State Of The Art Office Development Gears up to Welcome Tenants
Abu Dhabi, United Arab Emirates, 16 March 2008 - ALDAR Properties PJSC, the renowned Abu Dhabi-based international property developer, today announced completion of the first phase of the Al Mamoura office complex. The development will house many international and regional companies, including the headquarters of Mubadala Development Company and the Environment Agency - Abu Dhabi.
This is ALDAR's first completed office development, and will be the first in Abu Dhabi to be designed and finished to international Grade A standards. Boasting an impressive Arabesque style atrium the building will provide a rich, high quality working environment for its users who will benefit from a range of amenities including a 150 seat auditorium, cafe and multi-storey car park. Tenants will also benefit from the latest modern building technology and security systems and the development will be managed by ALDAR's Facilities Management business on a 24 hour basis.
"This development, will serve as the headquarters for Mubadala and the Environment Agency, among other well known Abu Dhabi names, which is a testament to the international standards of quality and design in this prestigious building," said Ronald S. Barrott, CEO at ALDAR Properties. "When it comes to conducting business and commerce in Abu Dhabi our tenants request the best services and premises. Completion of the first phase of Al Mamoura demonstrates ALDAR's commitment to address those needs."
The property, located on Muroor Road Abu Dhabi, is positioned to provide easy access to the international airport and the city's business district, both located within 20 minutes drive. Facilities such as the auditorium are now available for hire to the public.
Construction continues at the site on the project's second building, which will see tenants taking occupation in early 2009 and will provide much needed high quality modern office space in the capital of the UAE.
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About ALDAR Properties:
ALDAR Properties PJSC is a premier real estate development, management and investment company with headquarters in Abu Dhabi, UAE. ALDAR was created to spearhead the development of Abu Dhabi's strategic sites to fast track real estate investment opportunities within Abu Dhabi and the Emirates.
ALDAR's initial public offering (IPO) in 2004 offered shares worth AED 1.5 billion (USD 408 million) on the Abu Dhabi Securities Market. The IPO, which at the time was the UAE's largest ever IPO, was 448 times oversubscribed and raised an unprecedented AED 373 billion (USD 102 billion).
ALDAR is owned by leading Abu Dhabi institutions, founder shareholders and individual investors. It has already announced more than USD 60 billion worth of developments and as of 30 May 2007, the company's market capitalization is USD 3.5 billion. The total retail area of all developments is currently over 1.5 million square metres.
The current property portfolio includes major developments and re-developments within the Abu Dhabi Emirate such as Central Market, Al Raha Beach, Coconut Island, Noor Al Ain, Al Gurm Resort, Al Mamoura - the Mubadala Development Company and Environment Agency Abu Dhabi Headquarter Building, as well as the YAS Island project which includes a Warner Bros and a Ferrari theme park.
ALDAR's first international project was announced in August 2007 through a joint venture with South Johor Investment Corp, a deal that represents the largest foreign real estate development in Malaysia. It was followed in October 2007 with plans to build a mixed-use development in Kazakhstan.
For more information, please contact:
Rosanne Blake
Buchanan Middle East
Mob: +971 50 2262 771
Email: rosanne.blake@buchananme.com
© Press Release 2008