Phase 1 Infrastructure on Schedule for Inaugural Grand Prix

Abu Dhabi, United Arab Emirates- 16 July 2008--ALDAR Properties, the leading integrated property development company said today it was on schedule for completion of phase 1 infrastructure work on its multi-faceted entertainment destination, Yas Island. 

Key milestones have been achieved on the multi-billion dollar project, with over 30% of the infrastructure of phase 1 complete, with the remaining scheduled for completion well before the 2009 Formula One Etihad Airways Abu Dhabi Grand Prix.

Commenting on the progress of ALDAR's Yas Island, Ronald Stephen Barrott, CEO of ALDAR Properties stated, "This exceptional performance and the ongoing achievements by the Yas Island development team highlight the dedication and commitment that ALDAR puts into its projects.  Yas Island is set to become a world famous tourist attraction for Abu Dhabi, and it will contribute to the tourism industry of the United Arab Emirates."

ALDAR is currently in the process of deepening the canal leading to Yas Island to allow super yachts to anchor in the Royal Yas Marina, providing excellent views for the audience to the Yas Marina Circuit.  The Royal Yas Marina wall and excavation is currently 90% complete.  The marina is dammed to complete the remaining construction in the dry and is scheduled for flooding in the 2nd quarter of 2009.

The Yas Marina Circuit is progressing very well. The pit building and the four grandstands for the Abu Dhabi Grand Prix's spectators will be completed by mid-2009, with concrete works for the top floor levels nearing completion and installation of mechanical, electrical and plumbing infrastructure now underway. Grading and shaping works in preparation for construction of the pavement for the race track itself are well progressed.. 

Yas Mall and parking structure piling works are also progressing on schedule.  The highways and bridges are well advanced and will be complete for race day.

"Yas Island infrastructure will be ready for the expected visitors for this inaugural event.  The development team and workforce have worked with exceptional efficiency, and we are very pleased with their efforts," commented Steve Worrell, Project Director, Yas Island.  "With three vehicle entrances to Yas Island for the race day, race goers will experience easy traffic flow through these access points." 

The Yas Island project covers an area of 25km2 and is set to become a cornerstone of Abu Dhabi's fast growing tourism industry. In addition to racing circuit, the development will include Ferrari World Abu Dhabi, a Warner Bros. Theme Park, five-star and boutique hotels, a water park, 356000 square meters of retail space, a links golf course, 3 marinas, restaurants, various entertainment facilities and luxurious residential property.

Ronald Stephen Barrott, CEO, ALDAR Properties, concluded: "Yas Island is just one component of ALDAR's diverse development portfolio, which is attracting considerable worldwide interest and inward investment. The unique tourist destination will complement scores of residential, business, retail, and other community-oriented projects that set ALDAR apart as a leading integrated developer."

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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 established to create world-class real estate developments for Abu Dhabi, while providing stable and profitable investment portfolio for all our investors and stakeholders

ALDAR Properties PJSC is spearheading the development of Abu Dhabi; entrusted to create multi-billion Dirham civic projects to develop the capital, establishing new sectors for commerce, housing, retail and leisure. ALDAR's vision is to establish Abu Dhabi as the United Arab Emirate's most dynamic forward-thinking real estate market by creating unique and prestigious developments that can be used as a benchmark of quality, whilst adhering to the cultural and natural heritage of the city.

Since its inception in 2004 through a share offer (IPO) of AED 1.5 billion (USD 408 million) on the Abu Dhabi Securities Market, ALDAR has already announced more than USD 72 billion worth of developments. The ALDAR issue, the largest IPO in the history of the UAE at the time, was 448 times oversubscribed and raised an unprecedented AED 373 billion (USD 102 billion) in demand. ALDAR's market capitalization is AED 30.3 billion (US$ 8.2 billion).as of June 10th 2008.Total retail area across all developments is currently over 1.5 million square meters.

The company is owned by leading Abu Dhabi institutions, founder shareholders and individual investors. The current property portfolio includes major developments and re-developments within 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, and the YAS Island project which is to include a Warner Bros and a Ferrari theme park.

ALDAR's first international expansion was announced in August 2007 via a tie-up with South Johor Investment Corp (SJIC) in a deal that represents the largest foreign real estate development in Malaysia. This was followed in October 2007 with plans announced to build a mixed-use development in Kazakhstan.

© Press Release 2008