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Monday, November 9 - 2009

ALDAR Properties acquires international financing

  • United Arab Emirates: Tuesday, July 18 - 2006 at 14:14
  • PRESS RELEASE

Abu Dhabi's largest developer, ALDAR Properties PJSC has signed a 300 million AED loan facility to fund one of its new developments with Barclays Bank, one of the largest financial services companies in the world.

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The signature of the loan facility with ALDAR is the first major investment by an international bank within the real estate sector in Abu Dhabi and is indicative of the growing international confidence in the Emirate.

Barclays Head of Corporate Banking Amin Habib said, "We are pleased to provide a loan facility to ALDAR Properties, and have the opportunity to help support its growth ambitions. We are confident in ALDAR's vision and strategic positioning within its market and hope this will be the first of many associations between our two organisations."

Commenting on the signing of the loan facility, ALDAR Properties, Chief Financial Officer, Shafqat Malik said, "ALDAR's funding strategy is to finance its projects at optimal levels of equity and debt to maximize shareholder return."

"We will be working with national and international financial institutions to bring innovative financial solutions for the real state sector in Abu Dhabi," he concluded.

Since ALDARs initial public offering (IPO) in early 2005 it has announced its first set of annual financial results, which showed a net profit for the period ended December 31, 2005 of UAE Dirhams AED 682.5 million.
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Notes and media contacts

For further information, please contact:
Karen Lay at SAREEM INTERNATIONAL, Tel: + 971 4 343 3688
Fax: + 971 321 1988
OR
Sophie Evatt - Corporate Communications Manager
Ousama Ghannoum - Marketing & Media Director
ALDAR PROPERTIES PJSC Tel:+ 971 2 696 4444, Fax: + 971 2 641 7504

ALDAR Properties
ALDAR Properties PJSC is a premier real estate development, management and investment company headquartered in Abu Dhabi, UAE. The company was formed as a result of an initial Public Offering (IPO) of shares. The PJSC was created under Emiri Decree No 808 of 2004. ALDAR Properties PJSC is owned by leading Abu Dhabi institutions, founder shareholders and individual investors

ALDAR Properties PJSC was created to fast track real estate investment opportunities, and to offer an opportunity to participate in the prosperity of this increasingly important industry in the UAE.

The current property portfolio includes major developments and re-developments within Abu Dhabi Emirate, such as the Central Market in Abu Dhabi, the Al Raha Beach Development in Sas Al Nahkel ,Al Gurm Resort, Ferrari World, Al Mamoura - the Mubadala Development Company and Environment Agency Abu Dhabi Headquarter Building in Abu Dhabi, Al Jimi Mall Expansion in Al Ain and Jebel Hafeet Resort in Jebel Hafeet, Al Ain.

Barclays Bank
Barclays Bank is a UK-based financial services group, with a large international presence in Europe, the USA, Africa, Middle East and Asia and is now the world's biggest institutional asset manager, with $1.5 trillion under management. It is engaged primarily in banking, investment banking and investment management. In terms of market capitalisation, Barclays is one of the largest financial services companies in the world. Barclays has been involved in banking for over 300 years and operates in over 60 countries with more than 111,300 permanent employees (including 32,500 at Absa). 2005 recorded profit before tax of £5.3 billion, up fifteen percent from 2004.

Barclays has been present in the United Arab Emirates for 30 years where it operates three strategic business units covering the Middle East and North Africa region, namely Barclays Wealth, Barclays Commercial & Retail Banking and Barclays Capital.

For more information about Barclays PLC., please visit www.barclays.com.

For further information about Barclays Capital, please visit www.barclayscapital.com

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