Ferrari World Abu Dhabi and Race track on YAS Island is in gear for completion

Dubai, United Arab Emirates- 5 May 2008--ALDAR Properties, the leading Abu Dhabi-based integrated property development company is showcasing its YAS Island luxury leisure destination along with its hotels and hospitality portfolio. Slated to open in 2009, Ferrari World Abu Dhabi is just one of the elements from the entire YAS Island destination that is on display at the Arabian Travel Market being held at the Dubai International Exhibition and Convention Centre from 6th-9th of May. 

Industry leaders attending this year's ATM exhibition will have a chance to discuss the details of Yas Island's unique attractions.  These include Ferrari World Abu Dhabi which will provide amusement for the entire family, featuring multi-format high tech theatres, a variety of sophisticated driving schools (for both children and adults).  The theme park will also have Ferrari automotive displays as well as food and entertainment. Near the park will be an advanced and sophisticated circuit offering driving courses, which will be the home of the first Abu Dhabi F1 Grand Prix in 2009. 

"ALDAR is pleased with the progress being made on YAS Island, and we are looking forward to 2009 when Ferrari World Abu Dhabi together with seven hotels and the race track on YAS Island will be completed.  YAS Island, aside from being a world-class destination is also an integrated development which will also have schools, hospitals, luxury residences, and a significant retail facility.  ATM is a great opportunity to showcase what this luxury leisure destination has to offer," commented Ronald Stephen Barrott, CEO, ALDAR Properties.

"The Ferrari branded theme park is taking shape and is progressing for its anticipated 2009 opening.  The racetrack on YAS Island which will welcome the Grand Prix in 2009 is also progressing for its scheduled completion.  We have several elements of these attractions, as well as the YAS Island destination as a whole that we are looking forward to discussing with attendees of this year's exhibition.  It is a great meeting ground to bring together industry leaders to discuss what mutual benefit we can gain from ATM," stated Stephen Worrell, Director Mixed Use Development at Yas Island Project.

In addition to Ferrari World Abu Dhabi, the YAS Island luxury leisure destination will also be home to a Warner Bros theme park, a state-of-the-art Water Park, the first Links golf course in the UAE, and a 250,000 square metre retail mall. With luxury hotels, beautiful water front features and beaches, commercial offices, spas, and residences; YAS Island is set to become a unique international tourism and luxury leisure destination.

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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 65 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 7.0 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:
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