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ALDAR Awarded “Best Islamic Finance” at the Cityscape Middle East Awards


ALDAR Awarded “Best Islamic Finance” at the Cityscape Middle East Awards
ALDAR‘s released phases of Al Raha Beach fully booked within three hours during first day at Cityscape Abu Dhabi

Abu Dhabi, UAE- 14th May 2008 – ALDAR Properties, the leading integrated property development company has been awarded the “Best Islamic Finance” award at the Cityscape Middle East Award ceremony which took place at the Emirates Palace Hotel in the evening of the first day of Cityscape Abu Dhabi. Receiving that recognition came after a successful day at Cityscape Abu Dhabi where ALDAR’s stand thronged with visitors following the reintroduction of its landmark development, Al Raha Beach, as the “Ultimate Waterfront City.” The released four phases of ALDAR’s three precincts from Al Raha Beach on display at Cityscape were fully booked by early afternoon on the opening day.

With several candidates for this particular award, ALDAR faced strong competition, but came out victorious. Coupled with ALDAR’s development, the Ultimate Waterfront City, Al Raha Beach, this award will add to the immense trust that the community has put behind ALDAR’s developments. Al Raha Beach’s precincts are each known for unique characters and appeal. Of the eleven precincts on Al Raha Beach, ALDAR is showcasing three: Khor Al Raha, known for its exclusive gated communities; Al Dana, the stylish business and commercial centre, and Al Zeina, a luxurious residential neighbourhood known for its Arabian garden environments.

“Receiving this award for “Best Islamic Finance” from the Cityscape Middle East Real Estate Awards is a great honour. We are proud to have this recognition. This year’s Cityscape Exhibition has brought a myriad of people to ALDAR’s stand; we have had an immensely successful day. The unique community proposition offered in Al Raha Beach is making an impression on both regional and international audiences. ALDAR continually seeks ways to cater to the needs of Abu Dhabi’s growing population. Each of the precincts on Al Raha Beach has a distinctive appeal; diversifying the offering within our developments is an effective way to ensure that individual needs are met,” commented Ronald Stephen Barrott, CEO, ALDAR Properties.

The entire scheme for Al Raha Beach is designed to separate pedestrians from cars, creating a setting that lends itself to footpaths, parklands, and alternative means of transportation. Throughout this ultimate waterfront city is an integrated transportation system, via a light rail transit that will take visitors and residents throughout the Al Raha area and directly into the heart of Abu Dhabi, including Abu Dhabi International Airport..

“ALDAR is pleased with the amount of attention Al Raha Beach is receiving. This development is truly unique through its design, mix of uses and its approach to creating an integrated, cohesive community within an exceptional environment. It will build a reputation throughout the world through the countless visitors it will attract, its residents, and the people who work within its boundaries,” concluded Ronald Stephen Barrott, CEO, ALDAR Properties.

The awards ceremony for Cityscape Abu Dhabi is sponsored by Cityscape Market Intelligence Service.

– Ends –

About ALDAR Properties:

ALDAR Properties PJSC is a premier real estate development, management and investment company with headquarters in Abu Dhabi, UAE. ALDAR was established to create world-class real estate developments for Abu Dhabi, while providing stable and profitable investment portfolio for all our investors and stakeholders

ALDAR Properties PJSC is spearheading the development of Abu Dhabi; entrusted to create multi-billion Dirham civic projects to develop the capital, establishing new sectors for commerce, housing, retail and leisure. ALDAR’s vision is to establish Abu Dhabi as the United Arab Emirate’s most dynamic forward-thinking real estate market by creating unique and prestigious developments that can be used as a benchmark of quality, whilst adhering to the cultural and natural heritage of the city.

Since its inception in 2004 through a share offer (IPO) of AED 1.5 billion (USD 408 million) on the Abu Dhabi Securities Market, ALDAR has already announced more than USD 70 billion worth of developments. The ALDAR issue, the largest IPO in the history of the UAE at the time, was 448 times oversubscribed and raised an unprecedented AED 373 billion (USD 102 billion) in demand. ALDAR’s market capitalization is AED 25.8 billion (USD 7.0 billion) as of April 16th 2008.Total retail area across all developments is currently over 1.5 million square meters.

The company is owned by leading Abu Dhabi institutions, founder shareholders and individual investors. The current property portfolio includes major developments and re-developments within Abu Dhabi Emirate such as Central Market, Al Raha Beach, Coconut Island, Noor Al Ain, Al Gurm Resort, Al Mamoura – the Mubadala Development Company and Environment Agency Abu Dhabi Headquarter Building, and the YAS Island project which is to include a Warner Bros and a Ferrari theme park.

ALDAR’s first international expansion was announced in August 2007 via a tie-up with South Johor Investment Corp (SJIC) in a deal that represents the largest foreign real estate development in Malaysia. This was followed in October 2007 with plans announced to build a mixed-use development in Kazakhstan.

For more information, please contact:
Shali Akkaraju
Buchanan Middle East
Tel: +971 (0) 4 369 8559
Mobile: +971 (0) 50 250 5410
Email: vyshali.akkaraju@buchananme.com

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