Press Release

Tuesday 18th July, 2006

ALDAR PROPERTIES ACQUIRES INTERNATIONAL FINANCING - Signature Loan Facility provided by Barclays Bank

Abu Dhabi's largest developer, ALDAR Properties PJSC has signed a 300 million AED loan facility to fund one of its new developments with Barclays Bank, one of the largest financial services companies in the world.

The signature of the loan facility with ALDAR is the first major investment by an international bank within the real estate sector in Abu Dhabi and is indicative of the growing international confidence in the Emirate.

Barclays Head of Corporate Banking Amin Habib said, "We are pleased to provide a loan facility to ALDAR Properties, and have the opportunity to help support its growth ambitions. We are confident in ALDAR's vision and strategic positioning within its market and hope this will be the first of many associations between our two organisations."

Commenting on the signing of the loan facility, ALDAR Properties, Chief Financial Officer, Shafqat Malik said "ALDAR's funding strategy is to finance its projects at optimal levels of equity and debt to maximize shareholder return."

"We will be working with national and international financial institutions to bring innovative financial solutions for the real state sector in Abu Dhabi" he concluded.

Since ALDARs initial public offering (IPO) in early 2005 it has announced its first set of annual financial results, which showed a net profit for the period ended December 31, 2005 of UAE Dirhams AED 682.5 million.