Aldar Takes ADNIC as First Sub-Developer for Al Raha Beach Project

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(ABU DHABI, UAE) -- The Abu Dhabi National Insurance Company (ADNIC) is Aldar's first sub-developer in Al Raha Beach, a huge waterfront project with commercial, retail, hospitality, and residential units.

ADNIC will develop two plots in the Khor Al Raha precinct: a 16,465 square meter office building and an adjoining residence with 198 apartments. The two sites are located near Aldar's Al Zeina community and are to be completed in 2012.

Sami Asad, Chief Operating Officer, Aldar Properties, said, "Aldar will continue to engage with selected third parties through our major master developments in Abu Dhabi to help meet the market demand."

Walid Sidani, Chief Executive Officer, ADNIC, said, "ADNIC is delighted to enter into this agreement with Aldar to develop such a prestigious office building and residential complex. We are confident of Aldar's commitment to deliver world class and quality infrastructure within their master projects."

He added, "this will also help ADNIC play a greater role in the development of Abu Dhabi's pristine waterfront, which is in line with the leadership's 2030 vision."

Abu Dhabi National Insurance Company (ADNIC) is a public shareholding company incorporated in Abu Dhabi. Since 1972, ADNIC has endeavored to be the leading provider of quality and affordable insurance products and services. The Company is A- rated by S & P and has four branches and 9 satellite offices in the UAE.

Aldar Properties PJSC which is listed on the Abu Dhabi Securities market since 2004, was established to support Abu Dhabi's infrastructure through the creation of high quality, attractive and sustainable communities equipped with residential, commercial, retail, leisure, hospitality, education and medical facilities. The company owns more than 50 million square meters of land throughout Abu Dhabi emirate.

 

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