20 July 2016
Abu Dhabi, UAE - Aldar Properties PJSC ('Aldar'), Abu Dhabi's leading listed property development, investment and management company, today awarded contracts of AED 440 million to National Projects and Construction LLC (NPC) for Nareel Island, its master planned island community, and for Al Merief, the distinctive community in Khalifa City.

Set to be carried out over a 16-month period, the work on both developments commenced on the 14thof July and covers infrastructure, utilities and public areas, in addition to associated marina works for Nareel Island.

Talal Al Dhiyebi, Chief Development Officer, Aldar Properties PJSC, commented: "As one of the most exclusive developments in the region, Nareel Island truly brings a new level of luxury to Abu Dhabi. Meanwhile, Al Merief is set to become a welcoming, impressive new address to a burgeoning area of the capital. We are very proud of these two very distinct communities, and the enthusiasm received from the UAE National community during each announcement and sales phase.

With the appointment of NPC, we are on track for the completion of both developments in 2017."

Nareel Island is a premium high-end plot development located on the coast in Al Bateen, spread over two islands. The development consists of 148 villa plots - with some units offering waterfront access - in addition to a stunning lagoon, marina, clubhouse, open parks, private beaches, pontoons and gardens.  Aldar awarded the earthworks and marine works tender packages in October 2015 and is currently making steady progress on construction work, with cutting works complete in a number of areas on the main island and revetments nearing completion. Reclamation work for the lagoon has also commenced, and dredging work on the southern island is complete.

On the other hand, Al Merief combines Emirati traditions with the very best modern amenities across its 283 land plots. The villas will be set within serene, beautifully designed lawns, recreational facilities and sheltered gardens, all situated in close proximity to the community's parks, mosques, an Aldar Academies-operated school, and neighborhood retail centre. All concept and preliminary designs as well as the detailed design phase were completed in 2015.

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About Aldar
Aldar Properties PJSC is the leading real estate developer in Abu Dhabi with USD12 billion in assets, a 77 million sq. m land bank, and through its iconic developments, it is one of the most well known in the United Arab Emirates, and wider Middle East region.

From its beginnings in 2005 through to today, Aldar continues to shape and enhance the urban fabric of the UAE's Capital City in addition to other key areas of the Emirate.

Aldar develops exciting and innovative projects, such as the internationally recognized HQ building situated in the Al Raha Beach development, the Gate Towers in Shams Abu Dhabi on Al Reem Island, in addition to Yas Island's F1 circuit.

Aldar's shares are traded on the Abu Dhabi Securities Exchange (Stock quote: ALDAR:UH), and is a profitable, cash generative business that provides recurring revenues, and benefits from a diverse and supportive shareholder base. Aldar operates according to high standards of corporate governance and is committed to operating a long term and sustainable business in order to provide ongoing value for its shareholders.

Aldar seeks to create quality, comfortable, desirable destinations that enrich the lives of Abu Dhabi residents as well as tourists within the Emirate. Aldar is playing a leading role in the development and provision of world class retail - Yas Mall, international standard education through Aldar Academies, iconic entertainment venues such as the Yas Marina Circuit, and community amenities across its entire portfolio.

Aldar is driven by a vision to be the most trusted and recognized real estate lifestyle developer in Abu Dhabi and beyond.

www.aldar.com 
 
For further information, please contact:
Media:
Nick Farmer
Aldar Properties
+971 2 810 5555

Asala Faddah
Bell Pottinger
+971 5555 97392 

© Press Release 2016