...Ladies and gentlemen, good afternoon, and welcome to the half year Emirates REIT Earnings Presentation. We're delighted to be presenting today a very strong quarter, which, after an already robust Q1 of 2024, makes up strong first halves of the year. Let me dive first in the key highlights. Then I will say a few words about the general economy and environment and the real estate market. As you can see, all indicators are very positive, with double-digit income growth versus last year's first half. To clarify, these are all consolidated numbers for the first half of the year and against 2023 first half results. Most importantly, our operating profit is up almost 20%. In July 2023, we have set a new strategy for Emirates REIT. I've mentioned more than once the three pillar strategy. We said we would reach an occupancy of 90% by end of 2024. You can see that by half year, we have already crossed the 90% blended occupancy. This is a great achievement. Our NAV keeps growing by 34%, mainly as our valuations improve. I would also say that we sold Trident Grand Mall, but it's not reflected in these numbers, since the sale closed in July. The sale of Trident is a great news as we sold above valuation, and I consider Trident as a difficult asset, especially if the market turns around. A few words now about the economy. Our economy is doing well. GDP growth is planned to be at 3.8% this year, which is slightly above last year. An inflation forecast is going down to 2.3%, and then the office market. Supply is slowly growing, but it's still not able to meet demand, and therefore, vacancy is decreasing and rents have been going up by 5% year on year. If you take Grade A space, rents have gone up by 20%. In retail, the first half saw very little supply of new space. Consequently, vacancy went down to 10% and therefore pushing rents up by 16%. Finally, the education sector continues to perform well, supported by population increase. 2024 enrollment rates are not out yet, but they will supposedly show a very healthy growth. Dubai population forecast is to reach 5.8 million by 2024, which will no doubt support the growth in the education market over the long term. I will now pass the microphone to Ross McLaughlin for a review of our operations. Thank you. Thank you, Thierry, and good afternoon, everyone. I will now be taking you through the operational highlights for H1 2024, which demonstrate the continuation of strong performance of the Emirates REIT portfolio and the strength of its asset base. At a portfolio level, occupancy continues to grow, increasing by 5.1 percentage points year on year to reach 90.5%. Rates recorded an increase of 10% year on year, as low vacancy helped to extract more value from leases. Higher occupancy, coupled with growing rates, led gross income higher by 12% year on year to reach $88.8 million. A strict focus on managing costs was successful in reducing operating costs, a notable achievement, considering the inflation rate environment and higher occupancy. Overall, the picture is one of positive momentum on operational performance. Looking in more detail at occupancy, a number of assets have now crossed the 90% occupancy level, key support for rental growth. Strong operating performance was experienced across their office assets, which benefited from continuation of high demand for quality space and a lack of adequate supply in their respective submarkets. Notable performance on occupancy includes an Index Tower, where office occupancy grew by 6.8 percentage points to reach 91%, and the Index Mall, which witnessed a significant increase, growing 27.2 percentage points year on year. Demand for DIFC office space remains high, and we continue to see robust levels of inquiries for both smaller offices and into H1 2024, growing interest for larger shell and core space. At European Business Centre, occupancy grew by 16.9 percentage points year on year, and at Loft Offices, the increase in occupancy was 8.8 percentage points, with the ongoing refurbishment of units supporting leasing momentum... Office Park experienced a strong rebound in H1 2024 after a drop in Q4 of 2023. Occupancy increased by 9.6 percentage points in H1, bringing the occupancy up to 87.7%. Demand, supply, and balance and increasing occupancy is creating upward pressure on rents, and the portfolio has been positioned well to capture this growth. Highlights from the portfolio include Index Tower, where rates increased by 11.7%. Office Park, where the increase was 7.7%, and European Business Centre, which saw 17.3% growth in rents. The high rates of occupancy and rate growth is reflecting of continuing high levels of leasing activity across the portfolio and efforts taken to position the assets as leaders in their submarket. A number of asset improvements have been executed and are planned to continue the modernization of the assets and their positive momentum. In addition, significant value has been captured through lease renewals, with a large number of historic leases maturing and higher market rates being captured. In addition to revenue management, the team has been very focused on controlling costs, and that success can be seen in total OpEx falling by 3% year on year to $12 million, down from $12.4 million a year earlier. As the second chart demonstrates, over the past five years, efficiency of spending has continued to increase. While occupancy has increased at a sustained rate, each year less has been spent considering each square meter of occupied space. We continually explore ways to save costs across the portfolio. Overall, H1 2024 has been very positive for Emirates REIT's operations, building on the momentum of previous reporting periods and creating strong fundamentals for future growth. This concludes our operational highlights. I will now hand you over to Moeen, who will take us through the financial highlights. Thank you, Ross. Good afternoon, ladies and gentlemen. I'm pleased to present before you the financial highlights for Emirates REIT for the half year end, period ended June thirtieth, 2024. During this period, the REIT continued to record excellent performance, both in terms of operating profitability and asset growth. Driven by the growth in portfolio occupancy and improvement in the rental rates, the total property income recorded a year-on-year increase of 12% and closed at $40.4 million. Property operating expenses registered a 3% year-on-year decline during the period, which is a direct result of cost rationalization measures aiming to enhance the operating efficiency across the portfolio. Consequently, the net property income for first half was up by 16% and amounted to $34.4 million. Incorporating the effect of fund expenses, the operating profit for Emirates REIT for the first six months period registered strong growth of 19% and closed at $25.2 million. This impressive operating performance was muted by the high finance cost that the REIT has to bear, which is mainly on account of rising coupon rate and the effect of rise in benchmark rates for the REIT's bilateral facilities. As a consequence of this, the Funds From Operations, or the FFO, despite recording an improvement on a year-on-year basis, remained under pressure and amounted to -$1.5 million for the period under review. Reflective of the overall strong operating performance, supported by a strong real estate market, the REIT's investment portfolio continued to record growth. As a result of which, the unrealized gain on the revaluation of investment properties for the half year ended 2024 amounted to $65 million, which is up by 30% as compared to $50 million posted a year ago. Consequently, the profit for the half year 2024 amounted to $63 million, up by 37% from $46 million posted the same period last year. This slide shows the double-digit year-on-year growth in net property income and operating profit, which is a direct result of excellent performance by the REIT. This was, however, countered by a high finance cost, which has also recorded a year-on-year increase of 7%. The following slide exhibits consistent improvement in operating efficiency, as a result of which the ratio of property operating expenses over the property income continued to record improvement by closing at 15% as at 30th June 2024. Despite this, the REIT continued to face challenge from a high finance cost, and as you can see on the chart on the right side, the net finance costs constitute a substantial portion of the total property income. Reduction of this remains to be a key priority for the REIT's strategy going forward. Moving onwards, if you see the financial overview, we will see that driven by the revaluation gains, the fair value of investment properties recorded a year-on-year increase of 18%. Total assets of the REIT amounted to $1.1 billion as of 30th June 2024. Coupled with the above and the overall improved operating performance, the net asset value continued to rise during the period, and amounted to $563 million as of 30 June 2024. This is up by 34% from $490 million reported same period last year. Islamic financing amounted to $442 million as of 30 June 2024, including the secured Sukuk. The finance to total value or the FTV as at end of the June period amounted to 40%, which is better by six percentage points from 46% reported a year ago. During the period, the REIT exercised the extension option to extend the maturity of its $324 million Sukuk till 12th December, 2025, which is subject to meeting certain conditions before the initial maturity date, as per the terms and conditions of the secured Sukuk. The REIT manager, in this respect, is working on a refinancing plan as per which multiple options are available with the REIT, including asset divestment, facility refinancing, and evaluating options related to the Sukuk. Asset divestment has already started in this respect, and subsequent to the reporting period, sale of one of the select assets has been completed. This was followed by redemption of Sukuk by $19.27 million in July 2024. The next slide exhibits the analyzed trend of operating profit, operating cost, the net finance cost based on first half year actuals. Going forward, the REIT plans to continue focusing on enhancing the portfolio occupancy and the rental rates, aiming towards ensuring a sustainable revenue stream, with special emphasis on concluding the refinancing plan, which will result in optimizing the financing structure and reducing the finance cost impact on the REIT's profitability. With this, I would like to thank you for your time and invite Thierry to please continue with the presentation. Thank you, Moeen. I'm just being told that the volume was very low at the beginning of the presentation, so, I'm just gonna go back to the key highlights very quickly. The key highlights, what is important to know, is our operating profit is up by 19% at $25.2 million. What is important to know is part of our strategy was to achieve an occupancy of 90% by the end of 2024. We've already crossed that, the 90%, at half year. We're quite happy with the leasing the vacant space over the last twelve months. And the net asset value has increased by 34%, but it's mostly from the valuations. What I also want to say, we wanna talk a little bit about our strategic journey. You might have heard me before talking about the three pillar strategy that we have launched in July 2023. The first pillar is the optimization of the revenue across the entire portfolio. After today's presentation, you can surely see that we are on a very positive track. And please remember that since we still have a lot of what I call the COVID leases, and those leases should be renewed at higher terms, and therefore, I'm quite confident that the positive trend will continue. The second pillar is asset disposition. And obviously, some of you know that we have closed our first sale of Trident for the amount of AED 76 million, which is 5% above our latest valuation. The benefits of this sale will only be reflected in the Q3 as the deal closed in July. You will hear more news in the next few weeks on other dispositions. So some people wonder why it has been taking so long to close those deals. The reason is simple: We want to get the highest price, and it takes time. And then the third pillar will naturally follow once we complete the dispositions, and it's the refinancing of the Sukuk, which we continue to work very hard on. So that concludes our presentation, and I would like now to open the forum to the questions and answers. So there was a question for Wisam, which was up there for quite some time. I will answer that question. The share price is a function of several things, but it's a function of going back into a positive FFO. Our FFO in 2023 was negative AED 3.6 million. Now, our FFO is negative AED 1.5 million. The situation is improving, despite the fact that we still have heavy financing costs, and in fact, our financing costs have been increasing. Once we are back and we achieve the three pillar strategy with the refinancing, we will be back into substantial positive FFO, and I can tell you that I believe that the share price will follow. So that will be the consequence of finishing a strong year. As for the dividend payment, I believe it's the dividend payment for the 2022, that, the 2022, which is the question, I believe, and the, that resolution was voted with a no. So no, scrip dividend payment or distribution for 2022, if that's the question. And then the third one is a question regarding the sale of Trident. We obviously have to deal with the market that we face at the time that we dispose of an assets. And we take as a benchmark, mainly, the valuation, and we have sold Trident, 5% above the current valuation. Unfortunately, it is correct that we have purchased that asset many years ago at a higher price. Today, I mean, it's not correct, though, that it was excluding refurbishment, because there were no refurbishment, no significant refurbishment in on this asset. But I can tell you that Trident is an asset that I identified from the very beginning as a difficult asset, and I'm very pleased that we disposed of that asset, and think we will create much more value on some of the other assets that we are in the process of disposing of. So I see several questions regarding when we go back to paying dividends and what is the strategy to handle the Sukuk. I believe I've already partly answered to that question. You know, with the three pillar strategy, higher performance, disposition of asset to create liquidity and decrease LTV. Once we have a lower LTV, it's the right time to strike a deal and refinance the Sukuk. So we are focusing on that right now, and as soon as we've done that, we will be back in the position where we can pay cash dividends. So there's a question regarding the following sales. I cannot really disclose any information until those sales are completed. I can tell you that I am still very confident that we will, with those sales, decrease the LTV to a much more comfortable level. And the level is already 39.9% today, but it will be in a much lower level, and therefore will generate the liquidity that we require, and again will be much more attractive for refinancing purpose. We're talking about the next couple of months, not far away. There's a question regarding the outlook for rent growth heading into next year. The office market, as I explained during the presentation, is very, very strong right now. I believe that it's gonna continue to be strong, because the only substantial supply of space will come with the second phase of the DIFC, which, we don't know the date, but it's quite a few years away. Until then, there's no significant supply of office space coming, and therefore, no one should think that we have reached the top in terms of rental level in the office market. There's still growth coming. I would also like to say that we have significant part of our portfolio is still made of what I call COVID leases, which I explained earlier. Those COVID leases were signed at lower rentals, and over the next two years, we will renew those leases at higher rates, and therefore just the renewal of our existing leases will generate a substantial growth in our revenue. I mean, there are a lot of questions out there, and a lot of them are regarding future sales. I would love to be able to share that with you, but I cannot, so unfortunately I won't be able to give more information about the future sales, but I can tell you that it's a couple of them are very advanced. There's a question about how much, what is the worth, total worth of properties we are planning to sell? You know, we have to be under AED 230 million of LTV by 12th December, and possibly we'd like to be under AED 200 million, in order to protect the existing rate that we have with the Sukuk, or that's just in case we are extending into next year. But as you all know, our goal, and I still believe that we will soon be able to completely refinance at much, much better terms. So this is just a contingency plan. There's a question regarding the fund expenses increasing by 12%. It's obviously also a function of the management fees. Our NAV is going up because yields and cap rates are going up in the market, and therefore our NAV keeps going up. So that's the reason. Okay, so there's another question about what happens if we don't meet the deadline. I want to tell you that we have several contingency plans, and the contingency plans include dispositions which have started quite a long time ago. It includes discussions that we have with some banks, and it includes as well the possibility of being below 200 million and therefore not needing you know to redeem the Sukuk. I personally don't believe this is an option right now because we have so many different contingency plans in place. One last question regarding will we see the share price go above $1? Again, as I explained earlier, when we achieve a very low LTV, and we either redeem the Sukuk or refinance with bilaterals, we are gonna have an impact, a very positive impact, on the FTV. We will be able to pay then cash dividends, and I can tell you the perception of the market will follow, and you will see some positive movements on the share price. It's a natural process from my perspective. There's a question which is: Do you see undervalued assets in the market? Actually, not so much, because the market is not overvalued, but the market is very expensive right now. So we believe right now is not the time to make acquisitions. Right now, it is the opportunity to take advantage of the expensive market to dispose of some assets. There's not the same level of demand for every asset class. The asset class of retail doesn't get anywhere close to the interest that is given to the office market, as an asset class. So, if you sell office today, you can sell well. But right now, we don't believe there's a lot of opportunities of undervalued assets in the market. I would add also that that's why there's much more, many more developments, because the market offers development opportunities these days, not so much acquisition opportunities. And maybe this is when we have turned the corner, and we are back into a very strong FFO position. Maybe development eventually sold to the REIT would be an opportunity. But right now, our focus is on completing the three pillar strategy, and I think I'm gonna finish with that because I don't see any other questions right now. I want to tell you that I continue to feel very strong about the outcome of this strategy that we've put in place. Things are taking time because we wanna do it right. But we feel strong that we will be able to achieve the objectives that we shared with you today. And the team is extremely motivated and working extremely hard. So, if there are questions that I was not able to share with you, please reach out to me. A lot of shareholders have reached out to me. I had many calls with them, shared the strategy in detail, and I'm more than happy to continue to do that. So any questions, any ideas, because we all are on the same boat right now, please do not hesitate to contact me. This is extremely important for me. And with this, I will finish today's presentation, and thank you very much for being here today, and have a good end of your summer.