Press Release

Tuesday 12th September, 2006

ALDAR PROPERTIES LAYS THE FOUNDATIONS FOR REGENERATION OF CENTRAL MARKET - Abu Dhabi's New Mixed Use Development Breaks Ground

ALDAR Properties PJSC announced today that construction is well underway on the re-development of Central Market located in the heart of Abu Dhabi's Commercial Business District. A ceremony was held on the site today to mark the cutting of the first pile which will form the substructure for the project.

ALDAR Chairman Ahmed Ali Al Sayegh said: "Laying the foundations marks a significant step in the project. Recent months have seen extensive preparation work; to get the site ready for this major new development which will become a central focus for those living, working and shopping in Abu Dhabi."The extensive plans for Central Market will rejuvenate the area, providing residents and visitors alike with a one stop entertainment, leisure and retail destination.

The development incorporates gardens and piazzas as well as three significant towers. The 5 hectare site located at the intersection of Airport Road with Khalifa and Hamdan Streets was the site of Abu Dhabi's Central Souq until March 2005, when the old structure was demolished to make way for a major regeneration project for the city. The new development - constructed over the next 3 and half years with completion scheduled for 2010, will help meet the demand for office space, premier residential apartments, international hotels and high end retail space within the city.

The development also includes a modern Arabian Souq.The construction contract for the piling work is a joint venture between local contractor Middle East Foundation Group and Kuwait based Mushrif Contracting. These companies formed a partnership, offering expertise and experience on the development of sites within built up areas. MEFG have completed work within the UAE on Burj Dubai, Dubai International Airport, Dubai Marina and Internet City, among others. Youseef Abou Haka, Area Manager representing Mushrif National Construction and Middle East Foundation Group joint venture (JV) said:" The Central Market site offers real challenges as the foundations are more than 20m below ground level to allow for the provision of adequate parking facilities." "The timetable, the geological conditions and the water pumping routine across the site - which is surrounded by high-rise occupied buildings - make this job significantly more complex than any other we have faced. We have created innovative work practices to construct the strongest foundations.

"ALDAR's Central Market project will be completed in phases, with delivery of the new Souq scheduled for mid 2008.The substructure work will be completed by the end of the year and includes piling, excavation and dewatering. Chief Operations Officer for ALDAR Ronald Barrott commented:" We have spent considerable time refining the design for the development to ensure that what we construct today will continue to be viable and valuable to the city in years to come. I am delighted that we have been able to maintain such good progress on the Central Market re-development and meet our strict construction timelines." "It is a prime example of ALDAR's mission to develop sustainable built environments which add value to the community."

Further announcements regarding the Central Market design and facilities will be made in forthcoming months.