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Monday, December 7 - 2009

ALDAR Properties raises the standard for its workforce communities

  • United Arab Emirates: Tuesday, January 29 - 2008 at 11:34
  • PRESS RELEASE

ALDAR Properties, the leading integrated real estate developer today launched the first phase of its 12,900 person capacity fully integrated workforce community on its YAS Island development site.

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The attendance for this grand opening event included Ahmed Ali Al Sayegh, Chairman ALDAR Properties, Ronald S. Barrott, CEO ALDAR Properties, and Ray O'Rourke, Chairman and CEO, Laing O'Rourke.

The estimated cost of the initial two communities is Dhs 260 million, which will build a high quality, fully integrated residential community for workers in Abu Dhabi. Several studies have been conducted to ensure that the infrastructure will handle the expected traffic and population numbers. ALDAR has commenced work on the development, which will be completed in phases up to 2009.

"ALDAR takes great pride in its projects, the development of which would not be possible without the effort of our workforce," stated Ahmed Ali Al Sayegh, Chairman ALDAR Properties. "It is part of our mission to be a trusted provider, not only to our shareholders and customers, but to every employee and contractor working on ALDAR projects."

ALDAR has taken several measures to ensure a comfortable, happy, clean and healthy environment for its workforce. The community consists of several residential blocks with two main dining halls, with food from the four primary regions of the workforce, catering to the vegetarian diet of South Indians, as well as food from North India, Pakistan, and the Philippines. The kitchen and dining is kept in pristine condition maintaining the highest standards in health and cleanliness.

The community is also home to a 4400 sq. meter cricket pitch; where the community can enjoy outdoor organized team sport. To provide the best comforts and convenience to the workforce, the community also has a barber shop. In addition, the workforce has at their disposal two game-rooms with several games including billiards tables, large-screen televisions, foosball tables, and table-tennis. The game room also contains a DVD rental with the latest Bollywood and Hollywood films available to them.

ALDAR has also put in a place an on-site convenient store with all necessary personal hygiene items, snack food, accessories and clothing. Along with the barber shop, these items are available at largely discounted prices, and are on a par with Abu Dhabi Co-Operative prices. For well-being and fitness, the community contains a gym facility open to all workers. The site also contains a training facility, for newcomers as well as those workers who are looking to improve their skills. Personal development, fitness, well-being, health and comfort are all of utmost importance and are given the highest consideration for ALDAR's workforce.

"This integrated workforce community is a commitment by ALDAR to the innumerable hard workers of Abu Dhabi and the United Arab Emirates. We strive to ensure that the workers are not only housed properly, but feel happy, comfortable, and at home in their accommodations. ALDAR Properties works hard to maintain the best possible standards for our workforce as they are a very important aspect in the development of our country," said Ronald S. Barrott, CEO ALDAR Properties.

Aside from the games and amenities being offered, ALDAR's team managing the workforce community host different entertainment programs, put on once a month. Several performers such as singers and musicians as well as Abu Dhabi to entertain the community.

"We are proud to be involved in this development which will rightly provide a high standard of quality accommodation for the city's workers. Through collaboration and innovation the joint venture company formed between ALDAR and Laing O'Rourke has shared values which seek to ensure our workers are treated with respect in every aspect of their employment, in particular in the standards provided for all our people at this excellent development. Laing O'Rourke is delighted to be working with colleagues here - and elsewhere in the UAE - to enable ongoing change," said Ray O'Rourke, Chairman and CEO, Laing O'Rourke.

The workforce community will also have spacious open green spaces and arrangements have been made to plant over 100 trees. Plans have been implemented to ensure the same quality in all of ALDAR's workforce community sites.
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About ALDAR Properties:
ALDAR Properties PJSC is a premier real estate development, management and investment company with headquarters in Abu Dhabi, UAE. ALDAR was created to spearhead developments of Abu Dhabi's strategic sites was created to fast track real estate investment opportunities within Abu Dhabi and the Emirates in order to offer an opportunity to participate in the prosperity of this increasingly important industry in the UAE.

Since its inception in 2004 through a share offer (IPO) of Dhs1.5bn ($408m) on the Abu Dhabi Securities Market, ALDAR has already announced more than $60bn worth of developments. The ALDAR issue, the largest IPO in the history of the UAE at the time, was 448 times oversubscribed and raised an unprecedented Dhs373bn ($102bn) in demand. ALDAR's market capitalization is $3.5bn as of May 30th 2007. Total retail area across all developments is currently over 1.5 million square meters. The company is owned by leading Abu Dhabi institutions, founder shareholders and individual investors.

The current property portfolio includes major developments and re-developments within Abu Dhabi Emirate such as Central Market, Al Raha Beach, Coconut Island, Noor Al Ain, Al Gurm Resort, Al Mamoura - the Mubadala Development Company and Environment Agency Abu Dhabi Headquarter Building, and the YAS Island project which is to include a Warner Bros and a Ferrari theme park.

ALDAR's first international expansion was announced in August 2007 via a tie-up with South Johor Investment Corp (SJIC) in a deal that represents the largest foreign real estate development in Malaysia. This was followed in October 2007 with plans announced to build a mixed-use development in Kazakhstan.

About Laing O'Rourke:
Laing O'Rourke is the United Kingdom's largest privately owned property company with a managed turnover in 2006/07 of £3.5 billion. The Group operates from three geographic hubs: Europe, the Middle East and Asia and Australasia.
In the UAE, as well as Al Raha Beach, Laing O'Rourke has been involved in a number of major developments and significant infrastructure projects including the Snow Centre - Mall of the Emirates, Dubai; Dubai International Airport; The Atlantis Hotel, Jumeirah Palm and Dubai's Old Town Commercial Island.

For more information, please contact:
Shali Akkaraju
Buchanan Middle East

For more information on Laing O'Rourke please contact:
Madano: +44 207 593 4000
www.madano.com

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