Q2-2021 REAL ESTATE MARKET OVERVIEW 2

FOREWORD MPM Real Estate Services comprises a comprehensive real estate and advisory platform providing the full range of professional services from a single provider. Our services include:- y Strategic development advisory y Agency y Asset management y Market research y Project management y Property management y Valuation y Facilities management

REPORT HIGHLIGHTS transactions increased by 21%. The value of transactions Residential increased from AED 421 million in Q1 2021 to AED 511.7 million y During H1 2021, close to 20,000 units were handed over, taking in Q2 2021. the total residential stock of Dubai to 639,000 units. In terms of y The office sale rates across key office developments remained supply for Q2 2021, about 11,000 units were added. stable during the quarter and dropped marginally by 2% year- added 18% of the new quarterly supply followed by the Creek on-year. Due to a relatively long holding period, weak demand Harbour with a share of 17%. New handovers from Dubai Creek and low prices, investors are more inclined towards leasing out Harbour include projects such as Creek 18 Residences, Harbour the space. Views and Creek Horizon. y Average office rents remain stable during the quarter while on an y As per the projects announced and under construction, annual basis, the rates dropped by 6%. Due to weak demand and approximately 58,000 new units are expected to be completed high voids, landlords are more inclined towards offering extended during the period H2 2021 to 2023. However, it is expected that a rent-free periods or fitted-out space rather than reducing rents fair share of this supply is expected to be extended by six months which are already at the bottom. and more. For H2 2021, another 20,000 units are likely to be completed, which could exert further pressure on the occupancy y As per the projects announced/under construction, approximately and rental levels, primarily across new properties. 4.2 million sq.ft. of office space is expected to be completed during the period H2 2021 to 2023. However, looking at the y Transaction activity for residential properties (apartments, current market condition, it is likely that the completion timeline villas, townhouses, serviced/hotel apartments, villa plots) during for some of the projects will be extended by 6-12 months.. the quarter surged in value and volume terms. The cumulative transaction value for residential properties in Q2 2021 was AED 21.89 billion across c.8,500 transactions compared to AED 15.05 Retail billion (6,910 transactions), an increase of 45% in value and 22% in volume. Of the total quarterly transactions, villas/townhouses/ y As of end H1 2021, the total retail stock of Dubai stood at villa plots accounted for AED 14.2 billion (65% share) and the 43.7 million sq.ft. GLA. Approximately 1.5 million sq.ft GLA of rest were apartments/serviced apartments. new retail space was added during the first half of 2021, the figure includes partial opening with a hypermarket and a few y The capital values for apartments across selected developments convenience stores in Circle Mall in Jumeriah Village Circle and remained stable during the quarter and dropped marginally Avenues Mall in Dubai Silicon Oasis, together these two malls by 2.1% year-on-year. While average sale rates for villas/ account for 1.2 million sq.ft. GLA while other notable addition townhouses across selected developments increased by 5% being Village expansion with 79,000 sq.ft. GLA. quarter-on-quarter and 11% year-on-year. y The retail sector which is impacted negatively due to the y Average apartment rents dropped marginally by 1% quarter- pandemic is witnessing an improvement with rising footfalls and on-quarter while year-on-year the drop was 8%. The rental and sales volume. Events such as the three-day super sale reported occupancy levels across villa/townhouse properties continue strong footfall levels and in-store sales. However, as the sector to strengthen for three straight quarters. Average rents across is heavily reliant on international visitors and with the air travel selected locations increased by 5.8% quarter-on-quarter and restrictions in place, the sector is expected to remain under stress 11.3% year-on-year. until it is back to normalcy. y Approximately 10 million sq.ft. GLA of new retail space is Office expected to be completed during the period H2 2021 – 2023. However, looking at the prevailing market condition, it is likely y During Q2 2021, c.270,000 sq.ft. of new office space was added, that a fair proportion of this supply could experience opening taking the total office stock to 103.8 million sq.ft. Over the past delays. Few of the new malls scheduled to enter include retail three years, the supply figures remained stable with less than 3.0 space from Dubai Hills mall, Souk Al Marfa and the Art Centre million sq.ft. annually. mall. y Compared to the previous quarter, the value of strata office

Q2-2021 | REAL ESTATE MARKET OVERVIEW | DUBAI 3 FACTS & FIGURES

TOTAL STAFF LARGEST ABU DHABI MAINLAND 120+ PORTFOLIO

PROPERTY MANAGEMENT STAFF LANDLORD CLIENTS 70+ 1,400

ADVISORY STAFF UNITS UNDER MANAGEMENT 30+ 14,000+

DEDICATED VALUATION LEASING & SALES STAFF PROFESSIONALS 25+ 20+

COMBINED MARKET VALUE OF PROPERTIES OCCUPANCY RATE VALUED SINCE JANUARY 2012 94.7% 100+bn

TABLE OF CONTENT

Real estate trends ...... 4

Residential sector...... 5

Office sector...... 9

Retail sector...... 11

Definitions & methodology...... 14

Contact information...... 15

Q2-2021 | REAL ESTATE MARKET OVERVIEW | DUBAI 4 REAL ESTATE TRENDS DUBAI LAND TRANSACTION

TYPE VOLUME VALUE AED. 59.41bn (‘billion AED) SALES 9,604 27.69 TOTAL TRANSACTIONS MORTGAGE 6,811 31.72 16,415 TOTAL 16,415 59.41

TOP RESIDENTIAL INVESTMENT LOCATIONS - Q2 2021

mln 2,076 2,986mln 984units 361units 681mln 998mln 176units 385units 1,459mln 752mln 579mln 354units 719mln mln 261units 2,942 units EMIRATES LIVING DUBAI INVESTMENT PARK 419 147units 1,578units JUMERA GOLF ESTATES

4,192mln 805units

Emirates Living

Jumeirah Village Circle

Source: Reidin

Q2-2021 | REAL ESTATE MARKET OVERVIEW | DUBAI 5 RESIDENTIAL MARKET y During H1 2021, close to 20,000 units were supply while , Dubai Science Park handed over, taking the total residential stock and Meydan/ (MBRC) of Dubai to 639,000 units. In terms of supply for added just over 4% each of the new supply. Q2 2021, about 11,000 units were added. The supply continues to be dominated by apartments y Within the leasehold areas, Al Nahda/ accounting for 83% of the total supply while villas/ area remained most active with a share of 7.2%. townhouses comprised 17%. Notable project to be completed in the area was Masaken Wasl project in Al Qusais 1 offering 777 y In terms of supply by location/development, units. Dubailand added 18% of the new quarterly supply followed by the Creek Harbour with a share of 17%. y As per the projects announced and under New handovers from Dubai Creek Harbour include construction, approximately 58,000 new units projects such as Creek 18 Residences, Harbour are expected to be completed during the period Views and Creek Horizon. H2 2021 to 2023. However, it is expected that a fair share of this supply is expected to be extended y Other freehold developments of Village by six months and more. For H2 2021, another Circle/Jumeirah Village Triangle added close 20,000 units are likely to be completed, which to 1,600 units (14.7%) followed by Downtown could exert further pressure on the occupancy and Dubai/ about 9% of the quarterly rental levels, primarily across new properties

RESIDENTIAL SUPPLY BY UNITS - (2014 - 2023)

700,000 Existing Supply Apartments Supply Villas

650,000

600,000

550,000

500,000 Number of units Number 450,000

400,000 2014 2015 2016 2017 2018 2019 2020 2021 2021 2022 2023 H1 H2 SALE RATES y Transaction activity for residential properties transactions, villas/townhouses/villa plots (apartments, villas, townhouses, serviced/hotel accounted for AED 14.2 billion (65% share) and apartments, villa plots) during the quarter surged the rest were apartments/serviced apartments. in value and volume terms. The cumulative y Mohammed bin Rashid City (MBRC)/Meydan transaction value for residential properties in remained the top destination attracting Q2 2021 was AED 21.89 billion across c.8,500 transactions worth AED 4.2 billion across 800 transactions compared to AED 15.05 billion properties, calculating to an average ticket (6,910 transactions), an increase of 45% in price of AED 5.2 million. Other top performing value and 22% in volume. Of the total quarterly developments include and

Q2-2021 | REAL ESTATE MARKET OVERVIEW | DUBAI 6

Dubailand with a transaction value of AED 2.9 new off-plan launches include Murooj in billion each. The developments of / Al Furjan development and Bliss and Caya II villas Jumeirah Beach Residence, Emirates Living and within III. recorded transactions worth y The capital values for apartments across selected AED 2.1 billion, AED 1.5 billion and AED 1.0 billion developments remained stable during the quarter respectively. and dropped marginally by 2.1% year-on-year. y Within the luxury/high-end segment, there Rise in investor/occupier interest towards larger were about 14 villa transactions with a value of units across established location has a large AED 50 million and above, together these villas extent assisted in controlling further declines. had a cumulative transaction value of AED 1.0 y The villa/townhouse segment performed better billion. The highest value of transaction was on than the apartments. Average sale rates across Palm Jumeriah wherein a five bedroom plus villa selected developments increased by 5% quarter- transacted at a value of AED 119.5 million. on-quarter and 11% year-on-year. However, y With several new off-plan launches during the there are developments which have recorded year, the off-plan transaction recorded a double an increase higher than the average. The capital digit increase in value and volume terms. The values in Jumeirah Park recorded a double-digit cumulative value of transactions increased from growth of over 20% increasing from AED 750 per AED 5.9 billion in Q1 2021 to AED 9.1 billion in sq.ft. in Q2 2020 to AED 950 per sq.ft. in Q2 2021 Q2 2021, a quarterly increase by 55%. Few of the

AVERAGE APARTMENT SALE RATES - Q2 2021

1,600 -8% 1,400 -6% 1,200 -4% 1,000 800 -2% 600 0% 400 change(%) Y.o.Y 2% 200 Average Sale Rates Rates Sale Average (AED/sq.ft.) 0 4% Downtown Old Town DIFC Palm The Views Dubai Marina Business Bay Jumeirah The Greens Dubai Jumeirah Beach Residence

AVERAGE VILLA SALE RATES - Q2 2021

2,400 20% ) . t f

. 18% q

s 2,000

/ 16% D

E 14%

A 1,600 ( 12% s e t 1,200 10% a R 8% e l a 800 6% S

Y.o.Y change (%)

e 4% g 400 a r 2% e v

A 0 0% Palm The Lakes Dubai Sports Arabian Jumeirah The Springs Jumeirah Al Furjan Jumeirah City Ranches Park Village

Q2-2021 | REAL ESTATE MARKET OVERVIEW | DUBAI 7

RENTAL RATES y Residential leasing activity during the quarter y Within the leasehold areas, the highest annual was largely driven by tenant migration looking to decline was recorded in Al Jadaf area with rents upgrade to larger and more open livable spaces. dropping by 10.8% year-on-year. One bedroom This has resulted in a rental decline across smaller units which achieved an average rent of AED units of studio, and one bedroom as well as ageing 50,000 per unit per annum are currently achieving properties. AED 42,000 per unit per annum, a drop by 16% year-on-year. The area has witnessed a substantial y Average apartment rents dropped marginally by increase in supply over the past two years and with 1% quarter-on-quarter while year-on-year the drop several projects under construction, the area is was 8%. The demand for larger and waterfront expected to record further addition of new units properties has to a large extent assisted in reducing during the short term which could further impact the rental gap. Moreover, the landlords are more on occupancy and rental rates. flexible in offering in extending rent free periods rather than reducing the rents which is assisting in y The rental and occupancy levels across villa/ holding on the rents. townhouse properties continue to strengthen for three straight quarters. Average rents across y Increase in supply and a shift in occupier selected locations increased by 5.8% quarter-on- preferences is resulting in a sharp rental decline quarter and 11.3% year-on-year. The rental growth across smaller units of studio and one bedroom. is led by the luxury/high-end segment which has Within the selected locations, rents for studios and remained under stress over the past five years. The one-bedroom units dropped annually by 9.8% and properties falling under this category recorded a 10.6% respectively while the three-bedroom units double-digit growth due to demand and supply recorded a marginal drop by 3.7% year-on-year imbalance. while quarter-on-quarter, the rents inflated by half a percent. y The rental growth has been recorded across all the villa communities, however, the percentage y Rental deflation and occupancy pressures were increase has been substantial higher across freehold noticed across properties that have been in the areas compared to leasehold areas. The rents for a property cycle for over a decade. Average rents five bedroom villa in Jumeirah Park increased from in dropped by 14.7% while in an average of AED 225,000 per unit per annum in by 11.7% Emergence of Q2 2020 to AED 260,000 per unit per annum in new quality supply from the surrounding areas Q2 2021, an increase of 15.6% year-on-year. along with relatively weak demand for smaller units is exerting pressure on occupancy and rental rates in these areas.

Q2-2021 | REAL ESTATE MARKET OVERVIEW | DUBAI 8 AVERAGE APARTMENT ANNUAL RENTS – Q2 2021

25K 50K - 38K 47K 53K 36K 68K 78K 53K 68K 75K

Studio 58K 85K 103K 78K 93K 100K 1 Bedroom - 118K 140K 105K 148K 155K 2 Bedroom 3 Bedroom -14.7% -4.9% 4.0% -10.5% -7.8% -7.3% Y.o.Y % Change

Jumeirah Beach Residence

Barsha Heights

Downtown Dubai

34K 41K 36K 36K 20K 52K 55K 50K 49K 27K 77K 81K 71K 75K 40K 95K 123K 88K 100K 60K

-6.8% -9.4% -7.4% -8.5% -11.7%

Q2-2021 | REAL ESTATE MARKET OVERVIEW | DUBAI 9 AVERAGE VILLA ANNUAL RENTS – Q2 2021

- - - 93K - - - 193K 133K 185K

2 Bedroom 198K 218K 215K - 278K 3 Bedroom 258K 315K 240K - 325K 4 Bedroom 5 Bedroom 12.1% 9.6% 12.2% 5.5% 13.6% Y.o.Y % Change

Jumeirah Beach Residence

Al Furjan Downtown Dubai

The Villa

- 108K - 103K - 123K 135K 120K 110K - 138K 205K 148K 120K 170K 195K 248K 210K 140K 190K

14.3% 10.9% 5.5% 1.2% 16.0%

Q2-2021 | REAL ESTATE MARKET OVERVIEW | DUBAI 10 OFFICE MARKET y During Q2 2021, c.270,000 sq.ft. of new office y Other locations of Downtown Dubai recorded space was added, taking the total office stock to transactions worth AED 25.4 million while Trade 103.8 million sq.ft. Over the past three years, the Centre (Sheikh Zayed Road) and Deira areas supply figures remained stable with less than 3.0 recorded transactions worth AED 21.1 and 15.2 million sq.ft. annually. Relatively weak demand million respectively. and substantial drop in strata office space has helped in curtailing the supply. y The office sale rates across key office developments remained stable during the quarter and dropped y The new supply during the quarter emerged from marginally by 2% year-on-year. Due to a relatively phase 1 of the Dubai CommerCity located in long holding period, weak demand and low prices, area. The Business Cluster of Dubai investors are more inclined towards leasing out the CommerCity, a dedicated e-commerce free zone space. comprises of 12 office buildings offering 2.6 million sq.ft. built-up space. y Lowest sale rates are currently in Barsha Heights area at AED 725 per sq.ft. The rates remained y Compared to the previous quarter, the value of stable quarter-on-quarter and dropped by 2% strata office transactions increased by 21%. The year-on-year. value of transactions increased from AED 421 million in Q1 2021 to AED 511.7 million in Q2 2021. y The office leasing activity remained subdued Overall, c.689,000 sq.ft. of office space transacted since the beginning of the pandemic and change in Q2 2021, calculating to an average transaction in occupier preferences. Much of the leasing value of AED 743 per sq.ft. activity remained across smaller fitted-out office spaces and serviced offices. The average office y The transaction activity during the quarter was rents remain stable during the quarter while on mainly for smaller office sizes of less than 2,500 an annual basis, the rates dropped by 6%. Due sq.ft. valuing at AED 321.4 million, accounting to to weak demand and high voids, landlords are 63% of the total quarterly transactions. Due to more inclined towards offering extended rent-free size, these offices are preferred by new start-ups periods or fitted-out space rather than reducing and investors due to ease in occupation/ leasing. rents which are already at the bottom. y During the quarter, the transaction activity y As per the projects announced/under construction, remained focused towards the two key strata approximately 4.2 million sq.ft. of office space is office developments of Jumeirah Lakes Towers expected to be completed during the period H2 and Business Bay. Together, these developments 2021 to 2023. However, looking at the current accounted for AED 420.1 million worth of office market condition, it is likely that the completion transactions. A total of 271,500 sq.ft. of office timeline for some of the projects will be extended space valued at AED 266 million was transacted in by 6-12 months. Business Bay area, calculating to an average sale rate of AED 980 per sq.ft. while Jumeirah Lakes y Some of the office developments that are expected Towers saw transactions worth AED 154.4 million to be completed by 2023 include Zabeel One across 254,000 sq.ft. of office space, with an tower in Trade Centre, Dubai Electricity & Water average rate of AED 607 per sq.ft. Authority (DEWA) and Empower buildings in Al

Q2-2021 | REAL ESTATE MARKET OVERVIEW | DUBAI 11

DUBAI OFFICE STOCK GROWTH (2008-2023)

110 Stock Expected - *More office projects with handover dates delayed 100

90

80

70

60 (million sq.ft.) (million 50

40

30 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2021 2022 2023 H1 H2

AVERAGE OFFICE SALE RATES - Q2 2021

2,000

1,600

1,200

800

400 Average Sale Rates (AED/sq.ft.)

0 Downtown Dubai DIFC Dubai Marina Business Bay Jumeirah Lake Barsha Heights Towers

AVERAGE OFFICE RENTS - Q2 2021

350 Low High

250

150

50 Average Rents AED/sq.ft. p.a -50 DIFC Downtown Sheikh Zayed Business Bay Jumeirah Barsha Heights DIC & DMC Dubai Road Lakes Towers

Q2-2021 | REAL ESTATE MARKET OVERVIEW | DUBAI 12 RETAIL y As of end H1 2021, the total retail stock of Dubai y The retail sector which was impacted negatively stood at 43.7 million sq.ft. GLA. Approximately due to the pandemic is witnessing an improvement 1.5 million sq.ft GLA of new retail space was added with rising footfalls and sales volume. Events such during the first half of 2021, the figure includes as the three-day super sale reported strong footfall partial opening with a hypermarket and a few levels and in-store sales. However, the sector is convenience stores in Circle Mall in Jumeriah heavily reliant on international visitors and with Village Circle and Avenues Mall in Dubai Silicon the air travel restrictions in place, the sector is Oasis, together these two malls account for 1.2 expected to remain under stress. million sq.ft. GLA while other notable addition being the Dubai Mall Village expansion with y Approximately 10 million sq.ft. GLA of new retail 79,000 sq.ft. GLA. space is expected to be completed during the period H2 2021 – 2023. However, looking at the y Further 3.7 million sq.ft GLA retail space is either prevailing market condition, it is likely that a fair completed or in final stages of construction and proportion of this supply could experience opening expected to enter during H2 2021. However, due delays. Few of the new malls scheduled to enter to the pandemic the openings are being delayed include retail space from Dubai Hills mall, Souk Al and the expected supply could be pushed to 2022. Marfa and the Art Centre mall

DUBAI RETAIL MALL STOCK (2010-2023)

Stock Expected - *Includes all retail malls with a GLA greater than 25,000 sq.ft.

60

50

40

30

20

GLA sq.ft. (millions) 10

0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2021 2022 2023 H1 H2

Q2-2021 | REAL ESTATE MARKET OVERVIEW | DUBAI 13

RETAIL SUPPLY PRE 2010 NEW SUPPLY DELIVERED - (2010 - Q2 2021)

12% 17% 24% 34% 17%

20% 17% 14% 23% 22%

DUBAI RETAIL MALLS BY SIZE END Q2 2021 DUBAI RETAIL MALLS GLA BY AREA END Q2 2021

7% Deira 5% 6% 1% 20% 6% 26% Neighborhood 5% Downtown/Business Bay Super 2% Regional 9% Barsha 8% Dubailand 14% Dubai Marina Community 8% 5% Jumeirah JVT/JVC Sub Regional Regional 22% 13% 16% 18% Al Wasl 9% Al Warsan Other Areas Super Regional: 2m sq ft+ Sub-Regional: 500-1m sq ft Regional: 1m-2msq ft. Community: 200-500,000 sq ft Neighborhood: 0-200,000 sq ft

PRIME SHOPPING MALL AVERAGE RENTS Q2 2021

1,000 900 800 700 600 500 400 AED/SQ.FT. 300 200 100 - ANCHORS CINEMA HYPERMARKET MINI MAJORS FLAGSHIPS RESTAURANTS FOOD COURT LINE SHOPS

The rents quoted above are base rents excluding any turnover provisions and service charges

Q2-2021 | REAL ESTATE MARKET OVERVIEW | DUBAI 14

DEFINITIONS & METHODOLOGY Research Study Area y The geographic extent of the study area covers y Given the general lack of transparency in the the key districts in Dubai. local market rents quoted are headline rents, thus exclude any rent free period of other financial Residential incentives that may have been negotiated between the parties. The rents quoted are also y New residential developments are classified as exclusive of service charges. delivered and thus entered into the new supply category when they are made available for Retail occupation. This is verified via a combination of site inspections and discussion with the y New retail developments are classified as developer and hence our supply numbers do take delivered and thus entered into the new supply into consideration the phased release of large category when the first units are open and projects. trading. y Rental and sales trend analysis is based on y Our classification of malls is based on our transactional data derived from the MPM own assessment having regard to size and Properties Agency team and data sourced from the catchment area which the mall typically developers and owners. penetrates. Offices Future Supply Projections y New office developments are classified as y Our future supply projections across all sectors delivered and thus entered into the new supply are based on a combination of regular site category when they are available for tenant fit- inspections and discussions with developers. outs.

BESPOKE CLIENT RESEARCH y The ADIB Real Estate Services team covers all that directly assist our clients to save or make sectors of the real estate market. We provide money from real estate and shape strategies to bespoke market research to our valued clients to enhance value. meet their specific requirements. y Regular site inspections and discussions with y We provide reports, information and developer. presentations derived from primary market data

DISCLAIMER The information contained in this report has been change without notice. Figures contained in this report are obtained from and is based upon sources that MPM derived from a basket of locations highlighted in this report Properties believes to be reliable, however, no warranty and therefore represent a snapshot of the Dubai market. or representation, expressed or implied, is made to the Due care and attention has been used in the preparation accuracy or completeness of the information contained of forecast information. However, actual results may herein, and same is submitted subject to errors, omissions, vary from forecasts and any variation may be materially change of price, rental or other conditions, withdrawal positive or negative. Forecasts, by their very nature, involve without notice, and to any special listing conditions risk and uncertainty because they relate to future events imposed by our principals. MPM Properties will not be held and circumstances which are beyond MPM Properties’ responsible for any third-party contributions. All opinions control. For a full in-depth study of the market, please and estimates included in this report constitute MPM contact MPM Properties team. Properties, as of the date of this report and are subject to

Q2-2021 | REAL ESTATE MARKET OVERVIEW | DUBAI 15

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