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Despite global turmoil, we remain bullish on select fast growing markets says CEO, Bloom Properties

Multi-use, community-orientated development 'blooming' in new growth markets
Dubai, United Arab Emirates, 6 October 2008: Marking the start of Cityscape 2008, CEO of Bloom Properties , Dr Hani Shammah, has stated that a selection of fast growing markets will remain attractive to property developers, especially as the demand fundamentals of these countries remain strong.

"We are particularly bullish on Abu Dhabi in addition to select markets in the MENA, South East Europe and South East Asian regions. The current global turmoil will certainly affect developer and buyer bank lending behaviors across these markets however, this should not divert us from the fact that some of these countries have medium-term structurally undersupplied property markets. "

Shammah says that community-orientated developments specifically, have experienced unabated interest over the last year, and this trend is likely to continue as investors seek out convenience in terms of location and amenities.

Following the success of their Bloom Gardens development situated on one of the last stretches of land on Abu Dhabi's prestigious Eastern Mangrove Corniche Road, Bloom is launching the second phase of this development, consisting of Andalusian-style villas and townhouses in addition to luxury low rise apartments set within the leafy surrounds of Bloom Garden's landscape.

"Additionally we are also using the Cityscape platform to showcase for the first time our master-planned, Dounya Park project in Algeria, which is jointly developed with our parent company EIIC , along with models of various prestige projects such as Abu Dhabi Marina, a mixed use development in Al Ain, a luxury hospitality project in Al Ain, and our mixed use development project in Bucharest, Romania."

Dounya Park is a first-of-its-kind within the Algerian market, consisting of an 800-hectare development including a 600-hectare green park within the capital city of Algiers, which will feature a mix of residential and commercial properties, as well as provide educational, medical and leisure facilities. Residences range from luxurious villas with views over the golf course, to townhouses in a Moorish-inspired village and apartments with beautiful forest views.

"At Abu Dhabi Marina, located in the prestigious Bateen area, adjacent to the Bateen marina, we are creating an upscale waterfront de mixed use community combining office buildings, a luxury boutique hotel, unfurnished and serviced apartments in addition to upscale shopping and dining options. Abu Dhabi Marina offers a complete live, work and play solution in an upscale urban setting."

Spacious apartments in low-rise buildings offer spectacular views and direct access to the lagoon and marina. Health clubs, outdoor pools and recreational facilities, restaurants and waterfront cafés will contribute to the convenience of Abu Dhabi Marina project, along with a 5-star hotel and serviced apartments, ideal for tourists and business travelers.

Bloom Properties is the joint real estate development arm of Emirates International Investment Company and National Holding .

The Bloom brand takes a fresh approach to property, and specifically community-orientated development - a new generation of property development which sets them apart from other developers in the capital.

The forthcoming Bloom communities will incorporate unique assets with strong operators in the educational, hospitality, healthcare and leisure fields, depending on the location.

-Ends-

About Bloom Properties
Bloom Properties is the joint real estate development arm of Emirates International Investment Company and National Holding , with headquarters in Abu Dhabi. In 1999, a team of professionals undertook the development and subsequent management of various residential and commercial towers in addition to several retail, leisure, recreation centers and residential compounds throughout the UAE, in Abu Dhabi, Al Ain and Dubai. The company currently develops mixed used projects in Abu Dhabi, Al Ain, Algeria, and most recently Romania.

Bloom 's primary focus is on identifying and developing strategically located large scale communities in new markets with excellent growth potential. The company is currently pursuing opportunities in four additional countries.

Bloom is a multi-line, full-service real estate development company, handling property development, investment, property management, in addition to overseeing the developments of hospitality, education, leisure and healthcare assets.

For more information, please contact
Robyn Creer
Buchanan Middle East
Email: robyn.creer@buchananme.com
T +971 4 369 8558
Mob: +971 50 395 1995

Serene Touma
Buchanan Middle East
Email: serene.touma@buchananme.com
T +971 4 369 8567
Mob: +971 55 394 4013

© Press Release 2008