Press Release

Saturday 4th November, 2006

ALDAR PROPERTIES AWARDS AED 764 MILLION CONTRACT FOR SEA WALL CONSTRUCTION - Joint Venture Between France and UAE wins Construction Contract

ALDAR Properties PJSC announced that after a successful tender process, they have awarded two contracts for the construction of the sea wall at Al Raha Beach. The contracts have both been awarded to a joint venture between Soletanche Bachy of France and National Services and Contracting Establishment (NSCC) of United Arab Emirates.

The scope of work includes the design and construction of 10 km of reinforced concrete diaphragm walls - to be cast in place and 3.2 km of sloping rock revetment. The combined contracts are worth AED 764million and negotiations for a third contract are underway for internal canal walls within the development. This will increase the total value of work to over AED 1 billion.

Michael Cox, ALDAR Project Director said: "The joint venture between a national contractor NSCC and French company Soletanche Bachy represented the best value for the Al Raha Beach Development. This appointment reflects ALDAR's belief that joint partnerships between leading international and national contractors should be part of the overall strategy of Building the Nation."

Tenders were also received from a joint venture between VSL Middle East LLC, Intrafor Hong Kong Limited and Kellar Corp. of UK, Middle East Foundations, Moebius Emirates Construction and Six Construct.

Khalil Nabih Khouri of NSCC commented: "We are delighted to have won this prestigious contract from ALDAR Properties. This represents our first joint venture with Soletanche Bachy in this region."

Construction of the sea wall commenced in September 2006 and is scheduled for completion in March 290007.