Property Development Company launches Baniyas Towers and phase two of Al Mamoura commercial office building

Abu Dhabi, United Arab Emirates- 31st May 2008- ALDAR Properties, the leading integrated property developer today announced the launch of the second phase of Al Mamoura and also Baniyas Towers.  These two office developments will collectively provide an additional 62,000 square meters of lettable office space in the heart of Abu Dhabi. The strategically located developments will help meet a spiralling need for office space, fuelled by the city's phenomenal economic growth.

Following the successful pre-letting of the whole of Al Mamoura A, which totals 37,000 sq m, a further 20,000 sq m at Al Mamoura B is due for completion and will be available for lease at the end of 2008. 

In addition, Baniyas Towers will provide another 42,000 sq m of grade A office accommodation in 2 buildings and is scheduled for completion in January 2009.

With these two prestigious developments, together with other landmark developments such as the ALDAR Headquarters in the Ultimate Waterfront City, Al Raha Beach, ALDAR will make an important contribution to the commercial office stock in the capital city.

"ALDAR Properties will bring into the market a significant amount of international grade office space by 2009. These projects are in line with ALDAR's objective of meeting the requirements of this rapidly evolving city and its rising demand for high quality office accommodation," commented Ahmed Ali Al Sayegh, Chairman ALDAR Properties.

With the hugely successful delivery of the first phase at Al Mamoura in January 2008, this building has quickly established itself as Abu Dhabi's highest specified office development.

Al Mamoura B and Baniyas Towers will follow suit, offering grade "A" office accommodation that include high end facilities and amenities, together with flexible sized units available for lease.  These office towers will provide much needed premium office space for business that are focussed on expanding in the region.  Both developments will be serviced by a high standard of building management and will provide ample parking for its tenants. 

"Baniyas Towers and Al Mamoura are excellent solutions for businesses that are looking to grow alongside this growing economy. These commercial office developments provide a significant range of unit sizes to suit the needs of the majority of commercial organizations. They are the first major international grade office buildings to be made available in Abu Dhabi and we are delighted at the already high levels of tenant interest being shown" noted Charles Acworth, Director of Research and Head of Commercial Leasing, ALDAR Properties.

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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 70 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 25.8 billion (USD 70 billion) as of April 16th 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.

For more information please contact:
Shali Akkaraju
Buchanan Middle East 
Tel: +971 (0) 4 369 8559
Mobile: +971 (0) 50 250 5410 
Email: vyshali.akkaraju@buchananme.com

© Press Release 2008