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ALDAR Signs MoU with Cebarco..


ALDAR Signs MoU with Cebarco..

 

ABU DHABI, U.A.E., August 13, 2008 – ALDAR Properties PJSC, the leading integrated property development, investment and management company, announced today that it has signed a Memorandum of Understanding (MoU) with Cebarco Bahrain SPC, a leading construction company and member of the KAR group of companies based in the Kingdom of Bahrain. This will pave the way towards the formation of a joint venture company poised to undertake a wide variety of construction projects in the region.

According to the terms of the MoU, signed by Ronald Stephen Barrot, CEO of ALDAR Properties, and Khalid M. A. Rahim, CEO and Chairman of Cebarco Bahrain SPC, the two parties will form a joint venture company which will undertake the construction of various projects on Yas Island, including the Warner Bros. Theme Park, the Yas Island Water Park, several Hotels and other support facilities in the development.

Speaking at the signing ceremony, Ronald Stephen Barrott, CEO, ALDAR Properties, commented, “The MoU we have signed with Cebarco is in-line with ALDAR’s strategy of partnering with highly credible organizations with a strong track record for delivery. We look forward to welcoming the new joint venture to the expanding family of ALDAR partners who are playing an instrumental role in helping us deliver quality buildings in a timely and cost effective manner.”

Khalid M. A. Rahim, CEO and Chairman of Cebarco, said: “We are pleased to sign this MoU with ALDAR with the intent of maximizing business opportunities which will eventually develop into a long term business relationship between the two companies. Our companies share similar values and we look forward to contributing to ALDAR projects by ensuring the highest quality standards in our industry. We would like to thank the Chairman and the CEO of ALDAR for the confidence they have shown in our company. We have felt very much at home in establishing our operations here in Abu Dhabi over one year ago, and this is a testament indeed of the warm and genuine relationship between Abu Dhabi and the Kingdom of Bahrain.”

The Yas Island development covers an area of 2500 hectares and is set to become a cornerstone of Abu Dhabi’s fast growing tourism industry. In addition to the Royal Yas Marina racing circuit, the development will include Ferrari World Abu Dhabi, a Warner Bros. Theme Park, five-star and boutique hotels, a water park, over 300,000 square meters of retail space, a links golf course, 7 marinas, restaurants, various entertainment facilities and luxurious residential property. Yas Island is a 30-minute drive from Abu Dhabi City and only 10 minutes from the Abu Dhabi International Airport.

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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 is spearheading the development of Abu Dhabi; entrusted to create 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 Exchange, 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 individual investors. The current property portfolio includes major developments and re-developments within Abu Dhabi Emirate such as Central Market, Al Raha Beach, Coconut 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 and a 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..

About Cebarco:

Cebarco Bahrain SPC is a leading building and civil engineering company based in the Kingdom of Bahrain. Established in 1992 as a Civil Engineering and Building Construction Company, the company is known today as one of the most versatile and successful engineering contractors in the region.

Cebarco Bahrain SPC’s main objective is to provide unparalleled management, technical, engineering and organizational services to its clients. Cebarco is part of the construction elite as a Grade AA contractor, certified by the Kingdom of Bahrain Ministry of Works and Housing.

Cebarco Bahrain continuously strives to innovate and improve and has developed a strong reputation for economical fast track, quality focused, construction all to the complete satisfaction of its customers. Over the recent years, Cebarco has completed a wide variety of construction projects of varying sizes and complexity, that demonstrates its depth of knowledge, technical skills and above all commitment to excellence.

The most notable achievement in the company’s portfolio is the completion of the Bahrain International Circuit in 2004, ahead of time and ready for 350 million spectators worldwide to experience the first Middle East Formula 1 race. Other prestigious projects include the Sheikh Isa bin Salman Library and Conference Centre, Citibank Headquarters the Seef Fly-Overs and the Bahrain City Centre Retail Complex.

By consistently demonstrating superior performance on such complex and demanding construction projects, the company was likewise awarded the responsibility of constructing the YAS Marina Racing Circuit, yet another great project in the region and part of the Formula 1 programme.

The Cebarco Bahrain strategic growth initiative, as developed by the CEO and Chairman, Mr. Khalid M. A. Rahim, combined with its assets management programme, has enabled Cebarco to constantly improve its financial profile by experiencing an increase in net worth in excess of 30% annually. This growth has led to the establishment of Cebarco Abu Dhabi as a branch of the parent company. The group has also vertically integrated into areas such as building supplies, equipment sales/rental and property development.

 

 




Cebarco Bahrain

P. O. Box 28812
Bldg 1005, Rd 3320
Mahooz 333
Kingdom of Bahrain

Phone: (973) 1772 2237
Fax: (973) 1772 2001
Email: cebarco@kar-group.com

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