ALDAR signs with ACCOR SA

The companies have also signed a strategic agreement which will see them collaborate on a number of new ACCOR branded hotels within Abu Dhabi.

"ACCOR's brands are some of the most recognized and respected in the hotel world and with the company rapidly expanding in the Middle East, we are delighted to have signed this strategic development agreement with them. Together, we look forward to delivering top-quality, value-for-money accommodation in our developments,"

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

The two hotels, Ibis Yas Island and the Novotel Yas Island, will provide exceptional quality accommodation close to the big attractions on the major tourist development of Yas Island. With lagoons, beaches, commercial offices, boutiques and spas, Yas Island is set to become a unique international tourist attraction. The long-term management agreements signed by ALDAR and ACCOR will see the delivery of approximately 650 bedrooms in the two properties, which are set for completion in 2010.

Commenting on the agreement, Christophe Landais , Managing Director, Middle East ACCOR, said, "We are thrilled to be working with ALDAR on these prestigious projects as we strategically develop our brands in Abu Dhabi. Growth in this region is significant to ACCOR's development objectives. The UAE and Abu Dhabi in particular are very important to our future plans. We hope to deliver accommodation and service to match the exciting attractions planned on the exceptional Yas Island project and we look forward to a long and successful relationship with ALDAR."

In addition to the Ferrari Experience - the world's first and only Ferrari Theme Park - Yas Island will also be home to a Formula 1 racetrack, which will be hosting the Abu Dhabi Grand Prix from 2009. Other attractions will include a state of the art water park, three championship golf courses, Warner Bros theme park and an equestrian centre signaling that Yas Island is set to become a unique international tourist attraction.

ALDAR Properties PJSC is Abu Dhabi's leading developer and is poised to play a major role in the emirate's development of the hospitality sector. ALDAR's Hotel and Hospitality division identifies hotel and hospitality-related opportunities both within ALDAR's developments and around the emirate, and determines the best brands, partners, and business models. These agreements with ACCOR SA build upon the recent announcement in September 2007 of ALDAR's strategic partnership with Oberoi Hotels & Resorts.