Press Release

Saturday 8th October, 2005

ALDAR announces major dredging contract award

First Stage in New Waterfront Development

ALDAR Properties PJSC announced today that it has awarded a dredging and related marine works contract in Abu Dhabi to Boskalis Westminster Middle East, as the first stage in the development of a waterfront resort and residential complex on the western edge of Abu Dhabi Island.

Dredging works, designed by Cansult Limited, have already started and will be completed in the second quarter of 2006. Full details of this latest development by ALDAR are to be announced in detail at a major launch event later this year.

Commenting on the announcement, ALDAR's Chairman Ahmed Al Sayegh said: "We are currently in discussions with a number of hotel and resort operators and therefore it would be premature to release any details of this development until those discussions are concluded.

"However, when we do announce the development you can be sure that it will be truly breathtaking and one which will be the first of its kind in the region. We congratulate Boskalis Westminster on being awarded this dredging contract and look forward to working with one of the world's best dredging marine contractors"

Allaying environmental concerns, ALDAR's CEO Christopher Sims, added: "We are working in full compliance with the directives of the Environmental Agency Abu Dhabi (EAD) for this development, to ensure that all our marine works will preserve the natural habitat while allowing residents an opportunity to appreciate the beauty and serenity of the environment. Boskalis Westminster clearly demonstrated their commitment to adhere to these important directives and this was a pivotal point in awarding the tender to them."