Aldar signs MoU with Cebarco

Notes and media contacts

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 Exchange, Aldar has already announced more than $72bn 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 Dhs32.3bn ($8.7bn).as of July 24th 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.

About Cebarco:
Cebarco Bahrain SPC is a leading building and civil engineering company based in the Kingdom of Bahrain. Established in 1992 as a Civil Engineering and Building Construction Company, the company is known today as one of the most versatile and successful engineering contractors in the region.

Cebarco Bahrain SPC's main objective is to provide unparalleled management, technical, engineering and organizational services to its clients. Cebarco is part of the construction elite as a Grade AA contractor, certified by the Kingdom of Bahrain Ministry of Works and Housing.

Cebarco Bahrain continuously strives to innovate and improve and has developed a strong reputation for economical fast track, quality focused, construction all to the complete satisfaction of its customers. Over the recent years, Cebarco has completed a wide variety of construction projects of varying sizes and complexity, that demonstrates its depth of knowledge, technical skills and above all commitment to excellence.

The most notable achievement in the company's portfolio is the completion of the Bahrain International Circuit in 2004, ahead of time and ready for 350 million spectators worldwide to experience the first Middle East Formula 1 race.

Other prestigious projects include the Sheikh Isa bin Salman Library and Conference Centre, Citibank Headquarters the Seef Fly-Overs and the Bahrain City Centre Retail Complex.

By consistently demonstrating superior performance on such complex and demanding construction projects, the company was likewise awarded the responsibility of constructing the YAS Marina Racing Circuit, yet another great project in the region and part of the Formula 1 programme.

The Cebarco Bahrain strategic growth initiative, as developed by the CEO and Chairman, Mr. Khalid M. A. Rahim, combined with its assets management programme, has enabled Cebarco to constantly improve its financial profile by experiencing an increase in net worth in excess of 30% annually.

This growth has led to the establishment of Cebarco Abu Dhabi as a branch of the parent company. The group has also vertically integrated into areas such as building supplies, equipment sales/rental and property development.

For more information, please contact:
Mary Khamasmieh
Media Relation Specialist
Buchanan Middle East
A WPP Company
P.o.Box 282032 Dubai, UAE
Tel: 971 4 3698581
Fax: 971 4 3698556