Aldar delivers solid results in first quarter 2009

Net asset value grew to Dhs6.42 per share from Dhs6.22 as at 31 December 2008.

Net profits for the period amounted to Dhs888.6m, from Dhs1,366.5m achieved in Q1 2008. The drop in net profit was primarily due to lower sales revenue. Aldar invested Dhs5.0bn on construction of its development programme during the period.

Key milestones have been achieved on the Yas Island project with over 70% of the infrastructure for phase 1 completed and the remainder is scheduled for completion before the 2009 Formula 1 Etihad Airways Abu Dhabi Grand Prix.

Infrastructure works on Al Raha Beach continue to progress and significant milestones were achieved in Al Bandar, Al Zeina, Al Muneera and the Headquarter building.

Good progress was achieved during the period across all projects, including Al Gurm, Central Market, Baniyas Towers and Al Bateen. Al Mamoura Building B was completed and phase 3 handover for Al Raha Garden villas continued during the quarter. Two buildings in the Abraj Towers project were handed over to the tenant and a further two buildings will be handed over before the end of April.

Q1 saw the launch of Al Falah, a master planned community for UAE nationals as part of the Plan Abu Dhabi 2030 directive. The new development will provide around 5,000 homes for middle-income UAE families, as part of the Abu Dhabi Government's housing initiative. It will comprise of five villages, each with its own village centre, schools, and mosques. The town centre will be the focal point of the entire development and will contain civic buildings, a 65,000 square metre retail mall, a hospital, 50,000 square metres of commercial office space, a hotel and a sports and leisure complex.

"We are pleased to report solid results in Q1 despite the ongoing international economic turmoil. Our strong financial position and well planned cash flows assure that we are in good position to meet our targets. We will continue to concentrate on our strategy to focus on innovative and prestigious projects by adapting our resources to fit our requirements. I am confident our business has the financial strength and capability to continue to deliver good performance in these challenging times,"

said Ahmed Ali Al Sayegh, Chairman of the Board of Directors of Aldar.