CONSTRUCTION CONTINUES AT DUBAI PEARL

3.5 million man hours worked, with 60,000 cubic meter of concrete poured
on the 20 million sq ft Dubai Pearl project

Dubai – 6th July 2011: Construction of Dubai Pearl is continuing, and the groundwork, foundations,
basements and lower grounds floors of the four towers which form the central section of Phase 1 of
the development is now complete.

A total of 3.5 million man hours have so far been spent since work started on site and over 60,000
cubic meter of concrete has been poured on one of the largest construction projects still being
developed in the UAE.

The site has maintained an impeccable safety record since construction work began, and developer
Pearl Dubai FZ LLC and Al Habtoor Leighton Group, the main contractor, are proud that there has
been no accidents recorded on site and no time lost due to injury.

Designed by Schweger Associated Architects of Germany forPearl Dubai FZ LLC, a consortium of
investors led by Abu Dhabi’s Al Fahim Group, the development will offer a unique destination within
the Emirates. A ‘city within a city’ it will comprise a unique mix of high-end residential, retail, hotel,
office and cultural space, including a purpose built theatre complex with an 1,800 seat auditorium,
capable of hosting major global and regional entertainment events and shows. It will also be the
future home of the Dubai International Film Festival.

Mr. Abdul Majeed Ismail Al Fahim, Chairman of Pearl Dubai FZ LLC, said: “Despite recent challenges
in the UAE’s real estate sector there is still demand for the right projects being built in the right
location. We have continued to build throughout the recent downturn with an ambitious construction
programme that remains on schedule. We have already sold 500 residential units, representing 95%
of the initial units released to date, to over 40 different nationalities.”

“The market continues to improve, albeit slowly, but given the size and scale of this development, we
can expect to see confidence continuing to grow as we start completing Phase 1 of the development
towards the end of 2013.”

“In the meantime, with construction continuing on site, people can now see the superstructure rising
above the bridges and roads that surround the Dubai Pearl site which is located at the base of Palm
Jumeirah. Dubai Pearl will begin to have a physical impact so everyone driving past the site will be
able to follow its construction from now until completion.”

ENDS

About Dubai Pearl

Dubai Pearl will be a world class, mixed-use, 20 million sq ft integrated development being implemented by Pearl Dubai FZ
LLC. Overlooking the Palm Jumeirah Island in the heart of the Dubai Technology and Media Free Zone, the development
will set a new benchmark for sustainable urban communities in Dubai. In creating of a 24 hour living, walkable community
where people can work, play and live in one destination, Dubai Pearl will redefine the pulse of the City, providing premium
offices, international retail and the highest quality dining and entertainment facilities. Dubai Pearl’s prime location will offer
an unparalleled combination of free-hold in the convenience of a free zone with luxury, energy efficient sustainability and
state-of-the-art technology. The development will ultimately provide a home for approximately 9,000 people and a workplace
for 12,000. Dubai Pearl’s initial handover is scheduled for 2013.