ALDAR Properties announce preliminary financial results for 2007

Financial Highlights

Revenue for the year increased to Dhs1,226.8m (2006: Dhs187.5m) reflecting the sales of land plots and residential units achieved during the year.

Further sales revenue of Dhs1,768.6m was achieved during the year and will be recognized during future periods.

Net operating profit for year Dhs120.1m compared to net operating loss of Dhs164.7. The increase was mainly due to sales revenue.

Profit for the year up 55% to Dhs1,941.3m (2006: Dhs1,249.7m) driven both by sales revenue and fair value gains.

Basic earnings per share have increased 53% from Dhs0.72 per share to Dhs1.10 per share.

Developments under construction increased by 296% to Dhs8,403.3m (2006: Dhs2,122.3m) resulting from investment in development projects.

Net asset value up 135% to Dhs7,689.4m (2006: Dhs3,271.0m).

Commenting on the results, Ronald Barrott, Chief Executive Officer of Aldar said "We have had phenomenal year of growth and achievement. The Company entered into next phase of evolution by making net operating profit of Dhs120.1m. The strong performance was also evident with Net Asset Value up 135% and profit increased by 55%. These results are reflection of our focused and structured approach to business.

We have a strong base from which to take Aldar forward and I have every confidence that the Company will continue to thrive."