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Emaar Properties signs joint venture deal

with Cham Holding Company

  • New venture, Emaar Cham, to have initial equity of US$100 million

Damascus, Syria; February 27, 2008: Emaar Properties PJSC, the Dubai-based property developer with a significant presence in 36 markets globally, has signed a joint venture agreement with Cham Holding Company, Syria, to develop mixed-use projects in key destinations in the country. The new company, Emaar Cham will have an initial equity base of US$100 million, equally shared by the two partners, and will create master-planned communities that will further boost the Syrian economy.

Mr Mohamed Ali Alabbar, Chairman, Emaar Properties, and Mr Nabil Al Kouzbari, Chairman, Cham Holding Company, signed the agreement in Damascus. Emaar Cham will develop mixed-use neighbourhoods in some of the fastest growing districts of Syria. Details of these developments will be announced shortly.

Cham Holding Company is formed by a group of leading Syrian entrepreneurs with a capital base of US$360 million and has focused investment projects in tourism, real estate, industry, transportation, banks, energy and healthcare.

Mr Alabbar said: “Emaar has already established a strong development platform in Syria with the pioneering Eighth Gate development in Yafour. The new joint venture with Cham Holding Company highlights the importance of wider regional partnerships that will further drive the country’s socio-economic growth through investments in high-growth sectors.”

Mr Nabil Al Kouzbari said: “The Syrian economy is one of the key emerging markets in the Middle East and North Africa region, and presents unprecedented growth opportunities. Our partnership with Emaar, a world leader in property development, will lend further momentum to our ambitious investment plans for the country.”

Dr Nader Mohammed, Regional Managing Director, Emaar International, added: “As the joint initiative of Syria’s leading entrepreneurs, Cham Holding plays a key role in the country’s infrastructure development through focused investments. The new joint venture company will leverage on Emaar’s core competency of developing world-class lifestyle communities.”

Emaar’s expansion to Syria is in line with its Vision 2010 to become one of the most valuable companies in the world. An integrated lifestyle provider, Emaar is expanding to education, healthcare, financial services, shopping malls and hospitality & leisure.

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