Al Fajer Properties Completes Successful Restructuring; Strengthens Balance Sheet by AED3.2 Billion

DUBAI--(Business Wire)--
Al Fajer Properties (AFP) announces the successful completion of its
restructuring plan for the company, which commenced in early 2008.

Under the leadership of its newly appointed president, His Highness Sheikh
Maktoum bin Hasher Al Maktoum, a rigorous review of the company was conducted,
whereby the previous management was disbanded and a new management team and
strategy put into place.

The new strategy involved liquidating the company`s substantial land bank valued
at AED 800 million, and generating additional sales from existing inventory of
AED 2.4 billion, bringing the total value of mitigated risk down by AED 3.2
billion for the company.

The company saw an accelerated construction plan delivering a 7-day cycle per
floor, which had never been achieved before for phase 1 (towers 1 - 5 of its 9
commercial towers) within the Jumeirah Lakes Towers (JLT) community. Phase 1 is
due for completion in the last quarter of 2009 and phase 2 (towers 6 - 9)
scheduled to be online on or about the same time the following year.

The company also initiated the implementation of new policies and procedures,
bringing the company up to date with international financial standards and in
line with updated RERA (Dubai Real Estate Regulatory Authority) rules and
regulations ensuring more transparency in the marketplace.

"We have taken immediate remedial action in early 2008 which has significantly
strengthened the position of AFP and I am very pleased with the outcome," said
His Highness Sheikh Maktoum Hasher Al Maktoum, President of Al Fajer Properties.

www.alfajerproperties.com

Notes to Editors:

Al Fajer Properties

Al Fajer Properties LLC (AFP), was established in November 2004 as a wholly
owned subsidiary of AFG (Al Fajer Group). Since then the company has built up a
significant land bank of note. The company is currently in the process of
developing its flagship project which consists of 9 commercial towers located in
the Jumeirah Lake Towers Community. With an estimated project value of over AED
3 billion the company has positioned itself to become a leading player in the
fastest growing real estate market in the world.

Al Fajer Group

Al Fajer Group (AFG) was established in 1965, by its Group President His
Highness Sheikh Hasher Bin Maktoum Al Maktoum. Since his appointment of CEO of
the group in 1998 the company has rapidly grown to a diversified business entity
delivering high quality service to a wide range of international clients. With
more than 18,000 employees and an annual group turnover of AED 5.8 billion, the
Group's business interests to date have now placed it as a market leader with
the following nationally recognizable companies incorporated under its umbrella;
Al Ahmadiah Contracting & Trading, a leading national contracting firm with over
35 years of widespread construction experience; Al Ahmadiah Aktor LLC identified
as one of the few established professional construction companies reputed for
its reliable expertise in intricate designs and exacting quality standards; Al
Fajer Security & Maintenance, a leading specialist in providing a wide range of
multi-property services; Lunar Electro, a national Electro Mechanical
Contracting firm; Al Fajer Establishment, a general trading company with over 3
decades of expertise representing world renowned and leading brand of products
supplying to the construction and printing industry; Balmer Lawrie & Co. Ltd, a
well established company in India which has become a pioneer in container
manufacturing in the Middle East specializing in mild steel barrels and drums;
Al Fajer Information & Services, with over 2 decades of experience in providing
a complete range of organization and management services through its five
divisions which include Fairs and Exhibitions, Octanorm Displays, Shop Fittings,
Design & Graphics and International Exhibit Builders. Other group members
include: Al Fajer Travel & Tourism; Al Fajer Medical Supplies; Al Fajer
Interiors & Decorations LLC; and Al Fajer Investments & Development.

Ends

Buchanan Communications
Bobby Morse
Ben Willey
+ 44 207 466 5000

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