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Construction works progress in Pier 8 Project

By completing up to 50% with the height of 20 story

Al-Basri: Abyaar focuses on implementing projects

Kuwait, 20 September, 2010- Abyaar Real Estate Development Company , has announced that construction works are now in progress in Pier Eight project, which the Company launched end of 2008.

Abyaar Chief Executive Officer Hussain Al-Basri explained: "The construction works for Pier Eight project are an important phase for us. Pier Eight is one of the landmark projects developed by Abyaar alongside its other projects. Abyaar constantly seeks to achieve clients' satisfaction through luxurious real estate developments that exceed their expectations in terms of distinction and luxury, and which enhance the Company's position in the real estate market across the region."

" Abyaar shows firm commitment towards ensuring the completion of the building works in Pier Eight project. As the project will be delivered according to an aggressive time schedule to ensure strict compliance with delivery time tables", Al-Basri added.

Commenting on Pier Eight project, Al-Basri said: "the project is a landmark created by Atkins- one of the world leading companies in engineering advisory and design services. It is a 39-floor tower in Dubai Marina District, comprising 234 residential units ranging from studio apartments to one bedroom and two bedrooms apartments, in addition to a penthouse, and three town houses gleaming on the waterfront platform, with balconies looking on the Marina."

Upon its completion, Pier Eight project will provide a secure and comfortable environment for around 234 families. It will be an attraction destination for families outside the boundaries of the downtown. The ground floor of the tower will host a variety of exclusive commercial shops and restaurants, occupying a distinguished location looking on the yachts Marina District.

In this connection, Abyaar has appointed MESC Contracting Company to be the main contractor for this project, noting that Abyaar has plans to deliver Pier Eight project end of 2011.

-Ends-

About Abyaar :
Abyaar Real Estate Development is a major real estate developer operating across the Middle East region and providing high quality real estate properties renowned for their modern designs and selected prime locations. The company's vision is to develop boutique, contemporary destinations differentiated through exceptional quality, and contributing to raising the standards of lifestyle. The Company operates in compliance with the principles of Islamic Shari'a.

Originally established in 2002 as a limited liability company, Abyaar 's legal status was changed in 2005 into a shareholding company with a capital of KD 35 million, pursuant to a strategic partnership between Kuwait's Aayan Leasing and Investment Company and Al Rashdan Group. The list of major shareholders in Abyaar includes other prominent names in the world of real estate and investment, such as Muthnna Investment Company and Wafra International Investment Company. Through this partnership, Abyaar demonstrates firm commitment to raising the benchmark for the real estate sector across the Gulf markets. Abyaar develops residential, commercial, retail and hospitality projects, using accomplished external and interior architects to create an unparalleled boutique product.

Listed on the Kuwait Stock Exchange in 2007, the Company's capital was raised from KD 48 million to KD 53 million in 2008, and then to KD 106 million in 2009.

Khaled Al-Sayer
Corporate Communications Manager
Abyaar Real Estate development
Tel: +965 22996500
Fax: +965 22996501
Mobile: +965 99680222
Email: k.alsayer@abyaar.com
www.abyaar.com

© Press Release 2010