Burj Dubai's Climb to Floor Five Lays Foundation for Global Chain of Armani Hotels

History Rises at a Floor Per Week

Aug 31, 2005, 01:00 ET from Emaar Properties

    DUBAI, United Arab Emirates, August 31 /PRNewswire/ -- Emaar Properties
 today announced that Burj Dubai, its iconic 'super' tower, had reached a key
 construction stage which will see the developer move to the next phase and
 incorporate the signature first Armani Hotel into the building. Progress on
 the building has been rapid in recent weeks as it has climbed to its current
 five-storey height -- the first level for the luxury Armani Hotel guest rooms.
     (Photo: http://www.newscom.com/cgi-bin/prnh/20050831/NYW086 )
     The Armani Hotel Dubai will offer 172 guest rooms and suites, restaurants
 and a spa covering more than 40,000 square metres and is the flagship for a
 global collection of Armani designer hotels and resorts. The joint venture
 between Giorgio Armani S.p.A. and Emaar Hotels & Resorts LLC is one of the
 defining phases of Burj Dubai, the tallest tower in the world and the
 centrepiece of the new Downtown Dubai.
     Work on the tower has been progressing at the rate of one floor a week and
 construction of Level Five is nearing completion. Robert Booth, Executive
 Director for Emaar Properties, said: "This is an immensely significant moment
 for Emaar, for the development of Burj Dubai and for the Armani Hotel chain.
 Our plans and projections are rapidly becoming reality and the moment is not
 far away when we will see the full scale of our spectacular Downtown Dubai
 projects emerging.
     "History is rising. The tower is taking shape. We're moving forward and we
 are on schedule. This is an endeavour whose scope and magnitude reflects the
 ambitions of the city of Dubai."
     The Burj Dubai Development, including the entirety of the tower, is
 scheduled to be completed within the next three years. The Armani Hotel and
 152 luxury residential apartments, whose interiors and furnishings will be
 designed and manufactured by fashion icon Giorgio Armani, will open in 2008.
     Greg Sang, Assistant Director -- Projects, Emaar Properties said: "We aim
 to achieve one floor a week between now and the year's end. Later on, as
 construction moves higher and floor size diminishes, it should be possible to
 complete two floors a week."
     With more than 2,000 workers committed to the tower the work is on
 schedule. The tower's central core has been cast to Level Five, with rebar
 fixing to Level Six now in progress. Its foundations, car park and concourse
 are rapidly taking shape.
     Around 30,000m cubed, 10 per cent of the 300,000m cubed of planned
 concrete works, has been cast and rapid progress is being made on creating the
 skeleton of the building in preparation for the finishing works that will
 follow. By the end of the year, progress on the tower's central core is
 expected to have reached Level 20.
     Booth added: "Burj Dubai is taking shape and is fast becoming a presence
 on Dubai's landscape. We are paving the way for Emaar to fulfil the hopes and
 expectations invested in it to become an example of what can be achieved in
 this region while consolidating its position as a global real estate and
 lifestyle leader."
     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. The company has witnessed tremendous growth since its
 inception in 1997 and boasts a rapidly growing tenant base. In June 2005,
 Emaar crossed the historic 10,000 mark on the number of homes handed over to
 satisfied customers. Currently, it has several major real estate projects
 under various stages of development in Dubai including Arabian Ranches, Dubai
 Marina, Emirates Hills, The Meadows, The Springs and The Lakes. 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
 Development, which comprises the Burj Dubai -- slated to be the tallest tower
 in the world, The Dubai Mall, The Boulevard, The Old Town, Old Town Island,
 The Residences, Burj Views, man-made lakes and landscaped parks and gardens.
 The company also has joint ventures and projects across the region covering
 Saudi Arabia, Egypt, Jordan, Morocco, India and Pakistan.
     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 three
 subsidiaries -- Dubai Bank, focused on retail and commercial banking; EMRILL,
 a joint venture with the UK-based Carillion which provides innovative property
 and facilities management services; and Sahm, its IT services arm. Emaar is
 also the majority shareholder in Amlak Finance, UAE's first mortgage finance
 company. For further information, please visit http://www.emaar.com .

SOURCE Emaar Properties