Aldar Properties PJSC http://www.alacrastore.com/company-snapshot/Aldar_Properties_PJSC-3798572 Saturday, August 30, 2008 8:21:31 AM 3798572 Aldar Properties PJSC en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/bir/1322842bir/1322842normAldar Properties PJSCUnited Arab EmiratesReal Estate: Real estate and property development655265312372105312109CIALDAR6/12/2008 6:15:00 AM1322842Company Profiles & FinancialsGale Company Profileshttp://www.alacrastore.com/storecontent/spcred/650600spcred/650600normThe latest Full Report from S&Pglobalstructured5/28/2008 1:00:41 PM400Full Report650600United Arab EmiratesEmerging MarketsEurope, Middle East, AfricaGlobal IssuersStructured FinanceCorporationsReal Estate CompaniesFull ReportClose relationship with and implicit support from the government of Abu Dhabi Importance in the Abu Dhabi government's strategy to diversify its economy Strong market position with large land bank in fast growing Abu Dhabi property development market Aggressive financial risk profile Risk of softening Abu Dhabi real estate markets over the longer term Limited operating history, with few large projects completed to date The ratings on United Arab Emirates (UAE)-based property developer Aldar Properties PJSC reflect the group's strong market position in the rapidly growing Abu Dhabi property development market, large land bank, close relationship with the government in project planning, and growing investment property portfolio (albeit currently small). Constraining rating factors include huge funding needs for project development,AREAldar Properties PJSC443948EMERGINGEUROMIDAFRALDAR@UHFULLARESukuk Funding (No.2) Ltd.447699EMERGINGEUROMIDAFRGLOBISSSTRUCCORPRECCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/650604spcred/650604normThe latest Summary from S&Pglobalstructured5/28/2008 1:00:41 PM175Summary650604United Arab EmiratesEmerging MarketsEurope, Middle East, AfricaGlobal IssuersStructured FinanceCorporationsReal Estate CompaniesSummaryThe ratings on United Arab Emirates (UAE)-based property developer Aldar Properties PJSC reflect the group's strong market position in the rapidly growing Abu Dhabi property development market, large land bank, close relationship with the government in project planning, and growing investment property portfolio (albeit currently small). Constraining rating factors include huge funding needs for project development, high debt levels, the risk of a softening real estate market in Abu Dhabi over the longer term, and the group's limited operating history. In addition, the ratings reflect our expectation of strong support from the government of the emirate of Abu Dhabi (AA/Stable/A-1+), reflecting its involvement in Aldar and the group's importance to the government's strategy of diversifying the economy. Accordingly, the long-termAREAldar Properties PJSC443948EMERGINGEUROMIDAFRALDAR@UHSUMMARYGLOBISSSTRUCCORPRECCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/moodys/PR_156046_820963000moodys/PR_156046_820963000htmlGlobal Credit Research Rating Action ## MAY #### Rating Action: Sukuk Funding (No. #) Limited Moody's assigns (P)A# rating to Aldar's proposed AED Sukuk DIFC, May ##, #### -- Moody's Investors Service has assigned a (P)A# rating to...5/23/2008 12:47:32 AMhtmlSukuk Funding (No. 2) LimitedAldar Properties PJSCAldar Properties PJSC; Sukuk Funding (No. 2) Limited820963000820383065150.0000NewsRating ActionPR_156046_820963000Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/spcred/649796spcred/649796normThe latest News from S&Pglobalstructured5/22/2008 1:02:16 PM100News649796United Arab EmiratesEmerging MarketsEurope, Middle East, AfricaGlobal IssuersStructured FinanceCorporationsReal Estate CompaniesNewsSTOCKHOLM (Standard&Poor's) May 22, 2008--Standard&Poor's Rating Services said today that it had assigned its 'A-' long-term senior unsecured debt rating to a proposed issue of sukuk al-ijara certificates denominated in United Arab Emirates dirham by special purpose vehicle Sukuk Funding (No.2) Ltd. The ratings are equalized with the long-term ratings on United Arab Emirates-based property developer Aldar Properties PJSC (A-/Stable/A-2). This reflects limited contractually senior liabilities and structural subordination issues. Aldar's future lending is expected to be on an unsecured basis. Under a purchase agreement, the issuer will purchase a 50-year head lease interest on a plot of land (lease assets) from Aldar. The issuer will then lease the land to Aldar for periodic lease paymentsAREAldar Properties PJSC443948EMERGINGEUROMIDAFRALDAR@UHNEWSGLOBISSSTRUCCORPRECCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/moodys/PBC_108706moodys/PBC_108706pdf...Aldar Properties PJSC, rated A# with a stable outlook, is the leading property developer in Abu Dhabi in terms of its pr ojects and the size of its land bank. Abu Dhabi is the largest Emirate of the Un ited Arab Emirates (UAE) and accounts for over ##% of its Gross Domestic Product (G DP). The company lies at the heart of the government s development strategy for the Emirate, developing an area around one-third the size of Abu Dhabi City , which is the capital of the UAE. Aldar owns around ##.# million square meters (sqm) of land, comprising of freehold and leasehold land at key strategic locations across Abu Dhabi, most of which were granted for free by the Government of Abu Dhabi. According to independent valuations, the value of Aldar s land bank portfolio was AED##.# billion (US$## billion) at year end ####. The company s total development pipeline is currently worth over US$## billion with all projects located in Abu Dhabi and diversified across various segments including... 4/25/2008 5:01:57 PMpdfAldar Properties PJSCAldar Properties PJSC820383065300.0000AnalysisAnalysisPBC_108706Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/moodys/COP_820383065moodys/COP_820383065htmlGlobal Credit Research Credit Opinion ## MAY #### Credit Opinion: Aldar Properties PJSC Aldar Properties PJSC United Arab Emirates Ratings Category Moody's Rating Outlook Stable Issuer Rating A# Contacts Analyst Phone Martin Kohlhase/DIFC...4/25/2008 12:55:00 PMhtmlAldar Properties PJSCAldar Properties PJSC820383065150.0000NewsCredit OpinionCOP_820383065Credit & Investment ResearchMoody's Global Credit Research