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Wed 22 Apr 2009 01:59 AM

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Aldar Properties in JV with Abu Dhabi Investment House

MOU paves way for joint venture to initially focus on phase 2 of Al Raha Beach project.

Aldar Properties confirmed on Tuesday it has signed a MOU (Memorandum of Understanding) with Abu Dhabi Investment House.The MoU will pave the way for the creation of a new joint venture to develop fresh investment opportunities.

It is envisioned that the new JV will initially focus on the Al Remila part of phase 2 of Al Raha Beach, according to news agency WAM.

In a statement Mohammed Al Mubarak, Chief Commercial Officer of Aldar Properties said the MOU demonstrates an appetite for Al Raha Beach and the ''development of sustainable communities throughout Abu Dhabi.''

''We are excited to be working together with Abu Dhabi Investment House and look forward to a long partnership."

Fawaz Ali Al Jowder, CEO of Abu Dhabi Investment House said: "We are delighted to have signed this MoU with Aldar. We share common values and are both focused on the successful development of Abu Dhabi."

Al Raha Beach Development is a beachfront project being built in Abu Dhabi, along the Abu Dhabi-Dubai highway and will be located opposite to Al Raha Gardens.

The 54 billion dirhams development is being built on reclaimed land at Al Raha Beach complex occupying an area of 6.8 million square meters, with a total built-up area of 12 million square meters.

The project will eventually become a new city district accommodating 120,000 people, and serve as the new gateway to Abu Dhabi city.

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