PRESS RELEASE KHALID BIN MOHAMED BIN ZAYED LAUNCHES ALDAR’S SAADIYAT GROVE - AED 8 billion landmark destination located in the heart of the Cultural District on Abu Dhabi's Saadiyat Island - Promotes a new ‘culture of living’ and an immersive lifestyle experience in Abu Dhabi - Development to include retail, leisure and residential space, as well as hotels and co- working spaces to encourage startups Abu Dhabi - UAE, 25 November 2019: H.H Sheikh Khalid bin Mohamed bin Zayed Al Nahyan, Member of the Abu Dhabi Executive Council and Chairman of the Abu Dhabi Executive Office, today launched Saadiyat Grove, an AED 8 billion inclusive community located in the heart of Abu Dhabi’s Cultural District on Saadiyat Island and developed by Aldar Properties. H.H Sheikh Khalid visited the Saadiyat Grove Experience Centre at Mamsha Al Saadiyat and viewed the designs and the master plan of the 242,000 square metre development, accompanied by His Excellency Mohamed Khalifa Al Mubarak, Chairman of Aldar Properties, and Talal Al Dhiyebi, Aldar’s Chief Executive Officer. During his visit, H.H. Sheikh Khalid attended a presentation that demonstrated the impact Saadiyat Grove will have, from transforming the retail, tourism and leisure plans of Abu Dhabi, to contributing to the emirate’s GDP and attracting foreign direct investments to the capital. The presentation also outlined how Saadiyat Grove will redefine retail and living by bringing new and innovative designs to one of Abu Dhabi’s most sought-after destinations. H.H. Sheikh Khalid also received an update on progress achieved on Phase One of the development, which includes the completion of all design works and awarding of the first construction contract. This first contract consists of enabling and piling works, which have already started. Saadiyat Grove will feature 60,000 square metres of experiential retail, entertainment, and leisure space designed to create an inclusive community, as well as 3,706 residential units, 170 of which will be branded residential units. There will also be a selection of hotels, and co-working spaces designed to support new enterprises and startups, and to promote a culture of entrepreneurship. Phase One of Saadiyat Grove will include 606 residential units and around 200 retail units, supported by a range of amenities such as gyms, pools, kids play areas, community gardens and a running track that will connect the whole project. Saadiyat Island is already home to Louvre Abu Dhabi, Manarat Saadiyat, five luxury beach resorts, top educational institutes including NYU Abu Dhabi and Cranleigh School. Saadiyat Grove, along with the future museums planned, will further cement Saadiyat Island’s status as the destination of choice in Abu Dhabi, and will draw together three museums in one place: Louvre Abu Dhabi, which opened to international acclaim in November 2017; Zayed National Museum, the UAE's first national museum, which is currently underconstruction; and the planned Guggenheim Abu Dhabi. The project is in line with Aldar’s strategy focused on creating and delivering exceptional and memorable customer experience 1 Saadiyat Grove will be developed in phases, with Phase 1 handover commencing 2022. Commenting, His Excellency Mohamed Khalifa Al Mubarak said: “Saadiyat Grove is set to transform the urban landscape of Abu Dhabi. The project is of strategic importance for the Capital at both the cultural and social levels. Saadiyat Grove embodies our leadership’s future vision of how people can live, work and enjoy everyday life in the City, reflecting the diverse social and cultural fabric of the Emirate. It is also in line with Aldar’s strategy which is focused on creating and delivering exceptional and memorable customer experience, while building responsibly, and ensuring the highest standards of sustainability possible. “Saadiyat Grove will be the heart of Abu Dhabi’s new cultural district, only a short distance away from the Louvre Abu Dhabi and future prominent cultural landmarks such as the Zayed National Museum. It is also close to the Abrahamic Family House which nurtures the values of peaceful co- existence and acceptance. By launching Saadiyat Grove, we reaffirm our commitment to playing an active role in enhancing Abu Dhabi’s position as a leading global destination that offers a unique living experience.” Reiterating Abu Dhabi’s commitment to preserving and protecting the environment, sustainability is also an important hallmark of the project featuring green initiatives and smart technologies. Aldar also aims to deliver 50% of the project applying its new ‘In Country Values’ (‘ICV’) programme, which seeks to support the creation of new skilled employment opportunities for Emiratis and as well as sourcing local goods and services. -ENDS- For further information, please contact: Nick Farmer Joudi Issa Aldar Properties Brunswick +971 2 810 5555 +971 2 234 4600 [email protected] About Aldar Aldar Properties PJSC is the leading real estate developer in Abu Dhabi with USD10 billion in assets, a 75 million sq. m land bank, and through its iconic developments, it is one of the most well known in the United Arab Emirates, and wider Middle East region. From its beginnings in 2005 through to today, Aldar continues to shape and enhance the urban fabric of the UAE’s Capital City in addition to other key areas of the Emirate. Aldar develops exciting and innovative projects, such as the internationally recognized HQ building situated in the Al Raha Beach development, the Gate Towers in Shams Abu Dhabi on Al Reem Island, in addition to Yas Island’s F1 circuit. Aldar’s shares are traded on the Abu Dhabi Securities Exchange (Stock quote: ALDAR:UH), and is a profitable, cash generative business that provides recurring revenues, and benefits from a diverse and supportive shareholder base. Aldar operates according to high standards of corporate governance and is committed to operating a long term and sustainable business in order to provide ongoing value for its shareholders. 2 Aldar seeks to create quality, comfortable, desirable destinations that enrich the lives of Abu Dhabi residents as well as tourists within the Emirate. Aldar is playing a leading role in the development and provision of world class retail - Yas Mall, international standard education through Aldar Academies, iconic entertainment venues such as the Yas Marina Circuit, and community amenities across its entire portfolio. Aldar is driven by a vision to be the most trusted and recognized real estate lifestyle developer in Abu Dhabi and beyond. For more information on Aldar please visit www.aldar.com or follow us on: 3 .