idea
generation and assessment of the feasibility of the proposed project.
Following completion of the idea generation process relating to planning, location, concepts, buildings
and design, focus is then directed to the assessment of a potential project. Before acquiring any land
and undertaking any project, Emaar adheres to stringent processes to assess the returns of a proposed
project. The four key criteria are (i) the projected investment rate of return exceeds the minimum
levels prescribed by Emaar; (ii) the upfront capital investment will be low; (iii) appropriate zoning
approvals are attainable and the proposed project will have a positive impact on the general
development within the project region; and (iv) good legal title can be obtained.
If the above criteria are met, a dedicated team comprising employees from the legal, nance, business
development and project departments is established to review the proposed project opportunity and
preliminary due diligence is conducted. The due diligence assesses, among other things, zoning issues
and the availability of current infrastructure and services and includes the generation of a preliminary
feasibility report.
The preliminary feasibility report sets out in detail the project development phases; high level analysis
of nancials; an overview of the legal framework within the respective project region; market research
studies; and a review of tax implications and funds repatriation. At this stage, various government
and/or local parties are also approached with a basic framework of the proposed project. Where a
partnering entity is identied, due diligence of its business is also undertaken. The preliminary due
diligence report is then submitted to Emaars senior management team, including the Groups
Chairman and the appropriate Chief Executive Ofcer (either Dubai or International) (CEO) for their
review and approval. Once the project is approved by Emaars senior management team it is then
presented to the Board of Directors (Board) for their approval to undertake a detailed feasibility
study.
Upon approval from the Board, a Memorandum of Understanding (MOU) with an expression of
interest is signed with the counterparty conrming interest in the development and obtaining exclusive
rights to the development. External consultants are then appointed to carry out the detailed feasibility
study. Board approvals are obtained to proceed with development based on the outcome of the
detailed feasibility study including approval on, where applicable, the terms and conditions of any
proposed joint venture agreement.
Master Planning
Master planning starts after the granting or acquisition of land, whether directly or through a joint
venture agreement.
The master plan requires approval from Emaars Chairman and a design review panel.
At the design phase, more detailed project and design feasibility studies are carried out for various
development options and third party consultants are engaged for the design of the project.
Consultation with all relevant parties, including supervisory bodies, designers, architects, road and
trafc authorities and utility providers are carried out in order to establish the infrastructure
93
requirements for the project. Based on this work, a detailed master plan for the development is
prepared which includes the marketing strategy for the project.
The master plan sets out, amongst other things, the type, density, built-up area and timeline for
completion of a project. Once the master plan is agreed, Emaar may sell certain development land
and also act as developer or sub-contract the development of land retained by it (such development
in all cases being undertaken in accordance with the applicable master plan).
Detailed Schematic and Tender Process
At the detailed schematic and tender process stage, a bill of quantities (BOQ) is undertaken which
denes the overall scope of work, lists the materials required and details the nature and scope of
activities to be carried out for executing a project. It also includes details of the budget estimates for
the proposed project. The BOQ is then submitted to the appropriate CEO for approval.
Tenders or invitations to submit proposals for each development phase are then issued to potential
contractors. Potential contractors are chosen based on their track record, their ability to complete the
project and their relevant experience. The submitted bids are evaluated in detail, with particular
attention paid to the skill set that Emaar requires for the proposed project and the pricing proposal.
A tender report detailing the results of the process is prepared and submitted to the tender
committee. The tender committee evaluates the tenders and approves the award of contracts. Where,
for some reason, the proposed terms are above the delegated powers provided to the tender
committee by the Board, the tender committee makes a recommendation to the Board and requests
their approval. Once approval is received the contract is awarded and is typically issued on a xed
price BOQ basis (see Contractors and Suppliers).
Construction of Infrastructure
Infrastructure works are commenced before any buildings are constructed. This process includes
undertaking earth work, building utility networks (such as district cooling stations, laying relevant
pipelines for water and sewerage and establishing the electrical and telecommunications networks) and
building necessary roads. At this stage, Emaar will also liaise with the relevant utility providers.
Typically, the infrastructure is developed in accordance with the development requirements and
accordingly, infrastructure plans can be amended based on actual sales patterns. In certain
developments, where infrastructure is key to generate demand or generate premium (for instance the
construction of a marina), certain infrastructure work may be fast tracked.
Sales and Leasing
At the sales and leasing stage, the marketing plan developed at the Master Planning stage in relation
to sales and/or leasing is implemented. Typically, the marketing plan for residential sales will include
advertising, branding and organising promotional events. Model villas are built and, in the case of
apartments, a mock-up of the interior of the particular type of apartment being sold is set up. Emaar
undertakes perfect launches, which refers to launches when all infrastructure requirements for the
development are nalised and where all the details of the master plan including the services which
will be available in the project have been identied. On the launch date, customers are served on a
rst-come-rst-served basis and must pay between 5 per cent. and 20 per cent. of the sale price of the
property as a deposit, upon signing the purchase agreement. Contracts detailing, amongst other
things, payment schedules, estimated service fees, apartment or villa plans and agreed designs are
executed on the day. Thereafter, purchasers are required to make progressive payments on pre-
determined dates over the period of construction and a nal payment once construction is completed.
Typically, Emaar leases commercial developments (although in some instances, space in such
developments is sold to third parties) and sells both development land and residential developments
completed by it. In relation to its leasing arrangements. Emaar has adopted its own standard form
lease contract for particular properties setting out details of rental periods, service charges, default
provisions and other requirements. Where anchor tenants are identied (meaning those tenants
identied as key businesses which lease large amounts of commercial space) non-standard form lease
agreements may be negotiated. Emaar has set criteria for its commercial developments and therefore
before a lease agreement is executed, various prole checks on the potential tenant are undertaken.
Once an agreement is signed, each tenant receives a tenant guide related to the nature of his tenancy,
such as a retail tenant guide or an ofce tenant guide.
94
Construction of Projects
Before tenders are awarded, a minimum threshold is normally set for pre-sales. This typically ranges
between 50 per cent. and 60 per cent. of the units in a particular project (both in Dubai and
internationally) and ensures that the project earmarked for sale is substantially self-funded through
customer contributions towards the project. Once the pre-sales and leasing stage is concluded and
tenders have been awarded, construction of the relevant properties commences. Any variance to the
budget, timeline and scope of work is reported by a project control group (comprised of senior
executives) to the appropriate CEO. The group meets with the appropriate CEO on a regular basis to
ensure satisfactory development and progress of all projects. Responsibility for any signicant
development project is vested with the appropriate CEO.
Asset and Facility Management
Once the project is nished and delivered to the end users, the management responsibilities for the
project are initially carried out by Emaars asset management department.
Within the UAE, the Jointly Owned Property Law No. 27 of 2007 (Strata Law) and the directions
(Directions) issued by RERA in relation to the same are now in effect and require the establishment
of owners associations (OAs) for all jointly owned developments and that the management
responsibilities of such developments be passed to the OAs. The OAs may appoint third parties to
carry out various responsibilities on its behalf. For further information in relation to the Strata Law
and the Directions see Overview of the United Arab Emirates Legislation Governing Freehold
Property Law and directions relating to jointly owned properties.
Land Bank and Development Properties
In the UAE, the Group had, as at 30 September 2010, approximately 20 million m
2
of land
(amounting to approximately 7 per cent. of its total land bank) and internationally it had
approximately 260 million m
2
of land (amounting to approximately 93 per cent. of its total land
bank)
2
. Part of Emaars land bank in the UAE (approximately 40 per cent.) has been gifted by the
Government in accordance with the Governments strategy for diversifying and growing the economy
of Dubai.
2 Figures reect total land bank area of Emaar and its subsidiaries and associated companies and not Emaars proportionate
ownership of the same
95
A breakdown of the fair value of the development properties (including the cost of land) and the
respective land areas as at 31 December 2009 (with the land areas as at 31 December 2009 and
30 September 2010 being the same) is shown in the table below.
Value of development properties as at 31 December 2009
Country
Fair value
in AED
millions*
% of total
fair value
Cost in
AED
millions
% of total
cost value
Land area
in
millions
m
2
**
% of total
land
bank area
Subsidiaries
UAE 27,481 54 20,436 66 13.9 5
India 2,935 6 73 0 2.07 1
KSA 3,219 6 1,570 5 4.76 2
Morocco 779 2 293 1 7.46 3
Egypt 9,361 19 4,210 14 15.22 5
Pakistan 1,400 3 523 2 4.48 2
Syria 1,202 2 392 1 0.3 0
Turkey 2,482 5 2,245 7 1.44 1
Lebanon 785 2 329 1 0.65 0
United States of
America and Canada 911 2 1,003 3 0.11 0
Subsidiaries sub total 50,556 100 31,076 100 50.39 18
Associates
UAE (Bawadi JV) 6.5 2
India (Emaar MGF) 43.83 16
KSA (Emaar
Economic City) 168 60
Morocco JVs 7.86 3
Jordanian JV
(Samarah Resort) 1.75 1
Associates sub total 227.95 82
Total 50,556 100 31,076 100 278.34 100
* Fair value of land includes the entire land bank held by Emaars subsidiaries. The fair value is stated as at 31 December 2009 and as
such may have changed signicantly between the date of valuation and the date of their Base Prospectus. Emaar conducts valuations of
the land bank of its subsidiaries on an annual basis, however, the valuations for 31 December 2010 were not available as at the date of
this Base Prospectus.
** Land areas include the entire land bank held by Emaar and its subsidiaries and associates and not Emaars proportionate ownership of
the same. Land areas are the same as at 31 December 2009 and 30 September 2010.
Note: Aside from the Boulder Hills Golf Course (gross leased area (GLA) 951,011 m
2
) and the Hyderabad International Convention
Centre and Hotel (GLA 61,265 m
2
) in India, the land for phase two of the Tinja development (GLA 640,000 m
2
) in Morocco, the land for
the Crescent Bay project in Karachi, Pakistan (GLA 437,059 m
2
) and the Emaar Residences at Fairmont Makkah, Saudi Arabia, in
respect of which Emaar its subsidiaries or associates hold or have entered into contracts to acquire a leasehold interest, Emaar, its
subsidiaries or associates hold or have entered into contracts to acquire freehold title to all its land bank.
96
Valuations of the land comprised in the land bank have been undertaken by various independent
surveyors. Details of these surveyors are listed below.
Country Valuer Contact Details
UAE CB Richard Ellis Middle East PO Box 500529
Dubai, United Arab Emirates
India Subha Syndicate 1-1-164/7, Alexander Road
Sinkunderabad, India
Kingdom of
Saudi Arabia
Colliers International Tecom Building No. 5, Dubai Internet City,
PO Box 71591, Dubai, UAE
Morocco Colliers International Tecom Building No. 5, Dubai Internet City,
Egypt Colliers International Tecom Building No. 5, Dubai Internet City,
Pakistan Indus Surveyors (Pvt) Ltd Ofce No. 111, 1st Floor, Siddiq Trade
Centre, 72 Main Gulberg, Lahore, Pakistan
Syria* Expert Engineer Farouk Al Sabbagh Ofce 197, 2nd Floor, Alkhuja Building, Al-
Thawra Street, Damascus, Syria
Turkey Colliers International Tecom Building No. 5, Dubai Internet City,
Lebanon KZ Architects 105, Mar Maroun Street, Horch Tabet, Sinel
Fil, Lebanon
Canada Burgess Cawley Sullivan and Associates 2nd oor, 602 West Hastings Street,
Vancouver, BC V6B 1P2
* Valuations in Syria were undertaken by an individual. Mr. Farouk Al Sabbagh is a civil engineer and has been accredited by the
Justice Ministry in Syria certifying Mr. Al Sabbagh as a sworn valuator.
Project Details
All projects by Emaar and its subsidiaries are undertaken on land owned or leased by Emaar or
which Emaar has contracted to acquire or lease (excluding projects where Emaar is a part owner of
the relevant development entity, in which case such entity typically owns the land or contracts to
acquire the land). Where Emaar has leased or contracted to lease land for a project such lease is on a
long-term and/or renewable basis. Emaar generally conducts its project development operations
through its subsidiaries. The table below sets out each of Emaars current developments by
jurisdiction, the type of development, the year in which construction started or, where applicable, the
pre-construction stage of the project, the construction completion date or, where construction is
ongoing, the anticipated completion date and, in the case of developments involving the sale of
freehold units, the percentage of such units sold to total units launched, in all cases as at 30
September 2010.
97
Further details of each of the projects listed in this table are set out below.
Development Type Stage of Development* Freehold Units
Sold % to total
units launched
Construction to commence/
Construction commenced
Anticipated completion date/
Construction completed
(Where
applicable)
UAE Wholly Owned
Downtown Dubai Development 85%
Various Residential developments Residential Construction commenced in 2004 Anticipated completion date is 2017
Various Commercial developments Commercial Construction commenced in 2004 Anticipated completion date is 2017
Malls and Retail development Mall, Retail and Leisure Construction commenced in 2004 Anticipated completion date is 2017
Hospitality development Hotels Construction commenced in 2004 Anticipated completion date is 2017
Healthcare development Healthcare facility Construction commenced in 2007 Construction completed in 2009
Dubai Marina
Residential and Commercial
development
Mixed-use Construction commenced in 1999 Anticipated completion date is 2011 98%
Malls and Retail development Mall and Retail Construction commenced in 2006 Construction completed in 2008
Leisure development Marina Construction commenced in 2006 Construction completed in 2010
Arabian Ranches
Residential development Residential Construction commenced in 2002 Anticipated completion date is 2011 98%
Retail and Leisure development Retail and Leisure Construction commenced in 2004 Construction completed in 2007
Emirates Living
Residential development Residential Construction commenced in 1999 Construction completed in 2010 99%
Retail and Leisure development Retail and Leisure Construction commenced in 2002 Construction completed in 2006
LUsailly Mixed-use Construction to commence in 2011** Anticipated completion date is 2017
Gold and Diamond Park Retail Construction commenced in 1999 Construction completed in 2006
UAE Non Wholly Owned
Umm Al Quwain Marina Mixed-use, Marina Construction commenced in 2007 *** 94%
Bawadi Project
Asmaran Mixed-use Construction commenced in 2008 ***
International Wholly Owned
Egypt
Uptown Cairo Mixed-use Construction commenced in 2008 Anticipated completion date is 2017 82%
Marassi Resort Construction commenced in 2007 Anticipated completion date is 2016 82%
New Cairo City (Mivida) Residential Construction commenced in 2008 Anticipated completion date is 2020 73%
Cairo Gate Mixed-use Currently in master planning phase
Turkey
Tuscan Valley Residential Construction commenced in 2007 Anticipated completion date is 2016 67%
New Istanbul Development Mixed-use Currently in master planning phase
Morocco****
Tinja Mixed-use Construction commenced in 2007 Anticipated completion date is 2018 41%
Saphira Mixed-use Currently in master planning phase
Oukaimeden Mixed-use Currently in master planning phase
United States of America
Beverly West Residences Residential Construction commenced in 2007 Anticipated completion date is 2011 33%
Canada
Wills Creek Residential Construction commenced in 2007 Anticipated completion date is 2011 56%
International Non Wholly Owned
Saudi Arabia
King Abdullah Economic City
Various Residential development
Phase 1
Residential Construction commenced in 2006 Anticipated completion date is 2025 45%
Industrial Zone Commercial Currently in master planning phase
Sea Port Commercial Currently in master planning phase
Jeddah Gate Mixed-use Construction commenced in 2007 Anticipated completion date is 2018 57%
Al Khobbar Lakes Residential Construction commenced in 2008 Anticipated completion date is 2018 72%
India
Boulder Hills Mixed-use Construction commenced in 2004 Anticipated completion date is 2012 62%
Mohali Hills Mixed-use Construction commenced in 2007 Anticipated completion date is 2012 78%
Gurgaon Mixed-use Construction commenced in 2007 Anticipated completion date is 2012 84%
Esplanade Chennai Residential Construction commenced in 2007 Anticipated completion date is 2012 60%
The Commonwealth Games Village Residential Construction commenced in 2008 Anticipated completion date is 2011 96%
Commerical and Retail Developments Commerical and Retail Construction commenced in 2008
Hotel Developments Hotels
98
Development Type Stage of Development* Freehold Units
Sold % to total
units launched
Construction to commence/
Construction commenced
Anticipated completion date/
Construction completed
(Where
applicable)
Pakistan
Crescent Bay, Karachi Mixed-use Construction commenced in
2005*****
Anticipated completion date is 2018 60%
Canyon Views, Islamabad Mixed-use Construction commenced in 2007 Anticipated completion date is 2015 76%
Jordan
Samarah, Dead Sea Resort Mixed-use Construction commenced in 2007 Anticipated completion date is 2018 46%
Lebanon
Beit Misk Residential Construction commenced in 2009 Anticipated completion date is 2018 80%
Syria
The Eighth Gate Mixed-use Construction commenced in 2008 Anticipated completion date is 2014 69%
Morocco
Amelkis II Residential and Hotels Construction commenced in 2005 Anticipated completion date is 2015 78%
Amelkis III Residential and Leisure Construction commenced in 2006 Anticipated completion date is 2011 25%
Bahia Bay Mixed-use Construction commenced in 2007 Anticipated completion date is 2017 58%
Notes:
* Any of Emaars projects that are at the master planning stage or under construction are subject to change and alteration.
** Subject to market conditions.
*** Project currently on hold pending development of revised master plan.
**** Emaar is currently reviewing certain project feasibilities for its Moroccan projects.
***** Crescent Bay Karachi the land reclamation work commenced in 2005, infrastructure and project construction commenced
in 2008.
Property Developments UAE Wholly Owned
Emaars property development projects in Dubai have provided Emaar with the foundation for its
rapid growth since 1997. With several ongoing and completed master planned developments, Dubai
operations continue to play a pivotal role in the Groups growth. As at 30 September 2010, Emaar
had delivered over 28,900 residential properties in the UAE together with various leisure, hospitality
and commercial properties. Details of Emaars current wholly owned developments within the UAE
(including its agship project, the Downtown Dubai Development) are described below.
Downtown Dubai Development
The Downtown Dubai Development (Downtown Dubai Development) is Emaars agship project being
developed at a total cost of approximately U.S.$20 billion (approximately AED73 billion). The
project is situated in downtown Dubai off the main highway (Sheikh Zayed Road) between Business
Bay and the Dubai International Financial Centre (DIFC). It is a mixed-use 500 acre community
combining commercial, residential, hotel, entertainment, shopping and leisure developments. Once
completed, the complex will include the worlds tallest structure, the Burj Khalifa, which stands at
828 metres, The Dubai Mall (one of the worlds largest shopping malls) (both of which have already
opened), an island community, nine luxury hotels with 2,000 rooms (including the rst Armani Hotel
which has also already opened), 2,000 serviced apartments, 4.5 million square feet (sq ft) of gross
ofce space, 4.3 million sq ft of leasable retail space, several residential building towers and Emaar
Boulevard, a development of four residential towers and a 3.5 km shopping strip. Construction on
the Downtown Dubai Development began in 2004 and, subject to market conditions, is expected to
be fully completed in 2017. To date, signicant milestones including the opening of the Burj Khalifa,
The Dubai Mall (see Emaar Malls) and various hotels and residential areas have been achieved.
Brief details of the key residential and commercial projects are set out below.
Burj Khalifa
The centrepiece of the Downtown Dubai Development is the Burj Khalifa. The Burj Khalifa is the
worlds tallest structure (at 828 metres), has the largest number of storeys of any building in the
world (with more than 160) and has approximately 3.9 million sq ft of residential and commercial
space, including the rst Armani Hotel (see Hospitality). Construction of the Burj Khalifa
commenced in September 2004 and the building was ofcially opened on 4 January 2010 at a total
construction cost of approximately U.S.$2 billion (approximately AED7.3 billion (including the ofce
annex building)). As at 30 September 2010, more than 80 per cent. of the units released to the
public for sale had been sold.
99
The Residences and South Ridge
The Residences and South Ridge are complexes of nine and six modern high rise residential towers
respectively, in the Downtown Dubai Development. The Residences include 1,234 freehold units made
up of one to four bedroom luxury residential apartments, penthouses and podium villas whilst South
Ridge includes 961 freehold units made up of one, two and three bedroom apartments and podium
villas. Construction on the Residences was completed in phases between August 2006 and March
2007. As at 30 September 2010, approximately 99 per cent. of the freehold units in the development
had been sold. Construction on South Ridge was completed in May 2008. As at 30 September 2010,
approximately 97 per cent. of the freehold units in the development had been sold.
Old Town and Old Town Island
Old Town and Old Town Island contain low rise homes and mid rise residential towers. The complex
comprises 1,992 freehold units made up of one to four bedroom apartments and villas. These homes
are set in an approximately 3.7 million sq ft pedestrian area of market squares, alleyways and
courtyards. The complex includes hotels, leisure facilities, shops and restaurants. Construction of Old
Town and Old Town Island was completed in phases between January 2007 and September 2008. As
at 30 September 2010, approximately 91 per cent. of the freehold units in the development had been
sold.
Emaar Business Square
Emaar Business Square is a complex of six commercial and retail mid rise towers close to DIFC. The
business hub has approximately 1.5 million sq ft of ofce and retail space. Construction on Emaar
Business Square was completed in 2007. The rst tenants took possession in 2007. Emaar has sold
approximately 50 per cent. of Emaar Business Square and retained the remainder for its own use and
leasing to third parties.
Emaar Boulevard
Emaar Boulevard consists of a 3.5km shopping strip and four residential towers, 8 Emaar Walk (a
high rise residential tower) and The Lofts (three high rise residential towers) in the Downtown Dubai
Development. 8 Emaar Walk contains 347 freehold units made up of studio, one and two bedroom
residential apartments that were completed in July 2008. All of the freehold units in the development
have been sold. The Lofts contain 670 freehold units that were completed in November 2009. As at
30 September 2010 approximately 62 per cent. of the freehold units in the development had been
sold.
Burj Views
Burj Views is a residential complex consisting of three high rise towers overlooking the Burj Khalifa
and the Dubai Fountain. Burj Views includes 736 freehold units made up of one to three bedroom
residential apartments. Construction of Burj Views commenced in 2007 and was completed in July
2009. As at 30 September 2010, approximately 91 per cent. of the freehold units in the development
had been sold.
Dubai Marina
Dubai Marina is one of the largest waterfront developments of its kind in the GCC region, with 8.5
kms of marine frontage, comprising approximately 200 high rise towers. It is divided into 10 districts,
each developed as a distinct community. The mixed-use project (including those plots developed by
Emaar and those sold by Emaar to third parties for development) has a total development area of 50
million sq ft, approximately 25 million sq ft of which will be a master planned waterfront
development. Emaar has itself developed 30 towers, with the remaining towers having been developed
by developers other than Emaar on serviced plots sold to those developers by Emaar.
Emaars development at Dubai Marina includes over 4,700 residential units, one hotel with 244
rooms, serviced apartments with 90 rooms, 1 million sq ft of ofce space and 1.4 million sq ft of
leasable retail space.
Details in relation to the Marina Mall are included in the Emaar Malls section and details in
relation to The Address Dubai Marina (hotel and serviced apartments) and the Dubai Marina Yacht
Club are included in the Hospitality section.
Dubai Marina was one of Emaars rst development projects and construction of phase one was
completed in 2003. Construction of those parts of Dubai Marina that were to be developed by Emaar
has been completed, with the exception of Marina Plaza which is expected to be completed by the
100
rst half of 2011. As at 30 September 2010, approximately 99 per cent. of the freehold units
developed by Emaar had been sold.
Arabian Ranches
Arabian Ranches is an approximately 6.6 million m
2
master planned lifestyle community. Arabian
Ranches has 4,210 freehold units made up of one and two storey single family homes ranging from
1,690 to 7,230 sq ft in size. The community includes the Desert Golf Course (see Hospitality Golf
Courses), a village community centre with 20 retail outlets providing a total of 110,039 sq ft of retail
space and a school. In addition, Arabian Ranches includes the Dubai Polo and Equestrian Club
which itself has over 70 townhouses known as Polo Homes. The total cost of the development is
approximately U.S.$2 billion (approximately AED7.4 billion). As at 30 September 2010,
approximately 98 per cent. of the freehold units in the development released to the public for sale
had been sold.
The nal phase of Arabian Ranches (the Polo Homes) is expected to be completed during 2011.
Emirates Living
The Emirates Living development is based on the Emirates Hills master planned lifestyle community,
which Emaar began constructing in 1999 and completed in 2009. This project has expanded from its
original design and the Emirates Living development now includes six related communities: Emirates
Hills, the Greens, the Views, the Lakes, the Meadows and the Springs, each of which is described in
further detail below. The Emirates Living development includes three international schools as well as
the Montgomerie golf course (see Hospitality Golf Courses).
Emirates Hills
Unlike most of its other master planned communities, Emaar initially sold plots in the Emirates Hills
development, which allowed residents to design their own homes within certain design guidelines for
the development. As at 30 September 2010, a total of 540 plots in Emirates Hills had been sold in
this manner. In 2001, in order to encourage additional construction activity, Emaar began
constructing homes and selling them to purchasers. As a result, in addition to individual plots sold by
Emaar, Emirates Hills now includes 95 freehold units constructed by Emaar made up of three to six
bedroom villas. Construction on Emirates Hills commenced in 1999 and was completed in 2004. As at
30 September 2010, approximately 97 per cent. of the freehold units developed by Emaar had been
sold.
The Greens and the Views
The Greens is a complex of mid rise residential apartments located close to the Emirates Golf Club
off the main highway, Sheikh Zayed Road, in Dubai. Adjacent to the Greens is the Views
development consisting of mid and high rise apartments. The developments have 5,928 freehold units
made up of studios and one to four bedroom apartments and include recreational facilities, a school,
mosque and community centre. Construction on the Greens and the Views commenced in 2000 and
was completed in 2010. As at 30 September 2010, approximately 99 per cent. of the freehold units in
the development had been sold.
This development also includes Emaar Business Park, a complex of four commercial buildings and
one car park building. Emaar has sold two of the buildings and retains the other two for its own use
and leasing to third parties.
The Lakes
The Lakes is a residential community adjacent to Emirates Hills. It is made up of approximately
1,158 freehold units consisting of two to ve bedroom villas and includes a community centre, parks
and various recreational facilities. Construction of the development commenced in 2001 and was
completed in 2009. As at 30 September 2010, approximately 99 per cent. of the freehold units in the
development had been sold.
The Meadows
The Meadows is a residential community adjacent to Emirates Hills. It is made up of approximately
1,991 freehold units consisting of three to seven bedroom villas and various retail and recreational
facilities. Construction commenced in 2002 and was completed in 2005. All of the freehold units in
the development have been sold.
101
The Springs
The Springs is a residential community made up of 4,856 freehold units consisting of two to four
bedroom townhouses and various retail and recreational facilities. Construction commenced in 2002
and was completed in 2005. All of the freehold units in the development have been sold.
LUsailly
LUsailly will be a residential community located in Jebel Ali, in close proximity to the site of the
proposed Dubai International Airport City development. LUsailly is currently in the master planning
phase, however, the development is expected to be made up of apartments and villas spread over an
area of approximately 4.5 million m
2
. In addition, the development is expected to include a variety of
retail and leisure amenities. Construction of infrastructure is expected, subject to market conditions,
to commence in 2011 or 2012.
Property Developments UAE Non Wholly Owned
Umm Al Quwain Marina
Umm Al Quwain Marina is a planned waterfront community that will be spread over 8 million m
2
along the shores of Khor Al Beidah, a natural lagoon in the Emirate of Umm Al Quwain. There will
be 23 km of waterfront in total and 450 acres of navigable water. Private mooring facilities for over
600 boats will be available. This project is currently on hold whilst the viability and master plan is
reviewed to take into account current and anticipated market conditions.
Umm Al Quwain Marina is expected to have over 8,000 freehold units consisting of two and three
bedroom homes. In addition, the development will include three hotels, parks and recreational areas,
150,694 sq ft of retail space, schools and community centres. Construction on the development
commenced in 2007. As at 30 September 2010, 94 per cent. of the 277 freehold units released to the
This project is being undertaken by Umm Al Quwain Marina LLC, a joint venture between Emaar
Middle East LLC (which is 61 per cent. owned by Emaar and 39 per cent. owned by Al Oula, a
Saudi Arabian Real Estate Company, and owns 62 per cent. of Umm Al Quwain Marina LLC), the
Government of Umm Al Quwain (as to 20 per cent.) and Wetd Properties LLC (as to 18 per cent.).
Bawadi Project
This project is being undertaken by Emaar Bawadi LLC, a 50:50 joint venture between Emaar and
Tatweer Dubai LLC (Tatweer). The land in respect of this project will be contributed to Emaar
Bawadi LLC by Tatweer. Originally projected to have approximately 19,000 freehold units, nine
hotels and over 5,000 serviced apartments as well as commercial and retail space, this project is
currently on hold whilst the viability and master plan is reviewed to take into account current and
anticipated market conditions.
Property Developments International Wholly Owned
Egypt
Emaars developments in Egypt are undertaken by its wholly owned subsidiary, Emaar Misr for
Development Company S.A.E. (Emaar Misr).
Uptown Cairo
Uptown Cairo is a master planned development located in the Mokkattam Hills, 200 metres above
sea level with a planned development cost of approximately U.S.$1.98 billion (approximately AED7.3
billion). Spread over 4.5 million m
2
, Uptown Cairo will feature residences, a commercial complex,
schools, a mall, a medical centre, a mosque, hotels and leisure facilities and a golf course. The project
will offer 3,828 residential units (with a mix of 1,100 villas and 2,728 apartments), 125,000 m
2
of
retail space, 150,000 m
2
of commercial ofce space, 200 hotel rooms and 30 serviced apartments.
Construction on the project commenced in 2008 and is expected to be completed in 2017 with phase
one of the development (including 395 residential units) expected to be completed in the third quarter
of 2011. As at 30 September 2010, approximately 92 per cent. of the total freehold units released to
the public for sale had been sold.
Marassi
Marassi is a Mediterranean styled tourist resort on the north coast with a planned development cost
of approximately U.S.$1.74 billion (approximately AED6.4 billion). Spread over 6.2 million m
2
of
102
waterfront, the community will comprise seven distinct lifestyle districts. The development will include
spas, retail space, a medical centre, hospitality and entertainment centres and will also have an 18
hole golf course and a marina. Marassi will have over 4,600 freehold residential units with a mix of
villas, townhouses and apartments. Construction on the project commenced in 2007. The rst homes
were completed and handed over in 2010 and construction is expected to be completed in 2016. As at
30 September 2010, approximately 82 per cent. of the total freehold units released to the public for
sale had been sold.
New Cairo City (Mivida)
Mivida is a 3.8 million m
2
Santa Barbara California inspired residential and mixed use development
with a planned development cost of approximately U.S.$1 billion (approximately AED3.67 billion),
located near the American University in Cairo, close to Cairo International Airport. Mivida will have
5,470 freehold residential units with a mix of villas, townhouses and apartments, over 148,000 m
2
of
ofce space, an 18,500 m
2
medical centre, a hotel, shopping centres and a school. Construction on
Mivida commenced in 2008 and Emaar expects the project to be completed in 2020. Multiple
residential villages were launched in phase one known as Mivida Heights and as at 30 September
2010, 73 per cent. of the total freehold units released to the public for sale had been sold.
Emaar Misr has entered an agreement to purchase the land in respect of this development. To date
Emaar Misr has paid the rst of eight equal annual instalments of the purchase price. The total
purchase price is approximately U.S.$260 million (approximately AED950 million). Title to the land
will be transferred to Emaar Misr on full payment of the purchase price.
Cairo Gate
Cairo Gate will be located at the start of the Cairo to Alexandria road and is a mixed use
community with a large shopping mall, outdoor shopping and entertainment facilities, an ofce park,
hotels and residential units including villas, townhouses and apartments. The upscale development will
spread over 670,000 m
2
and has a planned development cost of approximately U.S.$700 million
(approximately AED2.6 billion). This project is currently at the master planning stage.
Turkey
Emaars wholly owned subsidiary, Emaar Properties Gayrimenkul Gelistirme Anonim Sirketi (Emaar
Turkey), is responsible for Emaars Turkish developments as set out below.
Tuscan Valley
Tuscan Valley is a 1.7 million m
2
master planned community located at Bu yu kcekmece on the
European side of Istanbul. It will include over 540 residential units including villas, townhouses and
apartments, a shopping arcade and recreational spaces for residents. Construction commenced in 2007
and is anticipated to be completed by 2016. The rst phase of homes in the community were handed
over in 2009. As at 30 September 2010, approximately 67 per cent. of the total freehold units released
to the public for sale had been sold.
New Istanbul Development
The New Istanbul Development is situated on 66,000 m
2
in Libadiye Camlica on the Asian side of
Istanbul. The development is currently in the design stage and is expected to include residential, retail
and commercial space together with leisure and entertainment components. This project is currently at
the master planning stage and construction is expected to commence in the second quarter of 2011
and Emaar expects the development to be completed in 2016.
Morocco
Emaars wholly owned subsidiaries, Tinja S.A, Emaar Saphira S.A. and Emaar Oukaimeden S.A. are
undertaking three of Emaars developments in Morocco as set out below. Emaar is also undertaking
further developments in Morocco in joint venture with others (see Property Developments
International Non Wholly Owned Morocco).
Tinja, Saphira, Oukaimeden
Emaar is developing three mixed use master planned lifestyle communities: Tinja, a 720,000 m
2
development located near the city of Tangiers on the Atlantic Coast with a planned development cost
of U.S.$500 million (approximately AED1.8 billion); Saphira, an approximately U.S.$3.1 billion
(approximately AED11.3 billion) (planned development cost) 1.34 million m
2
development located in
103
the City of Rabat on the Atlantic Coast; and Oukaimeden, a residential development, located in the
Atlas Mountains, 70 miles from the city of Marrakech.
All three communities are being developed pursuant to an MOU signed by Emaar and the
Government of Morocco in 2006. Pursuant to such MOU, Emaar has agreed to purchase the land
for these developments from the Government. Emaar plans to lease certain forest land from the
Government adjacent to the development. The land for Saphira will be transferred to Emaar upon
certain 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. The
land for the Oukaimeden development is to be paid for in accordance with an agreed payment
schedule and, on completion of such payments, will be transferred to Emaar.
Tinja will comprise 1,200 freehold units, 150 hotel rooms and leisure facilities. Construction
commenced 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 comprise
approximately 5,100 freehold units consisting of one to four bedroom villas and apartments. It will
also include hotels, an ofce district and various retail facilities. Oukaimeden is still at the master
planning stage. Certain project feasibilities for the Moroccan projects are currently being reviewed.
United States
Beverly West Residences
Beverly 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 (approximately
AED992 million). The development is being undertaken by Emaar LA Properties LLC, a wholly
owned indirect subsidiary of Emaar. The units range in size up to 761 m
2
and benet from amenities
including a tness 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 30
September 2010, approximately 33 per cent. of the total freehold units released to the public for sale
had been sold.
Canada
Wills Creek
Wills Creek is a development of 108 freehold residential units located on 76,000 m
2
of land in South
Surrey, 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 is
expected to be completed in the rst quarter of 2012. As at 30 September 2010, approximately 56 per
cent. of the total freehold units released to the public for sale had been sold.
Property Developments International Non Wholly Owned
Saudi Arabia
Emaars primary development activities in Saudi Arabia are undertaken through its joint venture
relationships. The King Abdullah Economic City development is being undertaken by Emaar The
Economic City, a publicly listed company on the Saudi Arabian Stock Exchange (Tadawul) in which
Emaar owns a non-controlling 30.59 per cent. stake; Jeddah Gate and Al Khobbar Lakes are being
undertaken by Emaar Middle East LLC, a joint venture between Emaar (as to 61 per cent.) and Al
Oula (as to 39 per cent.), a Saudi Arabian real estate company; and Emaar Residences at Fairmont
Makkah 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 details
of these projects are set out below.
King Abdullah Economic City (KAEC)
KAEC has a planned development cost of approximately U.S.$100 billion (approximately AED367
billion). The project is closely connected with Saudi Arabias ongoing initiative to expand the
domestic economy and is intended to function as a catalyst to attract foreign investment, global
trade, commerce and industry. SAGIA, the body responsible for inward investments into Saudi
Arabia, is the prime facilitator for KAEC.
The development will have 4.5 million m
2
of parks and waterways provided by 42 linear kms of
canals, offering 75 kms of pedestrian promenade, seawater lagoons stretching over 11 kms and a 14
104
kms natural beach fronting the Red Sea. KAEC will have ve yacht clubs that can berth more than
3,000 vessels in total.
The mixed use development will spread over 168 million m
2
on the Red Sea coast and has six key
components a sea port, industrial zone, central business district, educational zone, residential
communities and a resort district. Construction commenced in 2006 and Emaar anticipates that
construction of the whole development will be completed by 2025. To date, several residential units
and commercial land plots with full services have been handed over and various infrastructure
projects in the industrial zone have been completed.
As a shareholder in the development entity, Emaar The Economic City, Emaar provides assistance
with the strategy for the development and the development entity.
Jeddah Gate
Jeddah Gate is a mixed use development located close to the centre of Jeddah along King Abdullah
Road, one of the major thoroughfares to the Holy City of Makkah with a planned development cost
of approximately U.S.$767 million (approximately AED2.8 billion).
The development will comprise 4,000 residential units, 230,000 m
2
of ofce space and 68,000 m
2
of
retail space. Construction of Jeddah Gate commenced in 2007 and is expected to be completed by
2018. As at 30 September 2010, approximately 57 per cent. of the freehold units released to the
Al Khobbar Lakes
Al Khobbar Lakes is a master planned gated lifestyle community located in close proximity to Al
Khobbar City with a planned development cost of approximately U.S.$1.2 billion (approximately
AED4.4 billion). Al Khobbar Lakes will ultimately include approximately 2,100 freehold units made
up of villas in a series of neighbourhoods that will be centred around common community facilities
and parks (including a 80,000 m
2
lake) and a retail centre (spread over 110,000 m
2
), a grand mosque,
11 local mosques, two schools, two community centres and healthcare facilities.
The rst phase of the project, Al Nada, was launched in May 2008 with a development value of
approximately U.S.$186 million (approximately AED683 million) and has over 240 residential units
and leisure amenities (including lakes, two mosques and a medical centre). As at 30 September 2010,
approximately 43 per cent. of the freehold units released to the public for sale had been sold.
Emaar launched the second phase of the project, Al Ghadeer Village, in June 2008. The village is
spread over an area of 230,000 m
2
featuring 244 residential units. As at 30 September 2010,
Construction on this project commenced in July 2008 and is expected to be completed by 2018.
Emaar Residences at Fairmont Makkah
Emaar Residences at Fairmont Makkah are serviced studios and one to three bedroom apartments
located on oors 30 to 53 of the Makkah Clock Royal Tower at the Fairmont Hotel, the tallest
tower in the Holy City of Makkah. The Makkah Clock Royal Tower is being developed by the Saudi
Bin Laden Group and construction has commenced and is expected to be completed by the end of
2011. Due to restrictions on ownership of land in Makkah, space in the tower for the serviced
residences is leased by Manarat from the Saudi Bin Laden Group and will be sub-leased to
purchasers. The residences will range in size from 37 m
2
to 231 m
2
.
India
In December 2005, Emaar, through its associate Emaar MGF Land Limited (Emaar MGF),
announced Indias largest foreign direct investment in the real estate sector with a capital outlay of
approximately U.S.$500 million (approximately AED1.84 billion). Emaar MGF is a joint venture
between Emaar (as to 45.33 per cent.) and MGF Developments Limited (as to 49.6 per cent.), one of
Indias largest real estate companies. Emaar MGF is currently in the process of undertaking an initial
public offering on the Stock Exchanges in India which is anticipated to occur by the end of June
2011.
Emaar MGF is currently undertaking projects in Punjab, Delhi, Haryana, Tamil Nadu, Rajasthan,
Madhya Pradesh and Andhra Pradesh. Emaar MGF currently has land reserves of over 495 million
sq ft of which 98 per cent. is fully paid. The existing land reserves identied for development are
expected to provide approximately 469 million sq ft of developable area for residential, retail and
hospitality assets. The key projects are detailed below.
105
Boulder Hills
In 2004, Emaar entered into a 74-26 per cent. joint venture with Andhra Pradesh Industrial
Infrastructure Corporation Ltd (APIIC), an agency of the government of Andhra Pradesh, to create
Boulder Hills, a master planned lifestyle community and a convention centre in Hyderabad.
Boulder Hills will ultimately be made up of approximately 4,380 freehold residential units consisting
of single family villas or plots and apartments, an 18 hole championship golf course, an
approximately 4.4 million sq ft business park, a golf club and a country club and a ve star boutique
style hotel. Construction of the community commenced in 2004. As at 30 September 2010,
approximately 62 per cent. of the freehold units in the development released to the public for sale
had been sold. The construction work on this project is being undertaken by Emaar MGF.
Emaar is currently involved in a legal dispute with APIIC (see Risk Factors Risks relating to
Emaar A legal dispute relating to APIICs stake in a joint venture with Emaar may have an
unfavourable outcome and negative reputational consequences for Emaar). This dispute is not
considered material by Emaar and construction is continuing in relation to those parts of the project
where construction has commenced and sales and marketing of those phases that have been launched
continues. However, until resolution of the dispute, no new construction is being commenced and no
new phases will be launched.
Mohali Hills
Emaar MGF is developing a 9.5 million sq ft master planned lifestyle residential community located
in Mohali, Punjab. Mohali Hills consists of approximately 14,768 freehold residential units spread
over four distinct communities: Mohali Hills; the Views; the Villas; and Central Plaza. Construction
of Mohali Hills commenced in 2007 and is expected to be completed in 2012. As at 30 September
2010, approximately 78 per cent. of the freehold units in the development released to the public for
sale had been sold.
Gurgaon
Emaar MGF is developing Palm Drive, Palm Springs, Palm Hills, Palm Terrace Select and Emerald
Hills at Gurgaon, which combined will be a 12.41 million sq ft master planned lifestyle residential
community, close to New Delhi. Palm Drive consists of three districts with approximately 1,387
freehold residential units. Construction commenced in 2008 and is expected to be completed in
December 2012. As at 30 September 2010, approximately 95 per cent. of the total freehold units
released to the public for sale had been sold.
Palm Springs will consist of approximately 310 freehold residential units made up of apartments and
villas. Construction commenced in 2007 and is expected to be completed in March 2011. As at
30 September 2010, approximately 98 per cent. of the total freehold units released to the public for
sale had been sold.
Emerald Hills consists of approximately 2,645 freehold residential units made up of apartments and
villas. Construction commenced in 2010 and is expected to be completed in 2012. As at 30 September
2010, approximately 91 per cent. of the total freehold units released to the public for sale had been
sold.
Palm Hills consists of approximately 1,462 freehold residential units made up of apartments.
Construction commenced in 2010 and is expected to be completed in 2012. As at 30 September 2010,
approximately 61 per cent. of the total freehold units released to the public for sale had been sold.
Palm Terraces Select consists of approximately 278 freehold residential apartments. Construction
commenced in 2010 and is expected to be completed in 2012. As at 30 September 2010,
approximately 69 per cent. of the total freehold units released to the public for sale had been sold.
Esplanade Chennai
Spread over 0.85 million sq ft of land, Esplanade Chennai is one of the largest housing developments
within the jurisdiction of the Chennai Metropolitan Development Authority. The development is an
integrated community with 596 freehold residential units consisting of apartments of up to
approximately 1500 sq ft each. Construction on Esplanade Chennai commenced in 2007 and is
expected to be completed in 2012. As at 30 September 2010, approximately 60 per cent. of the total
freehold units in the development released to the public for sale had been sold.
106
The Commonwealth Games Village Delhi
In July 2007, Emaar MGF was successful in winning the contract for the construction of 1,168
residential units within 27.2 acres of land comprising a built-up area of over 2.6 million sq ft, for the
CGV.
CGV is located close to the central business district Connaught Place in New Delhi. This project is
Delhis only purpose built, self contained premium residential community. Construction on the CGV
began in 2008 and was completed in June 2010. As at 30 September 2010, approximately 96 per cent.
of the total freehold units released to the public for sale had been sold. For further information in
relation to the CGV and a dispute that has arisen with the Delhi Development Authority in relation
to the same see Risk Factors Risks relating to Emaar There can be no assurance that following
the transfer of The Commonwealth Games Village back to Emaar MGF, Emaar MGF will not need to
spend materially more than originally envisaged to refurbish the properties in preparation for handover to
customers and Risk Factors Risks relating to Emaar Negative publicity stemming from concerns
relating to the readiness and tness for purpose of the CGV.
Commercial & Retail Development
Emaar MGF is developing the Palm Spring Plaza, a commercial and retail complex in Gurgaon,
which will consist of 223 freehold units. Construction commenced in 2008 and is expected to be
completed in October 2011. As at 30 September 2010, approximately 94 per cent. of the freehold
units released to the public for sale had been sold.
Emaar MGF is developing the Palm Square, a commercial and retail complex in Gurgaon, which will
consist of 260 freehold units. Construction commenced in 2008 and is expected to be completed in
October 2011. As at 30 September 2010, approximately 92 per cent. of the freehold units released to
the public for sale had been sold.
Emaar MGF is developing the Digital Greens, a commercial complex in Gurgaon. At present the
project has two components under construction, consisting of 607 freehold units. Construction
commenced in 2008 and is expected to be completed in December 2011. As at 30 September 2010,
Emaar MGF is also developing the Emerald Plaza, a commercial complex in Gurgaon, which will
consist of 547 freehold units. Construction commenced in 2010 and is expected to be completed in
2012. All of the freehold units released to the public for sale had been sold.
Emaar MGF is developing the Central Plaza, a retail complex in Mohali Hills, which will consist of
286 freehold units. Construction commenced in 2008 and is expected to be completed in December
2011. As at 30 September 2010, approximately 91 per cent. of the freehold units released to the
Hotel Development
Emaar MGF currently has two planned hotel projects with a total of approximately 387 rooms (over
both hotels). The projects are Jasola, New Delhi and a Courtyard by Marriott at Amritsar.
Construction on the projects has not yet commenced.
Emaar MGF has opened a ve star hotel with 90 rooms in Jaipur. The hotel is operated by Fortune
Park Hotels Limited, a subsidiary of ITC Limited.
Pakistan
Emaar is undertaking two developments in Pakistan through joint ventures between Emaar (as to
66.7 per cent.) and Giga Group Holding, an entity with operations in a number of industries
(including construction, real estate investment, jewellery, gold rening and textiles) in the Middle East,
Africa and Pakistan (as to 33.3 per cent.). Crescent Bay, Karachi is being undertaken by Emaar Giga
Karachi Limited and Canyon Views, Islamabad is being undertaken by Emaar DHA Islamabad
Limited.
Crescent Bay, Karachi
Crescent Bay is an approximately U.S.$2.7 billion (approximately AED9.9 billion) mixed used
development located on 0.4 million m
2
of reclaimed land in Karachis Defence Housing Authority
(DHA) Phase 8 and in close proximity to the DHA golf course. Crescent Bay is a development made
up of over 5,000 freehold residential units consisting of mid rise and high rise waterfront towers, a
ve star hotel, an approximately 65,000 m
2
shopping centre and twin ofce towers. Land reclamation
work commenced in 2005 and construction on the project commenced at the end of 2008. The rst
107
residential tower is expected to be completed in 2012. As at 30 September 2010, approximately 60 per
cent. of the total units released to the public for sale had been sold.
The land in respect of this development is sub-leased by Emaar Giga Karachi Limited from the
Pakistan Defence Ofce Housing Authority for 97 years and is renewable for a further 99 years.
Canyon Views, Islamabad
Canyon Views is an approximately U.S.$360 million (approximately AED1.32 billion) master planned
community including approximately 2,000 freehold residential units. The community will also include
retail facilities, parks, recreational facilities and schools. Construction on Canyon Views commenced
in 2007 and is expected to be completed in 2015. As at 30 September 2010, approximately 76 per
cent. of the total freehold units released to the public for sale had been sold.
Morocco
Two of Emaars developments in Morocco, Amelkis II and III and Bahia Bay, are being undertaken
by Prestige Resorts and Orientis Invest respectively. These entities are both 50:50 joint ventures
between Emaar and Onapar, part of the ONA Group, a leading Moroccan industrial and nancial
group.
Amelkis II and III
Construction on Amelkis II, an approximately 1.25 million m
2
master planned golng community
located on the outskirts of the city of Marrakech, commenced in 2005. Customers were offered plots
of land on which they could design and build their own homes within certain constraints as well as a
limited number of residential villas. The project includes 252 residential villa plots, 55 residential villas
and two hotel plots. As at 30 September 2010, approximately 78 per cent. of the freehold units
released to the public for sale had been sold.
In addition, development of Amelkis III, an expansion of Amelkis II, is planned. Amelkis III will
comprise 294 residential villa plots, 375 residential villas, two hotels and an 18 hole championship
golf course.
Bahia Bay
Bahia Bay is an approximately 5.3 million m
2
master planned lifestyle community located on the
Atlantic coast approximately half way between the cities of Casablanca and Rabat. Bahia Bay will
have over 2,500 freehold residential units consisting of villas, townhouses and low rise apartments.
The project will cost approximately U.S.$1.2 billion (approximately AED4.4 billion) and will also
include two hotels with approximately 700 rooms, an 18 hole championship golf course, leisure and
retail facilities. Construction commenced in 2007 and is expected to be completed in 2018. As at
30 September 2010, approximately 58 per cent. of the freehold units released to the public for sale
had been sold.
Jordan
Samarah Dead Sea Resort
The Dead Sea Touristic and Real Estate Investment Company, an entity in which Emaar has a 29.3
per cent. stake, is developing the Samarah Dead Sea Resort. The 1.8 million m
2
project is located on
the Dead Sea, close to Amman.
The project will comprise over 1,300 residential apartments and villas, two hotels providing 635
rooms, an equestrian residential community with clubhouse and 75,000 m
2
of retail and leisure space.
Construction of phase one began in 2008 and is expected to be completed by the end of 2010. The
entire project is expected to be completed in 2018 at an approximate cost of U.S.$1.1 billion
(approximately AED4 billion). As at 30 September 2010, approximately 46 per cent. of the freehold
units released to the public for sale had been sold.
Syria
The Eighth Gate
The Eighth Gate is being undertaken by Emaar IGO, a 60:40 joint venture between Emaar and
Invest Group Overseas Limited, an offshore investment and property development company. The
Eighth Gate, one of the rst master planned lifestyle communities in Syria, is located on 300,000 m
2
of land in Yafour, next to the Damascus city centre. The development will comprise four distinct
zones: the Commercial Centre, Waterfront, Tourist Area and a Build to Suit area (within which
Emaar IGO builds to customers particular specications). The Commercial Centre will house the
108
Damascus Stock Exchange and low rise commercial space, while the Waterfront will include furnished
tourist apartments and a classical style piazza and the Tourist Area will consist of retail outlets.
Construction on the Eighth Gate project commenced in 2008 and is expected to be completed in 2014
at an approximate cost of U.S.$500 million (approximately AED1.8 billion).
As of 30 September 2010, approximately 69 per cent. of the total freehold units released to the public
for sale had been sold.
Lebanon
BeitMisk
BeitMisk is being undertaken by Renaissance Metn Holding Limited, a 65:35 joint venture between
Emaar and Georges Abou Jaoude, a prominent Lebanese businessman. The 655,000 m
2
development
is located approximately 20 kms from Beirut and will comprise over 2,200 freehold residential units
and retail and leisure space.
Infrastructure for the development has been completed and building construction commenced in 2010
and is expected to be completed in 2018. As at 30 September 2010, approximately 80 per cent. of the
total freehold units released to the public for sale had been sold.
Emaar Malls
Emaar Malls Group LLC (Emaar Malls), a wholly owned subsidiary of Emaar, is the shopping mall
operating subsidiary of Emaar and focuses on creating retail environments that are tailored to the
particular needs of the community they serve. Emaar Malls revenues are derived from rents paid by
tenants in its facilities. Details of Emaar Malls key developments are set out below.
The Dubai Mall
The Dubai Mall, one of the largest malls in the world, is located in the heart of the Downtown
Dubai Development. It opened in November 2008 with an internal oor area of 5.9 million sq ft. The
Dubai Mall features more than 1,100 stores and over 120 food and beverage outlets spread over four
levels. Anchor tenants in The Dubai Mall include Bloomingdales, Galeries Lafayette and Debenhams.
Leisure and entertainment offerings in The Dubai Mall include one of the worlds largest indoor
aquariums featuring a 180 degree walk through tunnel and comprising the worlds largest under water
zoo. In addition, The Dubai Mall is home to Reel Cinemas (a 22 screen cineplex, the largest in
Dubai), an Olympic sized ice rink, SEGA Republic (an indoor theme park developed in conjunction
with SEGA Corporation), Kidzania
1
(a childrens edutainment centre), undercover parking
facilities for 14,000 vehicles and is adjoined by The Address Dubai Mall ve star hotel (see
Hospitality The Address Hotels and Resorts), described below. In the rst nine months of 2010,
The Dubai Mall had an average monthly footfall of 3.8 million people.
Gold and Diamond Park
The Gold and Diamond Park, a mixed-use development, opened in 2001 and comprises 90 retail
outlets and 120 manufacturing units showcasing gold, diamonds and jewellery and commercial space
for over 200 ofces. The development has an outdoor courtyard and a selection of cafes and
restaurants and is conveniently located on Sheikh Zayed Road. In the rst nine months of 2010, the
Gold and Diamond Park had an average monthly footfall of 102,000 people.
Dubai Marina Mall
Located at Dubai Marina, the Dubai Marina Mall opened in December 2008 with 160 stores. The
Dubai Marina Mall includes shopping, entertainment and leisure facilities including Reel Cinemas (a
6 screen cineplex with premium facilities). Adjacent to Dubai Marina Mall is The Address Dubai
Marina (see Hospitality The Address Hotels and Resorts) and Gourmet Tower, a high end
restaurant and entertainment venue. In the rst nine months of 2010, the Dubai Marina Mall had an
average monthly footfall of 251,000 people.
Souk Al Bahar
Souk Al Bahar is located on The Old Town Island in the Downtown Dubai Development, adjacent
to Burj Khalifa and between The Address Downtown Dubai and The Palace Hotel. It opened in
November 2007 and has over 100 stores and an extensive waterfront promenade featuring 22
restaurants and cafes. In the rst nine months of 2010, Souk Al Bahar had an average monthly
footfall of 275,000 people.
109
Various Community Retail Space/Complexes
Emaar Malls also manages approximately 80,000 m
2
of retail space located in various communities
developed by Emaar such as Emirates Living, Arabian Ranches, Dubai Marina and Downtown
Dubai. The retail outlets at these locations feature, among other things, supermarkets, restaurants,
community centres and tness clubs.
Areas under design and construction
Emaar, either through its subsidiary Emaar Malls or its subsidiaries and joint ventures internationally,
has various other shopping areas under construction. Emaar Malls has provided consultancy services
to entities in which Emaar holds a stake that are developing The Eighth Gate Mall in The Eighth
Gate development in Syria (see Property Developments International Non Wholly Owned
Syria) and various retail areas in King Abdullah Economic City in Saudi Arabia (see Property
Developments International Non Wholly Owned Saudi Arabia), both of which are currently
under development. Emaar Malls is currently providing consultancy services to entities in which
Emaar holds a stake that are intending to develop the New Istanbul Centre in the New Istanbul
Development (see Property Developments International Wholly Owned Turkey) and the
Uptown Cairo Mall in the Uptown Cairo development (see Property Developments International
Wholly Owned Egypt), both of which are in the design phase.
In addition, Emaar (through Emaar MGF) aims to be the rst choice for real estate solutions for
Indias growing retail sector. Over the next three to ve years it plans to develop the Mall of West
Delhi in New Delhi, Mall of Lucknow in Uttar Pradesh, Mall of Hyderabad in Andhra Pradesh and
Mall of Punjab in Chandigadh. Each of these retail facilities are currently in the early planning
stages.
Emaar Retail
Emaar Retail LLC (Emaar Retail) is a wholly owned subsidiary of Emaar Malls, and contributes to
Emaars mall developments in key emerging markets across the Middle East, North Africa and the
Indian subcontinent by creating leisure and retail facilities for inclusion in the malls in the various
markets. Emaar Retail manages the business operations for The Dubai Malls and Dubai Marina
Malls retail, leisure and entertainment brands including Dubai Aquarium & Underwater Zoo, Dubai
Ice Rink, KidZania
1
, SEGA Republic and Reel Cinemas. Emaar Retails revenues are derived from
retail sales, admission fees and sale of advertising space at its leisure and retail facilities.
Hospitality
Emaar Hospitality Group LLC (Emaar Hospitality), a wholly owned subsidiary of Emaar, owns and
manages Emaars portfolio of leisure assets, including hotels, serviced residences, health clubs, golf
clubs, tness clubs, lifestyle dining facilities and a yacht club. These properties are either managed by
Emaars subsidiaries (for example, The Address Hotels and Resorts and Nuran Serviced Residences)
or by leading third party operators on Emaars behalf (such as Southern Sun Hotels for the Al
Manzil and Qamardeen Hotels). Emaar Hospitalitys revenues are derived from letting of rooms and
conference facilities, club membership and visitor fees and restaurant and catering revenues. The key
developments are described below.
The Address Hotels and Resorts
The Address Hotels and Resorts LLC (The Address), a wholly owned subsidiary of Emaar
Hospitality, is a ve star hotel brand that currently operates ve hotels. The Address Downtown
Dubai (opened in October 2008), The Address Dubai Mall (opened in September 2009), The Address
Dubai Marina (opened in December 2009), The Address Montgomerie Dubai (opened in 2002 and re-
branded in 2009) and The Palace The Old Town (opened in September 2007) are all owned by
Emaar and managed by The Address. The Address Downtown Dubai is a 63 storey ve star hotel in
Downtown Dubai overlooking the Burj Khalifa with 196 rooms; The Address Dubai Mall is
connected to The Dubai Mall and contains 244 rooms; and The Address Dubai Marina is connected
to the Dubai Marina Mall and contains 200 rooms. The Address Montgomerie Dubai is part of the
Montgomerie Golf Club in Dubai and contains 21 rooms and The Palace The Old Town is part of
The Old Town development and contains 242 rooms. In the rst nine months of 2010, The Address
Downtown Dubai had an occupancy rate of 84 per cent., The Address Dubai Mall had an occupancy
rate of 77 per cent., The Address Dubai Marina had an occupancy rate of 59 per cent., The Address
Montgomerie Dubai had an occupancy rate of 54 per cent. and The Palace The Old Town had an
occupancy rate of 85 per cent.
110
Emaar plans to open additional The Address properties in key cities and tourist destinations in the
MENA region, the Indian sub-continent, Asia, Europe and America over the next 10 years. To date,
The Address has management contracts to operate hotels in Marrakech, Morocco, Languedoc-
Roussillon, France and Budapest, Hungary.
In addition, The Address launched its rst hotel property in Egypt The Address, Uptown Cairo
and in Turkey The Address New Istanbul. Both hotels are anticipated to open in 2015.
Al Manzil and Qamardeen Hotels, Old Town, Downtown Dubai Development
Al Manzil and Qamardeen Hotels are two four star hotels operated by the South African hotel group
Southern Sun Hotels, and are located within the Downtown Dubai Development. Al Manzil has 197
rooms, three meeting rooms to seat up to 130 people and a 12 seater boardroom. Qamardeen Hotel
has 186 rooms including suites, queen and twin rooms and disabled friendly rooms. In the rst nine
months of 2010, Al Manzil and Qamardeen Hotels had occupancy rates of 75 per cent. and
69 per cent., respectively.
Nuran Serviced Residences
In 2006, Emaar launched Nuran Serviced Residences (Nuran), a serviced residence operator brand.
Nuran serviced residences offer fully serviced residences for transient travellers and guests on extended
stays for assignments and relocation. Nuran is currently managing two properties with a total of 318
rooms, Nuran Marina at Dubai Marina and Nuran Al Alka Residences at the Greens.
Hayya! Health Clubs
Hayya! is the health and tness brand of Emaar with Hayya! clubs currently located within the
Lakes, Meadows Village Town Centre and Old Town, Downtown Dubai Development.
Golf Courses
In some of its master planned community developments, Emaar has constructed, or will be
constructing, 18 hole championship golf courses. In the UAE, The Montgomerie in Emirates Hills
and the Desert Golf Course at Arabian Ranches are two examples. These golf courses were designed
by Colin Montgomerie, one of the worlds leading golfers, in association with Desmond Murrhead,
renowned golf course architect and by Ian Baker-Finch in association with Nicklaus Design,
respectively. The Montgomerie course is managed by a third party (Troon Golf) whilst the Arabian
Ranches course is managed directly by Emaar Hospitality. The Uptown Cairo and Marassi projects
in Egypt will feature golf courses to be managed by Emaar Hospitality.
Dubai Marina Yacht Club
The Dubai Marina Yacht Club is one of the largest private yacht clubs in the world with a purpose
built clubhouse and four marinas spread over a 3.5 km man-made canal. The Dubai Marina Yacht
Club also contains a range of dining options and conference facilities. The rst two of four marinas
opened in 2007 and 2008. Upon completion of the second two marinas, the Marina will be able to
host over 500 yachts ranging from six to 36 metres in length.
Lifestyle Dining
Lifestyle Dining is an independent restaurant division of Emaar Hospitality. Lifestyle Dining has
currently rolled-out two concepts being; Downtown Deli and Madeleine Cafe & Boulangerie, both
located at The Dubai Mall, with other locations currently under development. Lifestyle Dining is also
developing At.mosphere, the grill restaurant and bar located on the 122nd oor of Burj Khalifa, in
the Downtown Dubai Development.
Armani Hotels and Resorts
Emaar Hotels and Resorts LLC (Emaar Hotels and Resorts), a wholly owned subsidiary of Emaar,
has been established specically to own, develop and operate the luxury Armani hotels being
developed by Emaar in collaboration with Giorgio Armani S.p.A.
The rst Armani Hotel was opened in April 2010 in the Burj Khalifa in the Downtown Dubai
Development with 160 suites, restaurants and a spa covering 40,000 m
2
, all designed by Giorgio
Armani. In addition, the Burj Khalifa also contains the rst Armani residential apartments. Further
Armani hotels, resorts and residences are planned for Milan (hotel completion expected in 2011),
Marrakech (resort completion expected in 2014) and Marassi, Egypt (residences completion expected
in 2014). Pursuant to the agreement with Giorgio Armani S.p.A., Emaar Hotels and Resorts is also
111
planning the establishment of Armani hotels, resorts and residences in other cities, including Paris,
New York, Tokyo, Shanghai and London, over the next 10 years. Emaar Hotels and Resorts will be
responsible for procuring the land, construction, management and operations and Armani will be
responsible for the stylistic direction of the hotels and resorts which will incorporate Armani
furnishings.
Financial Services
Amlak Finance
In April 2000, Emaar launched Amlak Finance as a wholly owned subsidiary to provide consumers
with long-term nancing when purchasing Emaar properties (a service not provided for at the time in
Dubai). Following an IPO in January 2004, Emaar currently owns 48 per cent. of Amlak Finance.
Amlak Finance was the rst nancial institution to offer mortgages in the UAE and has subsequently
converted into an Islamic nancial institution to offer Sharia (Islamic law) compliant home nancing
solutions.
The Federal Government of the UAE has announced that it is in discussions with the relevant
authorities to potentially merge Amlak Finance with other entities and in conjunction with the
steering committee formed by the UAE Ministry of Finance and Industry is evaluating various
options to secure sustainable funding for Amlak Finance in order to enable it to meet its
commitments. Accordingly, Amlak Finance has been suspended from trading on the DFM since
November 2008 and remains suspended as at the date of this document. The market value of the
shares Emaar held in Amlak as at the date of suspension was approximately AED736 million and
Emaar is not in a position to assess the current value of the shares. The auditors report on the
audited consolidated nancial statements of Emaar for the year ended 31 December 2009 and the
review report on the interim condensed consolidated nancial statements of Emaar for the nine
month period ended 30 September 2010 both include an emphasis of matter for Emaars investment
in Amlak (see Risk Factors Risks relating to Emaar Amlak, an associated company of Emaar,
may need to restructure its debt obligations which may expose Emaar to loan write offs and a decrease
in value of its investment).
Dubai Bank
In 2001, Emaar acquired Dubai Bank from the Government as a wholly owned subsidiary. In July
2005, Emaar sold approximately 70 per cent. of the shares of Dubai Bank to Dubai Financial LLC, a
company wholly owned by the Government for approximately U.S.$162 million (approximately
AED595 million). Emaar continues to hold the remaining 30 per cent. of Dubai Bank shares.
Emaar Financial Services
A subsidiary of Amlak Finance, Emaar Financial Services was incorporated as a limited liability
company in February 2005. It was formed by Emaar and Amlak Finance and its principal activity is
to provide investment research and analysis to investors in companies listed on the DFM and Abu
Dhabi stock exchange. Emaar Financial Services previously provided brokerage services, however, it
ceased to do so from 6 January 2011. Emaar has an indirect shareholding of 37.5 per cent. in Emaar
Financial Services through Amlak Finance.
Other Material Subsidiaries and Associates
Emaar Utilities LLC (Emaar Utilities)
In December 2007, Emaar signed a 51:49 per cent. joint venture with United Kingdom (UK) based
water and wastewater management company, United Utilities, to establish Emaar Utilities to
undertake the utilities management of all Emaar projects in Dubai. Emaar Utilities focuses on
enhancing customer service and promotes water conservation measures and sustainable environmental
practices. It is currently engaged in servicing, sewerage treatment and waste water treatment activities.
Emrill Services LLC (Emrill Services)
Emrill Services was formed in 2002 as a 51:49 per cent. joint venture between Emaar and Carillion
PLC, one of the UKs largest construction companies. Emrill Services was formed to provide facilities
management services to Emaar and other property development companies in Dubai and throughout
the MENA region and the Indian sub-continent. The services provided by Emrill Services include
cleaning, security, pest control, waste management, mechanical, electrical and air conditioning
maintenance and plumbing.
112
In November 2006, Emaar sold a 17.67 per cent. stake in Emrill Services to Al Futtaim Group for
approximately U.S.$1.8 million (approximately AED6.5 million). As at the date of this Base
Prospectus, Emaar holds 33.33 per cent. of the shares in Emrill Services.
Turner International Middle East Ltd
In July 2006, Emaar and Turner Corporation, a leading building services provider, announced their
investment in a newly formed entity, Turner International Middle East Ltd (Turner International ME),
to jointly tap regional growth opportunities. Emaars stake in Turner International ME is 50 per cent.
with Turner International Industries Inc. (Turner) and Turner management holding the remaining 50
per cent. Turner contributed its existing operating arm in the Middle East and became an equal
shareholder in the new entity. Turner continues to own certain intellectual property rights and the
exclusive rights to the Turner trademark, provides manpower support and training and participates in
key decisions in respect of Turner International ME.
Turner International ME is headquartered in Dubai and focuses on project and construction
management 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 region
with more than 85 branches.
In June 2010, Emaar sold the Hamptons business in Europe, the Far East and the Indian
subcontinent to Countrywide Plc, one of the UKs largest estate agency and property services groups.
Emaar countinues to own and operate the Hamptons business in the MENA region and uses the
business 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 to
capitalise on the growth prospects of the technology and manufacturing sectors in the MENASA
region. On incorporation, 50 per cent. of the shares of Emaar Industries and Investments were held
by Emaar, 10 per cent. were held by Amlak Finance and the remaining shares were held by other
investors throughout the GCC region. Emaar currently holds 40 per cent. of the shares in Emaar
Industries and Investments having previously sold a 10 per cent. stake to Amlak Finance (who have
subsequently sold the stake to Zabeel Investments).
Competition
Dubai and the UAE
Emaar currently competes in Dubai with other major Dubai based property development companies
including:
*
Nakheel PJSC (Nakheel) a private joint stock company established in 2003. Its main
developments include the Palm Islands, the Dubai Waterfront, International City and The
World. As in the case of Emaar, Nakheel was gifted its land bank in Dubai by the
Government. It has also developed a broad portfolio of projects in Dubai across a range of
sectors residential, commercial, retail and leisure. Nakheel currently operates under the
umbrella 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 to
restructuring Nakheels debt obligations.
*
Dubai Properties LLC (Dubai Properties) a limited liability company established in 2004. It is
part of the Dubai Holding Group (an umbrella organisation owned by the Government). Its
main 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 the
Government.
*
Sama Dubai LLC (previously Dubai International Properties) (Sama Dubai) a limited liability
company established in 2004 and a member of the Dubai Holding Group. Some of the notable
developments 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, Emaar
also competes with other already established and to be established retail outlets and hotels. In
113
addition, if Emaar undertakes other developments in Dubai, it may also need to compete for the land
on which the developments are to be located.
Outside Dubai, Emaar has undertaken only limited property development activities in the UAE, its
major such development being Umm Al Quwain Marina. To the extent that Emaar seeks to expand
its activities within the rest of the UAE, Emaar anticipates that it will face competition from major
property developers based in Dubai and the other Emirates, although such expansion is not its
current focus (see Strategy).
International
Emaar competes with other locally based and, to an extent, international property developers in each
jurisdiction in which it carries on development activity. Emaar believes, however, that as a result of a
number of factors it is well placed to face this competition (see Competitive Strengths).
Contractors and Suppliers
Emaar enters into a variety of contractor and supplier contracts for the purposes of the design and
construction of its projects. Emaar has a set of standard conditions of contract which have been
developed over a number of years.
Emaar generally makes progress payments to its contractors. Contractors issue a progress payment
certicate along with an invoice on completion of each dened stage of work under the contract.
These are certied and approved by an external management consultant, the project director and by
Emaars executive management team which comprises the appropriate CEO, the Group Chief
Financial Ofcer (CFO) and the Executive Director of Finance and Risk.
The nal payment, including the retention (generally a 10 per cent. deduction from each progress
payment), is only made to contractors after: (i) the contractors notication of completion is received
and veried; (ii) the nal inspection by Emaars consultants and project director to establish
completion is nished; (iii) a taking over certicate (TOC) is issued, which allows some issues to be
addressed and incomplete works to be carried out later within a dened time limit, and a defects
liability certicate (DLC) is issued, which conrms a contractors responsibility for defects identied
within a dened period; and (iv) payment is approved by an external management consultant, the
project director and by Emaars executive management.
The retention amount due is then paid by Emaar within three months of the issuance of the TOC
and DLC. The terms of Emaars standard conditions of contract are based on those recommended by
internationally recognised trade bodies such as the International Federation of Consulting Engineers,
Joint Contracts Tribunal and the New Engineering Contract. These contracts are amended to take
into account local law and conditions and project specic requirements.
114
Group Structure
Emaar has over 70 subsidiaries across 21 countries which have been established for the purpose of
managing and maintaining individual project developments and to facilitate Emaars expansion into
international markets. In addition, Emaar has formed strategic partnerships with associated companies
and entered into a number of joint ventures. Emaars principal subsidiaries, joint ventures and
associates are shown by business segment in the Group structure table below.
EMAAR PROPERTIES PJSC
EMAAR UAE
PROPERTY
DEVELOPMENT
EMAAR
INTERNATIONAL
PROPERTY
DEVELOPMENT
EMAAR
INVESTMENTS
EMAAR MALLS
100%
EMAAR
HOSPITALITY
100%
India JV
Boulder Hills
74%
Armani Hotels
& Resorts
100%
Note: Where necessary, percentage shareholdings have been
rounded up.
Health and Safety
Emaar appoints a supervision consultant to monitor the progress of construction and the
implementation of local municipality and international health and safety guidelines and regulations in
each of its projects. The supervision consultant hires a health and safety ofcer and works with the
project manager.
For each project, Emaar also appoints a project manager to inspect both the physical conditions on
the site, such as personal protective equipment, work heights and conned spaces, and procedural
issues such as certication, re and rst aid procedures and training registers. The Emaar project
manager is empowered to give authority to the appointed health and safety ofcer to issue reports,
stop work and impose nes should policies not be followed. The health and safety ofcer also tracks
and reports monthly key performance indicators on the project such as number of workers, lost days,
rst aid and accidents. In some cases, where no health and safety ofcer is appointed by the
supervision consultant Emaar hires an external health and safety consultant to perform this task and
report directly to the Emaar project manager. Emaar always seeks to ensure compliance with all local
municipality and international health and safety guidelines and regulations.
Environment
On 13 November 2007, Emaar was successfully accredited with the International Organisation for
Standardisation (ISO) 14001:2004 certication for adherence to both quality and environmental
115
management processes. With the ISO 14001:2004 certication, Emaar has underscored its commitment
to the green buildings initiative of the Government to create energy efcient residential and
commercial buildings that support development.
In 2006, Emaar formed a recycling initiative called Earth Watch. The Government is anticipated to
launch a green initiative and a new 12 point plan that companies will be required to follow when
applying for building regulation approvals via the Dubai Municipality. This has prompted the
Emirates Green Building Council to set up a UAE LEED programme, and some 250 buildings are
currently planning to comply with the certications. Most of Emaars projects are LEED compliant
projects, which means they meet the Governments highest green building and performance measures.
LEED Certication demonstrates that a building is environmentally responsible, protable and a
healthy place to live and work. There are both environmental and nancial benets attached with
LEED compliant projects.
Insurance
Emaar requires its contractors to provide insurance cover including workmans compensation, motor
vehicles insurance, insurance for plant and contractors equipment and, if applicable, marine insurance
for goods transported to each project.
Emaar purchases Contractors All Risks (CAR) insurance for each project during the construction
phase. The policy covers the contractor and relevant sub-contractors as well as the principal for the
full value of the contract. CAR insurance covers loss or damage to the contract works and the
liability of the contractor/principal to third parties. The policy commences from the inception date of
the contract and is valid until completion of construction and handing over of the project to Emaar.
Once the project is handed over by the contractor, the CAR insurance expires. Subsequently it forms
part of Emaars assets and is insured under Emaars Annual Property Insurance Program.
Emaar also has in place business interruption and loss of prot insurance. In addition, Emaar has
purchased directors and ofcers liability insurance and requires all of its consultants to carry
professional indemnity insurance according to the best available market standards.
Intellectual Property
Emaar has registered or applied for the registration of the trademarks and service marks of all of its
current projects as well as the Emaar word and logo both in the UAE and, where appropriate,
internationally. Emaar intends to le trade mark applications (if capable of registration) for any
future projects as they occur.
Information Technology
Emaar seeks to ensure that its information technology (IT) systems and software meet the
requirements of its business, are effectively maintained and are kept up to date. Emaar has an online
document management system which is available 24 hours a day seven days a week. In addition,
Emaar is expanding its current IT systems to offer customers online services such as an online
payment facility for various charges. In the long term, Emaar aims to integrate all operating systems
operated by each business segment and centralise its enterprise resource planning system. Emaars in
house IT team is responsible for IT support and maintenance.
Emaar has in place a disaster recovery system including back-ups which are collected daily and stored
in an offsite data warehousing facility. Emaars document management system is also intended to
enable it to recover data in a disaster scenario as it can be remotely accessed through the internet.
Litigation
Neither the Issuer nor Emaar nor any of Emaars other subsidiaries is or has been involved in any
governmental, legal or arbitration proceedings (including any such proceedings which are pending or
threatened of which the Issuer or Emaar are aware) in the 12 months preceding the date of this
document which may have or have had in the recent past signicant effects on the nancial position
or protability of the Issuer or the Group.
116
ORGANISATION, DIRECTORS, MANAGEMENT AND EMPLOYEES
Organisation
The organisational structure of Emaar is set out below:
Directors and Management
Board of Directors
Mohamed Ali Alabbar
Chairman
Hussain Al Qemzi
Vice Chairman
Saeed Al Tayer
Director
Khalifa Aldaboos
Director
Majid Saif Al Ghurair
Director
Ahmed Jamal Jawa
Director
Dr. Lowai Belhoul
Director
Ahmad Thani Al
Matrooshi
Director
Executive Management
Ahmad Thani Al Matrooshi
Mohamed El Dahan
Executive Director, Internal
Managing Director
Low Ping
ecu ect
Audit
Ahmad

Executive
Director,
Finance &
Risk
Galadari
CEO
Dubai
Operations
Atallah
COO
Dubai
Operations
North
American
Operations
Casari
CEO
Robert
Booth
CEO
International
Operations
(excluding
North
America)
Al Falasi
Executive
Director,

Property

Management
Ayman Ayman
Hamdy
Executive
Director,
Legal
Arif Amiri
CEO
Emaar
Retail
Nasser Rafi
CEO
Emaar Malls
Marc
Dardenne
CEO
Hospitality
Amit Jain
Group CFO
Issam Naaman Sergio
Board of Directors
Certain members of the Board, their families and companies of which they are principal owners, or of
which they are employees, have dealings with Emaar in the ordinary course of business. The
transactions with such parties are made at arms length and on substantially the same terms as those
prevailing at the same time for comparable transactions with unrelated parties.
Except as disclosed in this paragraph, as at the date of this Base Prospectus, no member of the
Board has any actual or potential conict of interest between his duties to Emaar and his private
interests and/or other duties. Each of the Directors of Emaar named in the table above entitled
Board of Directors has outside interests in entities other than Emaar, including employment and/or
directorships with third parties (as set out underneath their names in the paragraphs below). As the
Directors of Emaar are involved in Emaars decision making process and have knowledge of Emaars
products and services, including the commercial terms thereof, a potential conict of interest may
arise. However, Emaar has established robust internal procedures to deal with any such potential
conict, including the relevant Director being excluded from voting at board meetings on issues which
relate to the relevant employers and/or other connected entitys dealings with Emaar.
Under the Commercial Companies Law, all directors are liable to Emaar, its shareholders and third
parties for any acts of fraud, abuse of powers, violation of laws, violation of its Memorandum and
Articles of Association or for mismanagement.
The business address of each of the directors is Emaar Business Park, Building 3, Level 6, PO Box
9440, Dubai, UAE.
The members of the Board are as follows:
Name Position
Mohamed Ali Alabbar Chairman
Hussein Al Qemzi Vice Chairman
Saeed Ahmad Al Tayer Director
Khalifa Hassan Aldaboos Director
Dr Lowai Mohamed Belhoul Director
Majid Saif Al Ghurair Director
117
Name Position
Ahmed Jamal Jawa Director
Ahmad Thani Al Matrooshi Managing Director
Mohamed Ali Alabbar Chairman
Mr Alabbar, an Executive Director, is a founding member of Emaar and has been its Chairman since
its inception on 29 July 1997. He is also Chairman of the Executive Committee. Mr Alabbar is also
the chairman of the Bahrain based Al Salam Bank, an Islamic bank with operations across the
MENA region.
Mr Alabbar is a graduate in Finance and Business Administration from Seattle University and was
awarded an honorary doctoral degree in Humanities from Seattle University in recognition of his
notable achievements in business, economic development and public service in Dubai and throughout
the Middle East region.
In particular, FDi magazine, published by the Financial Times Group, named Mr Alabbar as Middle
East Personality of the Year in 2006 and Arabian Business, the leading regional business magazine,
ranked him second in its 2009 list of Power 100: The Worlds Most Inuential Arabs.
Hussein Al Qemzi Vice Chairman
Mr Al Qemzi, a Non-Executive Director, was appointed to the Board as Vice Chairman of Emaar on
8 March 2006. He is also a member of the Executive Committee and the Nomination and
Remuneration Committee.
Mr Al Qemzi has over 28 years experience working with leading banks in the UAE and currently
holds the position of CEO at Noor Banking Group. He is currently on the board of the Emirates
Institute for Banking and Financial Studies, Emirates Media Inc., Awqaf and Minor Affairs
Foundation and the Dubai International Financial Centre (DIFC). Mr Al Qemzi was formerly CEO
of Sharjah Islamic Bank and chief operating ofcer of the DIFC and credited with laying the ground
for this nancial centre.
Saeed Ahmad Al Tayer Director
Mr Al Tayer, a Non-Executive Director, was appointed to the Board on 29 April 2009. He is a
member of the Nomination and Remuneration Committee.
Mr Al Tayer previously worked in Jebel Ali Port and was part of the management group that started
the Jebel Ali Free Trade Zone. He was later appointed the Director of Administration and served as
Assistant Chairman and Deputy Managing Director.
Mr Al Tayer has also previously worked for the MAF (Majid Al Futtaim) Group as Vice President
in charge of the development of shopping centres and Carrefour throughout the Middle East,
Chairman of the group in Egypt and Group Vice President. Mr Al Tayer left the MAF Group to
undertake his own business in 2005.
Khalifa Hassan Aldaboos Director
Mr Aldaboos, a Non-Executive Director, was appointed to the Board on 29 April 2009. He is a
member of the Audit Commitee.
In addition to the Board of Emaar, he also serves on the Board of Jeema Mineral Water; MSharie
Venture Capital, a subsidiary of Dubai Investment Company; National Bonds Corporation; Emirates
Investment and Development PSC and Emirates Rawabi.
Mr Aldaboos is the Investment Director for the Investment Corporation of Dubai, the investment
arm of the Government of Dubai and the body responsible for managing the Emirates assets. Mr
Aldaboos was previously the Investment Director for the Department of Finance at His Highness the
Rulers Court of the Government of Dubai, overseeing strategic investments.
Mr Aldaboos holds a Bachelor of Science degree in Computer Information Systems and Management
Science from Metropolitan State College in Denver.
Dr Lowai Mohamed Belhoul Director
Dr Belhoul, a Non-Executive Director, was appointed to the Board on 8 March 2006. He is a
member of the Audit Committee.
118
He is also currently the Director General of the Government of Dubai Legal Affairs Department, a
director of the Governments Executive Council and a member of the Federal Legislative Committee
responsible for reviewing draft Federal legislation. Dr Belhoul has also served on several high prole
judicial committees formed by Orders of H.H. Sheikh Mohammed bin Rashid Al Maktoum.
Dr Belhoul graduated from UAE University in 1984 with a degree in law and holds a post-graduate
certicate in International Business Legal Studies and completed a PhD in Law at Exeter University
in 2000.
Majid Saif Al Ghurair Director
Mr Al Ghurair, a Non-Executive Director, was appointed to the Board on 8 March 2006. He is
Chairman of the Audit Committee.
Mr Al Ghurair also holds the position of CEO of the Al Ghurair Group of companies. He is
currently the president of the BurJuman Centre and Reef Mall and managing director of Gulf
Extrusions and Arabian Can Industry. In addition, Mr Al Ghurair is chairman of Shuaa Capital,
Gulf Finance Corporation, Drake & Scull International and Dubai Wing; and a board member of
Dubai Statistic Centre & Dubai Economic Council, National Cement Company, Mashreq Bank and
RAK Bank.
He graduated in Accounting from Al Ain University.
Ahmed Jamal Jawa Director
Mr Jawa, a Non-Executive Director, was appointed to the Board on 8 March 2006. He is Chairman
of the Nomination and Remuneration Committee. He is also a member of the Executive Committee.
Mr Jawa is president, CEO and a board member of Starling Holding Ltd, a global investment group
that deals with private equity and direct investments world-wide. Mr Jawa is also president of
Contracting and Trading Company, a Saudi Arabian rm that oversees investment opportunities and
options in the GCC region and the Middle East.
Mr Jawa was formerly Chairman of Disney JAWA Enterprises (Middle East) Limited, which
introduced a range of Walt Disney licensed products to the Middle East markets and previously
served on the boards of the Novapark Swiss Hotel Group; Mirapolice, an entertainment company
that builds theme parks in France; and Tricon Group, a United States based securities trading rm.
He graduated in Business Administration and has a Master of Business Administration from the
University of San Francisco.
Ahmad Thani Al Matrooshi Managing Director
Mr Al Matrooshi, an Executive Director, was appointed to the Board on 8 March 2006. As
Managing Director at Emaar, Mr Al Matrooshi oversees the day to day operations of Emaar.
Mr Al Matrooshi is also a member of a number of organisations including Dubai Investment Park.
Prior to joining Emaar, Mr Al Matrooshi held the position of CEO at the government run Dubai
Development Board for almost a decade. Before this, he spent 14 years as Deputy Director of the
Dubai Chamber of Commerce and Industry.
Mr Al Matrooshi holds a Bachelor of Arts in Public Administration and a Diploma in Property
Management from the Northern Council for Further Education in the United Kingdom.
Executive Management
The business address of each member of Emaars Executive Management is Emaar Business Park,
Building 3, Level 6, PO Box 9440, Dubai, UAE.
The names and title of each member of Emaars Executive Management are set out in the table
below:
Name Position
Issam Galadari CEO, Emaar Dubai
Naaman Atallah COO, Emaar Dubai
Sergio Casari CEO, Emaar International
Amit Jain Group CFO
Low Ping Executive Director, Finance and Risk
Ayman Hamdy Executive Director, Legal and Company Secretary
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Name Position
Mohamed El Dahan Executive Director, Internal Audit
Ahmad Al Falasi Executive Director, Property Development
Nasser Ra CEO, Emaar Malls
Arif Amiri CEO, Emaar Retail
Marc Dardenne CEO, Emaar Hospitality
Robert Booth CEO, Emaar North America
As at the date of this Base Prospectus, there are no conicts of interest between the private interests
and other duties of the Executive Management listed above and their duties to Emaar.
Issam Galadari CEO, Emaar Dubai
Mr Galadari joined Emaar in 2000 and has over 22 years of projects and development experience.
Mr Galadari serves as a director on the Boards of Amlak Finance and Emaar Financial Services. He
is also Chairman of Emrill Services.
He holds a Civil Engineering (Hons) degree and a Post Graduate Diploma in Structural Engineering.
Mr Galadari is a member of several professional associations including the UAE Society of Engineers
and the Institution of Civil Engineering in the United Kingdom.
Naaman Atallah COO, Emaar Dubai
Mr Atallah joined Emaar in 2004. He has over 17 years of experience in real estate development and
marketing. He is a member of the International and Middle East Councils of Shopping Centres.
Mr Atallah holds a Masters Degree in Business Administration and a Bachelors Degree in Civil
Engineering.
Sergio Casari CEO, Emaar International
Mr Casari joined Emaar International as Chief Executive Ofcer in 2009. He is responsible for
strategic planning, design, construction, sales and marketing for Emaars international operations. He
has over 20 years experience in international development, project and construction management. He
holds a Higher National Diploma in Design and Construction and has completed Executive
Education in Management and International Marketing with The London Business School of
Management and Templeton College in the United Kingdom as well as with Wharton University in
the United States of America.
Amit Jain Group CFO
Mr Jain joined Emaar in 2006. He has over 13 years of experience in banking, auditing and
management consulting. He is a Chartered Accountant from the Institute of Chartered Accountants
of India and a CFA Charter holder from the CFA Institute, United States of America.
Low Ping Executive Director, Finance and Risk
Ms Ping joined Emaar as Executive Director of Finance and Risk in 2002 with over a decade of
experience in nance. A certied Chartered Accountant, Ms Ping is a member of the Certied Public
Accountants in Singapore. Ms Ping is currently responsible for risk management and corporate
nance matters pertaining to the Group.
Ayman Hamdy Executive Director, Legal and Company Secretary
Mr Hamdy joined Emaar in 2006 and was appointed Company Secretary in 2007. He has over 16
years of experience in international and corporate law. Mr Hamdy is a member of the Egyptian Bar
Association, the Egyptian Association of Judges, the Egyptian Association of Public Prosecutors and
the American Bar Association and is a fellow of the International Bar Association.
Mohamed El Dahan Executive Director, Internal Audit
Mr El Dahan joined Emaar in 2005. He holds a Bachelors Degree in Commerce and Accounting
from Ain Shams University, Cairo, Egypt. He is a Certied Public Accountant, Certied Internal
Auditor and a Certied Fraud Examiner. Mr El Dahan has also completed the Advanced
Management Program by the Institut Europeen dAdministration des Affaires (INSEAD) near Paris,
France.
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Ahmad Al Falasi Executive Director, Property Management
Mr Al Falasi joined Emaar in 2002 from the DFM where he was head of the Brokers Section.
Having performed a number of different roles within the corporate services and property management
divisions of the business, he was appointed Executive Director, Property Management in 2007. Mr Al
Falasi holds a Bachelor degree in Business Administration with a Major in Economics from Eastern
Washington University, United States of America.
Nasser Ra CEO, Emaar Malls
Mr Ra joined Emaar in 2005 as Head of Information Technology, having worked in the IT sector
for over seven years and is now Chief Executive Ofcer of Emaar Malls. He was previously the
Managing Director of Hamptons International Middle East. He holds a Masters Degree in
Computer Science, with a focus on articial intelligence and business intelligence software, and has
extensive experience in enterprise resource planning.
Arif Amiri CEO, Emaar Retail
Mr Amiri joined Emaar in 2006. He has more than a decade of experience in the banking sector.
Mr Amiri holds a Bachelors Degree in Aviation Business Administration from the Embry-Riddle
Aeronautical University, Daytona Beach, United States of America and an Executive Management
Diploma in Marketing Strategy and an Executive Diploma in Organisation Behaviour from the
University of Cambridge, United Kingdom.
Marc Dardenne CEO, Emaar Hospitality
Mr Dardenne joined Emaar in 2007 and has over 28 years of experience in the hospitality industry.
He was previously Vice President and Area General Manager of The Ritz-Carlton Hotels in the
Middle East. While at Emaar Hospitality, Mr Dardenne has won prestigious awards including the
CEO of the Year 2009 from CEO Middle East. He holds a Diploma in Hotel Studies and an
Executive MBA from Golden Gate University, United States of America.
Robert Booth CEO, Emaar North America
Mr Booth joined Emaar in 2001 and is responsible for Emaars operations in North America. He has
over 16 years of experience in large scale master planned real estate projects. He has a post-graduate
degree in Real Property Development and Planning and graduated in Political Science and Urban
Studies. He is also a member of the Urban Land Institute.
Employees
As at 31 December 2010, Emaar and its subsidiaries (but excluding associates) had over 6,623
employees globally. The table below shows Emaars approximate number of employees in Dubai as at
31 December in each of the years indicated:
Year Number of employees
2006 1,269
2007 2,692
2008 4,057
2009 5,752
Emaar has instituted a range of employee benets such as providing health insurance, a childrens
education allowance and discretionary annual bonuses.
Emaar recognises the importance of the calibre and the motivation of the individuals it employs. A
performance management system has been implemented where Emaars objectives are translated into
measurable departmental and individual objectives that are regularly monitored and bi-annually
appraised. Bonuses and rewards are linked with Key Performance Indicators.
Emaar has implemented a development plan for its staff through quality training and establishing and
maintaining standards of professional conduct. Development of employees is carried out through in-
house training but when specialist training is needed, local and internationally recognised external
agencies are invited to partner with Emaar.
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Corporate Governance
Emaar is committed to maintaining appropriate standards of corporate governance and Emaar
complies with all legal and regulatory requirements relating to corporate governance. Emaar has
further been working on bringing itself into full compliance with the requirements of the Code of
Governance issued by Decree of the Ministry of Economy No. 518 of 2009, which came into force on
1 May 2010 (Code of Governance).
Emaar has established a framework of corporate governance policies, rules and practices which
comply with the requirements of the Code of Governance and take into consideration international
best practices as appropriate. The most signicant features of that framework are set out hereunder.
Board of Directors
The Board consists of eight members. The majority of the Board is comprised of non-executive
directors and two thirds of its members are independent. The Board meets at least six times per year,
with one meeting held at least every two months.
The position of the Chairman and the Managing Director are held by separate individuals to ensure
effective and clear supervision and accountability at the Board and Management levels.
There are currently three Board Committees: the Executive Committee, the Audit Committee
(including Internal Control, a department supervised by the Audit Committee) and the Nomination
and Remuneration Committee. Further details of each committee are set out below.
Executive Committee
The Executive Committee is established principally to assist the Board in making decisions
expeditiously and to exercise the authority and functions set out below or as may be delegated to it
by the Board from time to time. The Executive Committee is made up of the Chairman and two
non-executive directors:
(a) Mohamed Ali Alabbar (Chairman);
(b) Hussain Al Qemzi (Member); and
(c) Ahmad Jamal Jawa (Member).
The main objectives and responsibilities of the Executive Committee are as follows:
*
the formulation and review of policy matters;
*
the overall planning and deployment of strategy towards achieving medium and long term
objectives of the Group;
* urgent and important business of a condential nature or otherwise requiring an immediate and/
or discreet decision, which would, but for this delegation to the Executive Committee, require
the attention and decision of the Board;
* deciding on business matters which are of an unusual or extraordinary nature or which have
strategic or signicant impact (nancial or otherwise) on the Group;
* overseeing the operation of the risk management system, including reviewing the adequacy of
risk management practices for material risks, such as credit, market, project, legal, regulatory,
compliance and operational risks; and
* performing such other functions and exercising powers and authorities as may from time to time
be delegated to it by the Board.
Audit Committee
The Audit Committee is made up of three non-executive directors, two of whom have accounting or
related nancial management expertise and experience:
(a) Majid Saif Al Ghurair (Chairman);
(b) Dr Lowai Mohamed Belhoul (Member); and
(c) Khalifa Hassan Aldaboos (Member).
The main objective of the Audit Committee is to assist the Board in fullling its oversight and
duciary responsibilities to the Group.
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The Audit Commitee has responsibilities related to external audit, nancial reports and internal
control and risk management. The main objectives and responsibilities of the Audit Committee are as
follows:
* overseeing and appraising the quality of the audit efforts of the Companys internal audit
function and of its external auditors;
* assisting the Board in ensuring proper implementation of the governance rules as set out in
applicable governance laws, regulations and internal policies and procedures;
*
serving as an independent and objective party to review the integrity of the nancial information
presented by management to the shareholders, regulators and the general public;
*
providing communication between the Board and the external and internal auditors;
*
assisting the Board in evaluating the procedures for risk management; and
* ensuring compliance by the Company and its employees with the relevant laws, regulations and
internal policies and procedures.
Internal Control
It is the policy of the Board to maintain and support a quality internal audit function carried out by
the Internal Control Department which reports directly to the Board. The Internal Control
Department is guided by its Charter which establishes the general authorisation from the Audit
Committee to perform internal audit activities within a dened scope of work in accordance with the
annual audit plan approved by the Audit Committee. The Charter also sets out the purpose,
authority and responsibility of the Internal Control Department. It establishes the Internal Control
Departments position within the Group, authorises access to records, personnel and physical
properties relevant to the performance of engagements and denes the scope of work. The Audit
Committee is responsible for supervising the Internal Control Departments day to day business.
The Internal Control Departments core responsibility is to review the effectiveness of the internal
control systems within the Group. The Internal Control Department reviews and reports on all
business processes and support functions within the Group, both in the UAE and internationally.
Reports raised by the Internal Control Department are submitted to the Audit Committee and senior
management, as well as to the Board. On an ongoing basis, the Audit Committee monitors the
progress that management has made with respect to remedial actions taken on issues and ndings
raised by the Internal Control Department.
Nomination and Remuneration Committee
The Nomination and Remuneration Committee is made up of three non-executive directors:
(a) Ahmad Jamal Jawa (Chairman);
(b) Saeed Ahmad Al Tayer (Member); and
(c) Hussain Al Qemzi (Member).
The main objectives and responsibilities of the Nomination and Remuneration Committee are as
follows:
*
regulation and supervision of procedures for nomination of Board members as per the
applicable laws and identifying candidates, reviewing all nominations and making
recommendations for appointments of committee members and senior management;
* reviewing the Board structure, size and composition to ensure that they comply with applicable
laws and making recommendations to the Board with regards to any adjustments that are
deemed necessary;
*
determining the Companys needs of executive management and employees and the criteria for
their election;
*
ensuring that the criteria and methods applied in identifying candidates and reviewing
nominations for appointments to the Board, committees and senior management are in
accordance with applicable laws;
* ensuring the continuing independence of the members of the Board in accordance with
applicable laws;
* issuing a human resources and training policy, supervising its implementation and reviewing the
policy annually;
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*
issuing a remuneration policy comprising bonuses, benets, incentives and salaries for Board
members and employees and reviewing the policy annually in the best interests of the Group
and its shareholders;
*
ensuring as far as possible that the remuneration and compensation packages, in particular those
of the senior management, take due account of the environment, circumstances and performance
which are faced by the various business units in the markets and countries in which the Group
operates; and
*
administering the Share Option Scheme and any other share option schemes established from
time to time for Group executives and directors.
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OVERVIEW OF THE UNITED ARAB EMIRATES
Introduction
The UAE is a federation of seven Emirates made up of Abu Dhabi, Dubai, Sharjah, Ajman, Umm
Al Quwain, Fujairah and Ras Al Khaimah. Formerly known as the Trucial States, the Emirates were
a British protectorate until they achieved independence in December 1971 and merged to form the
UAE. H.H. Sheikh Khalifa bin Zayed Al-Nahyan, Ruler of Abu Dhabi, has been President of the
UAE since November 2004 and H.H. Sheikh Mohammed bin Rashid Al Maktoum, Ruler of Dubai,
has been the Prime Minister and Vice President of the UAE since January 2006. Each Emirate enjoys
signicant autonomy and has its own budget. The UAEs federal budget is funded by each Emirate in
agreed amounts.
The UAE has one of the most liberal business environments in the Middle East focused around
economic liberalisation and promoting the role of the private sector. There are currently no corporate
taxes in most business sectors, other than oil-producing companies and foreign banks, no personal
taxes and no exchange controls on the remittance of prots or repatriation of capital. Additionally,
the UAE enjoys low tariffs and there are virtually no restrictions on foreign trade.
The UAE enjoys good relations with the other states in the GCC region. However, the UAE does
have a longstanding territorial dispute with Iran over three islands in the Arabian (or Persian) Gulf.
Economy of the UAE
The UAE is the second largest economy in the GCC region after Saudi Arabia. Although it has a
more diversied economy than most of the other countries in the GCC region, its wealth is still
largely based on oil and gas. According to data gathered by the Organisation of the Petroleum
Exporting Countries, as at 31 December 2009, the UAE had approximately 7.3 per cent. of the
proven global oil reserves (giving it the sixth largest oil reserves in the world). The UAEs oil reserves
generated 36.8 per cent. of the UAEs gross domestic product (GDP) in 2008 (according to the UAE
Ministry of Economy) and approximately 35 per cent. of export earnings (including re-exports) in
2009 (according to the UAE Central Bank).
Based on International Monetary Fund data extracted from the World Economic Outlook (April
2010 and October 2010), real GDP growth in the UAE increased by 6.1 per cent. in 2007, 5.1 per
cent. in 2008 and decreased by 2.5 per cent. in 2009. According to the same data, the UAE is
expected to return to growth in 2010 by 2.4 per cent. and in 2011 by 3.2 per cent.
On 23 April 2010, Moodys Investors Service, Inc. reafrmed the UAEs long-term credit rating of
Aa2 with a stable outlook.
UAE Constitution
The original constitution of the UAE (the Constitution) was initially provisional and provided the
legal framework for the federation. The Constitution was made permanent pursuant to a
constitutional amendment in December 1996.
The Constitution apportions powers between the federal government (based in Abu Dhabi) and the
governments of the constituent Emirates. The federal government is entrusted with the task of
promulgating substantive legislation concerning and regulating the principal and central aspects of the
UAE. The local governments of each Emirate are authorised to regulate local matters not conned to
the federal government. Articles 120 and 121 of the Constitution specically state that certain matters,
such as foreign affairs, security and defence and public health must be governed by federal law. All
other matters not specically assigned to the exclusive jurisdiction of the federal government may be
regulated by the local government of each Emirate.
The Constitution also states that the federation shall form a single economic and customs entity with
free movement of capital and goods between the Emirates. The natural resources and wealth of each
Emirate shall be considered to be the public property of the relevant Emirate.
Governance of the UAE
The governance of the UAE at the federal level is divided between the Federal Supreme Council (the
Supreme Council), the Federal Council of Ministers (the Cabinet) and the Federal National Council.
The Supreme Council is the highest federal governing body and consists of the rulers of the seven
Emirates. The Supreme Council elects the President and the Vice President of the UAE from its own
membership (for renewable ve year terms). Decisions relating to substantive matters are decided by a
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majority vote of five Emirates, provided that the votes of both Dubai and Abu Dhabi are included in
that majority, but matters which are purely procedural are decided by a simple majority vote. The
Supreme Council is vested with legislative as well as executive powers and raties federal laws and
decrees and sets federal policies.
The Cabinet is described in the Constitution as the executive authority of the UAE and is responsible
for implementing policy decisions of the Supreme Council. The Constitution denes the
responsibilities of the Cabinet, which include the issuing of regulations, the preparation of draft laws
and the drawing up of the annual federal budget. The Federal National Council is a parliamentary
body and has both a legislative and supervisory role under the Constitution. One of the main duties
of the Federal National Council is to discuss the annual budget of the UAE. Although the Federal
National Council can monitor and debate government policy, it has no veto or amendment power
and cannot initiate any legislation by itself.
Legal and Court System
There are three primary sources or types of law in the UAE: (i) federal laws and decrees (applicable
in all seven Emirates), (ii) local laws and decrees (i.e. laws and regulations enacted by the Emirates
individually), and (iii) the Sharia (Islamic law). The secondary source of law is trade custom or
practice. In the absence of federal legislation on areas specically reserved to federal authority, the
Ruler or local government of each Emirate will apply his or its own rules, regulations and practices.
The federal judiciary, whose independence is guaranteed under the Constitution, includes the Federal
Supreme Court and Courts of First Instance. The Federal Supreme Court consists of ve judges
appointed by the Supreme Council. The judges decide on the constitutionality of federal laws and
arbitrate on inter-Emirate disputes and disputes between the federal government and individual
Emirates.
As is its right under the Constitution, Dubai, like the Emirates of Abu Dhabi and Ras Al Khaimah,
has elected to maintain its own court system, separate from that of the federal judiciary, and the
courts of Dubai have sole jurisdiction to hear cases brought in Dubai. Although both the federal and
Dubai courts have a similar three tier structure (Court of First Instance, Court of Appeal and Court
of Cassation/Supreme Court), Dubai has retained complete autonomy over its courts in all matters,
including the appointment of judges. However, in accordance with the Constitution, the Dubai courts
will rst apply federal law where this exists and, in its absence, the laws of Dubai.
The Emirate of Dubai
Dubai is the second largest Emirate in the UAE, after the Emirate of Abu Dhabi, and is situated on
the west coast of the UAE in the south western part of the Arabian (or Persian) Gulf. It covers an
area of 3,885 square km and lies approximately at longitude 55 degrees east and latitude 25 degrees
north. Except for a tiny enclave in the Hajar Mountains at Hatta, the Emirate of Dubai comprises
one contiguous block of territory.
The population of Dubai was approximately 1.8 million as at 30 June 2010 according to the Dubai
Statistics Centre, of which a signicant portion is comprised of non-UAE nationals, mainly drawn
from the Indian subcontinent, Europe and other Arab countries. According to the Dubai Statistics
Centre, approximately 78 per cent. of this population is estimated to be male and 22 per cent. female,
reecting the large male expatriate workforce.
The Government of Dubai
The key entities in the structure of the Government of Dubai (the Government) are (i) the Rulers
Court, (ii) the Supreme Fiscal Committee and (iii) the Executive Council. The Dubai Department of
Economic Development and the Dubai Department of Finance are administrative bodies. All ve of
these entities have distinct roles:
The Rulers Court: Except in relation to applicable federal laws, His Highness the Ruler of Dubai is
the sole legislator for the Emirate and all Dubai laws are passed by His Highness after drafts of the
laws have been approved by the Rulers Court in consultation with the Executive Council. All other
matters that require the involvement of His Highness the Ruler of Dubai are channelled through the
Rulers Court.
Supreme Fiscal Committee: The Supreme Fiscal Committee was established in November 2007 to
formulate the scal policies of the Government and to regulate Government borrowings. The
Supreme Fiscal Committee is authorised to approve borrowings by the Government and Government-
126
owned entities on behalf of the Government. The Supreme Fiscal Committee also aims to improve
coordination between various Government entities and to enable Government entities to meet their
respective development targets in a cost efcient manner.
Executive Council: The Executive Council seeks to ensure coordination amongst Government
departments such as the courts, the police and health authorities. The Executive Council works with
these departments to implement an overall strategy for the Government, whilst considering the
requirements and strategies of each particular department. In addition, the Executive Council works
with the Department of Finance to prepare an overall budget to fund the requirements of the various
Government departments. In addition to this broad coordination role, the Executive Council also
recommends new laws and regulations and is involved in the implementation of laws promulgated at
both the Emirate and federal levels.
Department of Economic Development: The Department of Economic Development is a regulatory and
administrative body responsible for the licensing and regulation of the business sector. All businesses
operating in Dubai are required to be registered with and licensed by the Department of Economic
Development. The Department of Economic Development also helps formulate Government policy in
relation to economic planning and the promotion of Dubai as a business centre. The Department of
Economic Development works closely with other relevant Government bodies such as the Ministry of
Labour and RERA.
Department of Finance: The Department of Finance is the local ministry of nance and treasury for
the Government. All revenues of the Government are collected within the Department of Finance and
all Government authorities are funded through the Department of Finance. In addition, the
Department of Finance also functions as an administrative ofce of the Supreme Finance Committee
for executing and monitoring compliance with the Supreme Fiscal Committees decisions.
The Economy of Dubai
According to the Dubai Statistics Centre Statistical Yearbook the wholesale and retail trade sector is
the principal contributor to nominal GDP, accounting for approximately 39 per cent. of Dubais
nominal GDP in 2008.
Other signicant economic sectors for Dubai are real estate and business services; manufacturing;
construction; transport, storage and communications; and nancial services. Each of these sectors has
benetted from the Governments policies aimed at improving the business and investment
environment and positioning Dubai as a tourist destination, including specic high prole
developments initiated by the Government and the establishment of a range of specialised free zones
designed to attract new companies and investment. In addition, other factors supporting the Emirates
economic growth have included the availability of labour and land for real estate development,
increased levels of liquidity and increasing consumer wealth in the GCC region and elsewhere, in part
reecting relatively high oil and gas prices, an appropriate legal and regulatory framework and good
infrastructure.
Since the middle of 2008, as a result of the global nancial crisis and sharp falls in international oil
and gas prices, there have been signicant declines in real estate sales prices and rental rates in both
Dubai and the UAE as a whole as well as a slowdown in construction activity in the UAE.
Foreign Direct Investment and Free Zones
The Government has set up a number of free zones in Dubai to encourage foreign investment.
Foreign corporate entities can freely operate in the free zones and free zone entities can be 100 per
cent. foreign owned, unlike entities registered elsewhere in the UAE which require various degrees of
local participation. There are no currency restrictions levied on the capital or the prots of free zone
entities and 100 per cent. of their capital and/or prot can be repatriated.
The most prominent free zones in Dubai are the Jebel Ali Free Zone, the Dubai Technology and
Media Free Zone, the Dubai International Financial Centre and the Dubai Airport Free Zone.
In addition, a number of sector-specic free zones for services and industry have been established,
including Dubai Healthcare City, Dubai Textile City, the Dubai Multi Commodities Centre, Dubai
Outsource Zone, Dubai Aid City, DuBiotech Free Zone, Dubai Silicon Oasis and Dubai Gold and
Diamond Park.
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Real Estate in Dubai
The Government began promoting land ownership in 1997 with the setup of the publicly listed
companies of Emaar and Nakheel PJSC. In 1998, Emaar began work on the Dubai Marina
development. Work on the Emirates Living community developments followed, which include the
Springs, the Meadows, Emirates Hills, the Views and the Greens.
Before May 2002, non-GCC expatriates living in the UAE were only permitted to rent property, or
hold a 99 year lease of certain properties.
A major property boom in Dubai occurred in May 2002, when H.H. General Sheikh Mohammed bin
Rashid Al Maktoum issued a decree to allow foreigners to buy and own freehold property in selected
areas of the city. All previously developed leasehold property was automatically transferred to
freehold.
Legislation Governing Freehold Property
On 13 March 2006, the Government issued legislation permitting foreign ownership of properties in
designated areas of Dubai. The Dubai Real Estate Registration Law No.7 of 2006 (the Registration
Law) allows UAE and GCC citizens to own freehold property anywhere within Dubai and non-GCC
expatriates and foreigners to own property on a freehold or leasehold basis in designated areas within
Dubai.
The Registration Law stipulates that freehold (with the exception of land in designated areas) is
limited to UAE and GCC citizens and companies wholly owned by them, as well as public
shareholding companies. It also stipulates the setting up of a property registration ofce at the Dubai
Lands and Properties Department. This ofce is responsible for documenting property rights and their
amendments.
RERA and Escrow Accounts
Law No. (8) of 2007 concerning guarantee accounts of real estate developments in the Emirate of
Dubai (the Escrow Law) was introduced on 28 June 2007 and, together with the associated
regulations, governs the way in which purchase price instalments paid by purchasers of off plan
developments are dealt with. Under the Escrow Law, developers are required to set up escrow
accounts for each development and purchasers will pay their requisite purchase price instalments
directly into the relevant escrow account. The escrow account will be managed by a nancial
institution approved by RERA. An escrow agent, also approved by RERA, will govern when a
developer will be permitted to make withdrawals from the escrow account. Essentially, money will
only be permitted to be drawn down when certain specied construction milestones are met in
accordance with the relevant legislation and any relevant escrow agreement. The release of monies
from the escrow account is subject to a requirement to retain ve per cent. of the total funds in the
escrow account for one year following the date upon which the units sold in the development are
registered in the names of the buyers to address any remedial works required in that period.
Developers are permitted to use up to ve per cent. of the value of the project for soft costs
associated with the development such as advertising, brokers fees and other disbursements. RERA
oversees the operation of the escrow accounts and has the ability to carry out audits to ensure that
the escrow account holds the requisite amount of funds based on the relevant stage of the
development, the money paid by the purchasers and the construction costs incurred by the developer.
If there are not sufcient funds, RERA can require the developer to top up the escrow account. All
sub-developers who contract with Emaar for the purchase of plots are required to comply with the
Escrow Law.
Interim Real Estate Register
The introduction of Law No. (13) regulating the Interim Real Estate Register in the Emirate of
Dubai in August 2008 (Law No. 13) created a register to record all off plan sales of real estate units
(the Interim Register). Within a 60 day period following the publication of Law No. 13 (60 days from
31 August 2008), developers were required to register all off plan sales in the Interim Register. The
law sets out that any sales or other dispositions will be void if not recorded in the Interim Register.
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Law No. 13 also provides, amongst other things:
(a) that a developer is not permitted to commence selling units for a project until it has taken
possession of the relevant development land;
(b) that all fees payable upon a transfer or other disposition of units must be paid to the
Dubai Land Department and developers are only permitted to collect limited
administration fees upon such disposition; and
(c) that developers are no longer permitted to claim an increase in the purchase price of units
if after completion of a development, the units turn out to have a larger area than
originally set out in the contract. Where the net area of a unit is more than ve per cent.
smaller than specied in the contract, the developer is required to compensate the
purchaser. The compensation payable will be calculated on the basis of the purchase price
for the relevant unit.
Compensation on Termination
Article 11 of Law No. 13 (as amended by Law No. (9) of 2009 (Law No. 9)) sets out the procedure
that must be followed in the event that the developer wishes to terminate an off-plan sales agreement
by reason of purchaser default and the compensation that a developer may obtain in such
circumstances. Law No. 13 was amended in April 2009 by Law No. 9 which, amongst other things,
revised the proportion of the purchase price instalments that a developer is permitted to retain
following a purchaser default, namely:
(a) where at least 80 per cent. of construction is completed the developer is entitled to retain
all monies paid by the purchaser to date and the developer can request that the purchaser
settle any balance of the outstanding purchase price. If the purchaser cannot do so, the
property can be auctioned to settle the outstanding monies;
(b) where the developer has completed construction of at least 60 per cent. of the project, the
developer may terminate the contract and retain 40 per cent. of the purchase price stated
in the contract;
(c) where construction has commenced but less than 60 per cent. of the project has been
completed, the developer may terminate the contract and retain 25 per cent. of the
purchase price stated in the contract; and
(d) where construction has not yet commenced for reasons beyond the developers control, and
there is no negligence on the developers part, the developer may terminate the contract
and retain an amount equal to 30 per cent. of the monies paid by the purchaser.
For the purpose of paragraphs (b) and (c) above, the developer must refund any amounts due to the
purchasers within one year of the termination of the contract or within 60 days from the date of
resale of the property.
In addition, Law No. 9 provides RERA with the ability to cancel projects if it considers it
appropriate having considered a projects viability. In such case, the developer is obliged to return all
the money paid by purchasers.
Law and directions relating to jointly owned properties
The directions (the Directions) supplementing Law No. 27 of 2007 concerning jointly owned
properties (the Strata Law) were issued by RERA and became effective on 13 April 2010. Any
property which is divided up into units intended for separate ownership and which has areas which
are used by more than one owner will constitute a jointly owned property. The Strata Law sets out
the framework for granting purchasers of individual units in a building freehold ownership rights to
their units together with ownership of a proportionate share of the common areas in the building.
The law also provides for an owners association (which is a legal entity in its own right) to manage
and operate the common areas of the building. The owners association is responsible for, amongst
other things, the collection of the service charges (including those from developers who have unsold
units in the development) required to maintain and operate the common areas. Each unit owner will
be a member of the owners association and will have a right to vote on decisions taken by the
association. The Directions provide a standard form constitution which sets out the rules governing
the owners association.
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Whilst the introduction of the Strata Law provided an overview as to how jointly owned properties
would 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 issued
in the form of a law, they are binding and set out a number of mandatory requirements which
developers must comply with before they will be able to sell or continue selling units in their
developments. A principal feature of the strata title regime is that developers will be required to
disclose detailed information to purchasers about developments before signing contracts to sell units
to third parties.
One of the key documents for the jointly owned property structure is the jointly owned property
declaration (JOPD). Any application to the Dubai Land Department to register a sale of a unit in a
development which has been sub-divided for sale as individual units will need to be accompanied by a
JOPD setting out details relating to the development and, in particular, details as to how the
common areas in the relevant building will be managed. A JOPD is required for each separate plot of
land in a development (which includes volumetric plots within the same building) and will be
provided to a purchaser as part of the developers Disclosure Statement requirements with other
key documents detailing the management and operation of the development (see Risk Factors Risk
Factors relating to Emaar If Emaar or its subsidiaries, as developers, do not satisfy the relevant
disclosure requirements pursuant to the recently implemented directions supplementing the law relating to
jointly owned properties, sales between third party purchasers and Emaar or its subsidiaries, as
applicable, may be held to be void).
If a developer fails to satisfy the full Disclosure Statement requirements under the Directions, the
relevant sale contract to which the failure relates may be held to be void.
The Dubai Strategic Plan 2015
The Dubai Strategic Plan 2015 (DSP) was announced by H.H. General Sheikh Mohammad Bin
Rashid Al Maktoum on 3 February 2007 to address increasing rents, ination and road congestion.
The DSP sets out a strategic approach to develop Dubais most dynamic economic sectors including
the livelihood and social condition of all residents, including both UAE nationals and/or expatriates.
The most signicant aspect of the DSP is that ve areas have been identied where reform is
considered necessary to accord with the times and targets of the future. These are: economic
development; 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 re-
assessing the stated aims of the DSP in the area of economic development. It is understood that the
stated 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 nance. The development of these building blocks will be strategically
supported by seven horizontal growth enablers, which will be addressed in parallel. These are human
capital, productivity, innovation, cost of living and doing business, quality of life, economic policy
and institutional framework, and laws and regulations.
In terms of infrastructure, land and the environment, the DSP covers four main areas - urban
planning; energy, electricity and water; roads and transportation and the environment. It will target
sustainable development and seek to provide a balanced infrastructure that includes all aspects of
development, while protecting the environment.
An integrated roads and transportation system will be constructed to facilitate movement and
improve safety. This will include greater use of public transport, reduced use of private cars, increased
road network and transportation system capacity, the use of modern technology to make the
transport system more efcient, demand management and more effective management of accidents
and emergencies. The DSP also highlights the efforts already being made to improve road safety by
enforcing safety audits, developing and implementing safety standards and inuencing driver
behaviour through awareness, stricter regulations and effective enforcement.
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INDUSTRY OVERVIEW
Recent Developments in the Dubai Real Estate, Retail and Hotel Markets
The information set out below derives from research published by Jones Lang LaSalle (Dubai, Abu
Dhabi, Riyadh Market Overviews May 2010 and on.point Dubai City Prole October 2010).
Residential sector
According to Jones Lang LaSalle, data from the Dubai Land Department reveals a 51 per cent.
decrease in transactional volume in the third quarter of 2010 compared to the third quarter of 2009.
The asking prices for villas have continued to decline, while the average asking price for apartments
improved slightly in the third quarter of 2010. Jones Lang LaSalle report that the gap between asking
and achieved price continued to decrease to around 10 per cent. for the third quarter of 2010,
representing a narrower band than the rst quarter of 2010 when it stood at around 15 per cent.,
which provides an indication that the market is stabilising. Average asking prices for both villas and
apartments have fallen an average of 55 per cent. since the third quarter of 2008 and are currently at
AED884 per square foot. Achieved sales prices are down by approximately 46 per cent. for the same
period to around AED807 per square foot. Achieved sales prices have declined on average by around
9 per cent. from the second quarter of 2010. Jones Lang LaSalle expects further downward pressure
on prices for the rest of the year due to an additional supply of residential units entering the market.
Prices are not expected to recover before the second half of 2011 at the earliest.
The average rent for a typical two bedroom apartment in selected residential areas remained virtually
the same in the third quarter of 2010, compared to a 22 per cent. decline in the second quarter of
2010. Average apartment and villa rents declined by an average of 9 per cent. from the third quarter
of 2009 to the third quarter of 2010.
Ofce sector
According to Jones Lang LaSalle, condence in the Dubai market is returning at a cautionary pace.
Although demand has recently increased, average rent prices have continued to decrease across the
Dubai market during the third quarter of 2010.
Prime rents outside the DIFC stand at around AED190 per square foot per annum, a drop of 27 per
cent. year on year.
The Dubai market is becoming increasingly fragmented. This distinction is increasingly apparent in
the large gap in vacancies, with the vacancy rate in the Central Business District (CBD) registering 14
per cent. in the third quarter of 2010, compared to a market average of 40 per cent. for non-CBD
buildings. Jones Lang LaSalle expects rent prices to continue to decline in the coming year due to
supply outstripping demand.
Retail sector
According to Jones Lang LaSalle, retail sales experienced a drop of around 30 per cent. in 2009. 2010
is proving to be a more stable year in terms of retail spending, with total sales expected to increase
between 3 to 5 per cent. on an annual basis. A common theme in the Dubai retail market is retailers
relocating to the strongest trading locations within shopping malls or to stronger performing shopping
malls, which has resulted in continued demand for prime retail locations and less prime locations
experiencing difculties attracting tenants. Estimated rental values (ERV) declined over the rst half
of the year by over 20 per cent. to around AED210 per square foot. ERVs remained unchanged over
the third quarter of 2010.
According to Jones Lang LaSalle, the majority of the major malls (excluding Mall of the Emirates)
are now experiencing higher vacancies averaging around 20 per cent. Although vacancies have
signicantly risen in major malls over 2010, the lease rates have not yet adjusted to these new levels
and, therefore, lease rates are expected to undergo a further decline in 2011.
Hotel sector
According to Jones Lang LaSalle, Dubai offered around 42,400 hotel rooms as at January 2010 with
the gure increasing to around 46,800 in the third quarter of 2010 due to the opening of new hotels,
such as Meydan (Jumeirah), Armani Burj Khalifa, Sotel Jumeirah Beach and the Pullman at the
Mall of the Emirates. Jones Lang LaSalle estimates that quality hotel supply will grow at an average
rate of approximately 13 per cent. over the next two years.
Occupancy rates in the Dubai hotel market remained stable, ranging between 82 to 85 per cent.
between 2004 and 2007 before registering a decline in 2008 (79 per cent.) and in 2009 (72 per cent.)
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due, in part, to the increased number of hotel rooms available over such periods. Hotel occupancy is
performing better in 2010 compared to 2009 with year-to-date occupancies for July 2010 of 72 per
cent., compared to 68 per cent. for the same period in 2009.
Room rates in Dubai showed signicant increases until 2008, reaching U.S.$310 in 2008. 2009
witnessed a signicant decline of approximately 25 per cent., with room rates dropping to U.S.$234.
The decline has continued in 2010 with the average room rates dropping to U.S.$218, 8.3 per cent.
lower than in the same period in 2009. The decrease can be attributed to an increase in room supply
coinciding with a period of reduced demand due to the global economic slowdown.
Jones Lang LaSalle expects hotel demand to increase in 2010 with recent published statistics from the
Department of Tourism Commerce and Commerce Marketing suggesting growth of 9 per cent. over
the rst half of 2010. However, this increase in demand is likely to be offset by continued strong
increase in supply. Therefore, occupancies and room rates are expected to remain at/or around their
current levels over the next one to two years.
Recent Developments in the Indian Real Estate and Retail Markets
The information set out below has been derived from research published by CRISIL (Research Report,
Housing Shortage, July 31, 2009) and Cushman & Wakeeld (Cushman & Wakeeld Report:
Survival to revival, Indian Realty Sector on the path to recovery, 2009).
Residential sector
Demand in the Indian residential segment has consistently outpaced supply as a result of Indias
favourable demographics, which has led to a housing shortage. This mismatch in supply and demand
is expected to continue in coming years. According to Cushman & Wakeeld, the residential demand
for Indias seven major cities is estimated to be 4.5 million units by 2013. Of the total expected
demand across India, 43 per cent. is likely to be generated in Tier I cities, such as Bangalore,
Mumbai and the National Capital Region. Mumbai is expected to witness the highest cumulative
demand of 1.6 million units by 2013. Hyderabad and Bangalore are projected to have the highest
compounded annual growth of 14 per cent. in the next ve years.
Ofce sector
The unprecedented growth in the industry and services sectors in India during 2005 to 2008 led to
high demand for ofce space across cities, resulting in high absorption rates and increased rents in
several micro-markets. This demand was largely driven by banking, nancial services and insurance
companies as well as Information Technology (IT) and Information Technology Enabled Services
(ITES) companies; two of the most prominent ofce space occupiers in India. However, due to the
global economic slowdown, IT and ITES companies have had to curtail their expansion more
recently.
Retail sector
According to Cushman & Wakeeld, the growth of an organised retail segment is expected to be
driven by demographic factors, increasing disposable incomes, the increased purchasing power of the
growing middle class and consumerist aspirations, in addition to macro policy decisions, such as
allowing foreign direct investment in single brand retailing and cash-and-carry formats. Although real
estate development in the retail sector is relatively new in India, both domestic and foreign investors
have aggressively invested in this sector in recent years. However, the effects of the global economic
crisis have had an impact on real estate demand and prices in the Indian retail segment.
Recent Developments in the Saudi Arabian Real Estate Market
The information set out below derives from research published by Jones Lang LaSalle (June 2010) and
CB Richard Ellis (MarketView Kingdom of Saudi Arabia H1 2010).
Residential sector
According to Jones Lang LaSalle, the Saudi Arabian real estate sector is suffering from a shortage of
housing units. It is predicted that demand for new housing will continue, steered by the growing local
population. In the Jeddah residential property market in particular, there has been an improvement in
consumer condence and more demand for rental apartments. As a result, although the overall
market declined in the rst half of 2010, some locations did experience rental growth. It is expected
that the residential sector will be the rst to recover.
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According to CB Richard Ellis, despite growing demand for housing, the ongoing and well
documented failure to address the legal requirements of Saudi Arabias mortgage sector has resulted
in a slowdown in both lending and construction. The shortage of housing and increasing land costs
have forced housing costs up over the last 12 months despite the lack of available nance.
Recent Developments in the Egyptian Real Estate Market
The information set out below derives from research published by Business Monitor International (Egypt
Real Estate Report Q4 2010), Oxford Business Group (The Report, Egypt, 2010) and Jones Lang
LaSalle (on.point Cairo City Prole December 2009).
Residential sector
According to Oxford Business Group, the Egyptian census of 2006 revealed an estimated national
housing shortfall of 6 million units meaning that demand for residential units remains strong.
According to Jones Lang LaSalle, there is a strong demand base and a signicantly under-leveraged
residential property market in Cairo. There is major undersupply in the middle and affordable
housing sectors. The high-end sector is approaching saturation point. There was no signicant price
decline witnessed in the primary market in 2009.
Ofce sector
According to Business Monitor International, in the third quarter of 2010, Egypt was in the early
stage of a real estate boom. In the ve cities where information was gathered (Cairo, Alexandria,
Sixth of October City, New Cairo and Giza), rents and capital values have increased up to the third
quarter of 2010 in the ofce and retail sectors. It also predicted that there should be a double digit
increase in rentals in the ofce and retail sectors.
According to Jones Lang LaSalle, the Cairo Grade A ofce market is expected to remain strong in
2010. Given there will be no major inux of new rental supply, occupancy rates are anticipated to
remain close to 100 per cent. Monthly rent prices are likely to increase in the Grade A market. There
is also a sizeable level of demand for Grade B and C ofce space in Greater Cairo.
Recent Developments in the Turkish Real Estate Market
The information set out below derives from research published by Business Monitor International (Turkey
Real Estate Report, Q4 2010) and DTZ (Market research & sale strategy report August 2010).
Residential sector
Business Monitor International has reported that, due to the restrained lending policies of banks and
consequently under-geared households, distress selling of property by over-extended investors and
developers is far less likely in Turkey than it is in other countries. In addition, it is predicted that
Turkey will sustain signicantly higher growth rates during the period from 2011 to 2014 compared
against many countries in the European Union.
Ofce sector
According to Business Monitor International, rental rates in the ofce sector have been rising rapidly
in the ofce sector over the course of 2010 and are predicted to remain steady going forward.
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SUMMARY OF THE PRINCIPAL TRANSACTION DOCUMENTS
The following is a summary of certain provisions of the principal Transaction Documents and is qualied
in its entirety by reference to the detailed provisions of the principal Transaction Documents. Copies of
the Transaction Documents will be available for inspection at the ofces of the Principal Paying Agent
(as dened in the Conditions).
The Master Trust Deed, as supplemented by each Supplemental Trust Deed
The Master Trust Deed will be entered into on or around 18 January 2011 between the Issuer, the
Trustee, Emaar and the Delegate and will be governed by English law. A Supplemental Trust Deed
between the same parties will be entered into on the Issue Date of each Series of Trust Certicates
and will also be governed by English law.
Upon issue of the Global Trust Certicate initially representing the Trust Certicates of any Series,
the Master Trust Deed and the relevant Supplemental Trust Deed shall together constitute the trust
over the relevant Trust Assets declared by the Trustee in relation to such Series.
The Trust Assets in respect of each Series of Trust Certicates comprise (unless otherwise specied in
the relevant Supplemental Trust Deed), inter alia, the Issuers rights, title, interest and benet in, to
and under the Relevant Lease Assets, its rights, title, interest and benet, present and future, in, to
and under the Transaction Documents (other than in relation to any representations given to Emaar
Sukuk Limited by Emaar pursuant to any of the Transaction Documents) and any amounts standing
to the credit of the relevant Transaction Account.
Each Trust Deed will specify that, on or after the relevant Maturity Date or, as the case may be,
Dissolution Date of a Series of Trust Certicates, the rights of recourse in respect of Trust
Certicates shall be limited to the amounts from time to time available and comprising the relevant
Trust Assets of that Series, subject to the priority of payments set out in the Trust Deed, the relevant
Trust Certicates and the Conditions. The Certicateholders have no claim or recourse against the
Issuer or the Trustee in respect of any amount which is or remains unsatised and any unsatised
amounts will be extinguished.
Pursuant to the Trust Deed, the Trustee will, in relation to each Series of Trust Certicates, inter
alia:
(a) hold the relevant Trust Assets on trust absolutely for the Certicateholders as benecial tenants
in common pro rata according to the face amount of Certicates held by each Certicateholder;
and
(b) act as trustee in respect of such Trust Assets, distribute the income from such Trust Assets and
perform its duties in accordance with the provisions of the Trust Deed.
In the Trust Deed, the Trustee will irrevocably and unconditionally appoint the Delegate to exercise
certain of the present and future duties, powers, authorities and discretions vested in the Trustee by
the relevant provisions of the Trust Deed (including but not limited to the authority to request
instructions from any Certicateholders and the power to make any determinations to be made under
the Trust Deed). The appointment of such delegate by the Trustee is intended to be in the interests of
the Certicateholders and does not affect the Trustees continuing role and obligations as trustee.
In each Trust Deed the Delegate will undertake that, inter alia:
(a) it may or shall (subject to being indemnied and/or secured and/or prefunded to its satisfaction)
upon being directed to do so by the Certicateholders enforce the obligations of Emaar under
the Trust Deed, the Purchase Undertaking and any other Transaction Document to which
Emaar is a party; and
(b) following the occurrence of a Dissolution Event in respect of any Series of Trust Certicates
and subject to Condition 15, it shall (subject to being indemnied and/or secured and/or
prefunded to its satisfaction) (i) promptly notify the Certicateholders of the occurrence of such
Dissolution Event, and (ii) take all such steps as are necessary to enforce the obligations of
Emaar under the Trust Deed, the Purchase Undertaking and any other Transaction Document
to which Emaar is a party.
A non-interest bearing Transaction Account will be established in respect of each Series of Trust
Certicates. Monies received in the Transaction Account in respect of each Series will, inter alia,
comprise (i) payments from the Lessee under the Lease Agreement (see Summary of the Principal
Transaction Documents Lease Agreement below) and (iii) the Exercise Price received from Emaar
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under the relevant Sale Agreement (see Summary of the Principal Transaction Documents Purchase
Undertaking and Summary of the Principal Transaction Documents Sale Undertaking below). The
Master Trust Deed provides that all monies credited to the Transaction Account in respect of each
Series will be applied in the order of priority set out in Condition 5.2.
Purchase Agreement
The Master Purchase Agreement will be entered into on or around 18 January 2011 between Emaar
Sukuk Limited (in its capacity as Trustee and Purchaser) and Emaar (in its capacity as Seller) and
will be governed by the laws of Dubai and, to the extent applicable in Dubai, the federal laws of the
UAE. A Supplemental Purchase Agreement between the same parties will be entered into on the Issue
Date of each Series of Trust Certicates and will also be governed by the laws of Dubai and, to the
extent applicable in Dubai, the federal laws of the UAE.
Pursuant to the Purchase Agreement, the Seller will sell to the Purchaser, and the Purchaser will buy
from the Seller, title to the Relevant Lease Assets, free and clear of any encumbrance or other rights
of third parties. The purchase price of the Relevant Lease Assets will be an equivalent amount to the
proceeds of the issue of the relevant Series of Trust Certicates. The Relevant Lease Assets will
comprise on the Issue Date those assets described in the Schedule to the Supplemental Purchase
Agreement, a copy of which is set out in the Annex to the applicable Final Terms.
Lease Agreement
The Master Lease Agreement will be entered into on or around 18 January 2011 between Emaar
Sukuk Limited (in its capacity as Trustee and as Lessor) and Emaar (in its capacity as Lessee) and
will be governed by the laws of Dubai and, to the extent applicable in Dubai, the federal laws of the
UAE. A Supplemental Lease Agreement between the same parties will be entered into on the Issue
Date of each Series of Trust Certicates and will also be governed by the laws of Dubai and, to the
extent applicable in Dubai, the federal laws of the UAE.
Pursuant to the Lease Agreement, the Lessor will lease to the Lessee, and the Lessee will lease from
the Lessor, the Relevant Lease Assets during renewable Rental Periods commencing on the Lease
Commencement Date (each such expression having the meaning given to it in the relevant
Supplemental Lease Agreement) and extending to the Maturity Date of the relevant Series of Trust
Certicates.
The Lessee will agree to use the Relevant Lease Assets at its own risk. Accordingly, the Lessee shall
from the date of the Lease Agreement bear the entire risk of loss of or damage to the Relevant Lease
Assets or any part thereof arising from the usage or operation thereof by the Lessee to the extent
that such loss or damage has resulted from the Lessees negligence, default, or breach of its
obligations under the Lease Agreement. In addition, the Lessor shall not be liable (and the Lessee
will waive any claim or right, howsoever arising, to the contrary) for any indirect, consequential or
other losses, howsoever arising, in connection with the Lessees use or operation of the Relevant
Lease Assets.
Under the Master Lease Agreement, the Lessee has agreed to be responsible, at its own cost and
expense, for the performance of all Ordinary Maintenance and Repair (as dened in the Master Lease
Agreement) required for any Relevant Lease Assets. The Lessor shall be responsible for (i) the
performance of all Major Maintenance and Structural Repair (as dened in the Master Lease
Agreement), (ii) the payment of any proprietorship or other relevant taxes and (iii) insuring any
Relevant Lease Assets, and the Lessee has acknowledged that the Lessor may procure that the
Servicing Agent, in accordance with the terms and conditions set out in the Servicing Agency
Agreement, shall perform, or shall procure the performance of, Major Maintenance and Structural
Repair on behalf of the Lessor, the payment of such taxes and the insurance of such Relevant Lease
Assets.
All payments by the Lessee to the Lessor under a Lease Agreement shall be paid in full without any
deduction or withholding for or on account of any tax unless required by law and without set-off
(save as provided in the Servicing Agency Agreement) or counterclaim of any kind and, in the event
that there is any deduction or withholding, the Lessee will agree under the relevant Supplemental
Lease Agreement to pay all additional amounts as will result in the receipt by the Lessor of such net
amounts as would have been received by it if no deduction or withholding had been made. The
payment obligations of the Lessee under a Lease Agreement are and will be direct, unconditional,
135
unsecured and general obligations of the Lessee and shall rank at least pari passu with all other
unsecured, unsubordinated and general obligations of the Lessee.
The Rentals payable in respect of each Rental Period under a Lease Agreement will equal the
Periodic Distribution Amounts payable on the Periodic Distribution Dates for the relevant Series of
Trust Certicates and will be payable on the same dates as Periodic Distribution Amounts for such
Series are payable or any earlier date on which the lease of the Lease Assets is terminated in
accordance with the terms of the Lease Agreement.
Under the Master Lease Agreement, Emaar has undertaken that it shall not, and it shall procure that
no Material Subsidiary will, create or permit to subsist any Security upon the whole or any part of
its present or future assets or revenues (including uncalled capital) to secure any of its Indebtedness
or any Guarantee of Indebtedness given by it, other than Permitted Security, without at the same
time or prior thereto securing equally and rateably therewith its obligations under the Purchase
Undertaking, the Master Lease Agreement and the Master Trust Deed or providing such other
Security for those obligations as may be approved by the holders of the Trust Certicates by an
Extraordinary Resolution.
In addition, Emaar has undertaken that, unless otherwise specied in the relevant Supplemental Lease
Agreement, it shall:
(a) ensure that its Consolidated Tangible Assets are not at any time during any Measurement
Period less than U.S.$6,000,000,000;
(b) ensure that the ratio of Consolidated Total Net Indebtedness at the end of each Measurement
Period to Total Equity at the end of such Measurement Period does not exceed a ratio of 0.6:1;
(c) ensure that the ratio of Consolidated Total Net Indebtedness at the end of each Measurement
Period to Consolidated EBITDA for each such Measurement Period does not exceed a ratio of
3.5:1; and
(d) ensure that the ratio of Consolidated EBITDA for each Measurement Period to Consolidated
Net Finance Charges Payable for each such Measurement Period is not less than a ratio of
2.5:1.
For these purposes, unless otherwise specied in the relevant Supplemental Lease Agreement:
(a) an accounting term used in this provision is to be construed in accordance with the principles
applied in connection with the most recently produced audited consolidated nancial statements
or interim condensed consolidated nancial statements, as the case may be, of Emaar;
(b) compliance with this provision shall be assessed by reference to the most recently produced
audited consolidated nancial statements or interim consolidated nancial statements, as the case
may be, of Emaar;
(c) the reference to audited consolidated nancial statements or consolidated interim nancial
statements of Emaar being produced shall be a reference to (i) in the case of audited
consolidated nancial statements, such nancial statements having been audited by Emaars
external auditors and authorised for issue by or on behalf of the board of directors of Emaar
and (ii) in the case of consolidated interim nancial statements, such nancial statements having
been reviewed by Emaars external auditors and authorised for issue by or on behalf of the
board of directors of Emaar;
(d) any amount in a currency other than U.S.$ is to be taken into account at its U.S.$ equivalent
calculated on the basis of:
(i) the Principal Paying Agents spot rate of exchange for the purchase of the relevant
currency in the London foreign exchange market with U.S.$ at or about 11:00 a.m.
(London time) on the day the relevant amount falls to be calculated; or
(ii) if the amount is to be calculated on the last day of a nancial period of Emaar, the
relevant rates of exchange used by Emaar in, or in connection with, its nancial statements
for that period; and
(e) no item must be credited or deducted more than once in any calculation under this provision.
In addition, Emaar has agreed that each of the following events or circumstances shall constitute an
Emaar Event:
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(a) default is made by Emaar in the payment of any rental amount under the Lease Agreement,
any excercise price under the Purchase Undertaking or the Sale Undertaking, or, if Condition
11.4 is specied in the applicable Final Terms as being applicable, any amounts payable under
clauses 5.2(l) and 5.3 of the Servicing Agency Agreement as the case may be, and the default
continues for a period of at least 7 days in the case of any payment of excercise price or the
amounts payable under the Servicing Agency Agreement or at least 14 days in the case of any
payment of rental amount; or
(b) Emaar fails to perform or observe any of its other obligations under the Lease Agreement
(other than clause 5.3 of the Master Lease Agreement, as the same may be amended in the
relevant Supplemental Lease Agreement), the Purchase Undertaking or the Trust Deed and
(except in any case where, in the opinion of the Delegate, the failure is incapable of remedy
when no such continuation or notice as is hereinafter mentioned will be required) the failure
continues for the period of 30 days next following the service by the Delegate on Emaar of
written notice requiring the same to be remedied; or
(c) Emaar fails to perform or observe any of its obligations under clause 5.3 of the Master Lease
Agreement, as the same may be amended in the relevant Supplemental Lease Agreement; or
(d) (i) any Indebtedness of Emaar or any Material Subsidiary is not paid when due or (as the case
may be) within any originally applicable grace period, (ii) any such Indebtedness becomes due
and payable prior to its stated maturity by reason of default (however described) or (iii) Emaar
or any Material Subsidiary fails to pay when due or (as the case may be) within any originally
applicable grace period any amount payable by it under any Guarantee of any Indebtedness,
provided that each such event shall not constitute an Emaar Event unless the aggregate amount
of all such Indebtedness, either alone or when aggregated with all other Indebtedness in respect
of which such an event shall have occurred and be continuing, shall be more than
U.S.$25,000,000 (or its equivalent in any other currency or currencies); or
(e) one or more judgments or orders for the payment of any sum in excess of U.S.$15,000,000 is
rendered against Emaar or any Material Subsidiary and continues unsatised, unstayed and
unappealed for a period of 30 days after the date thereof (or, if appealed, the appeal is
unsuccessful and thereafter the judgment continues unsatised and unstayed for a period of 30
days); or
(f) any order is made by any competent court or resolution passed for the winding up or
dissolution of Emaar or any Material Subsidiary, save in connection with a Permitted
Reorganisation; or
(g) Emaar or any Material Subsidiary ceases or threatens to cease to carry on all or substantially
all of its business, save in connection with a Permitted Reorganisation, or Emaar or any
Material Subsidiary stops or threatens to stop payment of, or is unable to, or admits its
inability to, pay its debts (or any class of its debts) as they fall due, or is deemed unable to pay
its debts pursuant to or for the purposes of any applicable law, or is adjudicated or found
bankrupt or insolvent; or
(h) (i) any court or other formal proceedings are initiated under any applicable liquidation,
insolvency, composition, reorganisation or other similar laws, or an application is made (or
documents led with a court) for the appointment of an administrative or other receiver,
manager, administrator or other similar ofcial, or an administrative or other receiver, manager,
administrator or other similar ofcial is appointed, in each case against or in relation to Emaar
or any Material Subsidiary or, as the case may be, in relation to the whole or a substantial part
of the undertaking or assets of Emaar, or all or substantially all of the undertaking or assets of
such Material Subsidiary; and/or (ii) an encumbrancer takes possession of the whole or a
substantial part of the undertaking or assets of Emaar, or all or substantially all of the
undertaking or assets of any Material Subsdiary, or a distress, execution, attachment,
sequestration or other process is levied, enforced upon, sued out or put in force against any of
the same and (iii) any such event as is mentioned in (i) or (ii) above (other than the
appointment of an administrator) is not discharged within 30 days; or
(i) Emaar or any Material Subsidiary initiates or consents to judicial proceedings relating to itself
under any applicable liquidation, insolvency, composition, reorganisation or other similar laws
(including the obtaining of a moratorium) or makes a conveyance or assignment for the benet
of, or enters into any composition or other arrangement with, its creditors generally (or any
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class of its creditors) or any meeting is convened to consider a proposal for an arrangement or
composition with its creditors generally (or any class of its creditors) save in connection with a
Permitted Reorganisation; or
(j) any event occurs which under the laws of the United Arab Emirates or any Emirate therein or
any other jurisdiction has an analogous effect to any of the events referred to in paragraphs (f)
to (i) above; or
(k) at any time it is or becomes unlawful for Emaar to perform or comply with any or all of its
obligations under or in respect of any Transaction Document to which it is a party or any of
the obligations of Emaar thereunder are not or cease to be legal, valid, binding or enforceable;
or
(l) by or under the authority of any government (i) the management of Emaar or any of Emaars
Material Subsidiaries is wholly or substantially displaced or the authority of Emaar or any of
Emaars Material Subsidiaries in the conduct of its business is wholly or substantially curtailed
or (ii) all or a majority of the issued share capital of Emaar or any of Emaars Material
Subsidiaries or the whole or a substantial part of Emaars, or all or substantially all of such
Material Subsidiarys revenues or assets are seized, nationalised, expropriated or compulsorily
acquired,
provided however, that in the case of the happening of any of the events described in paragraphs (b)
or (other than the winding up or dissolution of Emaar) (e) to (l), inclusive above, the Delegate shall
have certied in writing to Emaar that such event is, in its opinion, materially prejudicial to the
interests of the holders of the Trust Certicates.
For the purposes of the above provisions:
Capital Stock means, with respect to any person, any and all shares, participations or other
equivalents (howsoever designated, whether voting or non-voting) or such persons equity, including
any preferred stock of such person, whether now outstanding or issued after the date hereof
including, without limitation, all series or classes of such Capital Stock;
Consolidated Cash and Cash Equivalents means, at any time:
(a) cash in hand or on deposit with any acceptable bank;
(b) certicates of deposit, maturing within one year after the relevant date of calculation, issued by
an acceptable bank;
(c) any investment in marketable obligations issued or guaranteed by (i) the government of the
United States of America or the United Kingdom or by an instrumentality or agency of the
government of the United States of America or the United Kingdom having an equivalent credit
rating or (ii) the Government of the United Arab Emirates or the Government of Dubai or the
Government of Abu Dhabi, provided in the case of (ii) such obligations have a maturity of less
than one year;
(d) open market commercial paper:
(i) for which a recognised trading market exists;
(ii) issued in the United States of America or the United Kingdom;
(iii) which matures within one year after the relevant date of calculation; and
(iv) which has a credit rating of either A-1 by Standard & Poors or Fitch or P-1 by Moodys
or if no rating is available in respect of the commercial paper, the issuer of which has, in
respect of its long-term debt obligations, an equivalent rating;
(e) Sterling bills of exchange eligible for rediscount at the Bank of England and accepted by an
acceptable bank in each case, to which any member of the Group is benecially entitled at that
time and which is capable of being applied against Consolidated Total Indebtedness. An
acceptable bank for this purpose is a commercial bank or trust company which has a rating of
BBB minus- or higher by Standard & Poors or Fitch or Baa3 or higher by Moodys or a
comparable rating from a nationally recognised credit rating agency for its long-term
obligations;
Consolidated EBITDA means the consolidated net pre-taxation prots of the Group for a
Measurement Period as adjusted by:
(a) adding back Consolidated Net Finance Charges Payable;
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(b) taking no account of any exceptional or extraordinary item;
(c) adding back any amount attributable to minority interests; (d) adding back depreciation and
amortisation; and
(e) taking no account of any revaluation of an asset or any loss or gain over book value arising on
the disposal of an asset (otherwise than the ordinary course of trading) by a member of the
Group during the Measurement Period,
and:
(i) including the net pre-taxation prots of a member of the Group or business or assets
acquired during that Measurement Period for the part of that Measurement Period when it
was not a member of the Group and/or the business or assets were not owned by a
member of the Group; but
(ii) excluding the net pre-taxation prots attributable to any member of the Group or to any
business or assets sold during that Measurement Period;
Consolidated Finance Charges Payable means all Finance Charges (but excluding Finance Charges on
trade payables) incurred by the Group during a Measurement Period;
Consolidated Finance Charges Receivable means all nancing charges received or receivable by the
Group during a Measurement Period;
Consolidated Net Finance Charges Payable means Consolidated Finance Charges Payable less
Consolidated Finance Charges Receivable during the relevant Measurement Period;
Consolidated Tangible Assets means the consolidated total assets of Emaar and its Subsidiaries, after
deducting any intangible assets (including without limitation goodwill and goodwill arising out of
consolidation) of Emaar and its Subsidiaries, in each case on a consolidated basis and in accordance
with IFRS as applied to the most recently available consolidated audited nancial statements or
consolidated interim nancial statements, as the case may be, of Emaar;
Consolidated Total Indebtedness means, in respect of the Group, at any time the aggregate of the
following:
(a) the outstanding principal amount of any monies borrowed but excluding all trade payables (as
dened in the most recently available audited consolidated nancial statements or consolidated
interim nancial statements, as the case may be, of Emaar);
(b) the outstanding principal amount of any bond, note, debenture, loan stock or other similar
instrument;
(c) the capitalised element of indebtedness under a nance or capital lease;
(d) the outstanding principal amount of all monies owing in connection with the sale or discounting
of receivables (otherwise than on a non-recourse basis);
(e) the outstanding principal amount of any indebtedness arising from any deferred payment
agreements arranged primarily as a method of raising nance or nancing the acquisition of an
asset;
(f) any xed or minimum premium payable on the repayment or redemption of any instrument
referred to in paragraph (b) above;
(g) the outstanding principal amount of any indebtedness arising in connection with any other
transaction (including any forward sale or purchase agreement and whether in connection with
any Islamic nancing arrangements or otherwise) which has the commercial effect of a
borrowing; and
(h) the outstanding principal amount of any indebtedness of any person of a type referred to in
paragraphs (a) to (g) above which is the subject of a guarantee, indemnity or similar assurance
against nancial loss given by a member of the Group;
Consolidated Total Net Indebtedness means at any time Consolidated Total Indebtedness less
Consolidated Cash and Cash Equivalents;
Finance Charges means, for any Measurement Period, the aggregate amount of the accrued interest,
commission, fees, discounts, prepayment fees, premiums or charges and other nance payments in
respect of Financial Indebtedness (whether, in each case, paid or payable by any member of the
Group (calculated on a consolidated basis)) in respect of that Measurement Period;
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Financial Indebtedness means any indebtedness for or in respect of:
(a) monies borrowed;
(b) any amount raised by acceptance under any acceptance credit facility or dematerialised
equivalent;
(c) any amount raised pursuant to any note purchase facility or the issue of bonds, notes,
debentures, loan stock or any similar instrument;
(d) the amount of any liability in respect of any lease or hire purchase contract which would, in
accordance with IFRS, be treated as a nance or capital lease;
(e) receivables sold or discounted (other than any receivables to the extent they are sold on a non-
recourse basis);
(f) any amount raised under any other transaction (including any forward sale or purchase
agreement) having the commercial effect of a borrowing;
(g) any derivative transaction entered into in connection with protection against or benet from
uctuation in any rate or price (and, when calculating the value of any derivative transaction,
only the marked to market value shall be taken into account);
(h) any counter-indemnity obligation in respect of a guarantee, indemnity, bond, standby or
documentary letter of credit or any other instrument issued by a bank or nancial institution
excluding any performance bonds;
(i) any amount of any liability under an advance or deferred purchase agreement if one of the
primary reasons behind the entry into this agreement is to raise nance;
(j) any obligations incurred in respect of any Islamic nancing arrangements; and
(k) (without double counting) the amount of any liability in respect of any guarantee or indemnity
for any of the items referred to in paragraphs (a) to (j) above;
Fitch means Fitch Ratings Ltd;
Group means Emaar and its Subsidiaries taken as a whole;
Guarantee means, in relation to any Indebtedness of any person, any obligation of another person to
pay such Indebtedness following demand or claim on that person, including (without limitation):
(a) any obligation to purchase such Indebtedness;
(b) any obligation to extend nancing, to purchase or subscribe shares or other securities or to
purchase assets or services in order to provide funds for the payment of such Indebtedness;
(c) any indemnity against the consequences of a default in the payment of such Indebtedness; and
(d) any other agreement to be responsible for such Indebtedness;
IFRS means International Financial Reporting Standards;
Indebtedness means any indebtedness in respect of any person on any date (and without duplication)
for or in respect of:
(a) any Financial Indebtedness of such person;
(b) the amount of any liability of such person to pay the deferred and unpaid purchase price of
property, assets or services, which purchase price is due more than 30 days after the earlier of
the date of placing such property in service or taking delivery and title thereof or the
completion of such services;
(c) the principal component or liquidation preference of all obligations of such person with respect
to the redemption, repayment or other repurchase of any preferred stock; and
(d) all indebtedness of any other person secured by Security granted by such person on any of its
assets (the value of which, for these purposes, shall be determined by reference to the balance
sheet in respect of the latest half year period of the person providing the Security), whether or
not such indebtedness is assumed by such person;
Material Subsidiary means at any time a Subsidiary of Emaar:
(a) whose gross revenues (consolidated in the case of a Subsidiary which itself has Subsidiaries) or
whose total assets (consolidated in the case of a Subsidiary which itself has Subsidiaries)
represent in each case (or, in the case of a Subsidiary acquired after the end of the nancial
period to which the then latest audited consolidated accounts of Emaar and its Subsidiaries
140
relate, are equal to) not less than 10 per cent. of the consolidated gross revenues of Emaar, or,
as the case may be, consolidated total assets, of Emaar and its Subsidiaries taken as a whole, all
as calculated respectively by reference to the then latest audited accounts (consolidated or, as
the case may be, unconsolidated) of such Subsidiary and the then latest audited consolidated
accounts of Emaar and its Subsidiaries taken as a whole, provided that in the case of a
Subsidiary of Emaar acquired after the end of the nancial period to which the then latest
audited consolidated accounts of Emaar and its Subsidiaries relate, the reference to the then
latest audited consolidated accounts of Emaar and its Subsidiaries for the purposes of the
calculation above shall, until consolidated accounts for the nancial period in which the
acquisition is made have been prepared and audited as aforesaid, be deemed to be a reference to
such rst-mentioned accounts as if such Subsidiary had been shown in such accounts by
reference to its then latest relevant audited accounts, adjusted as deemed appropriate by Emaar;
(b) to which is transferred the whole or substantially the whole of the undertaking and assets of a
Subsidiary of Emaar which immediately prior to such transfer is a Material Subsidiary, provided
that the transferor Subsidiary shall upon such transfer forthwith cease to be a Material
Subsidiary and the transferee Subsidiary shall cease to be a Material Subsidiary pursuant to this
subparagraph (b) on the date on which the consolidated accounts of Emaar and its Subsidiaries
for the nancial period current at the date of such transfer have been prepared and audited as
aforesaid but so that such transferor Subsidiary or such transferee Subsidiary may be a Material
Subsidiary on or at any time after the date on which such consolidated accounts have been
prepared and audited as aforesaid by virtue of the provisions of subparagraph (a) above or,
prior to or after such date, by virtue of any other applicable provision of this denition; or
(c) to which is transferred an undertaking or assets which, taken together with the undertaking or
assets of the transferee Subsidiary, generated (or, in the case of the transferee Subsidiary being
acquired after the end of the nancial period to which the then latest audited consolidated
accounts of Emaar and its Subsidiaries relate, generate gross revenues equal to) not less than 10
per cent. of the consolidated gross revenues of Emaar, or represent (or, in the case aforesaid,
are equal to) not less than 10 per cent. of the consolidated total assets of Emaar and its
Subsidiaries taken as a whole, all as calculated as referred to in subparagraph (a) above,
provided that the transferor Subsidiary (if a Material Subsidiary) shall upon such transfer
forthwith cease to be a Material Subsidiary unless immediately following such transfer its
undertaking and assets generate (or, in the case aforesaid, generate gross revenues equal to) not
less than 10 per cent. of the consolidated gross revenues of Emaar, or its assets represent (or, in
the case aforesaid, are equal to) not less than 10 per cent. of the consolidated total assets of
Emaar and its Subsidiaries taken as a whole, all as calculated as referred to in subparagraph (a)
above, and the transferee Subsidiary shall cease to be a Material Subsidiary pursuant to this
subparagraph (c) on the date on which the consolidated accounts of Emaar and its Subsidiaries
for the nancial period current at the date of such transfer have been prepared and audited but
so that such transferor Subsidiary or such transferee Subsidiary may be a Material Subsidiary
on or at any time after the date on which such consolidated accounts have been prepared and
audited as aforesaid by virtue of the provisions of subparagraph (a) above or, prior to or after
such date, by virtue of any other applicable provision of this denition,
all as more particularly dened in the Trust Deed.
Any report signed by two authorised signatories of Emaar whether or not addressed to the Trustee or
the Delegate that in their opinion a Subsidiary of Emaar is or is not or was or was not at any
particular time or throughout any specied period a Material Subsidiary may be relied upon by the
Trustee and the Delegate without further enquiry or evidence and, if relied upon by the Trustee or
the Delegate, shall, in the absence of manifest error or an error which is, in the opinion of the
Delegate proven, be conclusive and binding on all parties;
Measurement Period means a period of 12 months ending on the last day of the most recently
completed nancial quarter of Emaar;
Moodys means Moodys Investors Service, Inc.;
Permitted Reorganisation means
(a) any disposal by any Subsidiary of Emaar of all or substantially all of its business, undertaking
or assets to Emaar or any other wholly owned Subsidiary of Emaar;
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(b) any amalgamation, consolidation or merger of a Subsidiary with any other Subsidiary of Emaar;
or
(c) any amalgamation, consolidation, restructuring, merger or reorganisation on terms previously
approved by the Delegate or by the Certicateholders by an Extraordinary Resolution;
Permitted Security means:
(a) any Security existing on 18 January 2011;
(b) any Security created or outstanding with the approval of the Certicateholders by an
Extraordinary Resolution;
(c) any Security arising by operation of law and in the ordinary course of trading;
(d) any Security granted by a Subsidiary in favour of the Lessee;
(e) any Security granted by a non-UAE incorporated Material Subsidiary other than any Security
securing (i) indebtedness of the types described in paragraphs (c) and (j) of the denition of
Financial Indebtedness above (but, in the case of (j), only to the extent such Islamic nancing
arrangements involve the issue of trust certicates or any similar instrument) and (ii) any
guarantee or indemnity for any such indebtedness;
(f) any Security on assets or property existing at the time the Lessee or any Subsidiary acquired
such assets or property provided that such Security was not created in contemplation of such
acquisition and does not extend to other assets or property (other than proceeds of such
acquired assets or property), provided that the maximum amount of Indebtedness thereafter
secured by such Security does not exceed the purchase price of such property or the
Indebtedness incurred solely for the purpose of nancing the acquisition of such property;
(g) any Security securing Indebtedness of any person and/or its Subsidiaries existing at the time that
such person is merged into or consolidated with the Lessee or a Subsidiary provided that such
Security was not created in contemplation of such merger or consolidation and does not extend
to any other assets or property of the Lessee or any Subsidiary;
(h) any Security created or permitted to be outstanding by the Lessee or any Subsidiary in respect
of any Project Finance Indebtedness or any Securitisation Indebtedness;
(i) any other Security provided that the aggregate outstanding amount secured by that Security and
any other Security permitted to be created and in effect under this clause does not, at any time,
exceed 8 per cent. of the consolidated total assets of the Lessee as shown in the Relevant
Accounts; and
(j) any renewal of or substitution for any Security permitted by any of the preceding subclauses (a)
through (i), provided that with respect to any such Security incurred pursuant to this sub-clause
(j), the principal amount secured has not increased and the Security has not been extended to
any additional property (other than the proceeds of such property);
Project Finance Indebtedness means any Financial Indebtedness issued, borrowed or raised by the
Lessee or any of its Subsidiaries to nance the ownership, acquisition, development and/or operation
of an asset or project where there is no recourse whatsoever for repayment thereof other than:
(a) recourse solely to the property, income, assets or revenues from such asset or project (including
insurance proceeds); and/or
(b) recourse, for the purpose only of enabling amounts to be claimed in respect of such Financial
Indebtedness, over such asset or project or the income, cash ow or other proceeds deriving
therefrom, provided that the extent of such recourse is limited solely to the amount of any
recoveries made on any such enforcement;
Relevant Accounts means, at any time, the most recently publicly available audited consolidated
audited or interim condensed consolidated nancial statements of the Lessee prepared in accordance
with IFRS;
Securitisation Indebtedness means any Financial Indebtedness issued, borrowed or raised by the Lessee
or any of its Subsidiaries in connection with any securitisation (Islamic or otherwise) of existing or
future assets or revenues, provided that:
(a) any Security given by the Lessee or any Subsidiary in connection therewith is limited solely to
the assets and/or revenues which are the subject of the securitisation;
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(b) each person participating in such securitisation expressly agrees to limit its recourse to the assets
and/or revenues so securitised as the principal source of repayment for the money advanced or
payment of any other liability); and
(c) there is no other recourse to the Lessee or any Subsidiary in respect of any default by any
person under the securitisation;
Security means any mortgage, pledge, security interest, encumbrance, lien or charge of any kind
(including, without limitation, any conditional sale or other title retention agreement or lease in the
nature thereof, any sale with recourse against the seller or any afliate of the seller, or any agreement
to give any security interest) securing any obligation of any person;
Standard & Poors means Standard & Poors Rating Services, a division of the McGraw-Hill
Companies Inc.;
Subsidiary means in relation to any company or corporation, a company or corporation:
(a) which is controlled, directly or indirectly, by the rst mentioned company or corporation;
(b) more than half of the Capital Stock of which is benecially owned, directly or indirectly by the
rst mentioned company or corporation; or
(c) which is a Subsidiary of another Subsidiary of the rst mentioned company or corporation,
and for this purpose a company or corporation shall be treated as being controlled by another if that
other company or corporation is able to direct its affairs and/or to control the composition of its
board of directors or equivalent body; and
Total Equity means the share capital of the Group for the time being issued and paid up or credited
as paid up; and the aggregate of the amounts standing to the credit of the consolidated capital and
revenue reserves (including share premium account, statutory reserves and prot and loss account but
excluding hedging reserves) of the Group.
Purchase Undertaking
The Purchase Undertaking will be executed on or around 18 January 2011 by the Obligor as a deed
and will be governed by English law.
The Obligor will irrevocably undertake in favour of the Issuer, the Trustee and the Delegate to
purchase all of Emaar Sukuk Limiteds rights, benets and entitlements in and to the Relevant Lease
Assets for each Series of Trust Certicates on the relevant Maturity Date or, if earlier, on the
Dissolution Date of the relevant Series of Trust Certicates. The price payable by the Obligor shall
be equal to the outstanding face amount of the relevant Series of Trust Certicates plus any accrued
but unpaid Periodic Distribution Amounts (if any) on such date plus an amount equal to any
Servicing Agency Expenses in respect of which an appropriate rental payment has not been made in
accordance with the relevant Lease Agreement plus any other amounts payable on redemption of the
relevant Series of Trust Certicates as specied in the applicable Final Terms.
The specic terms applicable to each such sale will be conrmed in a Sale Agreement, to be executed
by Emaar Sukuk Limited and the Obligor on the Dissolution Date or, as the case may be, the
Maturity Date of the relevant Series of Trust Certicates. The form of each such Sale Agreement is
scheduled to the Purchase Undertaking.
The Obligor will agree in the Purchase Undertaking that all payments by it under the Purchase
Undertaking will be made without any deduction or withholding for or on account of tax unless
required by law and without set-off (save as provided below) or counterclaim and, in the event that
there is any deduction, withholding, set-off (save as provided below) or counterclaim, the Obligor
shall pay all additional amounts as will result in the receipt by Emaar Sukuk Limited of such net
amounts as would have been received by it if no withholding, deduction, set-off or counterclaim had
been made.
The amount equal to the Servicing Agency Expenses to be paid by Emaar as part of the price
payable pursuant to the Purchase Undertaking and any Services Charge Amount to be paid by
Emaar Sukuk Limited in its capacity as Lessor under the Servicing Agency Agreement which has not
been paid by way of a rental payment under the relevant Supplemental Lease Agreement shall be set
off against one another.
The payment obligations of the Obligor under the Purchase Undertaking are and will be direct,
unconditional, unsecured and general obligations of the Obligor and shall rank at least pari passu
with all other unsecured, unsubordinated and general obligations of the Obligor.
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Sale Undertaking
The Sale Undertaking will be executed on or around 18 January 2011 by Emaar Sukuk Limited as
Trustee as a deed in favour of Emaar and will be governed by English law.
Pursuant to the Sale Undertaking, subject to the Issuer being entitled to redeem the relevant Series of
Trust Certicates pursuant to Condition 11.2 or 11.3, Emaar may, by exercising its option under the
Sale Undertaking and serving notice on Emaar Sukuk Limited no later than 45 days prior to the
relevant Dissolution Date, oblige the Trustee to sell all the Trustees rights, benets and entitlements
in and to the Relevant Lease Assets on the relevant Dissolution Date. The price payable by Emaar
will be an amount equal to the outstanding face amount of the relevant Series of Trust Certicates
plus an amount equal to any Servicing Agency Expenses in respect of which an appropriate rental
payment has not been made in accordance with the relevant Lease Agreement plus any other
amounts payable on redemption of the relevant Series of Trust Certicates as specied in the
applicable Final Terms.
The Sale Undertaking will provide that the price payable pursuant to the exercise of the Sale
Undertaking will be made without any deduction or withholding for or on account of tax unless
required by law and without set-off (save as provided below) or counterclaim and, in the event that
there is any deduction, withholding, set-off (save as provided below) or counterclaim, Emaar shall pay
all additional amounts as will result in the receipt by Emaar Sukuk Limited of such net amounts as
would have been received by it if no withholding, deduction, set-off or counterclaim had been made.
The amount equal to the Servicing Agency Expenses to be paid by Emaar as part of the price
payable pursuant to the exercise of the Sale Undertaking and any Services Charge Amount to be paid
by Emaar Sukuk Limited in its capacity as Lessor under the Servicing Agency Agreement which has
not been paid by way of a rental payment under the relevant Supplemental Lease Agreement shall be
set off against one another.
In addition, under the terms of the Sale Undertaking, if at any time Emaar wishes to cancel any
Trust Certicates purchased pursuant to Condition 12.1, Emaar may, by exercising its option under
the Sale Undertaking (by serving an Exercise Notice on Emaar Sukuk Limited) oblige Emaar Sukuk
Limited to transfer all of Emaar Sukuk Limiteds rights, benets and entitlements in and to the
Cancelled Lease Assets to Emaar in consideration for which the Trust Certicates shall be cancelled.
The transfer of the Cancelled Lease Assets will take effect by Emaar and Emaar Sukuk Limited
entering into a Sale Agreement (in the form scheduled to the Sale Undertaking). Following the entry
into such Sale Agreement, Emaar Sukuk Limited shall cancel the relevant Trust Certicates identied
for cancellation in the Exercise Notice on the Cancellation Date (which shall be a Periodic
Distribution Date).
Servicing Agency Agreement
The Servicing Agency Agreement will be entered into on 18 January 2011 by the Lessor and Emaar,
as Servicing Agent, and will be governed by English law.
Pursuant to the Servicing Agency Agreement, the Servicing Agent will be responsible on behalf of the
Lessor for the carrying out of all Major Maintenance and Structural Repair (as dened in the Master
Lease Agreement), the payment of proprietorship taxes levied or imposed on the Lease Assets and for
effecting all appropriate insurances in respect of the Lease Assets.
Notwithstanding the appointment of the Servicing Agent, the Lessee shall, at its own cost and
expense, be responsible for the performance of all Ordinary Maintenance and Repair required for the
Lease Assets.
An amount equal to (i) the Servicing Agency Expenses to be paid by the Servicing Agent (as lessee)
to the Lessor as (or as part of any) Rental under the Lease or, as the case may be, as (or as part of
any) Exercise Price under the Purchase Undertaking or the Sale Undertaking and (ii) the Services
Charge Amount to be paid by the Lessor to the Servicing Agent under the Servicing Agency
Agreement, shall be set off against one another.
Substitution Undertaking
The Substitution Undertaking will be executed on or around 18 January 2011 by Emaar Sukuk
Limited as Trustee as a deed and will be governed by English law.
Pursuant to the Substitution Undertaking, the Trustee has granted to Emaar the right to require the
Trustee to sell the Substituted Assets to it in exchange for New Assets of a value which is equal to
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or greater than the value of the Substituted Assets. The substitution of the Substituted Assets with
the New Assets will become effective on the Substitution Date (as specied in the Substitution Notice
to be delivered by the Lessee in accordance with the Substitution Undertaking) by the Trustee and
the Lessee entering into a substitution sale agreement and the relevant new Supplemental Lease
Agreement being executed in the manner provided for in the Substitution Notice. Each substitution
sale agreement will (i) effect the transfer of ownership rights in the Substituted Assets from the
Trustee to the Lessee and (ii) effect the transfer of rights in the New Assets from the Lessee to the
Trustee and the Substitution Notice will provide that the New Assets and any Relevant Lease Assets
not replaced will be leased to Emaar under the new Supplemental Lease Agreement.
Costs Undertaking
The Costs Undertaking will be entered into on or about 18 January 2011 by Emaar and will be
governed by English law. Pursuant to the Costs Undertaking, Emaar will undertake to pay certain
fees and expenses of, and indemnify against certain losses of, among others, the Trustee, the Delegate,
the Principal Paying Agent, the Transfer Agent, the Calculation Agent and the Registrar.
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TAXATION
General
The following is a general description of certain UAE, Cayman Islands and European Union tax
considerations relating to the Trust Certicates. It does not purport to be a complete analysis of all tax
considerations relating to the Trust Certicates, whether in those jurisdictions or elsewhere. Prospective
purchasers of Trust Certicates should consult their own tax advisers as to which countries tax laws
could be relevant to acquiring, holding and disposing of Trust Certicates and receiving payments under
the Trust Certicates and the consequences of such actions under the tax laws of those countries. This
summary is based upon the law as in effect on the date of this Base Prospectus and is subject to any
change in law that may take effect after such date.
United Arab Emirates
The following summary of the anticipated tax treatment in the UAE in relation to the payments on the Trust
Certicates is based on the taxation law and practice in force at the date of this Base Prospectus, and does not
constitute legal or tax advice. Prospective investors should be aware that the relevant scal rules and practice
and their interpretation may change. Prospective investors should consult their own professional advisers on
the implications of subscribing for, buying, holding, selling, redeeming or disposing of Trust Certicates and
the receipt of any payments in respect of any Periodic Distribution Amounts and distributions (whether or not
on a winding-up) with respect to such Trust Certicates under the laws of the jurisdictions in which they may
be liable to taxation.
There is currently in force in Dubai legislation establishing a general corporate taxation regime (the
Dubai Income Tax Decree 1969 (as amended)). The regime is, however, not enforced save in respect
of companies active in the hydrocarbon industry, some related service industries and branches of
foreign banks operating in the UAE. It is not known whether the legislation will or will not be
enforced more generally or within other industry sectors in the future. Under current legislation, there
is no requirement for withholding or deduction for or on account of UAE or Dubai taxation in
respect of payments on debt securities (including Periodic Distribution Amounts or Dissolution
Amounts in relation to the Trust Certicates). In the event of the imposition of any such
withholding, the Issuer has undertaken to gross-up any payments subject as described under
Condition 13.
The Constitution of the UAE specically reserves to the Federal Government of the UAE having the
right to raise taxes on a federal basis for purposes of funding its budget. It is not known whether this
right will be exercised in the future.
The UAE has entered into Double Taxation Arrangements with certain other countries, but these
are not extensive in number.
Cayman Islands
The following is a discussion on certain Cayman Islands income tax consequences of an investment in the
Trust Certicates. The discussion is a general summary of present law, which is subject to prospective
and retroactive change. It is not intended as tax advice, does not consider any investors particular
circumstances and does not consider tax consequences other than those arising under Cayman Islands
law.
Under existing Cayman Islands laws, payments on the Trust Certicates will not be subject to
taxation in the Cayman Islands and no withholding will be required on the payments to any holder
of the Trust Certicates, nor will gains derived from the disposal of the Trust Certicates be subject
to Cayman Islands income or corporation tax. The Cayman Islands currently have no income,
corporation or capital gains tax and no estate duty, inheritance or gift tax.
The Issuer has obtained an undertaking from the Governor in Cabinet of the Cayman Islands,
pursuant to the Tax Concessions Law (1999 Revision) of the Cayman Islands, that for a period of 20
years from the date of grant of that undertaking no law which is enacted in the Cayman Islands
imposing any tax to be levied on prots, income, gains or appreciation shall apply to the Issuer or its
operations and, in addition, that no tax to be levied on prots, income, gains or appreciations which
is in the nature of estate duty or inheritance tax shall be payable on or in respect of the shares,
debentures or other obligations (which includes the Trust Certicates) of the Issuer or by way of the
withholding in whole or part of any relevant payment. No capital or stamp duties are levied in the
Cayman Islands on the issue, transfer or redemption of Trust Certicates. However, an instrument
transferring title to such Trust Certicates, if brought to or executed in the Cayman Islands, would
146
be subject to Cayman Islands stamp duty. An annual registration fee is payable by the Trustee to the
Cayman Islands Registrar of Companies which is calculated by reference to the nominal amount of
its authorised capital. At current rates, this annual registration fee is approximately U.S.$732. The
foregoing is based on current law and practice in the Cayman Islands and this is subject to change
therein.
EU Savings Directive
Under EC Council Directive 2003/48/EC on the taxation of savings income (the Directive), Member
States are required to provide to the tax authorities of another Member State details of payments of
interest (or similar income, which may include Periodic Distribution Amounts) paid by a person
within its jurisdiction to an individual resident in that other Member State or to certain limited types
of entities established in that other Member State. However, for a transitional period, Luxembourg
and Austria are instead required (unless during that period they elect otherwise) to operate a
withholding system in relation to such payments (the ending of such transitional period being
dependent upon the conclusion of certain other agreements relating to information exchange with
certain other countries). A number of non-EU countries and territories including Switzerland have
adopted similar measures (a withholding system in the case of Switzerland).
On 15 September 2008 the European Commission issued a report to the Council of the European
Union on the operation of the Directive, which included the Commissions advice on the need for
changes to the Directive. On 13 November 2008 the European Commission published a more detailed
proposal for amendments to the Directive, which included a number of suggested changes. The
European Parliament approved an amended version of this proposal on 24 April 2009. If any of
those proposed changes are made in relation to the Directive, they may amend or broaden the scope
of the requirements described above.
147
SUBSCRIPTION AND SALE
The Dealers have, in an amended and restated programme agreement (the Programme Agreement)
dated on or around 18 January 2011, agreed with the Issuer and Emaar a basis upon which they or
any of them may from time to time agree to purchase Trust Certicates. Any such agreement will
extend to those matters stated under Terms and Conditions of the Trust Certicates. In the
Programme Agreement, each of the Issuer and Emaar has agreed to reimburse the Dealers for certain
of their expenses in connection with the establishment and any future update of the Programme and
the issue of Trust Certicates under the Programme.
United States
The Trust Certicates have not been and will not be registered under the Securities Act and may not
be offered or sold within the United States or to, or for the account or benet of, U.S. persons
except in accordance with Regulation S under the Securities Act or pursuant to an exemption from
the registration requirements of the Securities Act. Each Dealer has represented and agreed that it has
offered and sold any Trust Certicates, and will offer and sell any Trust Certicates (a) as part of
their distribution at any time and (b) otherwise until 40 days after the completion of the distribution
of all Trust Certicates of the Series of which such Trust Certicates are a part as determined and
certied as provided below, only in accordance with Rule 903 of Regulation S under the Securities
Act. Each Dealer who purchases Trust Certicates of a Series (or in the case of a sale of a Series of
Trust Certicates issued to or through more than one Dealer, each of such Dealers as to the Trust
Certicates of such Series to be purchased by or through it or, in the case of a syndicated issue, the
relevant Lead Manager) shall determine and certify to the Principal Paying Agent the completion of
the distribution of the Trust Certicates of such Series. On the basis of such notication or
notications, the Principal Paying Agent has agreed to notify such Dealer/Lead Manager of the end
of the distribution compliance period with respect to such Series. Each Dealer has also agreed that, at
or prior to conrmation of sale of Trust Certicates, it will have sent to each distributor, dealer or
person receiving a selling concession, fee or other remuneration that purchases Trust Certicates from
it during the distribution compliance period a conrmation or notice to substantially the following
effect:
The Securities covered hereby have not been registered under the U.S. Securities Act of 1933,
as amended (the Securities Act), and may not be offered or sold within the United States or to,
or for the account or benet of, U.S. persons (i) as part of their distribution at any time or (ii)
otherwise until 40 days after the completion of the distribution of the Securities as determined
and certied by the relevant Dealer, in the case of a non-syndicated issue, or the Lead Manager,
in the case of a syndicated issue, and except in either case in accordance with Regulation S
under the Securities Act. Terms used above have the meanings given to them by Regulation S.
Terms used in this sub-section have the meanings given to them by Regulation S.
Each Dealer has represented and agreed, and each further Dealer appointed under the Programme
will be required to represent and agree, that it, its afliates or any persons acting on its or their
behalf have not engaged and will not engage in any directed selling efforts with respect to any Trust
Certicate, and it and they have complied and will comply with the offering restrictions requirement
of Regulation S.
Public Offer Selling Restriction under the Prospectus Directive
In relation to each Member State of the European Economic Area which has implemented the
Prospectus Directive (each, a Relevant Member State), each Dealer has represented and agreed, and
each further Dealer appointed under the Programme will be required to represent and agree, that
with effect from and including the date on which the Prospectus Directive is implemented in that
Relevant Member State (the Relevant Implementation Date) it has not made and will not make an
offer of Trust Certicates which are the subject of the offering contemplated by the Base Prospectus
as completed by the Final Terms in relation thereto to the public in that Relevant Member State,
except that it may, with effect from and including the Relevant Implementation Date, make an offer
of such Trust Certicates to the public in that Relevant Member State:
(a) at any time to any legal entity which is a qualied investor as dened in the Prospectus
Directive;
148
(b) at any time to fewer than 100 or, if the Relevant Member State has implemented the relevant
provision of the 2010 PD Amending Directive, 150, natural or legal persons (other than
qualied investors as dened in the Prospectus Directive) subject to obtaining the prior consent
of the relevant Dealer or Dealers nominated by the Issuer for any such offer; or
(c) at any time in any other circumstances falling within Article 3(2) of the Prospectus Directive,
provided that no such offer of Trust Certicates referred to in (a) to (c) above shall require the Issuer
or any Dealer to publish a prospectus pursuant to Article 3 of the Prospectus Directive or
supplement a prospectus pursuant to Article 16 of the Prospectus Directive.
For the purposes of this provision, the expression an offer of Trust Certicates to the public in
relation to any Trust Certicates in any Relevant Member State means the communication in any
form and by any means of sufcient information on the terms of the offer and the Trust Certicates
to be offered so as to enable an investor to decide to purchase or subscribe the Trust Certicates, as
the same may be varied in that Member State by any measure implementing the Prospectus Directive
in that Member State, the expression Prospectus Directive means Directive 2003/71/EC (and
amendments thereto, including the 2010 PD Amending Directive, to the extent implemented in the
Relevant Member State), and includes any relevant implementing measure in the Relevant Member
State, and the expression 2010 PD Amending Directive means Directive 2010/73/EU.
United Kingdom
will be required to represent and agree, that:
(a) in relation to any Trust Certicates which have a maturity of less than one year, (i) it is a
person whose ordinary activities involve it in acquiring, holding, managing or disposing of
investments (as principal or agent) for the purposes of its business and (ii) it has not offered or
sold and will not offer or sell any Trust Certicates other than to persons whose ordinary
activities involve them in acquiring, holding, managing or disposing of investments (as principal
or as agent) for the purposes of their businesses or who it is reasonable to expect will acquire,
hold, manage or dispose of investments (as principal or agent) for the purposes of their
businesses where the issue of the Trust Certicates would otherwise constitute a contravention of
Section 19 of the FSMA by the Issuer;
(b) it has only communicated or caused to be communicated and will only communicate or cause to
be communicated an invitation or inducement to engage in investment activity (within the
meaning of Section 21 of the FSMA) received by it in connection with the issue or sale of any
Trust Certicates in circumstances in which Section 21(1) of the FSMA does not apply to the
Issuer or Emaar; and
(c) it has complied and will comply with all applicable provisions of the FSMA with respect to
anything done by it in relation to any Trust Certicates in, from or otherwise involving the
United Kingdom.
Cayman Islands
will be required to represent and agree, that it has not made and will not make any offer or
invitation to the public in the Cayman Islands to subscribe for any Trust Certicates.
Dubai International Financial Centre
will be required to represent and agree, that it has not offered and will not offer the Trust
Certicates to be issued under the Programme to any person in the Dubai International Financial
Centre unless such offer is:
(a) an Exempt Offer in accordance with the Offered Securities Rules of the Dubai Financial
Services Authority (the DFSA); and
(b) made only to persons who meet the Professional Client criteria set out in Rule 2.3.2 of the
DFSA Conduct of Business Module.
149
Hong Kong
will be required to represent and agree, that:
(a) it has not offered or sold and will not offer or sell in Hong Kong, by means of any document,
any Trust Certicates other than (i) to persons whose ordinary business is to buy or sell shares
or debentures (whether as principal or agent); or (ii) to professional investors within the
meaning of the Securities and Futures Ordinance (Cap. 571) of Hong Kong (the SFO) and any
rules made under the SFO; or (iii) in other circumstances which do not result in the document
being a prospectus as dened in the Companies Ordinance (Cap. 32) of Hong Kong or which
do not constitute an offer to the public within the meaning of that ordinance; and
(b) it has not issued or had in its possession for the purposes of issue, and will not issue or have in
its possession for the purposes of issue, whether in Hong Kong or elsewhere, any advertisement,
invitation or document relating to the Trust Certicates, which is directed at, or the contents of
which are likely to be accessed or read by, the public of Hong Kong (except if permitted to do
so under the securities laws of Hong Kong) other than with respect to any Trust Certicates
which are or are intended to be disposed of only to persons outside Hong Kong or only to
professional investors within the meaning of the SFO and any rules made under the SFO.
Malaysia
will be required to represent and agree, that;
(a) this Base Prospectus has not been registered as a prospectus with the Securities Commission of
Malaysia under the Capital Markets and Services Act 2007 of Malaysia; and
(b) accordingly, the Trust Certicates have not been and will not be offered, sold or delivered, and
no invitation to subscribe for or purchase the Trust Certicates have been or will be made,
directly or indirectly, nor may any document or other material in connection therewith be
distributed in Malaysia, other than to persons or in categories falling within Schedule 6 or
Section 229(1)(b), Schedule 7 or Section 230(1)(b), and Schedule 8 (or Section 257(3) of the
Capital Markets and Services Act 2007 of Malaysia, subject to any law, order, regulation or
ofcial directive of the Central Bank of Malaysia, the Securities Commission of Malaysia and/or
any other regulatory authority from time to time.
Residents of Malaysia may be required to obtain relevant regulatory approvals including approval
from the Controller of Foreign Exchange to purchase the Trust Certicates. The onus is on the
Malaysian residents concerned to obtain such regulatory approvals and none of the Dealers is
responsible for any invitation, offer, sale or purchase of the Trust Certicates as aforesaid without the
necessary approvals being in place.
Saudi Arabia
Any investor in the Kingdom of Saudi Arabia or who is a Saudi person (a Saudi Investor) who
acquires Trust Certicates pursuant to an offering should note that the offer of Trust Certicates is a
private placement under either Article 9 (paragraph a, No.2) or Article 9 (paragraph a, No.3) (as
specied in the applicable Final Terms) of the Offer of Securities Regulations as issued by the
Board of the Capital Market Authority resolution number 2-11-2004 dated 4 October 2004 and
amended by the Board of the Capital Market Authority resolution number 1-28-2008 dated 18
August 2008 (the KSA Regulations).
The offer of Trust Certicates shall not therefore constitute a public offer pursuant to the KSA
Regulations, but is subject to the restrictions on secondary market activity under Article 17 of the
KSA Regulations. Any Saudi person who has acquired Trust Certicates pursuant to a private
placement may not offer or sell those Trust Certicates to any person unless the offer or sale is made
through an authorised person appropriately licensed by the Saudi Arabian Capital Market Authority
and: (a) the Trust Certicates are offered or sold to a Sophisticated Investor (as dened in Article
10 of the KSA Regulations); (b) the price to be paid for the Trust Certicates in any one transaction
is equal to or exceeds Saudi Riyal 1 million or an equivalent amount; or (c) the offer or sale is
otherwise in compliance with Article 17 of the KSA Regulations.
150
Singapore
This Base Prospectus has not been registered as a prospectus with the Monetary Authority of
Singapore under the Securities and Futures Act, Chapter 289 of Singapore (the Securities and Futures
Act). Accordingly, each Dealer has represented and agreed, and each further Dealer appointed under
the Programme will be required to represent and agree, that it has not offered or sold and will not
offer or sell any Trust Certicates or cause such Trust Certicates to be made the subject of an
invitation for subscription or purchase, nor will it circulate or distribute this Base Prospectus or any
other document or material in connection with the offer or sale or invitation for subscription or
purchase of any Trust Certicates, whether directly or indirectly, to any person in Singapore other
than (i) to an institutional investor pursuant to Section 274 of the Securities and Futures Act, (ii) to
a relevant person, or any person pursuant to Section 275(1A) of the Securities and Futures Act, and
in accordance with the conditions specied in Section 275 of the Securities and Futures Act, or (iii)
pursuant to, and in accordance with the conditions of, any other applicable provision of the Securities
and Futures Act.
United Arab Emirates (excluding Dubai International Financial Centre)
will be required to represent and agree, that the Trust Certicates to be issued under the Programme
have not been and will not be offered, sold or publicly promoted or advertised by it in the United
Arab Emirates other than in compliance with any laws applicable in the United Arab Emirates
governing the issue, offering and sale of securities.
Each Dealer has acknowledged, and each further Dealer appointed under the Programme will be
required to acknowledge, that the information contained in this Base Prospectus does not constitute a
public offer of securities in the United Arab Emirates in accordance with the Commercial Companies
Law (Federal Law No. 8 of 1984 (as amended)) or otherwise and is not intended to be a public offer
and the information contained in this Base Prospectus is not intended to lead to the conclusion of
any contract of whatsoever nature within the territory of the United Arab Emirates.
General
Each Dealer has agreed, and each further Dealer appointed under the Programme will be required to
agree, that it will (to the best of its knowledge and belief) comply with all applicable securities laws
and regulations in force in any jurisdiction in which it purchases, offers, sells or delivers Trust
Certicates or possesses or distributes this Base Prospectus and will obtain any consent, approval or
permission required by it for the purchase, offer, sale or delivery by it of Trust Certicates under the
laws and regulations in force in any jurisdiction to which it is subject or in which it makes such
purchases, offers, sales or deliveries and none of the Issuer, Emaar and any other Dealer shall have
any responsibility therefor.
None of the Issuer, Emaar and any of the Dealers represents that Trust Certicates may at any time
lawfully be sold in compliance with any applicable registration or other requirements in any
jurisdiction, or pursuant to any exemption available thereunder, or assumes any responsibility for
facilitating any such sale.
With regard to each Series, the relevant Dealer will be required to comply with any additional
restrictions agreed between the Issuer, Emaar and the relevant Dealer and set out in the applicable
Final Terms.
151
GENERAL INFORMATION
Authorisation
The establishment of the Programme was duly authorised by a resolution of the Board of Directors
of the Issuer dated 20 November 2008 and by the Board of Directors of Emaar dated 24 November
2008. The update of the Programme has been duly authorised by a resolution of the Board of
Directors of the Issuer dated 14 January 2011 and the Board of Directors of Emaar dated 18 January
2011. The issue of Trust Certicates will be authorised from time to time by each of the Boards of
Directors of the Issuer and Emaar respectively.
Listing of Trust Certicates
It is expected that each Series of Trust Certicates which is to be admitted to the Ofcial List and to
trading on the London Stock Exchanges regulated market will be admitted separately as and when
issued, subject only to the issue of a Global Trust Certicate initially representing the Trust
Certicates of such Series. Application has been made to the UK Listing Authority for Trust
Certicates issued under the Programme to be admitted to the Ofcial List and to the London Stock
Exchange for such Trust Certicates to be admitted to trading on the London Stock Exchanges
regulated market. The listing of the Programme in respect of Trust Certicates is expected to be
granted on or before 24 January 2011.
Documents Available
For the period of 12 months following the date of this Base Prospectus, copies of the following
documents will, when published, be available for inspection from the registered ofce of the Issuer
and from the specied ofce of the Paying Agent for the time being in London:
(a) the Memorandum and Articles of Association of the Issuer and of Emaar;
(b) the consolidated audited nancial statements of Emaar in respect of the nancial years ended
31 December 2008 and 31 December 2009. Emaar currently prepares audited consolidated
accounts on an annual basis;
(c) the most recently published annual audited consolidated annual nancial statements of Emaar
and the most recently published unaudited reviewed condensed consolidated interim nancial
statements (if any) of Emaar in each case together with any audit or review reports prepared in
connection therewith. Emaar currently prepares unaudited reviewed condensed consolidated
interim accounts on a quarterly basis;
(d) the Programme Agreement, the Master Trust Deed, the Master Purchase Agreement, the Master
Lease Agreement, the Agency Agreement, the Purchase Undertaking, the Sale Undertaking, the
Substitution Undertaking and the forms of the Global Trust Certicate and the Trust
Certicates in denitive form;
(e) each Supplemental Trust Deed, Supplemental Purchase Agreement and Supplemental Lease
Agreement in relation to Trust Certicates which are admitted to listing, trading and/or
quotation by any listing authority, stock exchange and/or quotation system;
(f) a copy of this Base Prospectus;
(g) any future offering circulars, prospectuses, information memoranda and supplements including
Final Terms (save that a Final Terms relating to a Trust Certicate which is neither admitted to
trading on a regulated market in the European Economic Area nor offered in the European
Economic Area in circumstances where a prospectus is required to be published under the
Prospectus Directive will only be available for inspection by a holder of such Trust Certicate
and such holder must produce evidence satisfactory to the Issuer and the Principal Paying Agent
as to its holding of Trust Certicates and identity) to this Base Prospectus and any other
documents incorporated herein or therein by reference; and
(h) in the case of each issue of Trust Certicates which is listed on the London Stock Exchange
subscribed pursuant to a subscription agreement, the subscription agreement (or equivalent
document).
Clearing Systems
The Trust Certicates have been accepted for clearance through Euroclear and Clearstream,
Luxembourg (which are the entities in charge of keeping the records). The appropriate Common
152
Code and ISIN for each Series of Trust Certicates allocated by Euroclear and Clearstream,
Luxembourg will be specied in the applicable Final Terms. If the Trust Certicates are to clear
through an additional or alternative clearing system the appropriate information will be specied in
The address of Euroclear is Euroclear Bank SA/NV, 1 Boulevard du Roi Albert II, B-1210 Brusssels
and the address of Clearstream, Luxembourg is Clearstream Banking, 42 Avenue JF Kennedy, L-1855
Luxembourg.
Signicant or Material Change
There has been no signicant change in the nancial or trading position of Emaar and its subsidiaries
since 30 September 2010 and there has been no material adverse change in the nancial position or
prospects of Emaar and its subsidiaries since 31 December 2009.
There has been no signicant change in the nancial or trading position of the Issuer and no material
adverse change in the nancial position or prospects of the Issuer, in each case, since the date of its
incorporation.
Litigation
Neither the Issuer nor Emaar (including any of its subsidiaries) is or has been involved in any
governmental, legal or arbitration proceedings (including any such proceedings which are pending or
threatened of which the Issuer or Emaar is aware) in the 12 months preceding the date of this
document which may have or have in such period had a signicant effect on the nancial position or
protability of the Issuer or Emaar (including any of its subsidiaries).
Auditors
The Issuer is not required by Cayman Islands law, and does not intend, to publish audited nancial
statements or appoint any auditors.
The auditors of Emaar are Ernst & Young, who have audited Emaars accounts, without
qualication, in accordance with IFRS for each of the two nancial years ended on 31 December
2008 and 2009. The auditors of Emaar have no material interest in Emaar.
Dealers transacting with Emaar
Certain of the Dealers and their afliates have engaged, and may in the future engage, in investment
banking and/ or commercial banking transactions with, and may perform services for, Emaar (and its
afliates) in the ordinary course of business.
153
INDEX TO FINANCIAL STATEMENTS
Auditors review report in respect of the interim condensed consolidated nancial statements
of Emaar for the nine months ended 30 September 2010 ....................................................... F-2
Interim condensed consolidated nancial statements of Emaar for the nine months ended
30 September 2010................................................................................................................... F-5
Auditors report in respect of the consolidated nancial statements of Emaar for the year
ended 31 December 2009......................................................................................................... F-40
Consolidated nancial statements of Emaar for the year ended 31 December 2009.............. F-41
Auditors report in respect of the consolidated nancial statements of Emaar for the year
ended 31 December 2008......................................................................................................... F-68
Consolidated nancial statements of Emaar for the year ended 31 December 2008.............. F-69
F-1
F-2
F-3
F-4
F-5
F-6
F-7
F-8
F-9
F-10
F-11
F-12
F-13
F-14
F-15
F-16
F-17
F-18
F-19
F-20
F-21
F-22
F-23
F-24
F-25
F-26
F-27
F-28
F-29
F-30
F-31
F-32
F-33
F-34
F-35
F-36
F-37
F-38
Emaar Properties PJSC
and Subsidiaries
Consolidated Financial Statements
31 December 2009
F-39
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F-42
Emaar Properties PJSC and its Subsidiaries
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Year ended 31 December 2009 (US $1.00 = AED 3.673)
Attributable to equity holders of the parent
_____________________________________________________________________
Employees
performance Non
Share Treasury share Retained controlling Total
capital shares program Reserves earnings Total interest equity
AED000 AED000 AED000 AED000 AED000 AED000 AED000 AED000
Balance at 1 January 2008 (audited) 6,091,239 - (1,446) 16,494,778 13,951,469 36,536,040 652,226 37,188,266
Effect of change in accounting policy - - - - (5,004,495) (5,004,495) - (5,004,495)

Balance at 1 January 2008 (restated) 6,091,239 - (1,446) 16,494,778 8,946,974 31,531,545 652,226 32,183,771
Profit for the year - - - - 165,586 165,586 (42,029) 123,557
Other comprehensive loss for the year - - - (2,368,446) - (2,368,446) (25,114) (2,393,560)

Total comprehensive income/ (loss) for the period - - - (2,368,446) 165,586 (2,202,860) (67,143) (2,270,003)
Transfer to reserves (note 26) - - - 305,531 (305,531) - - -
Dividends 2007 - - - - (1,218,248) (1,218,248) - (1,218,248)
Board meetings allowance - - - - (3,310) (3,310) - (3,310)
Share based payments - - - - 757 757 - 757
Shares allocated to employees performance share
program - - (1,700) - - (1,700) - (1,700)
Issuance of shares under employees performance share
program (note 24) - - 1,462 - - 1,462 - 1,462
Purchase of treasury shares (note 25) - (1,113) - - - (1,113) - (1,113)
Movement in non-controlling interest, net - - - - - - (90,731) (90,731)

Balance at 31 December 2008 (restated) 6,091,239 (1,113) (1,684) 14,431,863 7,586,228 28,106,533 494,352 28,600,885

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Attributable to equity holders of the parent
_____________________________________________________________________
Employees
performance Non
Share Treasury share Retained controlling Total
Balance at 1 January 2009 (audited) 6,091,239 (1,113) (1,684) 14,431,863 15,480,448 36,000,753 561,601 36,562,354
Effect of change in accounting policy (note 2.2) - - - - (7,894,220) (7,894,220) (67,249) (7,961,469)

Balance at 1 January 2009 (restated) 6,091,239 (1,113) (1,684) 14,431,863 7,586,228 28,106,533 494,352 28,600,885
Profit for the year - - - - 327,315 327,315 (37,939) 289,376
Other comprehensive income for the year - - - 246,778 - 246,778 6,504 253,282

Total comprehensive income/ (loss) for the year - - - 246,778 327,315 574,093 (31,435) 542,658
Transfer to reserves (note 26) - - - 32,732 (32,732) - - -
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Write down of non-controlling interest of
a subsidiary (note 7) - - - - - - (278,079) (278,079)
Movement in non-controlling interest, net - - - - - - 16,854 16,854

Balance at 31 December 2009 6,091,239 (1,113) (1,684) 14,711,373 7,877,501 28,677,316 201,692 28,879,008

The attached notes 1 to 33 form part of these consolidated fnancial statements.
The attached notes 1 to 33 form part of these consolidated fnancial statements.
F-43
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1
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
At 31 December 2009
16 PROPERTY, PLANT AND EQUIPMENT (continued)
Plant, Leisure,
Computers machinery Furniture entertainment
Leasehold Land and and office and heavy Motor and and other Capital
improvements buildings equipment equipment vehicles fixtures assets work-in- progress Total
AED000 AED000 AED000 AED000 AED000 AED000 AED000 AED000 AED000
Cost:
At 1 January 2008 50,239 1,389,517 101,928 444,194 20,474 280,455 3,003 5,479,692 7,769,502
Additions 13,926 184,413 75,680 35,835 21,151 96,270 - 5,420,913 5,848,188
Transfers - 683,915 5,425 10,457 - 11,250 271,140 (982,187) -
Disposals (4,232) (29,584) (406) (1,107) (1,283) (893) - - (37,505)
Transfer to investment properties (note 17) - - - - - - - (7,549,234) (7,549,234)
Foreign currency translation differences (7,271) (61,228) (10,994) (35,667) (14,582) (7,245) - (788) (137,775)

At 31 December 2008 52,662 2,167,033 171,633 453,712 25,760 379,837 274,143 2,368,396 5,893,176

Accumulated depreciation/ impairment:
At 1 January 2008 14,903 147,884 51,902 38,281 9,590 71,770 1,950 - 336,280
Depreciation charge for the year 7,553 74,106 28,581 48,477 10,520 41,446 4,728 - 215,411
Disposals (380) (29,522) (325) (152) (1,043) (267) - - (31,689)
Foreign currency translation differences (1,262) (5,491) (7,169) (14,750) (8,212) (4,138) - - (41,022)

At 31 December 2008 20,814 186,977 72,989 71,856 10,855 108,811 6,678 - 478,980

Net carrying amount:
At 31 December 2008 31,848 1,980,056 98,644 381,856 14,905 271,026 267,465 2,368,396 5,414,196

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.
At 31 December 2009
26 RESERVES
Net Foreign
unrealised currency
Statutory Capital General Hedging gains/ (losses) translation
reserve reserve reserves reserves reserve reserve Total
AED000 AED000 AED000 AED000 AED000 AED000 AED000
Balance at 1 January 2008 13,808,707 4,004 2,152,114 6,084 52,678 471,191 16,494,778
Decrease in unrealized reserve - - - (5,538) (1,491,960) - (1,497,498)
Decrease in foreign currency translation reserve - - - - - (870,948) (870,948)

Net income and expense recognised directly in equity - - - (5,538) (1,491,960) (870,948) (2,368,446)
Net movement during the year - - 305,531 - - - 305,531

Balance at 1 January 2009 13,808,707 4,004 2,457,645 546 (1,439,282) (399,757) 14,431,863
(Decrease)/ increase in unrealised reserve - - - (328) 43,200 - 42,872
Increase in foreign currency translation reserve - - - - - 203,906 203,906

Net income and expense recognised directly in equity - - - (328) 43,200 203,906 246,778

Balance at 31 December 2009 13,808,707 4,004 2,490,377 218 (1,396,082) (195,851) 14,711,373

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The attached notes 1 to 32 form part of these consolidated nancial statements.

EMAAR Properties PJSC and Subsidiaries
Attributable to equity holders of the Parent
_____________________________________________________________________
Employees
performance
Share Treasury share Retained Minority Total
Balance at 1 January 2008 6,091,239 - (1,446) 16,494,778 13,951,469 36,536,040 652,226 37,188,266

Decrease in unrealised gains/ (losses) reserve (note 24) - - - (1,497,498) - (1,497,498) - (1,497,498)
Decrease in foreign currency translation reserve (note 24) - - - (870,948) - (870,948) (25,114) (896,062)

Net income and expense recognised directly in equity - - - (2,368,446) - (2,368,446) (25,114) (2,393,560)
Profit for the year - - - - 3,055,311 3,055,311 25,220 3,080,531

Total income and expense for the year - - - (2,368,446) 3,055,311 686,865 106 686,971

Transfer to reserves - - - 305,531 (305,531) - - -
Directors fees - - - - (3,310) (3,310) - (3,310)
Dividends 2007 (note 25) - - - - (1,218,248) (1,218,248) - (1,218,248)
Shares allocated to employee share scheme - - (1,700) - - (1,700) - (1,700)
program (note 22) - - 1,462 - - 1,462 - 1,462
Cost of share based payments (note 22) - - - - 757 757 - 757
Additions to minority shareholders interest - - - - - - 190,931 190,931
Acquisition of minority interest in subsidiary (note 17) - - - - - - (186,100) (186,100)
Purchase of treasury shares - (1,113) - - - (1,113) - (1,113)
Funds withdrawn by minority shareholders - - - - - - (95,562) (95,562)

Balance at 31 December 2008 6,091,239 (1,113) (1,684) 14,431,863 15,480,448 36,000,753 561,601 36,562,354

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1
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Attributable to equity holders of the Parent
_____________________________________________________________________
Employees
performance
Share Treasury share Retained Minority Total
Balance at 1 January 2007 6,075,553 - (2,927) 14,669,084 9,237,022 29,978,732 565,928 30,544,660

Increase in unrealised gains/ (losses) reserve (note 24) - - - 642,544 - 642,544 - 642,544
Increase in foreign currency translation reserve (note 24) - - - 462,875 - 462,875 27,308 490,183

Net income and expense recognised directly in equity - - - 1,105,419 - 1,105,419 27,308 1,132,727
Profit for the year - - - - 6,575,314 6,575,314 (38,956) 6,536,358

Total income and expense for the year - - - 1,105,419 6,575,314 7,680,733 (11,648) 7,669,085

Transfer to reserves - - - 657,531 (657,531) - - -
Directors fees - - - - (4,790) (4,790) - (4,790)
Dividends 2006 - - - - (1,215,111) (1,215,111) - (1,215,111)
program (note 22) - - 1,481 - - 1,481 - 1,481
Cost of share based payments (note 22) - - - - 16,565 16,565 - 16,565
Rights issue 15,686 - - 62,744 - 78,430 - 78,430
Additional capital contribution by minority shareholders - - - - - - 262,633 262,633
Funds withdrawn by minority shareholders - - - - - - (164,687) (164,687)

Balance at 31 December 2007 6,091,239 - (1,446) 16,494,778 13,951,469 36,536,040 652,226 37,188,266

The attached notes 1 to 32 form part of these consolidated nancial statements.
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At 31 December 2008
15 PROPERTY, PLANT AND EQUIPMENT
Plant,
Computers machinery Furniture
Leasehold Land and and office and heavy Motor and Other Capital
Cost:
At 1 January 2008 50,239 1,389,517 101,928 444,194 20,474 280,455 3,003 5,479,692 7,769,502
Additions 13,926 184,413 75,680 35,835 21,151 96,270 - 5,420,913 5,848,188
Transfers - 683,915 5,425 10,457 - 11,250 271,140 (982,187) -
Disposals (4,232) (29,584) (406) (1,107) (1,283) (893) - - (37,505)
Transfer to investment properties (note 16) - - - - - - - (7,549,234) (7,549,234)
Foreign currency translation differences (7,271) (61,228) (10,994) (35,667) (14,582) (7,245) - (788) (137,775)

At 31 December 2008 52,662 2,167,033 171,633 453,712 25,760 379,837 274,143 2,368,396 5,893,176

At 1 January 2008 14,903 147,884 51,902 38,281 9,590 71,770 1,950 - 336,280
Depreciation charge for the year 7,553 74,106 28,581 48,477 10,520 41,446 4,728 - 215,411
Disposals (380) (29,522) (325) (152) (1,043) (267) - - (31,689)
Foreign currency translation differences (1,262) (5,491) (7,169) (14,750) (8,212) (4,138) - - (41,022)

At 31 December 2008 20,814 186,977 72,989 71,856 10,855 108,811 6,678 - 478,980

At 31 December 2008 31,848 1,980,056 98,644 381,856 14,905 271,026 267,465 2,368,396 5,414,196

Capital work in progress at 31 December 2008 includes assets under construction for future use as investment properties amounting to AED 271,188 thousands (31 December
2007: AED 4,160,014 thousands). During the year ended 31 December 2008, an amount of AED 123,667 thousands (2007: AED 57,828 thousands) was capitalised as cost of
borrowings for the construction of these assets.
At 31 December 2008, the fair value of revenue generating assets (hotels, service apartments etc.) is AED 3,578,707 thousands (2007: AED 3,458,406 thousands) compared with
a carrying value of AED 1,933,171 thousands (2007: AED 1,126,593 thousands).
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At 31 December 2008
15 PROPERTY, PLANT AND EQUIPMENT (continued)
Plant,
Computers machinery Furniture
Leasehold Land and and office and heavy Motor and Other Capital
Cost:
At 1 January 2007 76,601 822,610 71,388 137,695 12,258 154,559 3,003 3,167,631 4,445,745
Reclassification (44,984) 44,984 - - - - - - -
Acquisition of subsidiaries - - 378 - 1,407 325 - - 2,110
Additions 23,852 239,304 34,634 28,288 7,909 122,948 - 3,239,062 3,695,997
Transfers - 339,428 - 341,734 - - - (681,162) -
Disposals (5,927) (76,354) (5,128) (71,359) (1,219) (3,836) - - (163,823)
Transfer to investment properties (note 16) - - - - - - - (251,000) (251,000)
Foreign currency translation differences 697 19,545 656 7,836 119 6,459 - 5,161 40,473

At 31 December 2007 50,239 1,389,517 101,928 444,194 20,474 280,455 3,003 5,479,692 7,769,502

At 1 January 2007 6,092 165,941 34,516 7,371 6,040 40,027 1,199 - 261,186
Reclassification/transfers (571) 571 - - - - - - -
Acquisition of subsidiaries - - 62 - 245 49 - - 356
Depreciation charge for the year 11,239 56,417 20,690 29,365 3,887 33,309 751 - 155,658
Disposals (1,946) (76,354) (3,629) - (642) (3,053) - - (85,624)
Foreign currency translation differences 89 1,309 263 1,545 60 1,438 - - 4,704

At 31 December 2007 14,903 147,884 51,902 38,281 9,590 71,770 1,950 - 336,280

At 31 December 2007 35,336 1,241,633 50,026 405,913 10,884 208,685 1,053 5,479,692 7,433,222

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24 RESERVES
Net Foreign
unrealised currency
Statutory Capital General Hedging gains/(losses) translation
reserve reserve reserves reserves reserve reserve Total
AED000 AED000 AED000 AED000 AED000 AED000 AED000
Balance at 1 January 2007 13,745,963 4,004 1,494,583 - (583,782) 8,316 14,669,084
Increase in unrealised reserve - - - 6,084 636,460 - 642,544
Increase in foreign currency translation reserve - - - - - 462,875 462,875

Net income and expense recognised directly in equity - - - 6,084 636,460 462,875 1,105,419
Share premium 62,744 - - - - - 62,744

Balance at 1 January 2008 13,808,707 4,004 2,152,114 6,084 52,678 471,191 16,494,778
Decrease in unrealised reserve - - - (5,538) (1,491,960) - (1,497,498)
Decrease in foreign currency translation reserve - - - - - (870,948) (870,948)

Net income and expense recognised directly in equity - - - (5,538) (1,491,960) (870,948) (2,368,446)

Balance at 31 December 2008 13,808,707 4,004 2,457,645 546 (1,439,282) (399,757) 14,431,863

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F-90
ISSUER AND TRUSTEE
Emaar Sukuk Limited
MaplesFS Limited
P.O. Box 1093
Queensgate House
Grand Cayman, KY1-1102
Cayman Islands
LESSEE, OBLIGOR, AND EMAAR
Emaar Properties PJSC
Emaar Business Park
Building 1, Level 6
P.O. Box 9440
Dubai
DELEGATE
HSBC Corporate Trustee Company (UK) Limited
8 Canada Square
London E14 5HQ
United Kingdom
PRINCIPAL PAYING AGENT, CALCULATION AGENT,
REGISTRAR AND TRANSFER AGENT
HSBC Bank plc
8 Canada Square
London E14 5HQ
United Kingdom
AUDITORS
To Emaar
Ernst & Young
28th oor,
Al Attar Business Tower
P.O. Box 9267
Dubai
154
LEGAL ADVISERS
To the Issuer
as to Cayman Islands law
Maples and Calder
The Exchange Building, 5th Floor
Dubai International Finance Centre
Sheikh Zayed Road
P.O. Box 119980
Dubai
To Emaar
as to English and UAE law
Linklaters LLP
Ninth Floor, Currency House
P.O. Box 506516
Dubai
To the Dealers
as to English and UAE law
Allen & Overy LLP
Level 2
The Gate Village Building GV08
P.O. Box 506678
Dubai
To the Delegate
as to English law
Allen & Overy LLP
One Bishops Square
London E1 6AD
United Kingdom
DEALERS
BNP Paribas DBS Bank Limited
10 Harewood Avenue
London NW1 6AA
United Kingdom
6 Shenton Way
a35-00 DBS Building Tower One
Singapore 068809
HSBC Bank plc Merrill Lynch International
8 Canada Square
London E14 5HQ
United Kingdom
2 King Edward Street
London EC1A 1HQ
United Kingdom
Standard Chartered Bank The Royal Bank of Scotland plc
P.O. Box 999
Dubai
135 Bishopsgate
London EC2M 3UR
United Kingdom
155
imprima C103695

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BASE PROSPECTUS

EMAAR SUKUK LIMITED

The attached notes 1 to 32 form part of these consolidated nancial statements.

EMAAR Properties PJSC and Subsidiaries

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