Al Ain open for first sales of residential properties under new ALDAR unique mall redevelopment

ALDAR, Abu Dhabi's leading property developer, formally launched the region's most exciting project which will consist of the first 'multi-use integrated centre, trebling the size of Aldar's former centre Al Jimi Mall. Offering all (Emiratis) U.A.E Nationals the opportunity to purchase residential properties within a very exciting and vibrant environment in the Garden City.

Construction is already underway and investors are open to purchase residential space, and retailers to lease with the development also boasting a 300-room business hotel, department stores, cinemas, family entertainment facilities, luxury offices, terraced gardens, fine and family dining, a health and fitness club, waterpark and a unique indoor beach. The development will include 7 towers (6 residential towers with over 1300 apartments of all sizes and one hotel), 8000 car parking spaces and 160,000 square metres of retail entertainment space.

"The creation of this retail and leisure complex will form a new town centre and will add great benefit for Al Ain residents to shop, rest and play, whilst also ensuring the region's special character and charm are retained,"

ALDAR Chairman Ahmed Ali Al Sayegh said.

"ALDAR has consulted with world-leading architects to ensure a tasteful development which enhances its surrounds, adding value without compromising the essence of Al Ain."

This sophisticated redevelopment is based on the popular styles of multi-function shopping areas found at Sydney's Darling Harbour and Brisbane's South Bank, with a modern twist of Arabia. It has been designed by world-leading and highly respected and award winning architectural firm Benoy, from the UK. Retail leasing opportunities are currently open with applications for the purchase of on-site apartments due to be available within the coming months.

ALDAR CEO Ron Barrott added:

"Noor Al Ain will be more of a destination than a mall, offering a retail mix and facilities for all budgets designed for the family."

Mr. Barrott said that this exciting development will set itself apart in Al Ain and set new standards of quality and design neighboring Emirates, enabling local residents to have access to facilities they previously felt a need to travel for.

The Abu Dhabi-based property giant is spearheading a range of leading developments throughout the Emirates including Al Raha Beach, Al Yas Island and Central Market in Abu Dhabi.

Aldar's developments are characterised by a comprehensive approach to planning, innovation and a commitment to excellence in urban design, town planning and sustainable development.

ALDAR has a key competitive advantage due to its sound financial backing, large resources, the high level of management expertise and the Government's support in undertaking large-scale, market-driven projects which add value to the Emirate's fast growing property industry.

Construction of Noor Al Ain (Noor meaning 'light') is underway with plans to open in phases from end of 2009.

ALDAR previously won an International Shopping Mall Council award for its Al Jimi Mall makeover, so standards are anticipated to be high for this redevelopment. Most recently Aldar won an award for its Central Market design at MAPIC 2006 (The Estates Gazette Retail and Future Projects Award, BCSC International trends).

Noor Al Ain is located on approximately 177,900 square metres of land situated between Bin Hamdan and Mubarak Streets.