Abu Dhabi's Aldar Properties said on Thursday it will develop an 11 billion-dirham ($3 billion) real estate project in the UAE dedicated to the car trade, including service centres and a museum.
State-controlled Aldar, which is spearheading a construction boom in the UAE's capital city, plans to complete the project in four years, the company said in a statement given to reporters in Abu Dhabi.
"Motor World will offer a place for all car-related retail transactions to take place under one roof," the company said. The project, on the outskirts of Abu Dhabi city, includes offices, hotels and homes for 30,000 people, it said.
Aldar Chairman Ahmed Ali Al-Sayegh said the project will take the total value of schemes the company is developing $70 billion.
Abu Dhabi is reaping a windfall from six years of rising oil prices, which it is using to diversify its economy from oil by developing residential, leisure and cultural projects.
Shares of Aldar more than tripled last year, though are down about 10% this year.
Deutsche Bank expects Aldar's first-quarter profit to more than double to 1.1 billion dirhams, compared with 450.7 million in the year-earlier period, according to a survey of analysts by newswire Reuters. (Reuters)
State-controlled Aldar, which is spearheading a construction boom in the UAE's capital city, plans to complete the project in four years, the company said in a statement given to reporters in Abu Dhabi.
"Motor World will offer a place for all car-related retail transactions to take place under one roof," the company said. The project, on the outskirts of Abu Dhabi city, includes offices, hotels and homes for 30,000 people, it said.
Aldar Chairman Ahmed Ali Al-Sayegh said the project will take the total value of schemes the company is developing $70 billion.
Abu Dhabi is reaping a windfall from six years of rising oil prices, which it is using to diversify its economy from oil by developing residential, leisure and cultural projects.
Shares of Aldar more than tripled last year, though are down about 10% this year.
Deutsche Bank expects Aldar's first-quarter profit to more than double to 1.1 billion dirhams, compared with 450.7 million in the year-earlier period, according to a survey of analysts by newswire Reuters. (Reuters)
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