ALDAR signs strategic agreement with Oberoi Hotels and Resorts

The relationship will commence with the development of a luxurious business hotel at Al Raha Beach and will be followed by a luxury beachfront resort on ALDAR's expansive YAS Island development. This agreement constitutes the Oberoi Group's entry into the lucrative Abu Dhabi market and is viewed by ALDAR as a strategic step in its hospitality development program.

'Under our agreement with Oberoi Hotels and Resorts, ALDAR Hotels and Hospitality will be their exclusive partners for luxury hotel development in Abu Dhabi. This deal demonstrates ALDAR's growing global status. We believe that by matchingworld-class hospitality brands with world-class developments, such as Al Raha Beach and YAS Island, we will deliver an exceptional new level of hotel product and service to Abu Dhabi,'

said Paul Bell, Managing Director, ALDAR Hotels and Hospitality.

'Our relationship with ALDAR is an important aspect of our expansion in the region. I believe Abu Dhabi holds great potential and am excited by its plans for development and growth. We are keen to bring our distinctive approach to luxury hospitality and service to Abu Dhabi . We wish to offer guests an experience in these two hotels that will be recognized internationally. We look forward to working with ALDAR Hotels and Hospitality to make this a reality', said P.R.S. Oberoi, Chairman, Oberoi Hotels and Resorts.

ALDAR Properties PJSC is Abu Dhabi's leading developer and through its Hotels and Hospitality division is poised to play a major role in the emirate's development of the hospitality sector. ALDAR Hotels and Hospitality identifies hotel and hospitality related opportunities both within ALDAR based developments and externally and determines best fit brands, partners and business models. The agreements with Oberoi Hotels and Resorts signal the division's positive strategic prospects and looks set to be the first of many new announcements.

Oberoi Hotels and Resorts currently operates 18 world class luxury hotels and resorts in Egypt, Mauritius, India, Indonesia and Saudi Arabia. In July 2007, three Oberoi hotels were voted by readers of Travel and Leisure as amongst the top 12 hotels in the world. In the same poll, The Oberoi Udaivilas was voted the best hotel in the world.