Mubadala Development Company has appointed ALDAR Properties PJSC as project manager for the construction of the Imperial College London Diabetes Center building in Abu Dhabi on a turnkey basis.

According to the agreement, ALDAR will deliver the building to Mubadala by the 2nd quarter of 2006. Additionally, negotiations are currently underway for a potential 15-year lease agreement between the Diabetes Center and ALDAR.

Imperial College London Diabetes Center, a specialized facility for diabetes treatment, care and research, was established by Mubadala Development, in partnership with Imperial College London. The center will comprise a treatment unit and a research institute in a specially built facility, which will open by mid-2006. “We are excited about the opportunity of working closely with ALDAR Properties to ensure construction of a world class facility. The awarding of this contract is considered a milestone for the project as it signifies tireless efforts being made to develop it with the help of leading property management companies such as ALDAR,” said Waleed Al Mokarrab Al Muhairi, Director of the Industry, Technology and Telecommunications Unit with Mubadala.

Ahmed Ali Al Sayegh, Chairman of ALDAR Properties, commented: “Following our recent announcements regarding the Abu Dhabi Central Market Re-development and the Al Raha Development, this appointment confirms ALDAR’s position as a premier real estate development company able to offer innovative and tailor made solutions for all types of real estate developments. We are very proud to have been awarded the project.”

Mubadala Development is a Public joint Stock company, established and wholly owned by the government of Abu Dhabi with a mission to invest in commercially-viable, strategic, industrial and commercial partnerships. The company’s portfolio of international investments includes a stake in nine oil exploration blocks in Libya and a 25% stake in the Dutch fleet management giant LeasePlan Corporation, while its local and regional investments include a 51% majority stake in Dolphin Energy and shares in many other companies, such as ALDAR Properties, National Central Cooling Company (Tabreed) and Abu Dhabi Ship Building and Imperial College London Diabetes center in Abu Dhabi. Mubadala is also involved in a Public-Private Partnership (PPP) to develop the UAE University’s new campus in Al Ain. ALDAR Properties PJSC is a premier real estate development, management and investment company headquartered in Abu Dhabi, UAE.

The company was formed as a result of an initial Public Offering (IPO) of shares. The PJSC was created under Emiri Decree No 808 of 2004. 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 in Umm Al Nar, the Mubadala Development Company – ERWDA Headquarter Building in Abu Dhabi, Al Jimi Mall Expansion in Al Ain, Jebel Hafeet Resort in Jebel Hafeet, Al Ain, and the Al Mudheef Urban Regeneration Scheme in Al Mudheef. ALDAR Properties PJSC is owned by leading Abu Dhabi institutions, founder shareholders and individual investors. It has a market capitalization of over AED 1.5 billion. For more information please contact Communications & Administration Department: E-mail: info@mubadala.ae