Press Release

Aldar announces positive 2009 financial results and signposts future growth prospects

Financial Highlights

• Gross revenue reached AED 1,979.3 million (2008: AED 4,978.3 million)
• EBIDA (Earnings before Interest, Depreciation and Amortisation) for the year was AED 906.8 million ( 2008: AED 3,371.1 million)
• Basic earnings per share for the year was AED 0.39 (2008: AED 1.39)
• Developments under construction were AED 17,923.6 million at year end compared to AED 22,934.3 million as at 31 December 2008. The decrease is due to number of projects completed during the year.
• Net assets value is up by 3.9% to AED 16,650.5 million (2008: AED 16,032.5 million).
• The Group raised AED 8,950.8 million during the year to fund its development projects through a mix of conventional and Islamic instruments, including AED 4,590.0 million (USD 1,250.0 million) through issuance of Corporate Bonds.

Key Operational Highlights

• Yas Marina Circuit was successfully completed and officially handed over for the Formula 1™ Etihad Airways Abu Dhabi Grand Prix.
• During the year, the Group disposed certain infrastructure and other property assets at Yas Island.
• The Yas Hotel and other six hotels were completed for the Grand Prix event.
• The Yas Marina was completed and commenced operations from October 2009.
• Aldar Academies successfully launched its third school, Al Muna Primary School, during the year.
• Phases II and III of Al Raha Gardens completed and handed over to the owners.
• Abraj Towers project was fully completed and handed over.
• Al Falah project was launched, a master planned community for UAE nationals. The new development will provide around 5,000 homes for middle-income UAE families.
• Aldar achieved 100 million hours worked without a Lost Time Injury (LTI).
• Aldar signed a lease agreement with Al-Futtaim to build the largest IKEA store in the MENA region, on the Yas Island.
• Aldar has entered into an agreement with Cambridge University's Judge Business School, one of the top ten in the world, to deliver a new version of ALDAR's Leadership Excellence Applied Diploma (LEAD) programme.
• Aldar supported the creation of first ever Property Research Society in the Middle East region. The key aim of the Research Society is to provide a forum for researchers to share views on both market developments and methodologies.

Aldar Properties PJSC, Abu Dhabi's leading property development investment and management company, today announced its financial results for 2009, reporting AED 906.8 million as earnings before interest, depreciation and amortisation (2008: AED 3,371.1 million).

Although 2009 was a challenging year economically, Aldar was able to increase its net asset value by 3.9% to AED 16,650.5 million (2008: AED 16,032.5 million) whereas revenue for the year was AED 1,979.3 million (2008: AED 4,978.3 million). The decrease in revenue was due to lower sale of land plots during 2009.

Developments under construction were AED 17,923.6 million at year end compared to AED 22,934.3 million as at 31 December 2008. The decrease is due to number of projects completed during the year.

There were a number of key operational highlights in 2009, centred around the completion of the first phase of the Yas Island development which included the Yas Marina Circuit, seven hotels, Yas Marina and major civic and infrastructure works incorporating the 22 km Sheikh Khalifa Bin Zayed Highway. In parallel, significant progress has been achieved in the other Yas Isalnd developments including the Yas Links Golf Course and Ferrari World Abu Dhabi, both of which are due to open in 2010.

The Al Raha Gardens residential development, premium office space including Al Mamoura and Baniyas Towers and our third Aldar Academies school, Al Muna, were all completed in 2009. Significant progress was made on a range of developments including Al Raha Beach, Central Market, Al Gurm and Nareel Island, and new projects launched in the year included Al Falah, a master planned community for UAE nationals. The new development will provide around 5,000 homes for middle-income UAE families.

The resilience of Aldar and the reputation of Abu Dhabi in the eyes of local and international investors was amply demonstrated by the successful completion of corporate bond fundraising, securing AED 8,950.8 million during the year to fund its development projects through a mix of conventional and Islamic instruments, including AED 4,590.0 of corporate bonds.

Aldar continues to maintain its long term view towards the strength of the Abu Dhabi real estate sector. There continues to be a fundamental undersupply of quality commercial and residential products in Abu Dhabi and Aldar is well positioned to service this demand over the coming years.

2010 will see a focus on continued delivery. Highlights in the coming year will include the opening of the Souk at Central Market; the opening of the Yas Links Golf course and the launch of Ferrari World Abu Dhabi.

Ahmed Ali Al Sayegh, chairman of the board of directors of Aldar, said,
"These figures demonstrate the underlying financial strength of Aldar. Much progress was made in 2009 in what was a particularly difficult financial year. We remain cautiously optimistic about the year ahead which will see further evidence of progress being made towards realising our long-term strategic and financial objectives."