Maximum of 90% Financing for selected Properties of ALDAR and Sorouh

Dubai: 10 July, 2008 - Noor Islamic Bank PJSC (NIB) today announced that it has entered into a financing agreement with ALDAR Properties and Sorouh Real Estate, two of Abu Dhabi's largest developers, to provide up to a maximum of 90 per cent financing for their residential developments.

Noor Islamic Bank is one of the few Dubai based banks to be on the approved panel of these developers which are renowned for their role in transforming the UAE's capital into becoming an economic, tourism and cultural hub.

NIB will provide home financing for completed properties as well as for those which are under construction.

Hussain Al Qemzi, Group CEO, Noor Islamic Bank, said: "We aim to offer our customers the best in terms of service and value for money, and are delighted to enter into these agreements to expand our service footprint particularly in Abu Dhabi and generally across the UAE.

"We are particularly proud to partner with ALDAR Properties and Sorouh, who collectively represent the biggest and best developments in the nation's capital. By offering our customers a wide choice of properties to choose from, we are cementing our role as a major provider of Shariah-compliant finance solutions."

"ALDAR is pleased with this agreement with Noor Islamic Bank.  We aim to offer purchasers of our integrated developments a prospective plan that ensures potential customers are provided financing options that suit their individual needs.  ALDAR's sustainable projects are well sought after and it is of paramount importance that we pair our developments with the right home financing institution," commented Ronald Stephen Barrott, CEO ALDAR Properties.

Galal Kulaib, CEO - Abu Dhabi, Noor Islamic Bank said: "Abu Dhabi represents a new opportunity for the bank as demand in the capital's real estate sector accelerates. Our agreements with both ALDAR and Sorouh will offer value added and flexible Shari'ah-compliant financing options designed to maximise the experience of purchasing their new home."

In a short span of time, Noor Islamic Bank has entered into home financing agreements with more than 13 developers across the UAE. The new arrangement with Abu Dhabi developers will offer one of the most attractive home finance arrangements available in the UAE, extending distinctive value added benefits including competitive profit rates and processing fees, as well as a simplified application process.

Launched in January, 2008, Noor Islamic Bank is on its way to becoming a global player in Islamic investment, transforming the offering and experience of modern Islamic banking while catering to the needs of modern consumers.

-Ends- 

About Noor Islamic Bank
Founded in 2006 in Dubai, Noor Islamic Bank stands as a global icon, transforming the offering and experience of modern Islamic banking to meet the needs of today's consumers. A full service bank, Noor Islamic Bank delivers the broadest range of products for its consumers, with an emphasis on unique and personalised services. Noor Islamic Bank's products and services are governed by a Shari'ah Board, comprising leading Islamic scholars with extensive experience and expertise in legal, financial and banking-related matters. Noor Islamic Bank has 10 locations across the UAE in Abu Dhabi, Al Ain, Dubai and Sharjah and an overseas representative office in Tunis. Please visit: www.noorbank.com

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.

For more information on Noor Islamic Bank, please contact:
Ramy El Zein
Noor Islamic Bank
Tel: +9714 4268787
Email: ramy.elzein@noorbank.com

Maliha Aqeel
Jiwin Public Relations
Tel: +9714 3613598
Mob: +97150 6331976
Email: maliha.aqeel@jiwin.ae

Burgess Baria
Jiwin Public Relations
Tel: +9714 3642199
Mobile : +97150 6961987
Email : burgess.baria@jiwin.ae

For more information on Aldar, please contact:
Name: 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