Sorouh wins Best New Business 2007 at Middle East Achievement awards

Sorouh Real Estate, UAE's leading real estate developer has been awarded 'Best New Business of the Year 2007' award at the recent Middle East Business Achievement awards held in Dubai.

United Arab Emirates: Tuesday, November 27 - 2007 at 10:33
PRESS RELEASE

Mounir D. Haidar, CEO of Sorouh Real Estate.

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Earlier this year, Sorouh had claimed Cityscape's Best Commercial Project award for the prestigious Gate District.

Applicants for the 'Best New Business' category were judged by international experts on their entrepreneurial spirit, innovation and a willingness to undertake bold new ventures, supported by healthy growth figures.

Mounir D. Haidar, CEO of Sorouh Real Estate was happy Sorouh's innovative strategy in creating lifestyle communities has been recognized.

'This is a testimony of how our fast growing company has achieved so much in such a short time. These awards are real indications of the positive direction Sorouh has taken with innovative strategy and will continue to take as we move forward,' Mr. Haidar said.

'Since inception, Sorouh's achievements have been truly outstanding. Our comprehensive community building approach requires new, comprehensive planning approach and innovative design skills both of which have been secured through Sorouh dedicated employees, now reaching over 150 professionals from 31 nationalities across the globe, and partnerships with world renowned experts.'

The company's first year financial results were outstanding; at the end of 2006, Sorouh achieved profits of Dhs976m, resulting in a 39% increase in net assets per share. In the first half of 2007, the company recorded a net profit of Dhs557m. These figures indicate the enormous progress that Sorouh has made since its launch over two years ago.

'Sorouh's unwavering commitment to make a telling contribution to Abu Dhabi's development is manifested in almost every project we undertake. With our strategies in place to improve and build on the current momentum, the opportunities for greater growth on all levels are bright. Our entrepreneurial spirit, our willingness to change and our courage to embrace opportunities have poised Sorouh to scale even greater heights in the time to come. Being awarded 'Best New Business' award has provided recognition to a company that has placed bringing 'communities to life in perfect balance' at the centre of its business strategy. This is an essential element of building a better world for our future generations,' Mr. Haidar concluded.

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Notes and media contacts

About Sorouh Real Estate P.J.S.C.

Abu Dhabi based Sorouh was established on June 26, 2005 with a capital of Dhs2.5bn. Today it is one of the largest real estate developers listed on the Abu Dhabi Securities Market with a market cap close to Dhs16bn. It is one of the most widely held issues with approximately 45,000 shareholders. Sorouh's corporate vision is to 'bring communities to life in perfect balance.' Its real estate projects are master-planned and designed to meet all core needs of human wellbeing. Sorouh employs in excess of 150 highly qualified professionals operating in the field of master-planning and master-development.

Sorouh now has in excess of Dhs45bn of projects under development. These include:

Al Ghadeer, an oasis of easy living on the border between Abu Dhabi and Dubai. Expected to be home to over 18,000 people the 3million sq m site is a complete community featuring affordable homes yet offering easy access to the UAE's commercial centres airports and ports. SHAMS Abu Dhabi, Sorouh's flagship project is an Dhs25bn landmark development on Reem Island. A complete new city of 55,000 residents, SHAMS Abu Dhabi will be a self sustaining city of canals and parks which integrates world-class master planning practices and extends the lush green of Abu Dhabi's landscape.

The Gate District on SHAMS Abu Dhabi is a cluster of 8 towers located at the entrance to SHAMS Abu Dhabi. Now architecturally renowned worldwide the Dhs11bn residential, office and retail development is designed as a gateway to the peninsula from Reem Island. The Gate District also includes the 74 storey Sky Tower which will be a pinnacle of luxury for its residential and commercial occupants when completed.

Sorouh is also developing the Golf Gardens overlooking the Abu Dhabi Championship Course, the Abu Dhabi Aviation Authority residential project, Al-Shamkha national housing project and the Tala Tower as well as Saraya on the Abu Dhabi Corniche.

For more information please contact:

Nancy Fetouh
Assistant Marketing Manager
Sorouh Real Estate P.J.S.C.
Tel: +971 2 444 0006
Fax: +971 2 444 0066

Or

Kaja Weller
Account Executive
Hill & Knowlton
Tel.: +971 4 3344930 ext 620
Fax: +971 4 334 4923 /33

Posted by Medilyn Manibo, Assistant News Editor
Tuesday, November 27 - 2007 at 10:33 UAE local time (GMT+4)

Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of AME Info FZ LLC / Emap Limited.

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