ADNH Saadiyat Resort - PR 06 May 08

[sharewadi]

ADNH shares fell 1.6% to AED 9.00 per share today, on thin trading. Shares went ex-dividend at the end of last week (01 May 2008).

Press Release 06 May 2008:

ADNH signs MoU with international luxury brand to manage Saadiyat Island Resort Abu Dhabi National Hotels (ADNH), the UAE's leading hotel, tourism, transport, and catering group, announced today that it has singed a memorandum of understanding with one of the leading international luxury hotels to operate and manage its 5-star resort located on Saadiyat Island. HE Saif Mohammed Al Hajeri, ADNH's Chairman, noted that Saadiyat Island is being developed as a major destination for tourism, with a focus on promoting cultural understanding. "Our project on the island will be a vital addition to the company's portfolio of high-end hotels and resorts. It will cater to the capital's need for more luxury properties as Abu Dhabi continues to grow as an important destination for tourists, holiday-makers and business travellers," he said. Occupying over 75,000 sq metres, the ADNH Saadiyat Resort is expected to be completed by 2010. It will have 331 rooms, suites and villas in addition to top class restaurants and facilities dedicated to conference, banqueting and recreation. Located on the north beach of the island, the resort is surrounded by two 18-hole golf courses and boasts a 9-kilometre stretch of pristine natural beach from where one can watch dolphins, and also visit the nearby natural turtle nesting habitat. It is located close to the Cultural District which will house the world famous Louvre and Guggenheim museums in Abu Dhabi. ADNH is also developing two other 5-star hotels in Abu Dhabi. One of them is located in the Capital Centre close to the Abu Dhabi National Exhibition Centre and the other one, JW Marriot Hotel and Resort, in the area between the two bridges on the Dubai-Abu Dhabi highway.

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