Press Release

Monday 6th November, 2006

ALDAR PROPERTIES TO ISSUE SUKUK/DEBENTURE - Permission Sought from Ministry of Economy

ALDAR Properties PJSC confirmed today that it is seeking approval from the Ministry of Economy, to call for a general assembly of its shareholders for the purposes of issuing Sukuk (Islamic Bond) and/or debentures in early 2007.

The decision to seek Ministry approval for the issue and listing of a Sukuk on the Abu Dhabi Stock Exchange was taken at a board meeting held on October 30th 2006 where the third quarter financial results were approved.

ALDAR Chief Financial Officer Shafqat Malik commented: “ALDAR is developing a number of large scale projects for which we will be raising finance partly through debentures and/or Sukuk. Issuing a sharia compliant bond in particular will give Islamic finance investors an opportunity to participate in the issue and will allow us to take advantage of the current liquidity in the Islamic finance market.”
Once permission from the Ministry is received, ALDAR will seek approval from its shareholders before issuing the Sukuk and/or debentures.