ADNIC to be first sub-developer at Aldar’s Al Raha Beach

Abu Dhabi, June 27th, 2010 /WAM/ -- Aldar Properties PJSC, and Abu Dhabi National Insurance Company /ADNIC/, have signed an agreement whereby latter will be the first sub-developer in Al Raha Beach, Aldar's waterfront development, which includes a mix of residential communities as well as business, retail and leisure.

The agreement is part of Aldar s long-standing strategy to allocate portions of the Al Raha Beach land bank to third parties for development. It is also in line with ADNIC s commitment to play a part in realizing Abu Dhabi s 2030 vision. ADNIC will develop two plots in the Khor Al Raha precinct: a 16,465sqm office building and an adjoining residential residence containing 198 apartments. The two sites are located near to Aldar s Al Zeina residential community and are due to be delivered in 2012.

As part of the due diligence process, Aldar carried out a full review of ADNIC s plans to ensure that the development is fully integrated into the Al Raha Beach design and meets the criteria of the Urban Planning Council and Plan Abu Dhabi 2030. Aldar is responsible for the delivery of the infrastructure across Al Raha Beach.

Sami Asad, Chief Operating Officer, Aldar Properties, said: "We are delighted to welcome ADNIC to the Al Raha Beach development. Their project, which meets the high standards set by Aldar and is in line with the UPC guidelines will be truly complementary to the overall community".

"Aldar will continue to engage with selected third parties through our major master developments in Abu Dhabi to help meet the market demand", he added.

Walid Sidani, Chief Executive Officer of Abu Dhabi National Insurance Company, said, "ADNIC is delighted to enter into this agreement with Aldar to develop such a prestigious office building and residential complex. We are confident of Aldar s commitment to deliver world class and quality infrastructure within their master projects."

He added, "This will also help ADNIC play a greater role in the development of Abu-Dhabi s pristine water front, which is in line with the leadership s 2030 vision."