ALDAR awards Dhs 113 million contract to Mushrif

Abu Dhabi, UAE - March 14th: ALDAR Properties PJSC flagship Central Market project is ahead of schedule in readiness to achieve its phased completion dates. ALDAR is slightly ahead of schedule and the first phase of the project [the Souq] will be complete by mid-2008.

Mushrif have been awarded the 113 million dirham contract to complete Phase 1 of the project; the underground parking structures of Central Market. ALDAR's strategy to secure early phase completion dates, using an integrated fast-track construction approach to this highly complex mixed-use development, was critical in choosing Mushrif, a multi-disciplined, civil and heavy engineering contractor.

The development's massive excavation is now complete along with the majority of its substantial permanent pile foundations. The Souq foundations are complete, with the new construction works progressing upwards to the ground surface.                                          

On review, ALDAR set-out to divide this mega sized city-centre project into several construction packages, all of which are significant in their own right. Thus enabling the organisation to engage several contractors simultaneously. This strategy also assists as a means of reducing risk whilst speeding up the construction process.  ALDAR anticipates letting these major works to international and locally based companies (during 2007).

This approach has therefore enabled the multi-storey car park to progress with the substructure complete and the construction of the massive basement slabs well under way.

Central Market's massive underground car park below Khalifa Street is expected to be completed by the end of 2007. With the basement structure, capable of holding in excess of 5,000 cars, and installation of some of the largest pile foundations in the Middle East, ALDAR are on the way to achieving this target. The massive foundations are crucial to supporting; not only the retail asset, but also supporting the three huge iconic towers designed by world famous architect Foster & Partners. The towers will accommodate residential, office and hotel space.

In addition to construction work going ahead, Central Market has already received international recognition by winning the Estates Gazette award for future projects at MAPIC 2006. The scheme is also being showcased this month (13th - 16th) at MIPIM in Cannes France.  MIPIM is the premier international summit for real estate.

"The Central Market project is well on course for completion and it is important that we maintain the momentum we have achieved so far. No major issues have arisen from the work conducted so we are happy with the project's progress. We are proud of what ALDAR has achieved so far and we are very confident that Central Market will regenerate and rejuvenate this unique and historical quarter of Abu Dhabi city," said Ronald Barrott, CEO, ALDAR.

Central Market will add significantly to the constantly expanding needs of this great city of Abu Dhabi, thereby growing its economy and meeting the increasing demand for business and tourism, but most importantly for the people of the city.

-Ends-

About ALDAR Properties
ALDAR Properties PJSC is a premier real estate development, management and investment company with headquarters in Abu Dhabi, UAE. The company was formed as the result of an initial Public Offering (IPO) of shares. The PJSC was created under Emiri Decree No 808 of 2004. ALDAR Properties PJSC is owned by leading Abu Dhabi institutions, founder shareholders and individual investors

ALDAR Properties PJSC was created to fast track real estate investment opportunities, and to offer an opportunity to participate in the prosperity of this increasingly important industry in the UAE.

The current property portfolio includes major developments and re-developments within Abu Dhabi Emirate, such as the Central Market in Abu Dhabi, the Al Raha Beach Development ,Al Gurm Resort, Al Mamoura - the Mubadala Development Company and Environment Agency Abu Dhabi Headquarter Building in Abu Dhabi, and Al Jimi Mall Expansion in Al Ain.

For more information please contact:
Asad Abbasi
Account Manager
Buchanan Middle East
A WPP Company
Direct: +971 4 3698555 Ext. 566
Fax: +971 4 3698556
E-mail: Asad.abbasi@buchananme.com   

© Press Release 2007