feasibility study for building a 11-storey residential tower in the international city, warsan,...

BUILDING A 11-STOREY RESIDENTIAL TOWER DUBAI - UAE 12/05/2017

TARIQ AL-BASHA 1

Feasibility Study for Building a 11-Storey Residential Tower in the International City, Warsan, Dubai – UAE

Currency Used: Nepalese Rupee (NPR)

TUESDAY, DECEMBER 5, 2017

TARIQ AL-BASHA – FEASIBILITY STUDY

SPECIALIST

#DEFINITELY_DUBAI

Disclaimer: The purpose and scope of this feasibility study is to introduce the subject matter and provide a general idea and

information on the said area. All the material included in this document is based on data/information gathered from various

sources and is based on certain assumptions. Although, due care and diligence has been taken to compile this document, the

contained information may vary due to any change in any of the concerned factors, and the actual results may differ

substantially from the presented information.


TARIQ AL-BASHA 2

بسم هللا الرحمن الرحيم

بان ]32[ بكما تكذ قالن ]31[ فبأي آالء ر سنفرغ لكم أيها الث

صدق هللا العظيم

سورة الرحمن - سورة 55 - عدد آياتها 78 – سورة مكية

)لكم( متعل ق بـ )سنفرغ(

)أ ي ها( منادى نكر ة مقصو دة مبني ف ي محل نصب

)سنفرغ لكم....( ال محل لها استئنافي ة

)أ يها الثقالن...( ال محل لها استئنافي ة

ل فبأي آالء. ر أي إذا كان األمر كما فص بان<< مثل األولى مفردات وجمال، ال محل لها جواب شرط مقد جملة >>فبأي... تكذ


TARIQ AL-BASHA 3

Contents Executive Summary .................................................................................................................................... 4

Feasibility Study Overview ............................................................................................................................ 5

Strategic Analysis ....................................................................................................................................... 7

Development Concept & Vision ...................................................................................................................... 11

Industry Analysis ....................................................................................................................................... 12

Marketing Mix .......................................................................................................................................... 26

Tower Overview ....................................................................................................................................... 30

Units Details ............................................................................................................................................ 32

Units Occupancy ....................................................................................................................................... 33

Rent Revenue Assumptions ........................................................................................................................... 35

Operating Expenses Assumptions .................................................................................................................... 37

Financial Statements.................................................................................................................................. 40

Investment Appraisals ................................................................................................................................ 44

About the Feasibility Study Specialist .............................................................................................................. 50

Contact Me ............................................................................................................................................. 50

Similar Studies in Other Currencies ................................................................................................................. 51

Business People Born Today.......................................................................................................................... 52


TARIQ AL-BASHA 4

Executive Summary

Required Capital

NPR 570

Million

Payback Period

Year 10

Return on Investment - Year 10

108%

Internal Rate of Return -Year 10

3%

Net Present Value -Year 10

NPR 908K


TARIQ AL-BASHA 5

Feasibility Study Overview

Unit Details

Retail Details Residential Details

Tower Overview

Plot Size & FAR Tower Uses Sources of Funds Uses of Funds

Marketing Mix

Products Prices Promotion Place

Industry Analysis

Buildings by Type & Location

Housing By Type & Location

Completed Buildings by Type & Location

No. of Residential Apartments & Stores

Buildings Under Construction by Type

Building Permits Issued & Licensed

Areas

Engineering Materials Testing

Services

Real Estate Transactions

Movement of Real Estate Transactions

Land Parcels Owned by GCC Nationals

Development & Concept Vision

Component Fit Analysis

Strategic Analysis

Stakeholder Analysis PEST Analysis Porter's Five Forces SWOT Analysis


TARIQ AL-BASHA 6

Investment Appraisals

Cash Flow (In & Out) Cost-Benefit Analysis Sensitivity Analysis

Financial Statements

Income Statement Assumptions

Income Statement Balance Sheet Cash Flow Statement Depreciation

Operating Expenses Assumptions

Annual Growth in Expenses

Utilities per SqFt Opex per SqFt Total Utilities Total Opex

Rent Revenue Assumptions

Annual Growth in Rent Prices Retail Rent Revenue Assumptions Residential Rent Revenue Assimptions

Units Occupancy

Retail Units Occupancy Residential Units Occupancy


TARIQ AL-BASHA 7

Strategic Analysis

Stakeholder Analysis Stakeholders Expectation & Objectives Power & Influence Commonality & Conflict

Shareholders Share price growth, dividends Appoint board Conflict: Bargaining with staff

Lenders (If any) Interest & principal to be repaid, maintain credit ratings, risk averse

Can enforce loan covenants Similar to shareholders, but not in financial crisis

Directors & Managers (If any) Success on CV, salary, share options, job satisfaction

Make most decisions, have detailed information

Some alignment with shareholders if rewards are linked to profits or share price

Staff & Unions (If any) Salary, job security, job satisfaction

Customer experience, strike, staff turnover

Conflict: Bargaining with shareholders

Suppliers Long-term orders, payment Pricing, quality Conflict: Generally seek high prices

Customers/Tenants Reliable supply of goods and/or services

Revenue is derived from customers/tenants

Seek low prices

Community Environment, local impact, local jobs

Indirect, local planning, opinion leaders

Often same as staff

Government Operate legally, tax receipts, jobs

Regulations, subsidies, taxation, planning

Diverse, balancing


TARIQ AL-BASHA 8

PEST Analysis

POLITICAL ECONOMIC • UAE political stability was ranked 52 out of 200

countries by the World Bank in 2015.

• UAE corruption perceptions was ranked 26 out of 173 countries by Transparency International in 2016.

• UAE rule of law was ranked 45 out of 192 countries by the World Bank in 2015.

• UAE government effectiveness was ranked 18 out of 192 countries by the World Bank in 2015.

• UAE regulatory quality was ranked 38 out of 193 countries by the World Bank in 2016

• UAE voice and accountability was ranked 154 out of 193 countries by the World Bank in 2015.

• UAE political rights was ranked 46 out of 189 countries by the Freedom House in 2016.

• UAE civil liberties was ranked 28 out of 189 countries by the Freedom House in 2016.

P E • UAE property rights was ranked 26 out of 183

countries by the Heritage Foundation in 2017.

• UAE freedom from corruption was ranked 19 out of 183 countries by the Heritage Foundation in 2017.

• UAE fiscal freedom was ranked 10 out of 180 countries by the Heritage Foundation in 2017.

• UAE business freedom was ranked 26 out of 184 countries by the Heritage Foundation in 2017.

• UAE labor freedom was ranked 15 out of 184 countries by the Heritage Foundation in 2017.

• UAE monetary freedom was ranked 87 out of 181 countries by the Heritage Foundation in 2017.

• UAE trade freedom was ranked 60 out of 181 countries by the Heritage Foundation in 2017.

• UAE investment freedom was ranked 140 out of 181 countries by the Heritage Foundation in 2017.

SOCIO-CULTURAL TECHNOLOGICAL • UAE social globalization was ranked 20 out of 192

countries by the Swiss Institute of Technology in Zurich in 2014.

• UAE health spending per Capita was ranked 35 out of 185 countries by the World Bank in 2014.

• UAE happiness index was ranked 21 out of 152 countries by the World Happiness Report in 2017.

• UAE labor force participation was ranked 17 out of 181 countries by the World Bank in 2016. S T

• UAE innovations index was ranked 41 out of 128 countries by Cornell University, INSEAD, & the WIPO in 2016.

• UAE R&D (research and development) expenditure was ranked 41 out of 82 countries by the United Nations in 2014.

• UAE Information technology exports was ranked 32 out of 47 countries by the United Nations in 2015.

• UAE Patent applications by residents was ranked 81 out of 104 countries by the World Intellectual Property Organization in 2015.


TARIQ AL-BASHA 9

Porter’s Five Forces

Threat of New Entry Threat of Substitution

• Time & Entry Cost is High

• Specialist Knowledge is required

• Economies of Scale is required

• Cost advantages can be a competitive edge for competitors

• Barriers to entry is High

• High number of substitutes in Ajman & Sharjah

• Lower cost of living in Ajman & Sharjah

• Low number of substitutes in Abu Dhabi

• Higher cost of living in Abu Dhabi

• High switching cost to Ajman, Sharjah or Abu Dhabi

Bargaining Power of Suppliers Bargaining Power of Buyers

• Large number of suppliers (Contractors, Building Materials & Construction Distributors)

• Large number of substitutes (Other Emirates)

• High competition among suppliers (Contractors, Building Materials & Construction

Distributors)

• Low switching cost to other suppliers (Contractors, Building Materials & Construction

Distributors)

• Volume is critical to suppliers (Contractors, Building Materials & Construction Distributors)

• High buyer price sensitivity (Expat Tenants)

• Large number of customers (Expats)

• Products/services are important to customers (Accommodation)

• Geographic factors can limit buyer’s power

• Time of using the services can limit buyer’s power

Rivalry among Existing Competitors

• Large industry size (UAE Real Estate Sector)

• Exit barriers are high (solvency requirements or selling the Tower)

• Government’s regulations limit competition (Municipality building rules and regulations)

• Some Competitors might have a better-quality buildings and experience in leasing and promotion

• Switching Cost to another competitor might be higher (rent price)


TARIQ AL-BASHA 10

SWOT Analysis

STRENGTHS WEAKNESSES • Diverse types of residential units • Diverse types of retail units • New building (unused) • New furniture (unused) • Easy to maintain • Not far away of the high road linking

the 7 emirates • Located in a free hold zone S W

• Long-construction period to complete the tower

• Long payback period • Low return on investment • Low internal rate of return • Heavily depending on equity finance

OPPORTUNITIES THREATS • Increase of oil prices • Increase of foreign direct investments • Create new job opportunities in the

international city • EXPO 2020 • Developing further cooperation with

GCC countries • Solving the Palestinian Cause • Solving the Yemeni, Syrian, & Iraqi

Conflicts O T

• Drop in oil prices • Expatriates leaving the Emirates • Yemen War • Syrian Civil War • Iraqi Civil War • Iran Nebular & Missiles Program


TARIQ AL-BASHA 11

Development Concept & Vision

Component Fit Analysis # Component Why? Why Not?

1. Offices • Office Space within mixed use developments has shown success in Dubai.

• A large number of nearby competing office developments.

• High forthcoming supply in the office market which is expected to greatly affect occupancy and performance levels.

• High parking requirements for offices will use space which could be otherwise be developed into leasable area.

2. Retail • Supporting retail for a mixed-use development will create synergies between the different components.

• Frontage along a major thoroughfare could generate high footfall to the retail component.

• The subject site’s frontage on a main street and its location in a high footfall zone supports quality retail showrooms development.

• Strong competition from the large number of nearby retail developments.

• A large number of retail showrooms are under construction in proximity to the subject site

• The small land size limits the ability to develop a unique concept and offer only traditional showrooms.

3. Residential • There is minimal responsibility on the investors’ part to contribute to maintenance and upkeep

• Residential Towers are ideal for those looking for an investment property

• Banks, developers and investors like to know that there’s going to be someone living on the land, and that it will be improved.

• Tenants share amenities like a gym or a pool, but they’re not as private as a single-family home.

• Land tends to require a much larger down payment, and fewer lenders are available for someone looking to finance a land purchase.

• The units tend to be smaller than single-family homes, and less private

• Tenants are financially responsibility of the whole building with their neighbors

• Investors and developers often limit the types of remodeling that the tenants can do, and there can be pet and rental restrictions as well.


TARIQ AL-BASHA 12

Industry Analysis

Buildings by Type & Location (Urban) in 2015 & 20161 # Type of Building 2015 2016 2015-2016 Urban #Number #Number Growth %

1 One-Story Building 1,327.00 1,162.00 -12%

2 Multi-Story Building 11,662.00 12,230.00 5%

3 Floor Area Ratio Building 310.00 103.00 -67%

4 Private Villa 46,098.00 43,576.00 -5%

5 Investment Villa 38,208.00 43,321.00 13%

6 Arabic House 8,030.00 7,022.00 -13%

7 Commercial Building 7,302.00 8,461.00 16%

8 Industrial Building 880.00 855.00 -3%

9 Other (Shed - Sandaka - Caravan) 4,872.00 4,885.00 0%

Total 118,689.00 121,615.00 2%

1 Source: Dubai Statistics Center - Buildings, Housing Units, and Households Comprehensive Collection


TARIQ AL-BASHA 13

Buildings by Type and Location (Rural) in 2015 & 20162 # Type of Building 2015 2016 2015-2016 Rural #Number #Number Growth %

1 One-Story Building 378.00 440.00 16%

2 Multi-Story Building 14.00 16.00 14%

3 Floor Area Ratio Building - -

4 Private Villa 1,142.00 1,144.00 0%

5 Investment Villa - 582.00

6 Arabic House 431.00 389.00 -10%

7 Commercial Building 274.00 298.00 9%


9 Other (Shed - Sandaka - Caravan) 651.00 644.00 -1%

Total 2,895.00 3,517.00 21%



TARIQ AL-BASHA 14

Buildings by Type and Location (Urban & Rural) in 2015 & 20163 # Type of Building 2015 2016 2015-2016 Urban + Rural #Number #Number Growth %

1 One-Story Building 1,705.00 1,602.00 -6%

2 Multi-Story Building 11,676.00 12,246.00 5%

3 Floor Area Ratio Building 310.00 103.00 -67%

4 Private Villa 47,240.00 44,720.00 -5%

5 Investment Villa 38,208.00 43,903.00 15%

6 Arabic House 8,461.00 7,411.00 -12%

7 Commercial Building 7,576.00 8,759.00 16%


9 Other (Shed - Sandaka - Caravan) 5,523.00 5,529.00 0% - -

Total 121,584.00 125,132.00 3%



TARIQ AL-BASHA 15

Housing Units by Type & Location (Urban) in 2015 & 20164 # Type of Building 2015 2016 2015-2016 Urban #Number #Number Growth %

1 Apartment 397,651.00 410,778.00 3%

2 Villa 83,956.00 86,897.00 4%

3 Attached to Villa 60.00 388.00 547%

4 Arabic House 8,012.00 7,022.00 -12%

5 Part of Arabic House 192.00 453.00 136%

6 Room 6,828.00 9,817.00 44%

7 Collective Household 3,088.00 3,027.00 -2%

8 Other 289.00 600.00 108%

Total 500,076.00 518,982.00 4%



TARIQ AL-BASHA 16

Housing Units by Type and Location (Rural) in 2015 & 20165 # Type of Building 2015 2016 2015-2016 Rural #Number #Number Growth %

1 Apartment 67.00 85.00 27%

2 Villa 1,142.00 1,726.00 51%

3 Attached to Villa - -

4 Arabic House 430.00 389.00 -10%

5 Part of Arabic House 1.00 - -100%

6 Room 446.00 500.00 12%

7 Collective Household 97.00 84.00 -13%

8 Other 571.00 599.00 5%

Total 2,754.00 3,383.00 23%



TARIQ AL-BASHA 17

Housing Units by Type and Location (Urban & Rural) in 2015 & 20166 # Type of Building 2015 2016 2015-2016 Urban + Rural #Number #Number Growth %

1 Apartment 397,718.00 410,863.00 3%

2 Villa 85,098.00 88,623.00 4%

3 Attached to Villa 60.00 388.00 547%

4 Arabic House 8,442.00 7,411.00 -12%

5 Part of Arabic House 193.00 453.00 135%

6 Room 7,274.00 10,317.00 42%

7 Collective Household 3,185.00 3,111.00 -2%

8 Other 860.00 1,199.00 39%

Total 502,830.00 522,365.00 4%



TARIQ AL-BASHA 18

Completed Buildings by Type and Value in 2015 & 20167 # Type of Building 2015 2016 2015-2016 By Value in Million AED AED AED Growth %

1 Private Villas 4,317.00 3,986.00 -8%

2 Investment Villas 3,121.00 6,096.00 95%

3 Industrial Buildings 1,611.00 2,343.00 45%

4 Public Commercial Buildings 1,989.00 5,092.00 156%

5 Multi-Story Buildings 4,309.00 7,389.00 71%

6 Floor Area Ratio Buildings 3,749.00 5,470.00 46%

Total 19,096.00 30,376.00 59%

# Type of Building 2015 2016 2015-2016 By Type #Number #Number Growth %

1 Private Villas 2,289.00 2,776.00 21%

2 Investment Villas 3,324.00 7,246.00 118%

3 Industrial Buildings 284.00 378.00 33%

4 Public Commercial Buildings 187.00 496.00 165%

5 Multi-Story Buildings 235.00 323.00 37%

6 Floor Area Ratio Buildings 80.00 194.00 143%

Total 6,399.00 11,413.00 78%

7 Source: Dubai Municipality


TARIQ AL-BASHA 19

# Type of Building 2015 2016 2015-2016 Average Value in Million AED Average Average Growth %

1 Private Villas 1.89 1.44 -24%

2 Investment Villas 0.94 0.84 -10%

3 Industrial Buildings 5.67 6.20 9%

4 Public Commercial Buildings 10.64 10.27 -3%

5 Multi-Story Buildings 18.34 22.88 25%

6 Floor Area Ratio Buildings 46.86 28.20 -40%

Total 2.98 2.66 -11%

The Number of Residential Apartments & Stores in 2015 & 20168 # Type of Building 2015 2016 2015-2016 By Type #Number #Number Growth %

1 Number of Residential Apartments 8,584.00 15,211.00 77%

2 Number of Stores 3,586.00 3,928.00 10%

Total 12,170.00 19,139.00 57%



TARIQ AL-BASHA 20

Buildings Under Construction by Type in 2015 & 20169 # Type of Building 2014 2015 2016 2014-2015 2015-2016 #Number #Number #Number Growth % Growth %

1 Private Villas 5,733.00 4,961.00 6,024.00 -13% 21%

2 Investment Villas 6,307.00 13,100.00 17,041.00 108% 30%

3 Industrial Buildings 721.00 817.00 716.00 13% -12%

4 Public Commercial Buildings 651.00 808.00 728.00 24% -10%

5 Multi-Story Buildings 937.00 1,162.00 1,209.00 24% 4%

6 Floor Area Ratio Buildings 409.00 632.00 716.00 55% 13%

Total 14,758.00 21,480.00 26,434.00 46% 23%

# Type of Building 2014 2015 2016 2014-2015 2015-2016 By Type #Number #Number #Number Growth % Growth %

1 Number of Residential Apartments 51,960.00 58,185.00 51,714.00 12% -11%

2 Number of Stores 6,298.00 5,808.00 4,639.00 -8% -20%

Total 58,258.00 63,993.00 56,353.00 10% -12%



TARIQ AL-BASHA 21

Building Permits Issued & Licensed Areas in 201610 11 12 13

البيان بناء جديد

New Building

إضافات وتعديالت

Additions and Amendments Title

فلل خاصة Number 7,746 2,713 العدد

Private Villas Area 1,816,510 13,653,316.68 المساحة

فلل استثمارية Number 6,009 938 العدد

Investment Villas Area 10,211,075.29 16,178,895.79 المساحة

مباني صناعية Number 2,932 126 العدد

Industrial Buildings Area 2,586,870.68 7,396,397.86 المساحة

مباني عامة منشآت Number Public Commercial 2,748 202 العدد

Buildings 3,808,665.73 7,795,751.37 المساحة Area

مباني متعددة الطوابق Number 4,452 308 العدد

Multi-Story Buildings Area 2,795,544.17 32,834,455.11 المساحة

مباني نسب طابقية Number Floor Area Ratio 2,564 151 العدد

Buildings 10,109,687.27 57,849,292.49 المساحة Area

المجموع العام Number 26,451 4,438 العدد

Grand Total Area 31,328,353 135,708,109 المساحة

10 Area in Square Feet 11 Building permits issued by Dubai Municipality only 12 Represents net changes that occur during the month on previously licensed areas because of design modifying by increase or decrease of the area 13 Source: Dubai Municipality


TARIQ AL-BASHA 22

Engineering Materials Testing Services in 201614

نوع الفحص تقارير صادرة فحوص منجزة عينات مستلمة

Type of Test Received Samples Carried Out Tests Issued Reports

Soil Tests 29,320 34,162 44,219 فحوص تربة

Concrete Tests 50,930 155,503 46,042 فحوص خرسانة

Asphalt Tests 21,347 57,387 35,171 فحوص األسفلت

AggregateTests 9,848 10,864 2,000 فحوص الركام

Chemistry Tests 13,624 14,158 4,679 فحوص الكيمياء

Reinforced Steel Tests 4,701 9,724 2,166 فحوص حديد التسليح

Thermal Insulation Tests 2,517 7,985 1,354 فحوص العزل الحراري

Total 132,287 289,783 135,631 المجموع



TARIQ AL-BASHA 23

Real Estate Transactions in Dubai between 2014 - 201615 16 17 18

المجمـــــــوع أخرى رهون مبايعات

Sales Mortgages Others Total السنوات

Years قيمة عدد قيمة عدد قيمة عدد قيمة عدد

Number Value Number Value Number Value Number Value

2014 54,591 138,995 13,122 93,255 3,420 9,856 71,133 242,107

2015 47,638 129,817 14,142 113,425 3,756 19,928 65,536 263,169

2016 41,776 103,340 14,560 128,437 4,260 27,354 60,596 259,131

15 Value in Million AED 16 Data represent all off plan and existing properties transactions that registered during the year 17 Note: (Sales - Mortgages - Others) represent transactions sets and it contain sub transactions 18 Source: Land Department


TARIQ AL-BASHA 24

Movement of Real Estate Transactions by Type of Treatment in Dubai in 201619 20 21 22 23 24 25

اإلجراءات

Totalالمجموع Unitوحدة**** Buildingمبنى*** Landأرض**

Procedures عدد

Number

قيمة

Value

عدد

Number

قيمة

Value

عدد

Number

قيمة

Value

عدد

Number

قيمة

Value

Sales 103,340 41,776 40,894 29,258 7,140 2,626 55,306 9,892 مبايعات

Mortgages 128,437 14,543 10,538 8,024 3,437 1,391 114,462 5,128 رهون

Others 27,354 4,260 3,345 3,162 767 141 23,242 957 أخرى

Total 259,131 60,579 54,777 40,444 11,344 4,158 193,010 15,977 المجموع

19 Value in Million AED 20 * Data represent all off plan and existing properties transactions that registered during 2016 21 ** Includes Freehold and Non freehold Areas For Lands. 22 *** includes freehold area for units and Buildings . 23 **** Units includes also ( offices - shops - stores ) in freehold areas . 24 Note : ( Sales - Mortgages - Others ) represent transactions sets and it contain sub transactions 25 Source : Land Department


TARIQ AL-BASHA 25

Land Parcels Owned By G.C.C. Natives By Country in Dubai in between 2014 - 201626

المملكة العربية السعودية قطـــر مملكة البحـريــن سلطنة عمــان الكــويت

Kuwait Oman Kingdom of Bahrain Qatar Kingdom of Saudi Arabia السنــوات

Year

2المساحة )بالمتر( عدد األراضي 2المساحة )بالمتر( عدد األراضي 2المساحة )بالمتر( عدد األراضي 2المساحة )بالمتر( عدد األراضي 2المساحة )بالمتر( عدد األراضي

Number of

Parcels Area (M)2

Number of

Parcels Area (M)2

Number of

Parcels Area (M)2

Number of

Parcels Area (M)2

Number of

Parcels Area (M)2

2014 92 55,620 35 38,772 37 30,483 65 122,822 137 129,457

2015 154 450,393 113 125,891 69 122,988 105 111,644 338 381,001

2016 855 437,333 301 199,987 327 145,175 628 335,640 1,463 716,459

26 Source : Land Department


TARIQ AL-BASHA 26

Marketing Mix

Product

Retail

550 Sqft Shops

1,100 Sqft Shops

Residential500 Sqft Studios

800 Sqft 1-Bedroom Apartment



1,100 Sqft 2-Bedroom Apartment

1,600 Sqft 3-Bedroom Apartment


TARIQ AL-BASHA 27

Prices

550 Sqft Shops

• Sqft price is AED 160

• Rent increases 5% annually

• Total No. of Shops is 9

1,100 Sqft Shops



• Total No. of shops is 4

500 Sqft Studios



• Total No. of studios is 50

800 Sqft 1-Bedroom Apartments



• Total No. of apartments is 20









1,100 Sqft 2-Bedroom Apartments




1,600 Sqft 3-Bedroom Apartments





TARIQ AL-BASHA 28

Promotion

Internet marketing by setting up a website

Advertisement via different means( radio, TV, paper media, posting boards, or Social Media)

Local & International Real Estate Brokers & Agenecies


TARIQ AL-BASHA 29

Place27

27 Location is in the International City, Warsan – Dubai


TARIQ AL-BASHA 30

Tower Overview

Plot Size & FAR Entry Square Feet Square Meter SqFt Sqm

Site size 27,627.00 2,566.63

Floor-Area Ratio (FAR) 3.91 3.91

Tower Uses Entry Square Feet Square Meter Allocation

Building Uses SqFt Sqm %

Retail 10,000.00 929.03 9%

Multi-Family Residential 98,000.00 9,104.50 91%

Offices - - 0%

Total Gross Square Footage 108,000.00 10,033.53 100%

Sources of funds Entry Amount Allocation

Sources & Uses of Funds NPR %

Investors Equity 248,154,000 44%

Developer Equity 322,179,600 56%

Total Project Budget 570,333,600 100%


TARIQ AL-BASHA 31

Uses of funds Entry Amount Allocation

Sources & Uses of Funds NPR %

Land Costs 248,154,000 44%

Hard Construction Cost 242,265,600 42%

Tenant Improvements 28,040,000 5%

Soft Costs 42,060,000 7%

Contingency 9,814,000 2%

Total Project Budget 570,333,600 100%

44%

56%

Sources & Uses of Funds

Investors Equity Developer Equity


TARIQ AL-BASHA 32

Units Details

Retail Details Entry Square Feet Square Meter No. of Shops Square Feet Square Meter Allocation Annual Rent Per Unit All Units Concentration

Retail SqFt Sqm # SqFt Sqm % NPR/SqFT NPR NPR %

Shop style A 550.00 51.10 9.00 4,950.00 459.87 53% 4,486.40 2,467,520 22,207,680 53%

Shop style B 1,100.00 102.19 4.00 4,400.00 408.77 47% 4,486.40 4,935,040 19,740,160 47%

Total 1,650.00 153.29 13.00 9,350.00 868.64 100% 7,402,560 41,947,840 100%

Residential Details28 Entry Square Feet Square Meter No. of Units Square Feet Square Meter Allocation Annual Rent Per Unit All Units Concentration

Residential SqFt Sqm # SqFt Sqm % NPR/SqFT NPR NPR %

Studio 500.00 46.45 50.00 25,000.00 2,322.58 26% 2,523.60 1,261,800 63,090,000 26%

1 BHK 1 BR 800.00 74.32 20.00 16,000.00 1,486.45 17% 2,523.60 2,018,880 40,377,600 17%

1 BHK 2 BR 850.00 78.97 10.00 8,500.00 789.68 9% 2,523.60 2,145,060 21,450,600 9%

2 BHK 1 BR 950.00 88.26 20.00 19,000.00 1,765.16 20% 2,523.60 2,397,420 47,948,400 20%

2 BHK 2 BR 1,100.00 102.19 10.00 11,000.00 1,021.93 12% 2,523.60 2,775,960 27,759,600 12%

3 BHK 2 BR 1,600.00 148.64 10.00 16,000.00 1,486.45 17% 2,523.60 4,037,760 40,377,600 17%

Total 5,800.00 538.84 120.00 95,500.00 8,872.24 100% 14,636,880 241,003,800 100%

28 BHK: Bedroom, Hall & Kitchen


TARIQ AL-BASHA 33

Units Occupancy

Retail Units Occupancy Entry Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10

Retail Occupancy Occupancy Occupancy Occupancy Occupancy Occupancy Occupancy Occupancy Occupancy Occupancy

Shop style A - - - 2.00 4.00 6.00 8.00 8.00 8.00 8.00

Shop style B - - - 1.00 2.00 3.00 3.00 3.00 3.00 3.00

Total - - - 3.00 6.00 9.00 11.00 11.00 11.00 11.00

Occupancy Rate 0% 0% 0% 23% 46% 69% 85% 85% 85% 85%

0% 0% 0%

23%

46%

69%

85% 85% 85% 85%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10

OCCUPANCY RATE


TARIQ AL-BASHA 34

Residential Units Occupancy Entry Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10

Residential Occupancy Occupancy Occupancy Occupancy Occupancy Occupancy Occupancy Occupancy Occupancy Occupancy

Studio - - - 10.00 20.00 30.00 40.00 45.00 45.00 45.00

1 BHK 1 BR - - - 5.00 10.00 15.00 19.00 19.00 19.00 19.00

1 BHK 2 BR - - - 4.00 8.00 9.00 9.00 9.00 9.00 9.00

2 BHK 1 BR - - - 5.00 10.00 15.00 19.00 19.00 19.00 19.00

2 BHK 2 BR - - - 4.00 8.00 9.00 9.00 9.00 9.00 9.00

3 BHK 2 BR - - - 4.00 8.00 9.00 9.00 9.00 9.00 9.00

Total - - - 32.00 64.00 87.00 105.00 110.00 110.00 110.00

Occupancy Rate 0% 0% 0% 27% 53% 73% 88% 92% 92% 92%

0% 0% 0%

27%

53%

73%

88%92% 92% 92%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%


OCCUPANCY RATE


TARIQ AL-BASHA 35

Rent Revenue Assumptions

Annual Growth in Rent Prices

Retail

5%

Residential

5%


TARIQ AL-BASHA 36

Retail Rent Revenue Assumptions Entry Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10

Retail NPR NPR NPR NPR NPR NPR NPR NPR NPR NPR

Shop style A - - - 5,181,792 10,363,584 15,545,376 20,727,168 20,727,168 20,727,168 20,727,168

Shop style B - - - 5,181,792 10,363,584 15,545,376 15,545,376 15,545,376 15,545,376 15,545,376

Total - - - 10,363,584 20,727,168 31,090,752 36,272,544 36,272,544 36,272,544 36,272,544

Residential Rent Revenue Assumptions Entry Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10

Residential NPR NPR NPR NPR NPR NPR NPR NPR NPR NPR

Studio - - - 13,248,900 26,497,800 39,746,700 52,995,600 59,620,050 59,620,050 59,620,050

1 BHK 1 BR - - - 10,599,120 21,198,240 31,797,360 40,276,656 40,276,656 40,276,656 40,276,656

1 BHK 2 BR - - - 9,009,252 18,018,504 20,270,817 20,270,817 20,270,817 20,270,817 20,270,817

2 BHK 1 BR - - - 12,586,455 25,172,910 37,759,365 47,828,529 47,828,529 47,828,529 47,828,529

2 BHK 2 BR - - - 11,659,032 23,318,064 26,232,822 26,232,822 26,232,822 26,232,822 26,232,822

3 BHK 2 BR - - - 16,958,592 33,917,184 38,156,832 38,156,832 38,156,832 38,156,832 38,156,832

Total - - - 74,061,351 148,122,702 193,963,896 225,761,256 232,385,706 232,385,706 232,385,706


TARIQ AL-BASHA 37

Operating Expenses Assumptions

Annual Growth in Expenses

Utilities

2%

Opex

2%


TARIQ AL-BASHA 38

Utilities per SqFt Entry Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10

Utilities per SqFt NPR NPR NPR NPR NPR NPR NPR NPR NPR NPR

Energy - - - 14.02 14.30 14.59 14.88 15.18 15.48 15.79

Water - - - 14.02 14.30 14.59 14.88 15.18 15.48 15.79

Wastewater - - - 14.02 14.30 14.59 14.88 15.18 15.48 15.79

Other Utilities - - - 14.02 14.30 14.59 14.88 15.18 15.48 15.79

Total - - - 56.08 57.20 58.35 59.51 60.70 61.92 63.16

Opex per SqFt Entry Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10

Opex per SqFt NPR NPR NPR NPR NPR NPR NPR NPR NPR NPR

Repairs & Maintenance - - - 14.02 14.30 14.59 14.88 15.18 15.48 15.79

Security - - - 7.01 7.15 7.29 7.44 7.59 7.74 7.89

Garage Operations - - - 7.01 7.15 7.29 7.44 7.59 7.74 7.89

Management fee - - - 14.02 14.30 14.59 14.88 15.18 15.48 15.79

Insurance - - - 14.02 14.30 14.59 14.88 15.18 15.48 15.79

Total - - - 56.08 57.20 58.35 59.51 60.70 61.92 63.16


TARIQ AL-BASHA 39

Total Utilities Entry Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10

Utilities NPR NPR NPR NPR NPR NPR NPR NPR NPR NPR

Energy - - - 1,469,997 1,499,397 1,529,385 1,559,973 1,591,172 1,622,995 1,655,455

Water - - - 1,469,997 1,499,397 1,529,385 1,559,973 1,591,172 1,622,995 1,655,455

Wastewater - - - 1,469,997 1,499,397 1,529,385 1,559,973 1,591,172 1,622,995 1,655,455

Other Utilities - - - 1,469,997 1,499,397 1,529,385 1,559,973 1,591,172 1,622,995 1,655,455

Total - - - 5,879,988 5,997,588 6,117,540 6,239,890 6,364,688 6,491,982 6,621,822

Total Opex Entry Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10

Opex NPR NPR NPR NPR NPR NPR NPR NPR NPR NPR

Repairs & Maintenance - - - 1,469,997 1,499,397 1,529,385 1,559,973 1,591,172 1,622,995 1,655,455

Security - - - 734,999 749,698 764,692 779,986 795,586 811,498 827,728

Garage Operations - - - 734,999 749,698 764,692 779,986 795,586 811,498 827,728

Management fee - - - 1,469,997 1,499,397 1,529,385 1,559,973 1,591,172 1,622,995 1,655,455

Insurance - - - 1,469,997 1,499,397 1,529,385 1,559,973 1,591,172 1,622,995 1,655,455

Total - - - 5,879,988 5,997,588 6,117,540 6,239,890 6,364,688 6,491,982 6,621,822


TARIQ AL-BASHA 40

Financial Statements

Income Statement Assumptions

Cost of Revenue = Real Estate Tax

5%

Legal Reserve Percenage from Net

Profit

10%


TARIQ AL-BASHA 41

Proforma Income Statement (Profit & Loss Statement) Entry Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10

Income Statement NPR NPR NPR NPR NPR NPR NPR NPR NPR NPR

Revenue - - - 84,424,935 168,849,870 225,054,648 262,033,800 268,658,250 268,658,250 268,658,250

Less: Cost of Revenue - - - (42,212,468) (84,424,935) (112,527,324) (131,016,900) (134,329,125) (134,329,125) (134,329,125)

Gross Profit - - - 42,212,468 84,424,935 112,527,324 131,016,900 134,329,125 134,329,125 134,329,125

Less: General & Administrative Expenses - - - - - - - - - -

Less: Operating Expenses - - - (11,759,976) (11,995,176) (12,235,079) (12,479,781) (12,729,376) (12,983,964) (13,243,643)

Less: Depreciation - - - (6,443,592) (6,443,592) (6,443,592) (6,443,592) (6,443,592) (6,443,592) (6,443,592)

Operating Profit - - - 24,008,900 65,986,167 93,848,653 112,093,527 115,156,157 114,901,569 114,641,890

Less: Interest Expenses - - - - - - - - - -

Net Profit before Tax - - - 24,008,900 65,986,167 93,848,653 112,093,527 115,156,157 114,901,569 114,641,890

Less: Income Tax - - - - - - - - - -

Net Profit - - - 24,008,900 65,986,167 93,848,653 112,093,527 115,156,157 114,901,569 114,641,890

Less: Legal Reserve - - - (2,400,890) (6,598,617) (9,384,865) (11,209,353) (11,515,616) (11,490,157) (11,464,189)

Profit for the Period - - - 21,608,010 59,387,551 84,463,788 100,884,175 103,640,541 103,411,412 103,177,701

Gross Profit Margin 50% 50% 50% 50% 50% 50% 50%

Operating Profit Margin 28% 39% 42% 43% 43% 43% 43%

Net Profit Margin 26% 35% 38% 39% 39% 38% 38%

Earnings Per Share - - - 0.04 0.10 0.15 0.18 0.18 0.18 0.18


TARIQ AL-BASHA 42

Proforma Balance Sheet Statement (Financial Position Statement) Entry Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10

Assets NPR NPR NPR NPR NPR NPR NPR NPR NPR NPR

Cash & Cash Equivalents 193,307,760 64,435,920 - 30,452,492 102,882,251 203,174,496 321,711,615 443,311,364 564,656,525 685,742,007

Projects Under-Constructions 128,871,840 257,743,680 322,179,600 - - - - - - -

Lands 248,154,000 248,154,000 248,154,000 248,154,000 248,154,000 248,154,000 248,154,000 248,154,000 248,154,000 248,154,000

Fixed Assets - - - 322,179,600 322,179,600 322,179,600 322,179,600 322,179,600 322,179,600 322,179,600

Less: Depreciation - - - (6,443,592) (12,887,184) (19,330,776) (25,774,368) (32,217,960) (38,661,552) (45,105,144)

Total Assets 570,333,600 570,333,600 570,333,600 594,342,500 660,328,667 754,177,320 866,270,847 981,427,004 1,096,328,573 1,210,970,463

Shareholders' Equity & Liabilities

Paid-in Capital 570,333,600 570,333,600 570,333,600 570,333,600 570,333,600 570,333,600 570,333,600 570,333,600 570,333,600 570,333,600

Accumulated Retained Earnings - - - - 21,608,010 80,995,560 165,459,348 266,343,523 369,984,064 473,395,476

Retained Earnings - - - 21,608,010 59,387,551 84,463,788 100,884,175 103,640,541 103,411,412 103,177,701

Legal Reserve - - - 2,400,890 8,999,507 18,384,372 29,593,725 41,109,340 52,599,497 64,063,686

Total Shareholders' Equity & Liabilities 570,333,600 570,333,600 570,333,600 594,342,500 660,328,667 754,177,320 866,270,847 981,427,004 1,096,328,573 1,210,970,463


TARIQ AL-BASHA 43

Proforma Cash Flow (Indirect Method) Entry Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10

Operating Activities NPR NPR NPR NPR NPR NPR NPR NPR NPR NPR

Net Profit - - - 24,008,900 65,986,167 93,848,653 112,093,527 115,156,157 114,901,569 114,641,890

Depreciation - - - 6,443,592 6,443,592 6,443,592 6,443,592 6,443,592 6,443,592 6,443,592

Net Cash Flow From Operating Activities - - - 30,452,492 72,429,759 100,292,245 118,537,119 121,599,749 121,345,161 121,085,482

Investing Activities

Sale (Purchase) of Lands (248,154,000) - - - - - - - - -

Decrease (Increase) of Projects Under-Construction (128,871,840) (128,871,840) (64,435,920) 322,179,600 - - - - - -

Decrease (Increase) of Fixed Assets - - - (322,179,600) - - - - - -

Net Cash Flow From Investing Activities (377,025,840) (128,871,840) (64,435,920) - - - - - - -

Financing Activities

Increase (Decrease) of Paid-in Capital 570,333,600 - - - - - - - - -

Net Cash Flow From Financing Activities 570,333,600 - - - - - - - - -

Net Cash 193,307,760 (128,871,840) (64,435,920) 30,452,492 72,429,759 100,292,245 118,537,119 121,599,749 121,345,161 121,085,482

Cash at the Beginning of the Period 193,307,760 64,435,920 - 30,452,492 102,882,251 203,174,496 321,711,615 443,311,364 564,656,525

Cash at the End of the Period 193,307,760 64,435,920 - 30,452,492 102,882,251 203,174,496 321,711,615 443,311,364 564,656,525 685,742,007


TARIQ AL-BASHA 44

Depreciation # Capex Dep. Dep Opening Ending # Capex Dep. Dep Opening Ending

Year NPR % NPR NPR NPR Year NPR % NPR NPR NPR

4 322,179,600 2% (6,443,592) 322,179,600 315,736,008 29 322,179,600 2% (6,443,592) 161,089,800 154,646,208

5 322,179,600 2% (6,443,592) 315,736,008 309,292,416 30 322,179,600 2% (6,443,592) 154,646,208 148,202,616

6 322,179,600 2% (6,443,592) 309,292,416 302,848,824 31 322,179,600 2% (6,443,592) 148,202,616 141,759,024

7 322,179,600 2% (6,443,592) 302,848,824 296,405,232 32 322,179,600 2% (6,443,592) 141,759,024 135,315,432

8 322,179,600 2% (6,443,592) 296,405,232 289,961,640 33 322,179,600 2% (6,443,592) 135,315,432 128,871,840

9 322,179,600 2% (6,443,592) 289,961,640 283,518,048 34 322,179,600 2% (6,443,592) 128,871,840 122,428,248

10 322,179,600 2% (6,443,592) 283,518,048 277,074,456 35 322,179,600 2% (6,443,592) 122,428,248 115,984,656

11 322,179,600 2% (6,443,592) 277,074,456 270,630,864 36 322,179,600 2% (6,443,592) 115,984,656 109,541,064

12 322,179,600 2% (6,443,592) 270,630,864 264,187,272 37 322,179,600 2% (6,443,592) 109,541,064 103,097,472

13 322,179,600 2% (6,443,592) 264,187,272 257,743,680 38 322,179,600 2% (6,443,592) 103,097,472 96,653,880

14 322,179,600 2% (6,443,592) 257,743,680 251,300,088 39 322,179,600 2% (6,443,592) 96,653,880 90,210,288

15 322,179,600 2% (6,443,592) 251,300,088 244,856,496 40 322,179,600 2% (6,443,592) 90,210,288 83,766,696

16 322,179,600 2% (6,443,592) 244,856,496 238,412,904 41 322,179,600 2% (6,443,592) 83,766,696 77,323,104

17 322,179,600 2% (6,443,592) 238,412,904 231,969,312 42 322,179,600 2% (6,443,592) 77,323,104 70,879,512

18 322,179,600 2% (6,443,592) 231,969,312 225,525,720 43 322,179,600 2% (6,443,592) 70,879,512 64,435,920

19 322,179,600 2% (6,443,592) 225,525,720 219,082,128 44 322,179,600 2% (6,443,592) 64,435,920 57,992,328

20 322,179,600 2% (6,443,592) 219,082,128 212,638,536 45 322,179,600 2% (6,443,592) 57,992,328 51,548,736

21 322,179,600 2% (6,443,592) 212,638,536 206,194,944 46 322,179,600 2% (6,443,592) 51,548,736 45,105,144

22 322,179,600 2% (6,443,592) 206,194,944 199,751,352 47 322,179,600 2% (6,443,592) 45,105,144 38,661,552

23 322,179,600 2% (6,443,592) 199,751,352 193,307,760 48 322,179,600 2% (6,443,592) 38,661,552 32,217,960

24 322,179,600 2% (6,443,592) 193,307,760 186,864,168 49 322,179,600 2% (6,443,592) 32,217,960 25,774,368

25 322,179,600 2% (6,443,592) 186,864,168 180,420,576 50 322,179,600 2% (6,443,592) 25,774,368 19,330,776

26 322,179,600 2% (6,443,592) 180,420,576 173,976,984 51 322,179,600 2% (6,443,592) 19,330,776 12,887,184

27 322,179,600 2% (6,443,592) 173,976,984 167,533,392 52 322,179,600 2% (6,443,592) 12,887,184 6,443,592

28 322,179,600 2% (6,443,592) 167,533,392 161,089,800 53 322,179,600 2% (6,443,592) 6,443,592 0


TARIQ AL-BASHA 45

Investment Appraisals

Cash Flow (In & Out) Entry Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10

Cash In NPR NPR NPR NPR NPR NPR NPR NPR NPR NPR

Retail Tenants - - - 10,363,584 20,727,168 31,090,752 36,272,544 36,272,544 36,272,544 36,272,544

Residential Tenants - - - 74,061,351 148,122,702 193,963,896 225,761,256 232,385,706 232,385,706 232,385,706

Total Cash In Annually - - - 84,424,935 168,849,870 225,054,648 262,033,800 268,658,250 268,658,250 268,658,250

Total Cash In Cumulative - - - 84,424,935 253,274,805 478,329,453 740,363,253 1,009,021,503 1,277,679,753 1,546,338,003

Cash Out

Construction Costs 128,871,840 128,871,840 64,435,920 - - - - - - -

Land Cost 248,154,000 - - - - - - - - -

Operating Expenses - - - 11,759,976 11,995,176 12,235,079 12,479,781 12,729,376 12,983,964 13,243,643

Real Estate Taxes - - - 42,212,468 84,424,935 112,527,324 131,016,900 134,329,125 134,329,125 134,329,125

Interest Expense - - - - - - - - - -

Total Cash Out Annually 377,025,840 128,871,840 64,435,920 53,972,444 96,420,111 124,762,403 143,496,681 147,058,501 147,313,089 147,572,768

Total Cash Out Cumulative 377,025,840 505,897,680 570,333,600 624,306,044 720,726,154 845,488,557 988,985,238 1,136,043,739 1,283,356,828 1,430,929,596

Total Net Cash Annually (377,025,840) (128,871,840) (64,435,920) 30,452,492 72,429,759 100,292,245 118,537,119 121,599,749 121,345,161 121,085,482

Total Net Cash Cumulative (377,025,840) (505,897,680) (570,333,600) (539,881,109) (467,451,349) (367,159,104) (248,621,985) (127,022,236) (5,677,075) 115,408,407


TARIQ AL-BASHA 46

(700,000,000)

(600,000,000)

(500,000,000)

(400,000,000)

(300,000,000)

(200,000,000)

(100,000,000)

-

100,000,000

200,000,000


NPR

Total Net Cash Cumulative


TARIQ AL-BASHA 47

Cost-Benefit Analysis Entry Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10

Undiscounted Flows NPR NPR NPR NPR NPR NPR NPR NPR NPR NPR

Costs Undiscounted (377,025,840) (128,871,840) (64,435,920) (53,972,444) (96,420,111) (124,762,403) (143,496,681) (147,058,501) (147,313,089) (147,572,768)

Benefits Undiscounted - - - 84,424,935 168,849,870 225,054,648 262,033,800 268,658,250 268,658,250 268,658,250

Net Cash Flow Undiscounted (377,025,840) (128,871,840) (64,435,920) 30,452,492 72,429,759 100,292,245 118,537,119 121,599,749 121,345,161 121,085,482

Discounted Flows

Discounted Rate 0.0% 3.1% 3.1% 3.1% 3.1% 3.1% 3.1% 3.1% 3.1% 3.1%

Year Index - 1 2 3 4 5 6 7 8 9

Discounted Factor 1.00000 0.97040 0.94168 0.91381 0.88676 0.86052 0.83505 0.81033 0.78635 0.76308

Costs Discounted (377,025,840) (125,057,584) (60,678,110) (49,320,571) (85,501,875) (107,360,308) (119,826,777) (119,166,494) (115,839,685) (112,609,300)

Benefits Discounted - - - 77,148,369 149,729,973 193,663,602 218,811,094 217,702,897 211,259,483 205,006,776

Net Cash Flow Discounted (377,025,840) (125,057,584) (60,678,110) 27,827,798 64,228,098 86,303,294 98,984,317 98,536,403 95,419,798 92,397,476

Investment Appraisal

Net Present Value (377,025,840) (487,223,119) (546,105,321) (519,101,150) (456,774,030) (373,025,079) (276,970,428) (181,350,435) (88,754,803) 907,959

Internal Rate of Return -75% -42% -23% -12% -5% 0% 3%

Benefit-Cost Ratio Undiscounted 0% 0% 0% 14% 35% 57% 75% 89% 100% 108%

Benefit-Cost Ratio Discounted 0% 0% 0% 13% 33% 52% 69% 82% 92% 100%


TARIQ AL-BASHA 48

Sensitivity Analysis

Return on Investment (ROI)

-20% -15% -10% -5% 0% 5% 10% 15% 20%

Cost Cost Cost Cost Cost Cost Cost Cost Cost

-20% Revenue 8% 2% -4% -9% -14% -18% -21% -25% -28%

-15% Revenue 15% 8% 2% -3% -8% -13% -16% -20% -23%

-10% Revenue 22% 14% 8% 2% -3% -7% -12% -15% -19%

-5% Revenue 28% 21% 14% 8% 3% -2% -7% -11% -14%

0% Revenue 35% 27% 20% 14% 8% 3% -2% -6% -10%

5% Revenue 42% 33% 26% 19% 13% 8% 3% -1% -5%

10% Revenue 49% 40% 32% 25% 19% 13% 8% 3% -1%

15% Revenue 55% 46% 38% 31% 24% 18% 13% 8% 4%

20% Revenue 62% 53% 44% 37% 30% 24% 18% 13% 8%

Profitability -20% -15% -10% -5% 0% 5% 10% 15% 20%


-20% Revenue 5% 1% -3% -6% -10% -14% -17% -21% -25%

-15% Revenue 9% 5% 1% -2% -6% -10% -14% -18% -22%

-10% Revenue 14% 10% 6% 2% -2% -6% -11% -15% -19%

-5% Revenue 20% 16% 11% 7% 2% -2% -6% -11% -15%

0% Revenue 26% 21% 17% 12% 7% 3% -2% -6% -11%

5% Revenue 33% 28% 23% 18% 13% 8% 3% -1% -6%

10% Revenue 40% 34% 29% 24% 19% 14% 9% 4% -1%

15% Revenue 47% 42% 36% 31% 26% 21% 15% 10% 5%

20% Revenue 55% 50% 44% 39% 33% 27% 22% 16% 11%


TARIQ AL-BASHA 49

Earnings Per Share -20% -15% -10% -5% 0% 5% 10% 15% 20%


-20% Revenue 0.16 0.04 (0.09) (0.21) (0.34) (0.47) (0.59) (0.72) (0.84)

-15% Revenue 0.30 0.17 0.05 (0.08) (0.20) (0.33) (0.46) (0.58) (0.71)

-10% Revenue 0.43 0.31 0.18 0.06 (0.07) (0.19) (0.32) (0.45) (0.57)

-5% Revenue 0.57 0.44 0.32 0.19 0.07 (0.06) (0.18) (0.31) (0.43)

0% Revenue 0.70 0.58 0.45 0.33 0.20 0.08 (0.05) (0.17) (0.30)

5% Revenue 0.84 0.71 0.59 0.46 0.34 0.21 0.09 (0.04) (0.16)

10% Revenue 0.98 0.85 0.72 0.60 0.47 0.35 0.22 0.10 (0.03)

15% Revenue 1.11 0.99 0.86 0.73 0.61 0.48 0.36 0.23 0.11

20% Revenue 1.25 1.12 1.00 0.87 0.74 0.62 0.49 0.37 0.24


TARIQ AL-BASHA 50

About the Feasibility Study Specialist • Awarded first class degree in business management from the University of Greenwich, London

– the United Kingdom.

• Worked for several investment companies in real estate sector and managerial and financial

consulting companies.

• Provided real estate feasibility studies in Jordan, Palestine, Iraq, Tunisia, UAE and KSA.

Contact Me

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TARIQ AL-BASHA 51

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TARIQ AL-BASHA 52

Business People Born Today Known As: Walter Elias Disney

Birth Date: December 5, 1901

Founder/Co-Founder: The Walt Disney

Company