Rehabilitation and landscaping of the area surrounding the old Al Bateen cemetery

Abu Dhabi, UAE - 5 March, 2008: ALDAR Properties PJSC, Abu Dhabi's leading integrated property developer, announced the commencement of development and rehabilitation works in the area surrounding the old cemetery in Al Bateen District, Abu Dhabi.  

Steadfast at maintaining the values and principals on which it bases its strategies, ALDAR is working closely with the Committee of Islamic endowment (Awqaf), the Urban Development Committee and other relevant authorities in order to rehabilitate and landscape the area surrounding the old Al Bateen cemetery without disrupting the sanctity of the site. A new wall surrounding the cemetery will also be built, as well as a new entrance on the eastern side, and a parking space.

ALDAR Properties was established to develop land and increase investment opportunities both in Abu Dhabi city and the UAE. Extending its role beyond the development of mega projects in Abu Dhabi, ALDAR continues to contribute greatly to the community through the development and rehabilitation of urban areas in accordance with social values, emphasizing its support to the progress and development 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