Emaar Properties : Integrated Annual Report

CONTENTS

At a Glance 2

About the Report 4

Delivering Value for Our Stakeholders 6

Chairman's Message 8

Message from the Managing Director 10

About Emaar Properties

Who We Are 18

Where We Operate 20

Key Performance Highlights 22

Our Businesses 24

Value Creation at Emaar

How we Create Value 38

Our Stakeholders 40

Materiality 42

Responding to our most Material Issues 44

Our Strategy

Our Strategic Priorities 48

The Sustainable Way Forward 50

Our Contribution to the UN SDGs 52

AT A GLANCE

About Emaar Properties

Value Creation at Emaar

Our Strategy

ESG at Emaar

Industry Context and Performance

Corporate Governance ReportConsolidated Financial Statements

TURNING DREAMS TO REALTY

Emaar Properties PJSC strives to provide its customers with the highest possible quality of life. Our dream is to make our communities a place where anything is possible and we design and construct landmarks to reflect these possibilities. Each of our buildings exemplifies innovative design and construction that pushes the boundaries.

We have pioneered the development of master-planned communities and designed integrated lifestyle destinations such as Downtown Dubai, Dubai Marina, Marassi and Uptown Cairo. We have developed shopping centres, hotels, resorts, office buildings and apartment complexes, and we are renowned for providing our clients with the finest in modern conveniences, amenities and retail and entertainment experiences, right at their fingertips.

Shaping cityscapes… and living it large

The world's tallest building with 163 floors.

This 2,000-seater performing arts hotspot is a multi format space, morphing from a theatre into a banquet hall at the click of a button. Such versatility is unmatched in the world.

One of the world's largest and most visited malls.

The highest observation deck in the world.

At 900-ft, the tallest performing fountain in the world. A spectacular unison of water, music, and light.

A 25-year young company with unbeatable scale

Market capitalisation

AED 51+ Bn as at 30 December 2022

Core strength

1.7 Bn sq ft of land bank in countries of operation

Revenue

AED 24.9 Bn in 2022

Continents present in

Asia, Africa, Europe and North America

Global retail presence

>12 Mn sq ft GLA of malls and retail centres globally (9.7 Mn sq ft in Dubai)

Competition

#1 Rank amongst Real Estate Developers in MENA*

*By Forbes in 2021

A premium international brand with high recall.

We promise aspirational lifestyles and build vibrant communities by delivering spaces where every day living is a joy. Our customer first ethos drives our service standards.

2022 at a Glance

Financial performance

AED 35.1 Bn

(US$ 9.5 Bn)

Total property sales (including JVs/JDAs)

AED 53.2 Bn

(US$ 14.5 Bn)

Revenue backlog

AED 9.8 Bn

(US$ 2.7 Bn)

EBITDA

BBB-/Baa3

(with stable outlook)

Credit rating

Environment

3.16 MW

Renewable energy capacity in the UAE

Social

~AED 61 Mn

CSR expenditure

Governance

55%

Independent Directors on the Board of Directors

ABOUT THE REPORT

OUR INTEGRATED APPROACH

Our integrated thinking informs our strategy, governance, prospects and enables us to deliver consistent value to all our stakeholders.

We are driven by Purpose

Our purpose is to be the most admired realty group globally, transforming the lives of our customers by delivering spaces that engage, excite and enrich. We ensure long-term income and wealth creation from the assets we create through our 360-degree involvement across asset lifecycles.

Vision

To redefine engineering excellence

Mission

To create futuristic residential, retail, entertainment & leisure assets transforming the lifestyles of people globally

Goal

To deliver sustainable long-term growth and value creation

is is our 2nd Integrated Report. It reflects our commitment to transparent stakeholder communication and setting high business standards. It provides our stakeholders with a concise yet detailed assessment of our ability to create sustainable value in the short, medium, and long term. e report focuses on Emaar Properties PJSC's performance, strategy, and challenges.

Materiality

For stakeholders

Investors

CustomersPartners and SuppliersCommunitiesEnvironment

We apply the principle of materiality in assessing what information should be included in our integrated report. Accordingly, this report focuses particularly on those issues, opportunities, and challenges that materially impact on the ability to create value in the

short, medium, and long term.

Reporting period

01

January 2022

31

December 2022

Scope and boundary

e report covers the strategic, financial, and non-financial performance of all Emaar Properties PJSC's business units and assets.

Reporting framework and standards

is report has been prepared in accordance with the following standards and frameworks:

• • International Financial Reporting Standards (IFRS)

• • International framework of the Value Reporting Foundation

• • GRI 2021 Standards

Forward-looking statements

Certain information set forth in this report contains "forward-looking information", including "future-oriented financial information" and "financial outlook", under applicable securities laws (collectively referred to herein as forward-looking statements). Except for statements of historical fact, the information contained herein may constitute some forward-looking statements. Such forward-looking statements are provided to allow potential investors the opportunity to understand the management's beliefs and opinions regarding the future so that they may use such beliefs and opinions as one factor in evaluating an investment.

Although forward-looking statements in this report are based upon what management of the Company believes are reasonable assumptions, there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. e Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. e reader is cautioned not to place undue reliance on forward-looking statements.

Feedback and suggestions

Feedback from our internal and external stakeholders helps and supports us to strengthen our practices and performance further. In case of feedback, reach out to:

Abhay Singhvi

Head - Investor Relations at Emaar Properties Email:ASinghvi@emaar.ae

DELIVERING VALUE FOR OUR STAKEHOLDERS

DELIVERING CONSISTENT PROGRESS

We connect with and impact a broad range of stakeholders. In 2022, we created a significant positive impact through our business.

Our sustainable operations enabled us to make a difference in people's lives.

At Emaar, we prioritise customers and create value for all stakeholders by providing an aspirational lifestyle beyond dreaming big. Our dedication to quality and excellence ensures long-term value creation. Our unmatched expertise in building vibrant communities, coupled with our vision and ambition, delivers value and meaning to all our stakeholders.