During the visit, HE Dr. Al Kaabi was briefed on ALDAR's experience in the field of integrated workforce communities development, at the temporary workforce residential complex set up by ALDAR at Yas Island.
The current residential complex accommodates 4,000 workers, and provides the highest standards of a comfortable, clean and healthy environment for the workers of ALDAR Laing O'Rourke.
In a statement made during his field visit to the site, HE Dr. Ali bin Abdullah Al Kaabi, Minister of Labour said: "In view of ALDAR outstanding performance and the high quality of its various development projects, the company and its arms are all now rated (A)." Companies operating under the umbrella of ALDAR will now have an (A) Rating, up from a previous rating of (C), which offers benefits including exemption from certain banking charges.
Accompanied by ALDAR executives, HE Dr. Ali bin Abdullah Al Kaabi, Minister of Labour, surveyed the services offered at the integrated workforce community, and talked to the community's workers on the services and facilities offered, including a tour of the dining rooms, central kitchen and entertainment rooms. HE Dr. Al Kaabi hailed the level of high-standard services offered by ALDAR to its workers, making the company a role model in the Emirates in this field.
"In order to sustain the real estate boom in the emirate of Abu Dhabi the industry must commit to a high level of services for its workers, and we strive to deliver this on all ALDAR development projects," highlighted Abdullah Zamzam, ALDAR Chief Corporate Support Officer.
He added: "ALDAR employs around 13,000 workers, a figure that is expected to reach 25,000 workers by the end of next summer. 4,500 workers for ALDAR Laing O'Rourke live at the workforce community.
ALDAR is currently developing more than one workforce community in various locations in Al Ain and Al Musaffah in Abu Dhabi, due for completion within 18 months from now. The first phase of these communities is scheduled for completion during this year.
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Minister of Labour visits workforce communities at YAS Island
- United Arab Emirates: Monday, February 04 - 2008 at 15:09
- PRESS RELEASE
His Excellency Dr. Ali bin Abdullah Al Kaabi, Minister of Labour, has conducted a field visit to the first phase of an integrated workforce community recently launched for the workers of ALDAR Laing O'Rourke.
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About ALDAR Laing O'Rourke:ALDAR Laing O'Rourke was established in the last quarter of 2006 and is a joint venture company between ALDAR Properties and Laing O'Rourke. The renouwned property development firm linked with the international construction firm to deliver on projects at the Al Raha Beach development. The Al Raha Beach development is one of the first designated areas where expatriates are able to purchase property in the Emirate of Abu Dhabi. In mid-2007 the JV company announced that it would become the first to adopt NEC principles in the region.
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.
For more information, please visit www.aldar.com
Posted by Lara Lynn Golden, News EditorMonday, February 04 - 2008 at 15:09 UAE local time (GMT+4)
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