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$881m Burj Dubai contract

Emaar Chief Executive Officer AJ Jaganathan and Samsung Corporation's
Chief Executive S. D. Lee in Seoul, Korea on Friday 7th October 2005 signing
the USD 876.3 million Burj Dubai construction deal.

Emaar Properties has signed a landmark $881m construction contract with Samsung Corporation for the Burj Dubai, the world's tallest structure. Construction has already reached the 12th floor, and is progressing at a rate of one floor per week, with completion scheduled for the end of 2008.

Following the appointment announcement in December 2004, Emaar went through a rigorous process of validating various portions of the contract, while work on the project had already started. This process culminated yesterday in Seoul, Korea where Emaar Chief Executive Officer AJ Jaganathan and Samsung Corporation's Chief Executive S. D. Lee signed the groundbreaking deal which is a significant moment in the rise of the iconic Burj Dubai.

Construction of the tower has already reached the 12th floor and is progressing at a rate of one floor per week and will be complete by 2008. Chicago-based Skidmore, Owings & Merrill (SOM) have designed the tower while New York-based Turner Construction International is the project and construction manager.

"Like Emaar, Samsung Corporation has set global benchmarks for real estate developers and has proven time and again its ability to be part of the creative process for some of the world's most ambitious developments," Mr. Jaganathan said.

The Burj Dubai will include the world's first Armani Hotel and combine serviced residences, luxury apartments, world class restaurants and unparalleled leisure and entertainment facilities.

The Burj Dubai is part of a USD 20 billion urban development in the heart of Dubai, spreading across 500 acres and combining world class commercial, residential, hotel, entertainment, shopping and leisure outlets.