ABU DHABI, UAE, 11 JANUARY 2016: Aldar Properties PJSC ("Aldar" or the "Company"), Abu Dhabi's leading listed property development, investment and management company, has awarded a contract worth approximately AED 2 billion to Arabtec Construction, one of the region's leading building contractors.  The contract is for the construction of 1,017 villas at West Yas, Aldar's residential development at Yas Island.  This contract represents the final package to be awarded for the West Yas development following the infrastructure and public realm, school, clubhouse and retail, and mosque packages.

Talal Al Dhiyebi, Chief Development Officer at Aldar Properties, commented: "We are very pleased with the level of interest that has been shown in West Yas. Demand has been very strong, which endorses our strategy of delivering high quality properties in prime locations. We now move to the villas' construction phase of the development with the appointment of Arabtec and look forward to its completion and the positive impact it will have on Yas Island and the Abu Dhabi market."

West Yas is located along Yas Island's natural mangroves and features 1,017 four and five-bedroom luxury villas, with prices starting from AED 4 million. The development is a non-gated community with no service charges, and includes a range of community facilities including a mosque built for 2,000 worshippers, two schools, one of which will be operated by Aldar Academies, a retail centre, sports facilities, a petrol station, and extensive landscaping and greenery in the open public spaces. The villas are expected to be handed over at the end of 2017.

For further information, please contact:
Paul Middleton / Alya Al Mutawa
Aldar Properties
+971 2 810 5555
Archie Berens / Asala Faddah
Bell Pottinger
+971 5555 97407 / +917 5555 97392
 
About Aldar
Aldar Properties PJSC is the leading real estate developer in Abu Dhabi with USD10 billion in assets, a 75 million sq. m land bank, and through its iconic developments, it is one of the most well known in the United Arab Emirates, and wider Middle East region.

From its beginnings in 2005 through to today, Aldar continues to shape and enhance the urban fabric of the UAE's Capital City in addition to other key areas of the Emirate.

Aldar develops exciting and innovative projects, such as the internationally recognized HQ building situated in the Al Raha Beach development, the Gate Towers in Shams Abu Dhabi on Al Reem Island, in addition to Yas Island's F1 circuit.

Aldar's shares are traded on the Abu Dhabi Securities Exchange (Stock quote: ALDAR:UH), and is a profitable, cash generative business that provides recurring revenues, and benefits from a diverse and supportive shareholder base. Aldar operates according to high standards of corporate governance and is committed to operating a long term and sustainable business in order to provide ongoing value for its shareholders.

Aldar seeks to create quality, comfortable, desirable destinations that enrich the lives of Abu Dhabi residents as well as tourists within the Emirate. Aldar is playing a leading role in the development and provision of world class retail - Yas Mall, international standard education through Aldar Academies, iconic entertainment venues such as the Yas Marina Circuit, and community amenities across its entire portfolio.

Aldar is driven by a vision to be the most trusted and recognized real estate lifestyle developer in Abu Dhabi and beyond.

www.aldar.com

© Press Release 2016