Emaar Properties (p.j.s.c) · DFM:EMAAR
Emaar Properties (p.j.s.c) — FY2024 Earnings Presentation
70 slides from Emaar Properties (p.j.s.c)'s earnings presentation, Feb 24, 2025
Slide 1: Prepared for the Future
Prepared for the Future Built on Strength, Prudence & Resilience Investor Presentation 2024 0 |
Slide 2: Disclaimer
Disclaimer Emaar Properties PJSC, for themselves and for Emaar Group, give notice that: The particulars of this presentation do not constitute any part of an offer or a contract. Given that the presentation contains information based on forecasts and roll outs, all statements contained in this prese
Slide 3: Discussion Summary
Discussion Summary 1 Investing In Emaar Expanding Footprint in UAE 2 & International Markets 3 Business Strategy & Outlook 4 Sustainability 5 Q4 & FY-2024 Results Update 6 Annexure 2 |
Slide 4: Investing In Emaar
fd I lle ctamee Fo | Emaar
Slide 5: Emaar Purpose & Business Model
Emaar Purpose & Business Model An Enduring Enterprise driven by: Our Business Model: We operate a business model that puts risk • Vision: To be the world’s most trusted mitigation at the center of our core strategies. and valuable company, enriching lives, We create value by providing high quality a
Slide 6: A Globally Admired Real Estate Company
A Globally Admired Real Estate Company CREATOR OF WORLD- GLOBAL RANKINGS IN PROVEN EXECUTION STRONG REVENUE VISIBILITY RENOWNED ARCHITECTURES LISTED REAL ESTATE SPACE + 171,2002 GLOBALLY AED +1102 BN GLOBALLY BURJ KHALIFA 1st IN MARKET CAP 1 over 70% of which in UAE AED 102.72 BN in UAE Tallest buil
Slide 7: Emaar Timeline – Key Events
Emaar Timeline – Key Events 2024 Acquisition of Albro* by Emaar Misr 6 | *Albro North Coast for Development
Slide 8: Diversified Real Estate Player In UAE & International Markets
Diversified Real Estate Player In UAE & International Markets Resilient Business Model With Strong Growth Potential Total Revenues in AED Mn 11% 35,505 ✓ Delivering strong results with a solid 27,897 26,750 CAGR, demonstrating resilience and 25,536 24,925 23,699 adaptability even in challenging mark
Slide 9: Strong Balance Sheet
Strong Balance Sheet Investment Grade Rating, Low Leverage and Access to Significant Liquidity AED Million 2024 Comfortable Debt Maturity Profile – December 2024 Debt 9,686 AED Million Cash 50,056 3,670 Net Cash 40,370 3,069 Equity 96,070 Total Assets 1,947 160,222 Undrawn Facility1 ~3,670 893 Key R
Slide 10: Emaar In The Value Zone
Emaar In “The Value Zone” Emaar Properties is Trading at Significant Discount to its NAV despite Superior Financial Metrics -60% -47% -66% -46% 2 AED Bn 213 +34% 1 114 97 85 52 33 2014 2024 NAV Book Value Market Cap 9 | 1) Market valuation based on share price as at 31st Dec 2024; 2) NAV as of 31st
Slide 11: Expanding Footprint in UAE & International Markets
Expanding Footprint in UAE & International Markets 10 |
Slide 12: Developer of Iconic Master Plans Transforming Dubai
Developer of Iconic Master Plans Transforming Dubai… Downtown Dubai Dubai Marina 2005 Today 2003 Today ✓ 500-acre Flagship Mega-Development ✓ One of the Largest Man-Made Marina (3.5 sq.km.) ✓ One of the Most Visited Destinations In The World development of its kind ✓ Includes World’s Tallest Buildin
Slide 13: Having Stood Multiple Tests of Time
…Having Stood Multiple Tests of Time Emaar’s Unique Proposition of Integrated Masterplans and Superior Quality helped to Deliver Consistent Performance in UAE UAE Development Sales1 (AED Bn) 65.4 ✓ Significant long-term value creation through Integrated Master Developments centred around Iconic Asse
Slide 14: Renowned For Its Iconic Retail Assets
Renowned For Its Iconic Retail Assets… Dubai Mall – Most Visited Mall in the World ✓ One of the world’s largest and renowned shopping & entertainment destination ✓ 4.9 Mn sq. ft. GLA1 having 99.7% Occupancy1 ✓ 1,300+ stores with leading retailers and marquee global brands ✓ With record 111 Mn visito
Slide 15: Delivering Robust Growth
…Delivering Robust Growth Emaar Malls Management Delivered Consistent Growth over 2012 to 2024 Robust Growth in Footfalls1… ✓ Preferred gateway to Dubai’s consumers for 300 7.4 7.6 aspiring retailers and brands 6.1 6.0 6.1 6.1 6.2 250 5.2 5.3 5.4 5.4 5.4 5.4 ✓ Urban lifestyle destination and unique
Slide 16: Complemented by Immersive Entertainment Avenues
…Complemented by Immersive Entertainment Avenues Major Tourist Attractions driving Footfalls Entertainment & Commercial Leasing: at our Malls Robust Growth & Superior Margins In AED Mn ✓ At The Top, world’s highest observation 68.6% 73.1% 73.3% desk 58.7% 58.9% 59.4% 60.4% 59.1% 46.7% ✓ Dubai Aquari
Slide 17: Hospitality Assets Deliver Steady Performance
Hospitality Assets Deliver Steady Performance Strong Rebound in Performance Post Covid-19 Emaar Hotels: Hospitality Business: Resilient & Profitable In AED Mn ✓ Maintained healthy EBITDA margin with operating costs under control 50% 49%* 48% 45% 39% 38% ✓ Added 4 new hotels featuring ~500 keys in 20
Slide 18: Replicating Our Success In International Markets
Replicating Our Success In International Markets Leverage Emaar’s Strength And Unlock the Land Bank Potential in Key International Markets Development Retail Entertainment Hospitality ✓ 50,100+ units sold & c. 44,100+ ✓ Own & operate iconic ✓ Launch entertainment ✓ Adopt an asset-light units deliver
Slide 19: Business Strategy & Outlook
Business Strategy & Outlook 18 |
Slide 20: Top Priorities
Top 3 Priorities Maintain Leadership Position in Our Markets Focus on Execution & Cash Flow Generation Focus on Maximising Shareholder Returns 19 |
Slide 21: UAE Development Strategy: Consolidate and Prepare for the Next Growth Phase
UAE Development Strategy: Consolidate and Prepare for the Next Growth Phase Leverage the Strength Marketing to Well-planned Execution Product Innovations of Master Developments International Customers & Delivery • Leverage on the existing • Unique product offering for • Targeting international • Tim
Slide 22: UAE Retail Strategy: Multi-format Growth Strategy
UAE Retail Strategy: Multi-format Growth Strategy Leverage Superior Asset Mix Robust Retail Space Growth • Offer diverse retailing experience - super-regional malls, • Well-planned extensions at Dubai Mall to enhance customer regional malls, specialty retail, community retail centers experience • Co
Slide 23: UAE Retail Strategy: Adopt Low-Risk Model For Future Expansions
UAE Retail Strategy: Adopt Low-Risk Model For Future Expansions Operate As Pure Rental Income Play Projects under Emaar • Pure Rental Income Play GLA Expected Project Name (‘000 sq.ft.) Opening ✓ Focus on rental income growth and cash flow generation Dubai Mall Expansion (Grand Drive) c. 440+ H2 202
Slide 24: Sustainability
Sustainability Environment, Social & Governance 23 |
Slide 25: Emaar's ESG Strategy Framework
EMAAR’S ESG Strategy Framework EMAAR’S ESG purpose is to create and sustain exceptional places to live, work and visit, with a commitment to sustainability at the forefront, enhancing community wellbeing, safeguarding the environment, and creating long-term value for all its stakeholders STRATEGIC P
Slide 26: Our ESG Focus: Safeguarding the Environment
Our ESG Focus: Safeguarding the Environment Key Highlights and Achievements WATER INDUSTRY, INNOVATION RESPONSIBLE CLEAN ENERGY AND INFRASTRUCTURE CLIMATE ACTION MANAGEMENT CONSUMPTION The recycling of swimming pool backwash Over 80 Electric Vehicle (EV) chargers Burj Khalifa secured the Leadership
Slide 27: Our ESG Focus: Maximizing Social Value
Our ESG Focus: Maximizing Social Value Key Highlights and Achievements EMPLOYEE WELFARE AND COMMUNITY IMPACTS • Contributed approximately AED 48 Mn as CSR expenditure by the Group in FY 2024. • 15,000+ hours H&S-related job-specific training were provided to workers across UAE. • Conducted 59 employ
Slide 28: Our ESG Focus: Ensuring Strong Governance and Business Ethics
Our ESG Focus: Ensuring Strong Governance and Business Ethics Maintaining Strong Corporate Governance Practices DATA CYBER RISK AND ESG POLICY ESG GOVERNANCE MANAGEMENT THREAT MANAGEMENT Emaar launched its Group ESG Emaar leverages multiple data As part of Emaar’s commitment to Emaar hired an ESG He
Slide 29: Our ESG Focus: Ensuring Strong Governance and Business Ethics
Our ESG Focus: Ensuring Strong Governance and Business Ethics Maintaining Strong Corporate Governance Practices STANDARDS OF ANTI CORRUPTION WHISTLEBLOWER NO GIFT POLICY CONDUCT POLICY & BRIBERY POLICY POLICY Emaar developed Standards of Emaar’s Anti Corruption and Emaar has issued strict guidelines
Slide 30: Q4 & FY 2024 Results Update
Q4 & FY 2024 Results Update 29 |
Slide 31: 2024: Highest Ever Property Sale, Revenues and Profitability
Consolidated International UAE Development Emaar Malls Emaar Hospitality Results Development 2024: Highest Ever Property Sale, Revenues and Profitability Strong Property Sales1 Robust Revenues Healthy EBITDA c. AED 70 Bn AED 35.5 Bn AED 19.3 Bn +72% vs 2023 +33% vs 2023 +45% vs 20232 Net Profit (att
Slide 32: 2024: Key Financial Highlights
Consolidated International UAE Development Emaar Malls Emaar Hospitality Results Development 2024: Key Financial Highlights AED Million Q4 2024 Q4 2023 % Change FY 2024 FY 2023 % Change GP Margin Group Property Sales (1) 19,611 9,165 114% 69,515 40,308 72% Revenue 11,712 8,380 40% 35,505 26,750 33%
Slide 33: Segment Analysis
Consolidated International UAE Development Emaar Malls Emaar Hospitality Results Development Segment Analysis Segment Wise Revenues (AED Mn) Revenue Share % GP Share % EBITDA Share % +33% 35,504 8% 9% 12% 2,748 6% 5% + 10% 2,015 5% 4,600 13% 26,750 + 12% AED 20% AED AED 2,488 2,696 35,505 Mn 20,381
Slide 34: Historical Trend
Consolidated International UAE Development Emaar Malls Emaar Hospitality Results Development Historical Trend Revenues (AED Bn) Gross Profit (AED Bn) CAGR 11.7% CAGR 12.5% 20.4 35.5 16.9 27.9 26.8 25.5 23.7 24.9 12.8 12.6 11.5 11.6 18.4 17.7 9.2 13.1 15.1 7.0 8.0 6.5 2015 2016 2017 2018 2019 2020 20
Slide 35: Balance Sheet & Cash Flow Overview
Consolidated International UAE Development Emaar Malls Emaar Hospitality Results Development Balance Sheet & Cash Flow Overview Balance Sheet Overview Cash Flow Overview In AED Mn Total: AED 160,222 Mn (2,270) 12% Trade & Other Payables (8,760) Bank Balances & Cash 31% 38,632 24,481 (444) 20% Advanc
Slide 36: Emaar Development – Key Highlights
Consolidated UAE Development International Emaar Malls Emaar Hospitality Results Development Emaar Development – Key Highlights1 AED Million FY 2024 FY 2023 % Change 2024 Revenue Breakup Property Sales 65,390 37,367 75% Revenue 19,147 11,921 61% Gross Profit 10,657 8,408 27% Margin (%) 56% 71% 39% A
Slide 37: UAE Development – Current Project Status
Consolidated UAE Development International Emaar Malls Emaar Hospitality Results Development UAE Development – Current Project Status Equity 100% Owned Developments Consolidated JV3 Accounted JV3 Rashid Dubai Emaar Zabeel Downtown Arabian Dubai Emirates Emaar Address Dubai Yachts & Expo Living Other
Slide 38: Emaar Development – Historical Trend
Consolidated UAE Development International Emaar Malls Emaar Hospitality Results Development Emaar Development – Historical Trend3 In AED Mn Revenues Gross Profit CAGR 15.5% CAGR 18% 19,147 10,657 15,433 15,602 8,408 12,746 6,700 11,541 11,921 9,758 5,735 8,863 5,061 5,184 6,899 3,761 3,478 5,253 2,
Slide 39: International Development – Key Highlights
Consolidated UAE Development International Emaar Malls Emaar Hospitality Results Development International Development – Key Highlights International Sales – Units Released Revenue Backlog1 Booked Sales AED 8.3 Bn AED 4.1 Bn 97% 3% 18,780 To be recognized over in 2024 next 3-4 years 100% 1,309 Contr
Slide 40: International Development – Key Highlights
Consolidated UAE Development International Emaar Malls Emaar Hospitality Results Development International Development – Key Highlights Emaar Misr – Development1 Key Highlights AED Million EGP Million • Delivered 1,540+ units in 2024 FY 2024 FY 2023 % Change FY 2024 FY 2023 % Change • Emaar Misr’s r
Slide 41: Emaar Mall Management – Key Highlights
Consolidated International UAE Development Emaar Malls Emaar Hospitality Results Development Emaar Mall Management – Key Highlights Excl Namshi AED Million1 FY 2024 FY 2023* % Change FY 2024 FY 2023 % Change Revenue 4,600 4,535 1% GLA (Mn SQFT)2 7.6 7.5 1% Gross Profit 4,076 3,923 4% Margin (%) 89%
Slide 42: Emaar Mall Management (Excl. Namshi) – Historical Trend
Consolidated International UAE Development Emaar Malls Emaar Hospitality Results Development Emaar Mall Management (Excl. Namshi) – Historical Trend In AED Mn Rental Income EBITDA 4,733 4,600 4,363 3,861 3,599 3,645 3,644 3,227 3,323 3,359 2,934 2,952 3,012 2,992 2,676 2,674 2,250 2,447 2,191 1,407
Slide 43: Steady Rental Income Growth, High Operating Profitability
Consolidated International UAE Development Emaar Malls Emaar Hospitality Results Development …And Steady Rental Income Growth, High Operating Profitability Steady Rental Income1 Robust Revenue Model 4,733 4,600 Revenue Model: 11% 11% 11% • Rent equals higher of base rent or turnover rent 3,645 3,644
Slide 44: Active Tenant & Space Management with Healthy Lease Renewals
Consolidated International UAE Development Emaar Malls Emaar Hospitality Results Development Active Tenant & Space Management with Healthy Lease Renewals… Active Tenant Management Portfolio Lease Expiry Schedule1 % GLA of main unit expiring leases* • Meet changing retail trends and evolving consumer
Slide 45: Established Portfolio with Diverse Retailing Formats
Consolidated International UAE Development Emaar Malls Emaar Hospitality Results Development Established Portfolio with Diverse Retailing Formats… Total GLA3 Retail Assets Division Location & Catchment Key Highlights ('000 sq. ft.) • Downtown Dubai – • World renowned shopping & entertainment destina
Slide 46: Diversified Tenant Mix & Category Mix
Consolidated International UAE Development Emaar Malls Emaar Hospitality Results Development Diversified Tenant Mix & Category Mix… Diverse Retailers And Marquee Brands With Many Having Exclusive Presence At Emaar Malls 2024 Category Mix - % GLA* 6.4% 18.3% 5.2% Health & Beauty 4.8% Furnishings Luxu
Slide 47: New Expansion – Strong Growth Potential
Consolidated International UAE Development Emaar Malls Emaar Hospitality Results Development New Expansion – Strong Growth Potential Dubai Mall Expansion1 – Super Regional Shopping Mall Superior Positioning & Offerings Strong Catchment • AED 1.5 Bn worth of investment • World’s renowned shopping & e
Slide 48: Upcoming Expansion – Strong Growth Potential
Consolidated International UAE Development Emaar Malls Emaar Hospitality Results Development Upcoming Expansion – Strong Growth Potential 1 Dubai Expo Mall – Regional Shopping Mall Superior Positioning & Offerings Strong Catchment • Located close to Expo 2020 site • Over 190 retail & F&B outlets • C
Slide 49: Emaar Hospitality – Key Highlights
Consolidated International UAE Development Emaar Malls Emaar Hospitality Results Development Emaar Hospitality – Key Highlights FY 2024 FY 2023 % Change 2024 Revenue Breakup 1 #Keys 9,151 8,685 5% 2 Occupancy Rate (%) 79% 74% 5% RevPar (AED)2 571 567 1% Room Revenue (AED Mn) 828 735 13% 33% 41% F&B
Slide 50: Annexures
saataael /ULLEEELLTELELLLTDEE 5555 LPG 9F Ae Ty LHL, SPE EERIE
Slide 51: Divisions Overview
Divisions Overview UAE International Entertainment & Malls1 Hospitality Development Operations Commercial Leasing • Leading master plan • Active in targeted high • Owner and operator of • Hotel owner and operator • Provider of premium developer in Dubai growth countries one of the most visited (38 h
Slide 52: UAE Development – Projects Overview
UAE Development – Projects Overview Wholly-owned projects DOWNTOWN DUBAI ARABIAN RANCHES DUBAI MARINA EMIRATES LIVING EMAAR BEACHFRONT THE VALLEY Downtown Dubai is a Golden landscape of Offering riviera-style living Green-focused Emaar Beachfront is a An idyllic new township dynamic city hub, which
Slide 53: UAE Development – Projects Overview
UAE Development – Projects Overview Wholly-owned projects and Land Bank THE OASIS (FORMERLY THE HEIGHTS COUNTRY GRAND POLO CLUB & ADDRESS MARJAN ISLAND DUBAI CREEK HARBOUR LUSALIY) CLUB & RESORT RESORT A project of approx. 1.5 Mn sq.ft. A contiguous land parcel of ~100 A project of approximately 81
Slide 54: UAE Development – Projects Overview
UAE Development – Projects Overview CONSOLIDATED JVs EQUITY ACCOUNTED JVs WITH 50% SHARE RASHID YACHTS & DUBAI HILLS ESTATE EMAAR SOUTH ZABEEL SQUARE EXPO LIVING MARINA* A 50:50 Joint Venture A 70:30 Joint Venture Joint Venture between Emaar Joint venture between Emaar Joint venture between Emaar an
Slide 55: UAE Development – Projects Under Development (100% Owned)
UAE Development – Projects Under Development (100% Owned) Project Value Launch % Unit % Completion Project Value Launch % Unit % Completion Project (100% Owned) Units Project (100% Owned) Units (AED Mn)(1) Period Sold Dec-24 (AED Mn)(1) Period Sold Dec-24 Dubai Creek Harbour # 6,362 16,504 94% Downt
Slide 56: UAE Development – Projects Under Development (JVs)
UAE Development – Projects Under Development (JVs) Project Value Launch % Unit % Completion Project Value Launch % Unit % Completion Project (Joint Ventures) Units Project (Joint Ventures) Units (AED Mn)(1) Period Sold Dec-24 (AED Mn)(1) Period Sold Dec-24 Rashid Yachts & Marina 3,517 9,304 590,876
Slide 57: UAE Development – Completed Projects (100% owned)
UAE Development – Completed Projects1 (100% owned) % Remaining % Remaining Project Value Area % Unit Project Value Area % Unit Project (100% Owned) Units Collections of Sold Project (100% Owned) Units Collections of Sold (AED Mn)(2) (SQF) Sold (AED Mn)(2) (SQF) Sold Value Value Downtown Dubai 10,277
Slide 58: UAE Development – Completed Projects (JVs)
UAE Development – Completed Projects1 (JVs) Project % Remaining Project Value % Unit Project (Joint Ventures) Units (2) Value Collections of Sold (AED Mn) Sold (AED Mn)(2) Value Dubai Hills Estates 8,370 21,109 14,977,957 99% 3% Park Heights I 271 319 217,558 100% 1% Park Heights II 556 652 443,518
Slide 59: UAE Development – Location of Development Projects
UAE Development – Location of Development Projects EXPO LIVING Notes: 1) ‘Rashid Yachts & Marina’, formerly ‘Mina Rashid’ ’, ‘Address Marjan Island’, formerly ‘Al Marjan RAK’; 2) Masterplan visuals are approximated for reference 58 | 3) “The Oasis” includes a portion of land under Emaar Development
Slide 60: UAE Development – Expected Delivery Schedule (Units)
UAE Development – Expected Delivery Schedule (Units) Under Development Delivery Schedule Delivered as at Delivered Total Delivered Under 31-Dec-2023 YTD 31-Dec-24 as at 31-Dec-24 Development 2025 2026 2027 2028 2029 A - Emaar Properties (Consolidated) 67,664 3,956 71,620 35,298 3,728 7,359 10,207 9,
Slide 61: UAE Development – Land Bank Details
UAE Development – Land Bank Details Year Masterplan Available land bank 2012 Arabian Ranches II 2013 Dubai Hills Estate 2014 Dubai Creek Harbour** (million sq ft) 2015 Emaar South 2016 Downtown Views, Address Marjan Island* GLA (Mn sqft) 460 2017 Zabeel Square & Emaar Beachfront Arabian Ranches III,
Slide 62: International Development – Expected Delivery Schedule
International Development – Expected Delivery Schedule Under To be 2028 & Country Entity Completed 2025 2026 2027 Development developed Onwards Subsidiaries Emaar Misr 14,803 3,977 390 1,883 1,396 523 427 Emaar Middle 936 - - 36 32 28 42 East Emaar Turkey 1,309 - - 15 6 - - Metn 516 107 41 128 29 26
Slide 63: International Development – Land Bank Details (GLA)
International Development – Land Bank Details (GLA) 36.9 9.5 121.9 1.7 1.9 Saudi Arabia (Emaar Economic City)* Saudi Arabia (Emaar Middle East) India (Emaar India) Egypt Total GLA Pakistan 1,291 Mn SQ. FT Lebanon * Emaar Economic City is an associate of Emaar, land bank data is as on 30 Sep 2020 1,1
Slide 64: JV Accounting Treatment
JV Accounting Treatment Accounting P&L Balance Sheet Impact on Return on Capital Dubai Hills – • Line by line consolidation • Line by line consolidation • Neutral impact on ROCE Consolidation • 50% Minority Interest • 50% Minority Interest Rashid Yachts • Line by line consolidation • Line by line co
Slide 65: Hospitality Group – Current Portfolio
Hospitality Group – Current Portfolio Residences in Hotel Management Company Ownership Type Classification Keys Operational Hotel Pool(3) Emaar Group Hotel Portfolio UAE Armani Hotel at Burj Khalifa Armani Hotel - Dubai Owned 5 Star 160 NA 2010 Address Downtown Dubai TAH&R(1) Owned 5 Star 220 85 200
Slide 66: Fair Valuation Overview – GAV By Segment
Fair Valuation Overview – GAV By Segment December 2024 Book Value Split December 2024 Fair Value Split 3% 3% 3% 1% 1% 3% 12% 23% AED 160 Bn AED 311 Bn 15% 59% 65% 11% UAE Development Hospitality UAE Development Retail & leasing Associates International Development Associates International Developmen
Slide 67: Fair Valuation Overview – GAV By Segment (Cont'd)
Fair Valuation Overview – GAV By Segment (Cont’d) GAV: Development Properties GAV: Fixed Assets 2024 2023 2024 2023 Book Fair Book Book Fair Book Fair AED Million Fair Value AED Million Value Value Value Value Value Value Value UAE 32,580 113,241 28,609 81,146 Hotels & Convention Egypt 4,610 5,341 4
Slide 68: Fair Valuation Overview – NAV Table
Fair Valuation Overview – NAV Table In AED Mn 2024 2023 Book Value Fair Value Book Value Fair Value Cash and bank balances 50,056 50,056 33,855 33,855 Trade and Other Receivables 25,536 25,536 24,018 24,018 Development Properties* 45,096 134,946 40,998 101,272 Investment in Associates and Joint Vent
Slide 69: Group Structure
Group Structure* EMAAR PROPERTIES PJSC (2) DOMESTIC REAL ESTATE INTERNATIONAL MALLS HOSPITALITY GROUP OPERATIONS LEISURE & OTHERS ENTERTAINMENT DUBAI EMAAR EMAAR EMAAR EMAAR EMAAR CREEK DEVELOPMENT EME, KSA EEC, KSA EGYPT (3) MALL HOSPITALITY HOTELS & DISTRICT EMAAR ASSET AT THE TOP EMAAR HAMPTONS (
Slide 70: Thank You
Thank You EMAAR PROPERTIES Name – Abhay Singhvi Email ID - ASinghvi@emaar.ae, investor-relations@emaar.ae 69 |