Hospitality Net

In May 2005, Emaar signed a long-term license with Giorgio Armani SpA for the development of a unique worldwide collection of ten luxury hotels and resorts. With this agreement, Emaar Hotels & Resorts LLC was created to oversee the construction, management and operations of the Armani Hotels and Resorts. Planned openings will include Milan (Spring 2008), London and New York among other international destinations.

The collaboration is the result of this shared vision of Emaar and Giorgio Armani to create one of the world's leading "lifestyle" hotel and resort developments.

Emaar's Chairman Mohamed Ali Alabbar said: "It is an honour to be able to work with one of the world's most iconic designers in realizing this ambitious project. There could be no better setting for one of the first Armani Hotels than the Burj Dubai which, when finished, will define a city and be a global beacon synonymous with style and luxury."

Giorgio Armani said: "This marks the beginning of a new chapter in the Armani story which will bring to life the Armani philosophy of style and design in a collection of exclusive hotels and resorts. Today, more than ever before fashion has expanded to encompass our way of life, not just how we dress, but where we live, which restaurants we eat at, where we holiday and which hotels we stay in."

"I strongly believe that for those people who enjoy the Armani fashion and home furnishings collections; there will be a real enthusiasm for the possibility to now stay at an Armani hotel or resort. This continues our ongoing strategy of building the Armani universe into a comprehensive lifestyle brand," he added.

When completed the Armani Hotel Dubai will feature 160 guest rooms and suites, a variety of restaurants and a spa covering more than 40,000 square metres. Adding to the luxury of the hotel are the 144 luxury residential suites which will be personally designed by the celebrated Italian designer and will feature his home furnishing line, Armani Casa.

About Emaar Properties PJSC: | Emaar Properties, the Dubai-based Public Joint Stock Company, is listed on the Dubai Financial Market and is part of the Dow Jones Arab Titans Index. Emaar is the No. 1 real estate company in the world in terms of market capitalisation which is over US$40 billion. The company announced that its net profits for the first nine months to September 30 climbed 255 per cent, to a record AED 3.690 billion. The figures represent a substantial increase on the AED 1.039 billion in the same period a year ago. The company also reported an impressive 77 per cent rise in revenues to AED 6.757 billion, from AED 3.808 billion for the same period in 2004.

The company has witnessed tremendous growth since its inception in 1997 and boasts a rapidly growing tenant base with more than 12,000 homes handed over to satisfied customers to date. Currently, it has several major real estate projects under various stages of development in Dubai including Arabian Ranches, Dubai Marina, Emirates Hills, The Views, The Meadows, The Springs, The Lakes and The Greens. The company also owns and manages the Gold and Diamond Park.

Emaar has started construction on its most ambitious project to date, the Burj Dubai, which comprises the Burj Dubai - the tallest tower in the world when completed in 2008, The Dubai Mall, Burj Dubai Boulevard, The Lofts, The Old Town, The Old Town Island, The Residences, Burj Views, man-made lakes, landscaped parks and gardens. The company has joint ventures and projects across the region covering Saudi Arabia, Egypt, Syria, Morocco, India and Pakistan. Recently the award winning property developer announced plans to aggressively expand the retail sector with investments of over AED 15 billion to develop approximately 100 malls in the mega emerging markets of the Middle East, North Africa and the Indian subcontinent. In addition, Emaar has teamed up with Giorgio Armani S.p.A to build and manage 10 Armani hotels and resorts across the world; an Armani hotel will feature in Emaar's flagship Burj Dubai tower.

While continuing to actively pursue expansion in its core business of innovative, high quality real estate development, Emaar has diversified into related business lines to further build value for its 41,000 shareholders, which includes the Government of Dubai. Emaar owns and manages two subsidiaries - Dubai Bank, focused on retail and commercial banking and EMRILL, a joint venture with the UK-based Carillion which provides innovative property and facilities management services. Emaar is also the majority shareholder in Amlak Finance, UAE's leading Islamic home financing company. For further information, please visit www.emaar.com.