Introduction

Welcome to the first edition of Aldar's development progress report as of July 2010, our regular progress update for our major developments across the emirate of Abu Dhabi.

Aldar is a business with a clear vision. We aim to develop the best quality sustainable mixed communities in Abu Dhabi filled with great potential for both occupiers and investors. Our vision to generate long-term income through our strong asset base permeates everything we do and it is our objective in 2010 and beyond to maintain our leadership position as a developer, owner, manager and operator of sustainable lifestyle communities in the Emirate of Abu Dhabi. This is the essence of our contribution to Plan Abu Dhabi 2030.

Last year, Aldar delivered on major development targets and made significant strides in creating places where people want to live, work, play and visit, managing our delivery programme to suit market conditions in a prudent manner, to ensure longer term stability.

Completing the first phase of the Yas Island development ahead of the inaugural Formula 1TM Etihad Airways Abu Dhabi Grand Prix was our highlight of last year. Delivery of the first phase of the project in a period of just over two years went way beyond the Yas Marina Circuit itself – it encompassed seven hotels including the iconic Yas Hotel and the Yas Marina alongside major civic and infrastructure works which include the 22km Sheikh Khalifa Bin Zayed Highway. It was a great reward for everyone involved that Yas Island was crowned the World's leading Tourism Development Project at the World Travel Awards.

In addition to this major achievement, 2009 also saw the completion of other important projects, including further phases of the Al Raha Gardens residential development, premium office space including Al Mamoura and Baniyas Towers and our third Aldar Academies school, Al Muna. Significant progress was made throughout last year on a range of developments including Al Raha Beach, Central Market, Al Gurm and Nareel Island.

2010 is already proving to be another year of major delivery, with much more to come.

The region's first true links golf course, Yas Links, opened its clubhouse doors in March. March 26th witnessed the opening of holes 1 – 9 (the front nine) with holes 10 – 18 (the back nine) opening for play on June 4th. Yas Links is activate with a strong membership as well as welcoming guest play. Ferrari World Abu Dhabi, the world's first Ferrari theme park and largest attraction of its kind, will open on 28th October and will further add to the appeal of Yas Island, our unique leisure and entertainment destination.

At Al Bandar, our island residential development set around a marina in Al Raha Beach, handover to homeowners is set to commence imminently. At Al Gurm, our exclusive eco-friendly development on 1.8 million square metres of protected nature reserve, the handover process is also due to begin shortly.

HQ, our international Grade A office building is now in its final completion phase, and is ready to offer its tenants a premium office environment at the gateway to Abu Dhabi.

2010 will also see continued progress on Khalifa University, MotorWorld, Al Falah, Cleveland Clinic, our Al Ain projects, Nareel Island, Al Bateen School, Yas Mall, Al Muneera, Al Zeina and Central Market.

Our focus on delivery continues to be at the heart of our efforts going forward, and I look forward to updating you on further progress in the next instalment of Aldar's development progress report.