UAE University Project Enters into Procurement Phase MDC-Serco joint venture to operate, manage new campus as project manager is appointed Abu Dhabi, 06 February 2005 – The UAE University new campus development in Al Ain has now entered its procurement phase with the appointment by Mubadala Development Company of Bovis Lend Lease International as Project Managers for the project and the formation of a joint venture with Serco Plc of the UK to undertake facilities management and operations services for the new campus.

The company will be based in Abu Dhabi and will be owned 51% by Mubadala and 49% by Serco. The company will principally focus on undertaking the operations and facilities management activities for the UAE University concession executed by Mubadala in August of 2004. “We are very pleased to join hands with Serco a global leader in operations and facilities management. This constitutes an important milestone in the development of the project as we are now entering its procurement phase. With the appointment of Bovis as project managers for the project the design and procurement phase has commenced. A number of leading designers in the field of education have been qualified and design submittals are expected in the second quarter of this year” said HE Khaldoon Khalifa Al Mubarak, member of the Abu Dhabi Executive Council and Chief Operating Officer of Mubadala.

The new company is intended to perform all the operations, maintenance and facilities management services related to the new campus development as per the terms of the concession agreement. “We are enthusiastic in developing the new Campus for the UAE University in partnership with Mubadala, and pleased to have onboard Serco and Bovis Lend Lease who are both leaders in their respective industries.” said Dr Hadef Bin Jouan Al-Dhaheri, Vice Chancellor of the UAE University. The UAE University and Mubadala executed a 30-years Concession Agreement that will enable the development of the new campus on a BOOT basis (Build Operate Own and Transfer). The new campus will consist of some 280,000 sqm of state of the art educational facilities, support and residences accommodations and will be built over a period of 6 years in the campus site at Al Maqam in Al Ain.

The investors in the project will be Mubadala and other investment institutions will also be invited to invest including Serco. “We are excited about the opportunity of working with Mubadala on this precedent setting development and look forward to emulating the partnership in other PPP related opportunities” said John Ashcroft Managing Director of Serco Middle East.

Mubadala Development is an investment and project development company wholly owned by the government of Abu Dhabi. Mubadala’s existing investments include a 51% majority stake in Dolphin Energy, the developer of the Dolphin Gas Project which involves the creation of the first cross-border gas network in the GCC through the import of Qatari natural gas for the markets of the UAE and Oman. It also has a 25 percent stake in the Dutch Fleet Management giant LeasePlan Corporation and holds shares in ALDAR Properties, National Central Cooling Company (Tabreed) and Abu Dhabi Ship Building among others. Serco PLC is listed on the London Stock Exchange and is a leader in operations and PPP projects with a turnover of in excess of USD 2.8 billion. Serco has over 37,000 employees worldwide and is involved in a number of projects in the region including the Oman Joint Services College PPP development.