(Abu Dhabi) - November 21, 2008 - Export Development Canada (EDC) today announced that it will provide USD 100 million in financing to Aldar Properties PJSC (Aldar) for projects where Canadian supply is present.
'Aldar is expected to have a 40-45 per cent market share of the Abu Dhabi real estate market with its current pipeline of projects, with projects estimated to be in the 100 billion dollar range, and the nature of those projects is particularly well suited for Canada's world-class construction companies,' said Jean-Francois Croft, Chief Representative, GCC and Yemen.
Aldar will be meeting with more than 30 Canadian companies during EDC's Infrastructure and Construction Trade Mission to the United Arab Emirates and the Kingdom of Saudi Arabia, which will be held between November 14 to 27.
Aldar Properties has announced developments worth more than US$ 72 billion since its launch in 2005 including Yas Island, Al Raha Beach, Central Market, Nareel Island, Noor Al Ain, and Al Gurm Resort. Aldar has the largest land bank in Abu Dhabi comprising over 51 million square meters, 100% earmarked for specific developments and 32 million square meters was valued at AED 44.2 billion (US$12 billion) as at 31 December 2007.
EDC is Canada's export credit agency, offering innovative commercial solutions to help Canadian exporters and investors expand their international business. EDC's knowledge and partnerships are used by 7,000 Canadian companies and their global customers in up to 200 markets worldwide each year. EDC is financially self-sustaining and is a recognized leader in financial reporting, economic analysis and has been named one of Canada's Top 100 Employers for eight consecutive years.
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Media contact:
Phil Taylor
Export Development Canada
Tel: CC (613) 598-2904
Blackberry: ptaylor@edc.ca
Jean-Francois Croft
EDC Chief Representative, GCC and Yemen
Mobile: 971-50-811-7046
Blackberry: jcroft@edc.ca
About Aldar Properties:
Aldar Properties PJSC is a premier real estate development, management and investment company with headquarters in Abu Dhabi, UAE. Aldar was established to create world-class real estate developments for Abu Dhabi, while providing stable and profitable investment portfolio for all our investors and stakeholders
Aldar Properties PJSC has been entrusted with creating multi-billion Dirham civic projects to develop the capital, establishing new sectors for commerce, housing, retail and leisure. Aldar's vision is to establish Abu Dhabi as the United Arab Emirate's most dynamic forward-thinking real estate market by creating unique and prestigious developments that can be used as a benchmark of quality, whilst adhering to the cultural and natural heritage of the city.
Since its inception in 2004 through a share offer (IPO) of AED 1.5 billion (USD 408 million) on the Abu Dhabi Securities Market, Aldar has already announced more than USD 72 billion worth of developments. The Aldar issue, the largest IPO in the history of the UAE at the time, was 448 times oversubscribed and raised an unprecedented AED 373 billion (USD 102 billion) in demand. Aldar's market capitalization is AED 32.3 billion (US$ 8.7 billion).as of July 24th 2008.Total retail area across all developments is currently over 1.5 million square meters.
The company is owned by leading Abu Dhabi institutions, founder shareholders and over 18 thousand investors throughout the UAE. Aldar's principle corporate shareholders include:
- Mubadala Development Company
- Abu Dhabi Investment Company
- Abu Dhabi National Hotels Company
- National Corporation for Tourism & Hotels
- National Investor
Aldar's current property portfolio includes major developments and re-developments within Abu Dhabi Emirate such as Central Market, Al Raha Beach, Nareel Island, Noor Al Ain, Al Gurm Resort, Al Mamoura - the Mubadala Development Company and Environment Agency Abu Dhabi Headquarter Building, and the Yas Island project which is to include a Warner Bros Theme Park, a Formula One race track, and the world's first Ferrari Theme Park
Aldar's first international expansion was announced in August 2007 via a tie-up with South Johor Investment Corp (SJIC) in a deal that represents the largest foreign real estate development in Malaysia. This was followed in October 2007 with plans announced to build a mixed-use development in Kazakhstan.
For more information, please contact:
Mona Zayati
Aldar Properties PJSC
Tel: +971 2 696 4729
Tel: (mob) 050 410 8400
Email: mzayati@aldar.com
