ALDAR Properties appoints Chief Executive Officer

In announcing the appointment, Mr Al Sayegh commented: "Ron has fulfilled the role of Chief Operating Officer (COO) for the past four months and has played an integral role in generating the strong financial results and development programme that the company is currently undertaking."

"We are confident about this appointment as Ron has demonstrated a strong commitment to the company and an impressive ability to identify strategic opportunities for future growth."

As Abu Dhabi's leading real estate developer, ALDAR currently holds over 30 million square metres of land and manages a development programme valued at approximately AED 66 Billion. The 2006 half yearly financial results showed a net profit increase of 57 per cent; total net assets for ALDAR have increased by 21 per cent to AED 2.6 billion.

In his new role as CEO, Barrott will have overall responsibility for the company, which involves driving its current growth in the UAE and future expansion into international markets.

In addition, he will oversee project development activities and related businesses of ALDAR, aiming to generate significant financial returns for shareholders.

Addressing staff today, Barrott commented "This announcement solidifies my commitment to ALDAR. A substantial amount of real estate growth is taking place in Abu Dhabi, providing ALDAR with a unique opportunity to contribute to world class projects through controlled development and the creation of a fully integrated, international, Property Development Company."

He confirmed: "The strategic foresight of Abu Dhabi's key decision makers means that there is a heavy and regulated responsibility on real estate developers to deliver projects of the highest quality, while protecting the natural, social and cultural assets of the Emirate. As CEO, I will ensure that this is a key objective."

Together with Chief investment Officer John Shaw (with whom Ron has worked with for over a decade in the United Kingdom and Europe), he will lead the ALDAR management team in continuing to strengthen and diversify their Abu Dhabi business base.

Barrott is a building engineer by profession with over 37 years of experience in the construction and development industries. This includes eight years as a Managing Director and 14 as Chief Executive Officer and Chairman.

Three development companies were founded by him under the Stannifer name: Two property development companies in the UK, and one in the Czech Republic as well as an operational hotel Group.