EMAAR DEVELOPMENT PJSC — Interim / Quarterly Report 2025

Aug 6, 2025

UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 JUNE 2025

Unaudited Interim Condensed Consolidated Financial Statements For the period ended 30 June 2025

Table of Contents

	Pages
Report on Review of Interim Condensed Consolidated Financial Statements	1
Interim Condensed Consolidated Statement of Comprehensive Income	2
Interim Condensed Consolidated Statement of Financial Position	3
Interim Condensed Consolidated Statement of Changes in Equity	4
Interim Condensed Consolidated Statement of Cash Flows	5
Notes to the Interim Condensed Consolidated Financial Statements	6 – 15

ERNST & YOUNG MIDDLE EAST (DUBAI BRANCH) P.O. Box 9267 ICD Brookfield Place, Ground Floor Al-Mustaqbal Street Dubai International Financial Centre Emirate of Dubai, United Arab Emirates Tel: +971 4 701 0100 +971 4 332 4000 Fax: +971 4 332 4004 dubai@ae.ey.com https://www.ey.com

P.L. No. 108937

REPORT ON REVIEW OF INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS TO THE SHAREHOLDERS OF EMAAR DEVELOPMENT PJSC

Introduction

We have reviewed the accompanying interim condensed consolidated financial statements of Emaar Development PJSC (the "Company") and its subsidiaries (collectively referred to as the "Group") which comprise the interim condensed consolidated statement of financial position as at 30 June 2025, and the related interim condensed consolidated statement of comprehensive income for the three-month and six month periods then ended, and the interim condensed consolidated statement of changes in equity and interim condensed consolidated statement of cash flows for the six-month period then ended, and other explanatory notes. Management is responsible for the preparation and presentation of these interim condensed consolidated financial statements in accordance with International Accounting Standard 34, Interim Financial Reporting ("IAS 34"). Our responsibility is to express a conclusion on these interim condensed consolidated financial statements based on our review.

Scope of review

We conducted our review in accordance with International Standard on Review Engagements 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity". A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Other matter

The consolidated financial statements of the Group for the year ended 31 December 2024 were audited by another auditor who expressed an unmodified opinion on those consolidated financial statements on 14 February 2025.

The interim condensed consolidated financial statements of the Group for the six-month period ended 30 June 2024 were reviewed by another auditor who expressed an unmodified conclusion on those interim condensed consolidated financial statements on 12 August 2024.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim condensed consolidated financial statements are not prepared, in all material respects, in accordance with IAS 34.

For Ernst & Young

Thodla Hari Gopal Registration No.: 689

6 August 2025

Dubai, United Arab Emirates

INTERIM CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME For the period ended 30 June 2025 (Unaudited)

				(US\$ 1.00 = AED 3.673)
	Notes	Six-month period ended		Three-month period ended
		30 June 2025 AED'000	30 June 2024 AED'000	30 June 2025 AED'000	30 June 2024 AED'000
Revenue Cost of revenue	4 4	9,929,747 (4,414,457)	7,338,232 (3,430,763)	4,905,435 (2,168,601)	3,831,466 (1,812,193)
GROSS PROFIT		__ 5,515,290	__ 3,907,469	__ 2,736,834	__ 2,019,273
Selling, general and administrative
expenses	5	(780,198)	(682,215)	(400,476)	(371,633)
Finance income	6	634,767	529,278	330,578	269,947
Finance cost	7	(91,241)	(241,405)	(46,309)	(150,338)
Other income		84,414	114,490	46,957	26,046
Share of results of joint ventures	14	144,129	41,235	74,268	16,693
PROFIT BEFORE TAX		__ 5,507,161	__ 3,668,852	__ 2,741,852	__ 1,809,988
Income tax expense	8	(803,567)	(327,072)	(393,192)	(162,081)
NET PROFIT FOR THE PERIOD		__ 4,703,594	__ 3,341,780	__ 2,348,660	__ 1,647,907
Other comprehensive income		-	-	-	-
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD		__ 4,703,594	__ 3,341,780	__ 2,348,660	__ 1,647,907
ATTRIBUTABLE TO: Owners of the Company		═══════ 3,756,039	═══════ 2,501,299	═══════ 1,837,812	═══════ 1,207,893
Non-controlling interests		947,555 __	840,481 __	510,848 __	440,014 __
		4,703,594 ═══════	3,341,780 ═══════	2,348,660 ═══════	1,647,907 ═══════
Earnings per share attributable to the owners of the Company: -basic and diluted earnings per share
(AED)		0.94	0.63	0.46	0.30
		═══════	═══════	═══════	═══════

The accompanying notes 1 to 21 form an integral part of these interim condensed consolidated financial statements.

		$(US$ 1.00 = AED 3.673)$
	Notes	30 June 2025 AED'000	31 December 2024 AED'000 (Audited)
ASSETS
Bank and cash balances Trade and unbilled receivables	$\overline{9}$	32,393,425	23,569,621
Other assets, receivables, deposits and prepayments	10 11	9,370,099 7,159,412	11,457,373 6,091,832
Development properties	12	16,534,333	16,520,243
Loans to joint ventures	13	842,106	804,274
Investments in joint ventures	14	1,099,107	964,069
Property, plant and equipment		10,508	13,665
TOTAL ASSETS		67,408,990	59,421,077
LIABILITIES AND EQUITY Liabilities
Trade and other payables	15	6,801,237	6,901,874
Advances from customers		25,287,479	19,210,472
Retentions payable		1,405,852	1,176,424
Income tax payable	8	1,289,934	486,367
Interest-bearing loans and borrowings	16	3,673	3,673
Provision for employees' end-of-service benefits		25,831	26,977
TOTAL LIABILITIES		34,814,006	27,805,787
EQUITY
Equity attributable to owners of the Company Share capital
Reserves		4,000,000 2,000,150	4,000,000 2,000,150
Retained earnings		23,420,557	22,388,418
		29,420,707	28,388,568
Non-controlling interests		3,174,277	3,226,722
TOTAL EQUITY		32,594,984	31,615,290
TOTAL LIABILITIES AND EQUITY		67,408,990	59,421,077

INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

For the period ended 30 June 2025 (Unaudited)

	Attributable to the owners of the Company ───────────────────────────────────────────────
	Share capital AED'000	Reserves AED'000	Retained earnings AED'000	Total AED'000	Non controlling interests AED'000	Total equity AED'000
Balance at 1 January 2025 (Audited)	4,000,000	2,000,150	22,388,418	28,388,568	3,226,722	31,615,290
Net profit for the period	-	-	3,756,039	3,756,039	947,555	4,703,594
Total comprehensive income for the period	─────── -	─────── -	─────── 3,756,039	─────── 3,756,039	─────── 947,555	─────── 4,703,594
Director's bonus	-	-	(3,900)	(3,900)	-	(3,900)
Dividend paid to shareholders (note 21)	-	-	(2,720,000)	(2,720,000)	-	(2,720,000)
Dividend paid by a subsidiary	- ───────	- ───────	- ───────	- ───────	(1,000,000) ───────	(1,000,000) ───────
Balance as at 30 June 2025 (Unaudited)	4,000,000 ════════	2,000,150 ════════	23,420,557 ════════	29,420,707 ════════	3,174,277 ════════	32,594,984 ════════
			Attributable to the owners of the Company
	Share capital AED'000	Reserves AED'000	─────────────────────────────────────────────── Retained earnings AED'000	Total AED'000	Non controlling interests AED'000	Total equity AED'000
Balance at 1 January 2024 (Audited)	4,000,000	2,000,150	16,841,099	22,841,249	3,629,481	26,470,730
Net profit for the period	-	-	2,501,299	2,501,299	840,481	3,341,780
Total comprehensive income for the period	─────── -	─────── -	─────── 2,501,299	─────── 2,501,299	─────── 840,481	─────── 3,341,780
Director's bonus	-	-	(3,900)	(3,900)	-	(3,900)
Dividend declared to shareholders (note 21)	-	-	(2,082,000)	(2,082,000)	-	(2,082,000)
Balance as at 30 June 2024 (Unaudited)	─────── 4,000,000 ════════	─────── 2,000,150 ════════	─────── 17,256,498 ════════	─────── 23,256,648 ════════	─────── 4,469,962 ════════	─────── 27,726,610 ════════

The accompanying notes 1 to 21 form an integral part of these interim condensed consolidated financial statements.

INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

For the period ended 30 June 2025 (Unaudited)

		(US\$ 1.00 = AED 3.673) For the six-month period ended
		──────────────────── 30 June 2025	30 June 2024
	Notes	AED'000	AED'000
CASH FLOWS FROM OPERATING ACTIVITIES
Profit before tax		5,507,161	3,668,852
Adjustments for:
Share of results of joint ventures	14	(144,129)	(41,235)
Depreciation	5	8,171	3,984
Provision for employees' end-of-service benefits, net		(1,146)	2,610
Finance costs Finance income	7 6	91,241 (634,767)	241,405 (529,278)
Cash from operations before working capital changes		────── 4,826,531	─────── 3,346,338
Trade and unbilled receivables		2,179,985	711,351
Other assets, receivables, deposits and prepayments		(1,066,680)	(616,787)
Development properties		(14,090)	(3,998,763)
Advances from customers		6,052,865	3,877,737
Trade and other payables		(148,761)	365,197
Retentions payable		229,428	135,242
Net cash flows from operating activities		────── 12,059,278 ──────	─────── 3,820,315 ───────
CASH FLOWS FROM INVESTING ACTIVITIES
Finance income received		541,156	449,371
Loans given to joint ventures		-	(4,000)
Dividend received from joint venture	14	9,091	7,373
Amounts incurred on property, plant and equipment		(5,014) ──────	(2,233) ───────
Net cash flows from investing activities		545,233 ──────	450,511 ───────
CASH FLOWS FROM FINANCING ACTIVITIES
Finance costs paid		(56,807)	(107,991)
Directors' bonus		(3,900)	(3,900)
Dividend paid to shareholders	21	(2,720,000)	(2,082,000)
Dividends paid to non-controlling interest		(1,000,000)	-
Borrowings from Parent	19	-	7,612,000
Repayment of loans to Parent	19	- ──────	(4,422,000) ───────
Net cash flows (used in)/from financing activities		(3,780,707) ──────	996,109 ───────
INCREASE IN CASH AND CASH EQUIVALENTS		8,823,804	5,266,935
Cash and cash equivalents at the beginning of the period		23,569,621 ──────	18,421,670 ───────
CASH AND CASH EQUIVALENTS AT THE END
OF THE PERIOD	9	32,393,425	23,688,605

The accompanying notes 1 to 21 form an integral part of these interim condensed consolidated financial statements.

════════ ═══════

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS For the period ended 30 June 2025 (Unaudited) (continued)

1 CORPORATE INFORMATION

The incorporation of Emaar Development PJSC (the "Company") as a Public Joint Stock Company was approved by the Securities and Commodities Authority according to Federal Law No.4 of 2000 on 20 November 2017 and the registration certificate was issued on 21 November 2017. The Company's registered office is at P.O. Box 9440, Dubai, United Arab Emirates ("UAE").

The Company is a subsidiary of Emaar Properties PJSC (the "Parent Company" or "Parent" or "Ultimate Parent"), a company incorporated in the UAE and listed on the Dubai Financial Market. The Company is also listed on the Dubai Financial Market. The Company and its subsidiaries constitute the Group (the "Group").

The principal activities of the Group are property development and development management services in the UAE.

The interim condensed consolidated financial statements were authorised for issue on 6 August 2025.

2.1 BASIS OF PREPARATION

The interim condensed consolidated financial statements of the Group for the period ended 30 June 2025 have been prepared in accordance with International Accounting Standard (IAS) 34: Interim Financial Reporting and UAE Federal Decree Law No. (32) of 2021. The Group has prepared the interim condensed consolidated financial statements on the basis that it will continue to operate as a going concern.

The interim condensed consolidated financial statements do not contain all information and disclosures required in the annual financial statements and should be read in conjunction with the Group's annual consolidated financial statements for the year ended 31 December 2024. The same accounting policies, methods of computation, significant accounting judgments and estimates and assumptions are followed in these interim condensed consolidated financial statements as compared with the most recent annual consolidated financial statements, except for the new standards, interpretations and amendments adopted during the current period as explained below in notes 2.2 and 2.3.

The interim condensed consolidated financial statements have been prepared in United Arab Emirates Dirhams (AED), which is the Group's functional and presentation currency, and all values are rounded to the nearest thousand except where otherwise indicated.

The interim condensed consolidated financial statements have been prepared on a historical cost basis. Historical cost is generally based on the fair value of the consideration given in exchange for assets.

The preparation of interim condensed consolidated financial statements on the basis described above requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which for the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.

Certain comparative amounts have been reclassified to conform to the presentation used in the interim condensed consolidated financial statements.

Results for the period ended 30 June 2025 are not necessarily indicative of the results that may be expected for the financial year ending 31 December 2025.

2.2 SUMMARY OF MATERIAL ACCOUNTING POLICY INFORMATION

The accounting policies, estimates, judgements and the methods of computation adopted in the preparation of this interim condensed consolidated financial statements are the same as those applied in the preparation of preceding annual published consolidated financial statements of the Group for the year ended 31 December 2024.

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS For the period ended 30 June 2025 (Unaudited) (continued)

2.2 SUMMARY OF MATERIAL ACCOUNTING POLICY INFORMATION (continued)

Global Minimum Top-up Tax

The Organisation for Economic Co-operation and Development (OECD) has issued the Global Anti-Base Erosion (GloBE) Model Rules, which mandate a minimum tax rate of 15% per jurisdiction (Pillar Two). Various countries have either enacted or are in the process of enacting tax legislation to fully or partially comply with Pillar Two. The United Arab Emirates (UAE) substantively enacted Cabinet Decision No. 142 of 2024, which introduces a Domestic Minimum Top-up Tax (DMTT) applicable to certain multinational enterprises. The Group's Parent Company, domiciled in the UAE, falls within the scope of these rules effective 1 January 2025.

2.3 CHANGES IN THE ACCOUNTING POLICIES AND DISCLOSURES

New standards, interpretations and amendments adopted by the Group

The Group has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective. One amendment applies for the first time in 2025 but does not have an impact on the interim condensed consolidated financial statements of the Group.

Lack of exchangeability - Amendments to IAS 21

The amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates specify how an entity should assess whether a currency is exchangeable and how it should determine a spot exchange rate when exchangeability is lacking. The amendments also require disclosure of information that enables users of its interim condensed consolidated financial statements to understand how the currency not being exchangeable into the other currency affects, or is expected to affect, the entity's interim condensed consolidated financial performance, interim condensed consolidated financial position and interim condensed consolidated cash flows.

The amendments are effective for annual reporting periods beginning on or after 1 January 2025. When applying the amendments, an entity cannot restate comparative information.

The amendments did not have a material impact on the Group's interim condensed consolidated financial statements.

3 SEGMENT INFORMATION

For management purposes, the Group is organised into one segment based on its products and services, which is the real estate development business. Accordingly, the Group only has one reportable segment. Management monitors the operating results of the business as a single unit for the purpose of making decisions about resource allocation and performance assessment.

Business segments

Revenue, operating results, assets and liabilities presented in the interim condensed consolidated financial statements relates to the real estate development business of the Group.

Geographic segment

The Group is currently operating only in the UAE, hence the operating results, assets and liabilities presented it the interim condensed consolidated financial statements relates to its operation in the UAE.

Seasonality and cyclicality of interim operations

There were no significant items of seasonal or cyclical nature in the interim operations during the periods ended 30 June 2025 and 30 June 2024.

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS For the period ended 30 June 2025 (Unaudited) (continued)

4 REVENUE AND COST OF REVENUE

	Six-month period ended		Three-month period ended
	30 June 2025 AED'000	30 June 2024 AED'000	30 June 2025 AED'000	30 June 2024 AED'000
Revenue
Sale of residential units	9,199,196	6,776,027	4,560,476	3,595,306
Sale of commercial units, plots of land and income from development services	730,551 ──────	562,205 ──────	344,959 ──────	236,160 ──────
	9,929,747	7,338,232	4,905,435	3,831,466
Cost of revenue	═══════	═══════	═══════	═══════
Cost of residential units	4,372,905	3,341,293	2,168,166	1,780,764
Cost of commercial units and plots of land	41,552	89,470	435	31,429
	────── 4,414,457 ═══════	────── 3,430,763 ═══════	────── 2,168,601 ═══════	────── 1,812,193 ═══════

Below is the split of revenue recognised over a period of time and single point in time:

	Six-month period ended		Three-month period ended
	30 June	30 June	30 June	30 June
	2025	2024	2025	2024
	AED'000	AED'000	AED'000	AED'000
Revenue recorded over time	9,929,747	7,273,567	4,905,435	3,823,470
Revenue recorded at a point in time	-	64,665	-	7,996
	──────	──────	──────	──────
	9,929,747	7,338,232	4,905,435	3,831,466
	═══════	═══════	═══════	═══════

5 SELLING, GENERAL AND ADMINISTRATIVE EXPENSES

	Six-month period ended		Three-month period ended
	30 June 2025 AED'000	30 June 2024 AED'000	30 June 2025 AED'000	30 June 2024 AED'000
Sales and marketing expenses	278,440	225,859	145,236	109,525
Payroll and related expenses	91,269	90,144	47,699	46,447
Property management expenses	39,781	67,155	23,670	48,746
Depreciation	8,172	3,984	6,149	1,977
Other expenses	362,536	295,073	177,722	164,938
	────── 780,198 ═══════	────── 682,215 ══════	────── 400,476 ═══════	────── 371,633 ═══════

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS For the period ended 30 June 2025 (Unaudited) (continued)

6 FINANCE INCOME

	Six-month period ended		Three-month period ended
	30 June	30 June	30 June	30 June
	2025	2024	2025	2024
	AED'000	AED'000	AED'000	AED'000
Finance income on fixed and call deposits with banks	542,056	447,808	278,111	227,700
Other finance income (i)	92,711	81,470	52,467	42,247
	──────	──────	──────	──────
	634,767	529,278	330,578	269,947
	═══════	═══════	═══════	═══════

(i) This relates to finance income on unwinding of long-term receivable.

7 FINANCE COST

	Six-month period ended		Three-month period ended
	30 June	30 June	30 June	30 June
	2025	2024	2025	2024
	AED'000	AED'000	AED'000	AED'000
Finance cost - bank and related party borrowings	7,662	141,632	3,918	88,220
Other finance costs (i)	83,579	99,773	42,391	62,118
	──────	──────	──────	──────
	91,241	241,405	46,309	150,338
	═══════	═══════	═══════	═══════

(i) During the period, the Group has recorded finance cost on unwinding of long-term payable amounting to AED 28,596 thousands (30 June 2024: AED 34,092 thousands).

8 INCOME TAX

Following the enactment of the domestic minimum top-up tax (DMTT), the Group has recognised an additional DMTT expense to ensure compliance with 15% global minimum effective tax rate. The average annual effective tax rate (ETR) used for the period ended 30 June 2025 is 14.6% (period ended 30 June 2024: 8.9%).

The major components of income tax expense in the interim condensed consolidated statement of comprehensive income are:

	Six-month period ended			Three-month period ended
	30 June 2025 AED'000	30 June 2024 AED'000	30 June 2025 AED'000	30 June 2024 AED'000
Consolidated statement of comprehensive income
Current income tax expenses	803,567 ══════	327,072 ══════	393,192 ══════	162,081 ══════
			30 June	31 December
			2025 AED'000	2024 AED'000 (Audited)
Consolidated statement of financial position
Income tax payable balance at the beginning of the period/year			486,367	-
Charge for the period/year, net			803,567	486,367
Income tax payable balance at the end of the period/year			────── 1,289,934	────── 486,367

══════ ══════

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS For the period ended 30 June 2025 (Unaudited) (continued)

9 BANK AND CASH BALANCES

	30 June 2025 AED'000	31 December 2024 AED'000 (Audited)
Cash in hand Current and call bank deposit accounts Fixed deposits maturing within three months	1,029 28,716,258 3,676,138	1,346 23,568,275 -
	─────── 32,393,425 ═══════	──────── 23,569,621 ═══════

As at 30 June 2025, cash and cash equivalents amounts to AED 32,393,425 thousands (31 December 2024: AED 23,569,621 thousands).

Cash at banks earn interest at fixed rates based on prevailing bank deposit rates. Short-term fixed deposits are made for varying periods between one day and three months, depending on the immediate cash requirements of the Group, and earn interest at the respective short-term deposit rates.

As at 30 June 2025, balances amounting to AED 27,680,735 thousands (31 December 2024: AED 22,885,896 thousands) are with banks against advances received from customers on sale of development properties which are deposited into escrow accounts. These deposits/balances are not under lien.

10 TRADE AND UNBILLED RECEIVABLES

	30 June 2025 AED'000	31 December 2024 AED'000 (Audited)
Trade receivable
Amounts receivable within 12 months	799,309	541,593
Unbilled receivables	───────	───────
Unbilled receivables within 12 months	5,653,712	7,537,731
Unbilled receivables after 12 months	2,917,078	3,378,049
	─────── 8,570,790	──────── 10,915,780
Total trade and unbilled receivables	─────── 9,370,099	──────── 11,457,373
	═══════	═══════

The above trade and unbilled receivables are net of AED 20,977 thousands (31 December 2024: AED 20,977 thousands) relating to provision for doubtful debts representing management's best estimate of expected credit losses on trade receivables which are past due for more than 90 days. All other receivables are considered recoverable.

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS For the period ended 30 June 2025 (Unaudited) (continued)

11 OTHER ASSETS, RECEIVABLES, DEPOSITS AND PREPAYMENTS

	30 June	31 December
	2025	2024
	AED'000	AED'000
		(Audited)
Deferred sales commission (i)	3,017,301	1,940,493
Due from related parties (note 19)	2,336,547	2,361,972
Advances to contractors and others (ii)	1,393,423	1,401,327
Value added tax recoverable, net	326,765	304,694
Prepayments	10,593	4,543
Other receivables and deposits	74,783	78,803
	──────── 7,159,412	──────── 6,091,832
	════════	════════

Other assets, receivables, deposits and prepayments are realisable within 12 months from the reporting date.

(i) The deferred sales commission expense incurred to obtain or fulfil a contract with the customers is amortised over the period of satisfying performance obligations, where applicable.

(ii) Advance paid to contractors at the commencement are adjusted against progress billings issued by the contractors throughout the project construction period.

12 DEVELOPMENT PROPERTIES

	30 June 2025 AED'000
Balance at the 31 December 2024 (Audited) Add: Costs incurred during the period Less: Costs transferred to cost of revenue during the period	16,520,243 4,427,601 (4,413,511)
Balance at the end of the period	──────── 16,534,333 ════════

13 LOANS TO JOINT VENTURES

	30 June 2025 AED'000	31 December 2024 AED'000 (Audited)
Emaar Dubai South DWC LLC*	706,398	671,331
Zabeel Square LLC*	134,487	131,775
Old Town Views LLC	1,221	1,168
	─────── 842,106	──────── 804,274
	════════	════════

Loans to joint ventures are unsecured and are repayable as per the terms of the agreement and do not carry any interest.

* This includes AED 813,184 thousands (31 December 2024: AED 675,137 thousands) which is expected to be recovered after 12 months from the reporting date.

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS For the period ended 30 June 2025 (Unaudited) (continued)

14 INVESTMENTS IN JOINT VENTURES

	30 June 2025 AED'000	31 December 2024 AED'000 (Audited)
Emaar Dubai South DWC LLC	798,097	677,811
Zabeel Square LLC	291,178	272,901
Old Town Views LLC	9,832	13,357
Net investment in joint ventures as at period/year end	──────── 1,099,107 ════════	──────── 964,069 ════════

The Group has the following effective ownership interest in its joint ventures:

	Country of Incorporation	Ownership
		2025	2024
Emaar Dubai South DWC LLC	UAE	50.00%	50.00%
Zabeel Square LLC	UAE	50.00%	50.00%
Old Town Views LLC	UAE	61.25%	61.25%

During the period, the Group has recognised AED 144,129 thousands (30 June 2024: AED 41,235 thousands) towards its share of profit from joint ventures and AED 9,091 thousands towards dividend income received from joint ventures (30 June 2024: AED 7,373 thousands).

15 TRADE AND OTHER PAYABLES

	30 June 2025 AED'000	31 December 2024 AED'000 (Audited)
Project contract cost accruals	3,127,529	2,919,610
Payable to related parties (note 19)	1,291,504	1,489,890
Creditors for land purchase	798,932	1,065,242
Trade payables	609,090	655,979
Sales commission payable	524,868	377,868
Payable to authorities	120,878	87,960
Other payables and accruals	328,436	305,325
	──────── 6,801,237	──────── 6,901,874
	════════	════════

16 INTEREST-BEARING LOANS AND BORROWINGS

	30 June 2025 AED'000	31 December 2024 AED'000 (Audited)
Net interest-bearing loans and borrowings at the end of the period/year	3,673 ════════	3,673 ════════

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS For the period ended 30 June 2025 (Unaudited) (continued)

16 INTEREST-BEARING LOANS AND BORROWINGS (continued)

	30 June 2025 AED'000	31 December 2024 AED'000 (Audited)
Interest-bearing loans and borrowings maturity profile:
Within 12 months	3,673	-
After 12 months	-	3,673
	──────── 3,673	──────── 3,673
	════════	════════

During 2022, the Group had obtained two new facilities aggregating to AED 3,673,000 thousands. The tenure of these new facilities is for a period of three years from the date of the agreements and carry profit rates of 1 or 3-month EIBOR plus a margin of 1%. These facilities are guaranteed by the Parent Company. The outstanding amount from these facilities as at 30 June 2025 is AED 3,673 thousands (31 December 2024: AED 3,673 thousands).

During 2022, the Group also executed short term facility of AED 600,000 thousands. This facility carries interest of EIBOR plus 1% per annum and is secured by a corporate guarantee from the Parent Company. As at 30 June 2025 and as at 31 December 2024, the Group has neither drawn down nor availed any amount from the facility.

17 GUARANTEES AND CONTINGENCIES

The Group has provided a performance guarantee of AED 5,861,731 thousands (31 December 2024:AED 4,841,207 thousands) to the Real Estate Regulatory Authority (RERA), Dubai for its projects as per RERA regulations.

18 COMMITMENTS

At 30 June 2025, the Group had commitments of AED 19,258,797 thousands (31 December 2024: AED 13,374,020 thousands). This represents the value of contracts entered into by the Group including contracts entered into for purchase of plots of land at period/year end, net of invoices received and accruals made at that date.

Furthermore, in accordance with the Development Agreement entered by the Group with Mina Rashid Properties LLC, the Group has a commitment to pay 30% of profits over the project life cycle of Mina Rashid Properties LLC to the non-controlling shareholder.

There are certain claims submitted by contractors relating to various projects of the Group in the ordinary course of business from which it is anticipated that no material unprovided liabilities will arise.

19 RELATED PARTY DISCLOSURES

For the purpose of these interim condensed consolidated financial statements, parties are related to the Group, if the Group has the ability, directly or indirectly, to control the party or exercise significant influence over the party in making financial and operating decisions, or vice versa, or where the Group and the party are subject to common control (Affiliated entities). Related parties may be individuals or other entities.

The Group in the normal course of business enters into transactions with individuals and other entities that falls within the definition of related party. The Group's related parties include key management personnel, entities held under common control, joint ventures and others.

The Group's parent company is partly owned by Investment Corporate of Dubai ("ICD"), an entity owned by the Government of Dubai ("Government"). The Group enters into transactions, in the normal course of business, with Government-owned entities and entities wherein ICD has control, joint control or significant influence. In accordance with the exemption available in IAS 24, management has elected not to disclose such transactions, which are primarily in nature of financing and operational (power, utilities, land purchases and infrastructure service) related activities and entered in the normal course of business at commercial terms.

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS For the period ended 30 June 2025 (Unaudited) (continued)

19 RELATED PARTY DISCLOSURES (continued)

Related party transactions

During the period, the following were the significant related party transactions, which were carried out in the normal course of business on terms agreed between the parties:

	Six-month period ended ──────────────────
	30 June 2025 AED'000	31 December 2024 AED'000 (Audited)
Parent:	63,895	13,425
Revenue	313,406	230,944
Selling, general and administrative expenses (refer (i) below)	-	131,409
Finance cost (refer (iii) below)	-	7,612,000
Borrowing (refer (iii) below)	-	(4,422,000)
Repayment of borrowing (refer (iii) below)	═══════	═══════
Affiliated entities:	594,149	388,316
Revenue (refer (ii) below)	12,987	44,346
Selling, general and administrative expenses	120,778	100,764
Property development expenses	═══════	═══════
Joint Ventures:	10,952	4,561
Revenue	═══════	═══════
Directors, Key management personnel and their related parties:	-	186
Selling, general and administrative expenses	═══════	═══════

Related party balances (and the interim condensed consolidated statement of financial position captions within which these are included) are as follows:

	30 June 2025 AED'000	31 December 2024 AED'000 (Audited)
Parent:
Other assets, receivables, deposits and prepayments (refer (ii) below)	190,272	51,749
Trade and other payables	1,227,575 ═══════	1,455,085 ═══════
Affiliated entities:
Other assets, receivables, deposits and prepayments	2,146,275	2,310,223
Trade and other payables	63,929	34,805
	═══════	═══════

(i) Allocation of corporate expenses:

The Parent Company has provided certain corporate functions to the Group and costs associated with these functions were allocated to the Group. These functions included human resources, treasury, investor relations, finance and accounting, compliance, information technology, corporate and legal compliance, business development and marketing. As per Relationship Agreement, corporate expenses are allocated by the Parent on the basis of 3% of revenue of the Group. This balance is payable on demand.

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS For the period ended 30 June 2025 (Unaudited) (continued)

19 RELATED PARTY DISCLOSURES (continued)

(ii) Recoverable from the Parent Company:

This mainly represents balances recoverable from the Parent Company with respect to the development costs incurred for the Build-to-sell (BTS) developments in Dubai Creek Harbour project (DCH project). As agreed in the Master Transfer Agreement (MTA), the Parent Company had transferred the development services and profit relating to the BTS development in DCH project to the Company, for which the development costs including infrastructure costs were incurred by the Company prior to acquisition.

Subsequent to the Parent Company's acquisition of 100% shareholding in Dubai Creek Harbour LLC in 2022, the aforesaid arrangement was amended during the year 2023, wherein the transactions for development services and entitlement of profits are now directly between the Company and Dubai Creek Harbour LLC, a wholly owned subsidiary of the Parent Company and a related party of the Company.

(iii) Payable to the Parent Company:

Amount due to the Parent Company was unsecured and repayable on demand. The Group has a total credit facility of AED 7,000,000 thousand (31 December 2024: AED 7,000,000 thousand) and this carries an interest rate at 3 months EIBOR plus 1% per annum. The entire amount was repaid during the previous year.

Compensation of key management personnel

The remuneration of key management personnel during the period was as follows:

	30 June 2025 AED'000	31 December 2024 AED'000 (Audited)
Short-term benefits	9,980	9,359
Employees' end-of-service benefits	350	264
	─────── 10,330	─────── 9,623
	═══════	═══════

During the period, the number of key management personnel is 11 (30 June 2024: 9).

Similar to year ended 31 December 2024, the Company has reassessed key roles as key management personnel's (KMPs). Accordingly, comparative financial information also been updated to confirm to the presentation in the current period.

20 FAIR VALUES OF FINANCIAL INSTRUMENTS

Financial instruments comprise financial assets and financial liabilities.

Financial assets of the Group include bank balances and cash, trade and unbilled receivables, loans to joint ventures, other receivables, deposits and due from related parties. Financial liabilities of the Group include interest-bearing loans and borrowings, customer deposits, accounts payable, retentions payable, payable to related parties, creditor for land purchase, sales commission payable and other payables.

Fair value of the financial instruments is included at the amounts at which the instruments could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.

The fair value of the financial assets and liabilities approximate same as their carrying values, largely due to short term maturities of these instruments.

21 DIVIDEND

A cash dividend of AED 2,720,000 thousand (AED 0.68 per share) for the year ended 31 December 2024 was approved by the shareholders of the Company at the Annual General Meeting held on 26 March 2025 and was paid on 16 April 2025 (31 December 2024: cash dividend of AED 2,082,000 thousand at AED 0.52025 per share).