December 3, 2008

Export Development Canada

EDC announces $100 million in funding for Canadian projects in United Arab Emirates

Export Development Canada (EDC) recently announced that it will provide US$100 million in financing to Abu Dhabi-based Aldar Properties PJSC (Aldar) for projects that are supplied by Canadian companies.

“Aldar is expected to have a 40-45 per cent market share of the Abu Dhabi real estate market with its current pipeline of projects, with projects estimated to be in the $100 billion dollar range and the nature of those projects is particularly well suited for Canada’s world-class construction companies,’ said Jean-Francois Croft, chief representative, Gulf Co-operation Council and Yemen. Aldar met with more than 30 Canadian companies during EDC’s Infrastructure and Construction Trade Mission to the United Arab Emirates and the Kingdom of Saudi Arabia, between Nov. 14 and 27.

The company has announced developments worth more than US$72 billion since its launch in 2005, including Yas Island, Al Raha Beach, Central Market, Nareel Island, Noor Al Ain, and Al Gurm Resort. Aldar has the largest land bank in Abu Dhabi comprising more than 51 million square meters.

JOC News Service

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