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Aldar's retail stars hit the catwalk
- United Arab Emirates: Monday, April 21 - 2008 at 10:39
- PRESS RELEASE
Aldar Properties PJSC, the renowned Abu Dhabi-based international property developer, will be the platinum sponsor of the 2008 Middle East Council for Shopping Centres' (MECSC) Annual Convention which runs from April 21st to April 22nd in Dubai.
The long standing convention is now in its 13th year and offers a focused platform for networking between shopping centres, the retail industry and service providers. MECSC has been operating in the Middle East since 1994 and has hundreds of active members.
"Aldar looks forward to attending this key event in the Middle East's retail calendar. The innovative mall developments of the region are applauded globally and this, coupled with a continued surge in tourism arrivals and increasing footfalls, should equate to a very promising future for our retail developments," said John Bullough, Chief operating Officer of Aldar Properties.
One of Aldar's flagship projects to be showcased is Central Market in downtown Abu Dhabi. A prestigious, high end, mix-use development, the project will feature luxury apartments, international grade A office space, branded retail outlets and a traditional Arabian souk. A landmark of the Central Market will be the Emporium, which is set to become the luxury fashion destination of Abu Dhabi. The new retail development will provide a unique, modern high-end retail and entertainment experience. The site will also feature a 382-metre high residential tower, the tallest building on Abu Dhabi's skyline, a 59-storey office tower offering spacious office accommodation in the heart of Abu Dhabi, besides two hotels and other state-of-the-art amenities.
Also on show will be the Noor Al Ain project, one of the finest developments in 'the Garden City' of Al Ain. This mixed use development will include residential,, hotel, the Noor Al Ain Mall offering over 160,000 sq. meters of retail area, as well as recreation and leisure facilities. An office tower, the tallest in the city, will provide 24 floors of premium world-class office accommodation.
The MECSC Annual Convention is classified into two major arenas, the Leasing Fair and Trade Expo. The Leasing Fair will provide opportunities for shopping centre developers, management, leasing companies, retailers, financiers and investment groups to network and do business. The Trade Expo offers an invitation to all companies that wish to participate and promises a focused audience of decision makers. The event takes place at the Dubai International Convention and Exhibition Centre.
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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 established to create world-class real estate developments for Abu Dhabi, while providing stable and profitable investment portfolio for all our investors and stakeholders.
Aldar Properties PJSC is spearheading the development of Abu Dhabi; entrusted to create multi-billion Dirham civic projects to develop the capital, establishing new sectors for commerce, housing, retail and leisure. Aldar's vision is to establish Abu Dhabi as the United Arab Emirate's most dynamic forward-thinking real estate market by creating unique and prestigious developments that can be used as a benchmark of quality, whilst adhering to the cultural and natural heritage of the city.
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 $65bn 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 Dhs25.8bn ($7.0bn) as of April 16th 2008. 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, press only:
Rana Al Bechara
Buchanan Middle East
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