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Al-Futtaim appoints Group Director, Al-Futtaim Group Real Estate

Neil Palmer joins Al-Futtaim Group Real Estate to direct domestic and global growth strategy
Dubai, October 28, 2008: Neil Palmer has been appointed Group Director for Al-Futtaim Group Real Estate (AFGRE) , the real estate development and operations arm of Al-Futtaim , the privately-owned Dubai-headquartered company announced today. AFGRE is responsible for the signature, mixed-use urban communities Dubai Festival City and Cairo Festival City, as well as an extensive multi-million-dollar portfolio of individual corporate real estate and investment assets across the MENA region.

Mr Palmer said: "I am delighted to have joined Al-Futtaim Group Real Estate at a time of strong growth and when there are clear opportunities throughout the MENA region.

"Al-Futtaim is well positioned to maximise the value of its existing estate as well as participate in real estate markets both domestically and globally," he added.

Mr Palmer, 46, is responsible for all operational matters across Al-Futtaim's substantial portfolio of real estate assets. His wide real estate experience with leading companies in the industry spans the residential, commercial, retail and hospitality sectors both in Asia and the UK. His immediate past role over the last three years was as Director of CIT Group Plc in London where he was co-managing over Euro 1.5bn of assets and US$ 1bn of investment. Previously he was Managing Director of Colliers Jardine in Hong Kong, which at the time had over 120 million sq ft of commercial, retail and residential accommodation under management, 4,500 direct and indirect multi-cultural employees and was Hong Kong's largest facility manager, responsible for the housing management of 7% of Hong Kong's population. During the first part of his 16-year career in Asia, Mr Palmer was Deputy Managing Director of Savills in Hong Kong and Regional Head of Investment.

Mr Palmer is a member of the UK's Royal Institution of Chartered Surveyors and holder of an honours degree in Land Management from Reading University.

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About Al-Futtaim
Established in the 1930s, Al-Futtaim is one of the most progressive business houses headquartered in Dubai, United Arab Emirates.

The Group is a dynamic innovator with over 70 companies across sectors as diverse as commerce, industry and services and employs over 20,000 people across the UAE, Bahrain, Kuwait, Qatar, Oman, Egypt, Syria, Pakistan, Singapore and Europe.

Structured into six operational divisions, Al-Futtaim maintains a decentralised approach giving individual businesses flexibility and versatility to maintain a competitive stance. The majority of businesses, built on a portfolio of world leading brands, dominate their sector.

- Automotive

- Retail

- Electronics, Engineering & Technology

- Real Estate

- Financial Services

- General Services.

The success of Al-Futtaim is attributed to proactively managing change, whilst upholding the values of integrity, service and social responsibility.

Al-Futtaim Group Real Estate ( AFGRE ) is the real estate development and operations arm of Al-Futtaim group. AFGRE is responsible for the origination, conception, development, procurement and construction of mega projects and the leasing and operation of these projects after completion.

In addition, AFGRE develops and operates an extensive multi million dollar portfolio of individual corporate real estate and investment assets across the MENA region.

The two current flagship mixed use urban communities under the Festival City brand are Dubai Festival City (5.2 million square metres) and Cairo Festival City (3 million square metres).

Designed to capture the ground breaking 21st Century spirit of Dubai, Dubai Festival City was the first fully integrated mega project to be progressively delivered in the UAE. Encompassing the finest shopping, dining, entertainment, homes, schools, offices and leisure, Dubai Festival City is formed into three distinct districts and connected by a 30 kilometre internal road network and creekside promenade. Upon completion, Dubai Festival City will be home to 50,000 residents living in 20,000 villas and apartments and a place to work for 50,000 office staff.

Cairo Festival City is the second fully integrated mega project to be progressively delivered. Encompassing the finest shopping, dining, entertainment, homes, school, offices and leisure, Cairo Festival City is connected by an internal road network and a necklace of parks interlaced throughout the city. Upon completion, Cairo Festival City will be home to over 13,000 residents in villas and apartments and a place to work for 50,000 office staff.

Al-Futtaim Group Real Estate has received several awards this year:

1. Construction World Gulf Real Estate Awards 2008

'Top 3 Middle East Developers' for Al-Futtaim Group Real Estate

2. Global Retail & Leisure International Awards 2008

'International Shopping Centre of the Year' for Festival Centre, Dubai Festival City

3. Best in Dubai Awards 2008

'Best Event Venue' for Festival centre, Dubai Festival City

'Best Shopping Mall in Dubai' Runner Up for Festival Centre, Dubai Festival City

For more information, please contact:
Geoffrey Watson
Head of Corporate Communications
Al-Futtaim Group
Dubai - United Arab Emirates
Tel +971 4 2282101
Fax +971 4 2279801
P.O Box: 5830 Dubai, UAE
Email: Geoffrey.Watson@gmasco.com
Web: www.gmasco.com

© Press Release 2008