2 June 2009 Qatar’s Transformation – The Property Perspective Opportunities

2 From US Credit Crunch to Global Economic Crisis

3 LONG TERM IMPLICATIONS  Shift from Mature to Emerging markets  Stronger emerging market giants from the Middle East and BRIC countries  Increasing role for Gulf states on global stage  Opportunity for emerging countries to enter new markets and geographies  Move to polarized global economy Economic Crisis Synopsis IMMEDIATE IMPACT  Fluctuation in commodity prices  Fears of a significant global recession  Nationalization of Banks  Consumer confidence affected  Stock markets are taking a plunge  Investor pessimism  Sharp increase in corporate defaults  Weakening of the traditional western corporate leaders

4 Impact of Financial Crisis on Real Estate Markets Cheap & Plentiful Debt Robust Demand Rents Rising Increasingly International Market Cap Rates Falling Prime = Secondary Traded Volumes High More Buyers than Sellers Pre-Crisis Post-Crisis

5 Middle East Less Impacted Source: IMF, Word Economic Outlook, March 2009

6 Stages in Market Maturity Time Required Returns (Hurdle Rates) Market Volatility Transparency Core Catalyst Growth Maturing Doha Abu Dhabi London New York Dubai Cairo Muscat Moscow Shanghai Source: Jones Lang LaSalle – World Winning Cities 2008

7 MENA Transparency Highly Transparent Transparent Semi-Transparent Low-Transparent Opaque Sudan, Algeria, Syria Tier 1 Tier 2 Tier 3 Tier 4 Tier 5 Saudi Arabia, Morocco, Egypt Oman, Qatar, Kuwait Pakistan, UAE (Other Emirates) Dubai Bahrain Abu Dhabi

8 Investor Sentiment – Global  Middle East still seen as strongest performing market globally (36%) although this has fallen from 56% back in September  Improvement in expected performance in Western Europe from 2% since last survey  Asia Pacific is seen as second strongest - increased from 20% since last survey  Improvement in expected performance in North America from 5% since last survey Source: Jones Lang LaSalle ISS, March 2009

9 Investor Sentiment - MENA Saudi Arabia offers strong potential – large and rapidly growing market continues to open up and offer new opportunities Qatar expected to offer strong performance building upon its reputation as the next emerging GCC real estate market and its gas wealth Investors still remain bullish towards the UAE, especially Abu Dhabi Source: Jones Lang LaSalle ISS, March 2009

10 Key Strengths of Qatar Growing population 1 Opportunity for infrastructure led investment 2 Strong government support 33 Highest GDP per capita in the world 44 Ample off-balance sheet income to support growth 35 Gas based economy (less fluctuating prices) Regional influence

11 Qatar – World’s Highest GDP Source: IMF November 2008  Domestic and regional infrastructure investment  Securing the future through an active global agenda

12 Growth Estimates (2009) Source: Various

13 Requirements to Recovery Dec 2008May 2009Dec 2008May 2009 Macro EconomicReal Estate Global economic stabilityIncreased occupier demand Recovery in oil pricesReduction of Future supply pipeline Stability in employment levelsStabilisation of pricing levels Financial / Liquidity Increasing transaction levels Decline in cost of capital (interest rates)Consolidation of real estate participants Recovery in equity marketsImplementation of new investment paradigm Recapitalization of banking sector Supporting Factors Increased funding available to real estate sector Recovery in tourism Improved brand perception Required Underway Improvement in corporate governance AchievedConcerted government action Source: Jones Lang LaSalle

14 Mexico City Santiago Buenos Aires Sao Paulo Johannesburg Kuala Lumpur Bangkok Shanghai Beijing Delhi Bangalore Mumbai Moscow Budapest Prague Warsaw Abu Dhabi Doha Source: Jones Lang LaSalle World Winning Cities, 2009 Emerging World Winning Cities

15 Doha: A Destination in the Making Source: Jones Lang LaSalle World Winning Cities, Performance 2.Planning 3.Population 4.Place Making 5.Power 6.People 7.Purity 8.Process 9.Property 10.Physical

Thank You Avik Rakhit Head of Northern Gulf Jones Lang LaSalle