Joint Venture Between France and UAE wins Construction Contract

Abu Dhabi, United Arab Emirates, November 15, 2006  - ALDAR Properties PJSC announced that after a successful tender process, they have awarded two contracts for the construction of the sea wall at Al Raha Beach. The contracts have both been awarded to a joint venture between Soletanche Bachy of France and National Services and Contracting Establishment (NSCC) of United Arab Emirates.

The scope of work includes the design and construction of 10 km of reinforced concrete diaphragm walls - to be cast in place and 3.2 km of sloping rock revetment.  The combined contracts are worth AED 764million and negotiations for a third contract are underway for internal canal walls within the development. This will increase the total value of work to over AED 1 billion.

Michael Cox, ALDAR Project Director said: "The joint venture between a national contractor NSCC and French company Soletanche Bachy represented the best value for the Al Raha Beach Development.  This appointment reflects ALDAR's belief that  joint partnerships between leading international and national contractors should be part of the overall strategy of Building the Nation."

Tenders were also received from a joint venture between VSL Middle East LLC, Intrafor Hong Kong Limited and Kellar Corp. of UK, Middle East Foundations, Moebius Emirates Construction and Six Construct.   

Khalil Nabih Khouri of NSCC commented: "We are delighted to have won this prestigious contract from ALDAR Properties.  This represents our first joint venture with Soletanche Bachy in this region."

Construction of the sea wall commenced in September 2006 and is scheduled for completion in March 290007.

-Ends-

ALDAR Properties
ALDAR Properties PJSC is a premier real estate development, management and investment company headquartered in Abu Dhabi, UAE. The company was formed as a result of an initial Public Offering (IPO) of shares. The PJSC was created under Emiri Decree No 808 of 2004. ALDAR Properties PJSC is owned by leading Abu Dhabi institutions, founder shareholders and individual investors

ALDAR Properties PJSC was created to fast track real estate investment opportunities, and to offer an opportunity to participate in the prosperity of this increasingly important industry in the UAE. 

The current property portfolio includes major developments and re-developments within Abu Dhabi Emirate, such as the Central Market in Abu Dhabi, the Al Raha Beach Development ,Al Gurm Resort, Al Mamoura - the Mubadala Development Company and Environment Agency Abu Dhabi Headquarter Building in Abu Dhabi, and Al Jimi Mall Expansion in Al Ain. 

For more information visit our website www.aldar.com

For further information, please contact:
Karen Lay at SAREEM INTERNATIONAL,
Tel:  + 971 4 395 5912
Fax: + 971 395 5913 
Email: karen@sareem.net

Shamma Al Nuaimi - Media Manager
ALDAR PROPERTIES PJSC
Tel:+ 971 2 696 4444,
Fax: + 971 2 641 7504
Email:salnuaimi@aldar.com

© Press Release 2006