Aldar Properties was established in 2004 and listed on the Abu Dhabi Securities Market (ADSM) in April 2005. At the time of its incorporation, Aldar was open only to UAE nationals and GCC residents. In December 2006 Aldar’s shareholders approved the foreign ownership limit of 40% at an EGM. Subsequently, in March 2007, the foreign ownership law was promulgated to allow a maximum of 49% ownership. Aldar is considered as the government’s property development arm, a relationship established from inception. Aldar has strong government backing and ownership (both direct and indirect). It received its land bank from the government for free and is heavily involved in all government-sponsored decision making processes that relate to urban planning, transportation and other strategic decisions.