ALDAR appoints architect for resort realty project Coconut Island

ALDAR has appointed RW Armstrong & Associates as Architect of Record for its Coconut Island project, a premium island resort project located off the west coast of UAE capital city.

Rami Hreiki, Senior Development Manager, ALDAR Properties said: "Both ALDAR Properties and NCT&HNCT&H are equally committed to upholding high quality standards in all aspects of their work; to deliver on the spectacular promise that Coconut Island holds. We welcome RW Armstrong on board the project and look forward to working with them in raising the bar for Abu Dhabi's real estate developments."

RW Armstrong & Associates will prepare detailed architectural and engineering designs as well as supervise the construction of the real estate project in Abu Dhabi, ensuring that the design intent for this prestigious island resort is met. The real estate project is expected to take shape in the early part of 2011.

/Gowealthy.com/

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Abu Dhabi to build chemicals park

State-owned Abu Dhabi Basic Industries Corporation (ADBIC) said it plans to build a chemical plant and associated industrial park for $490 million, part of the emirate's drive to reduce its reliance on crude oil revenues.

ADBIC will develop the polymer plant to manufacture substances used for plastics at a cost of 800 million dirhams ($217.9 million), and the park for 1 billion dirhams, according to details given in an invitation to an ADBIC press conference next week.

ADBIC expects to attract investments to the park worth more than 14.7 billion dirhams ($4 billion), according to the invitation received on Tuesday.

ADBIC said in February it plans to invest $6.5 billion to build a plastics factory and expand a steel plant. The plastics plant, a joint venture, will be ready next year, Abdullah Saeed Al-Darmaki, vice president for petrochemicals, told newswire Reuters at the time. (Reuters)

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Plan Abu Dhabi 2030

The UAE has revealed a masterplan for Abu Dhabi that will guide development in the emirate until at least 2030.

Under Plan Abu Dhabi 2030: Urban Structure Framework the population of Abu Dhabi will triple to 3m.

The plan sets out building heights, transport infrastructure and land use and features guidance for large areas of traditional housing.

The UAE government has also established a new Urban Planning Council which will oversee implentation of the plan.

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New name for Western Region announced - Al Gharbia

The Western Region Development Council (WRDC) - the central coordinating body leading development and promoting opportunity in the Western Region of Abu Dhabi, today announced the new name for the region as part of its plans to encourage social and economic growth within the region as an integrated part of the Emirate of Abu Dhabi. The region will now be known as Al Gharbia in both English and Arabic.

The new identity for the region was developed following extensive market research across the UAE, GCC and internationally, that involved not only the local residents but also prospective tourists and investors. The council is also reiterating its four key goals for the region, which are namely economic and social development of the region?s residents, enhancement of infrastructure, promotion of investment and improvement of enterprises; which they intend to achieve through aggressive marketing and promotion of the region.

WRDC worked hand in hand with the Office of the Brand of Abu Dhabi to develop Al Gharbia as a sub brand of Abu Dhabi, unveiled last November - together making the overall brand of the Emirate stronger. This re-branding exercise puts Al Gharbia on the world map with its own unique identity, whilst remaining a fundamental part of Abu Dhabi Emirate. Al Gharbia continues to retain its traditional heritage values, culture, and Bedouin origin whilst aggressively marketing itself as a region with untapped potential for tourism and investment opportunities.

The name 'Al Gharbia' preserves the true spirit and cultural values of the region cleverly bringing a sense of nostalgia and belonging to the local residents who hold the name dearly.

Mohamed Bin Azzan Al Mazrouei, WRDC Director General, said: "Al Gharbia is a unique part of the UAE - where the desert meets the sea and renowned for its authentic heritage - the Bedouin generosity and hospitality. The name Al Gharbia not only aligns itself with the core values of the region, but the brand also gives more credibility for future development, making it attractive for businesses, investment and tourism opportunities." "I would like to take this opportunity to thank the Office of the Brand of Abu Dhabi for their guidance and direction enabling us to launch Al Gharbia today. Our new identity gives us depth, consistency, value and ownership which will be significant factors towards achieving our goal to develop the region socially and economically," concluded Al Mazrouei.

An estimated 98 billion Dirhams of investments have already been announced for infrastructure, tourism, and economic development projects in the region. WRDC intends to enable economic growth and raise the standards of living for Al Gharbia's residents by working with its government and non-government partners to develop Al Gharbia and its infrastructure aiming to increase connectivity to and from the region.

Construction, Public Administration, Agriculture, and Oil and Gas are the main high level economic activities in Al Gharbia. The region boasts the largest oil refineries in the UAE and a developed agricultural industry, including the largest and most fertile farms in the country.

Al Gharbia covers a staggering 60,000 square kilometres; 71% of the total land mass of the UAE. It is comprised of seven main cities; Madinat Zayed, Mirfa, Liwa, Ghayathi, Sila, Ruwais and Dalma Island, and is close to the borders of Saudi Arabia and Qatar. Key cities that one can visit for tourism include; Mirfa, Liwa, Dalma Island and Sir Bani Yas. Mirfa is known for its natural harbour, where dolphins, turtles, fish and other marine life can be found. Liwa is home to some of the tallest sand dunes in the world and is the base camp for the annual UAE Desert Challenge.

Dalma Island is one of the premier historical islands for tourism in the country with its rich history of pearl diving and Sir Bani Yas, scheduled to open in October 2008, is to feature a nature reserve, serene escapes, and an Arabian Wildlife Park.
/WAM/

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Mubadala to turn Abu Dhabi island into business zone

Mubadala Development Co, an Abu Dhabi investment arm which manages over $10 billion in assets, said on Sunday it will develop an offshore island into a new business district that would house the stock exchange.

Suwa Island, off Abu Dhabi's coast, will be developed by John Buck International, a joint venture Mubadala set up in March with Chicago-based real estate firm The John Buck Co.

"It is a multi-billion dirham development and construction has already started," Carlos Obeid, Mubadala's chief financial officer, told a news conference. "The island will be home to the new headquarters of the Abu Dhabi Securities Exchange."

Obeid said the project would be funded by a mix of equity and debt but would not provide details on actual costs.

"We are in discussions with financial institutions for the debt part and Mubadala will provide the equity," he said.

Mubadala's global shareholdings including a 7.5 percent stake in the Carlyle Group CYL.UL. The wealthy emirate controls the world's fifth-largest oil reserves.

Obeid said the 570,000 square meters development will include commercial and residential buildings as well as a hotel and retail space.

"There is tremendous demand for commercial real estate in Abu Dhabi fuelled by the growth of the economy," he said.
/Reuters/

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Al Qudra Real Estate announces sales launch of Amber Tower

Al Qudra Real Estate will commence the sales launch of Amber Tower, its first tower in the Shades project (in Shams Abu Dhabi), at Cityscape Abu Dhabi 2008.

"Amber Tower is Al Qudra Real Estate's first development targeting both UAE and expatriate end-users and investors." said Claus Peter Rees, Acting CEO, Al Qudra Real Estate.

"Cityscape Abu Dhabi represents the perfect platform for a sales launch and we look forward to establishing key relationships with potential investors and industry leaders." The 34- storey Amber Tower will be the first tower launched within the Shades Project located at Shams Abu Dhabi, a development master planned by Sorouh. The Shades Project, covering an area of 179,758 sqm and strategically situated next to the central park and water canal, will encompass five residential towers. The first to be launched, Amber tower, will consist of 34 floors with studio, one, and two- bedroom apartments. Amber tower will include many modern- day facilities, including: fitness and entertainment areas, a day care center, a beauty salon, landscaped terraces, as well as a swimming pool on the roof, and an underground parking area.

Designed by the well -renowned NORR Group, one of Canada's largest design and construction firms, and the architects of Emirates Towers, Shades will offer investors the choice of selecting their own interiors.

"Our focus lies in delivering premium services while ensuring that our investors receive maximum return on their investments," continued Rees.

Al Qudra Real Estate will be showcasing the project at its Cityscape Abu Dhabi stand (number: 4C10). The Sales launch for Amber Tower will start at 10:00 am on Tuesday 13 May, 2008.
/WAM/

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Developmental project of Al Sowa Island

President HH Sheikh Khalifa bin Zayed Al Nahyan, was briefed Saturday on the developmental project of Al Sowa Island at his Al Bateen Palace in presence of HH General Sheikh Mohammed bin Zayed Al Nahyan, crown prince of Abu Dhabi and deputy supreme commander of the UAE Armed Forces.

Sheikh Khalifa expressed his satisfaction about the layout of the project, saying that "more efforts should be stepped up to develop the UAE on par with developed countries".

He called on competent authorities to provide all comfort measures through building more facilities, resorts, as well as provision of easy transport with observation of the UAE natural environment in order to make the country as a "cultural, commercial, economic and unique tourism centre as per world-class specifications".

HE Khaldoun Khalifa Al Mubarak, chairman of the Abu Dhabi Executive Authority, briefed Sheikh Khalifa in details on the execution phases and objectives of the huge project.

A major component of Plan Abu Dhabi 2030, is the development of Sowwah Island, the core of Abu Dhabi's new Central Business District. Sowwah Island, along with the adjacent edges of Mina Zayed and Al Reem Island, will serve as the commercial centre of the UAE's capital. Sowwah Island will provide Abu Dhabi with a vibrant twenty-four hour urban environment comprising 105 hectares of commercial, residential and retail components. Supported by an extensive network of 13 bridges, public transport links and pedestrian facilities, Sowwah Island will provide residents and visitors with convenient access to the mainland and surrounding islands of Abu Dhabi.

The Island will have a prestigious commercial development featuring the distinctive new headquarters of the Abu Dhabi Securities Exchange, surrounded by 570,000 square meters of office, hotel and retail amenities. Sowwah Island will also be home to the first Cleveland Clinic in the Middle East; bringing a world-class state-of-the-art health care facility to the people of the UAE.

Its geographic location ensures Sowwah Island will enjoy an abundance of natural features from spectacular views to grand open spaces; ideal for establishing a unique balance between vibrant business sites and the tranquil setting of residential neighborhoods.

Present also at the briefing were Minister of Presidential Affairs HH Sheikh Mansour bin Zayed Al Nahyan, HH Sheikh Mohammed bin Khalifa Al Nahyan, chairman of Department of Finance in Abu Dhabi, Ahmed Jumma Al Zaabi, deputy Presidential Affairs Ministry and a number of senior officials. /WAM/

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Sorouh to unveil plans for Lulu Island at Cityscape Abu Dhabi

Sorouh Real Estate, one of the leading Abu Dhabi real estate developers, announced today it is to exhibit an architectural model at Cityscape Abu Dhabi, showing for the first time the master-plan for Lulu Island, which will become the city's landmark development.

Sorouh has presented the master-plan to HH Sheikh Khalifa Bin Zayed Al Nahyan, President of the UAE, and to HH General Sheikh Mohammed Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and will now reveal it to the public for the first time.

The display will give visitors to Cityscape Abu Dhabi the chance to see the overall initial vision for Lulu Island, which will include residential, resort and retail areas, as well as canals, marinas and a public beach.

Mounir Haidar, CEO of Sorouh Real Estate, said: "We're looking forward to showing this display and we are grateful for the opportunity to do so. I am sure it will be one of the major attractions at the show, as residents and visitors alike come to see how this important landmark might be developed."

Sorouh will also be showing details of a number of its other projects. Altogether, Sorouh has more than US$12.5 billion of projects under development, including Shams Abu Dhabi, the Gate District, Saraya, Lulu Island, Al Ghadeer and Golf Gardens.

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Abu Dhabi to get Metro 'within seven years'

A light rail network will be up and running in Abu Dhabi within seven years, supported by a fast rail link between the capital and Dubai, an official said on Monday.

General manager of the Urban Planning Council Falah Al-Ahbabi said a predicted growth of population in the capital to more than three million meant could not be sustained on private cars alone, and that the city would have its own metro by 2015, reported UAE daily The National.

“We know the urgency of this, and know the demand coming in future. We want to see this up and running, and it is a must to see it up and running within seven years,” he told the newspaper.

“What I can say is this is definitely going to happen,” he said.

According to Al-Ahbabi, a report due by the end of the year would detail the new system with work on a new railway line also beginning shortly afterwards.

“We have to decide on the routes, and whether it is going to be overground or underground, or both,” Al-Ahbabi said, adding that a private sector contractor would be sought to build the system once the report was finished.

The announcement comes days after Dubai said it would launch its first tram system, a 14 kilometre network connecting key locations within the city.

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Style City project

The Abu Dhabi Investment House (ADIH) yesterday announced the launch of its latest development concept, Style City. The $7bn project is to be located in various parts of the world, including Qatar.
Speaking in Abu Dhabi, managing director and board member Rashad Y Janahi said the company planned to set up a chain of style cities to be commercially known as Porta Moda.

“The Style City concept will be implemented in Abu Dhabi, Qatar, Morocco, Tunisia and India as part of the memorandums of understanding ADIH has signed with major developments in these countries”.
China is another location the company was looking at, he said.

In Morocco and Tunisia, these would be stand alone projects, as opposed to the Qatari venture which would be part of the Qatar Entertainment City to come up at Lusail.

Likewise the Indian venture would be part of the Entertainment City planned for Navi Mumbai.
Announcing the “innovative” concept of style cities, Janahi said they would seek to attract international brand names in style, design of fashion, jewellery, furniture and luxury living from both academic and retail aspects to create style and design hubs.

The first of its kind ‘Style City’ concept would be a mixed-use development comprising residential and retail components while focusing on fashion and style.
The ‘city’ will feature a grand fashion district containing premium and luxury brands in fashion, jewellery and interior design fields, an educational district containing institutions for the same, as well as museums and exhibition centres.

There would also be a residential and a leisure district with town houses, studios, luxury villas, cafes, restaurants and renowned boutique hotels and spas.
”There is such a wealth of talented young designers in the region who are traditionally drawn to cities such as London, Paris, New York and Milan to develop their skills in these very competitive markets,” Janahi said.

“We want to help provide environments where the same people can nurture their chosen profession in the world of style, design and fashion but be given the chance to stay close to the markets and consumers they serve. This undoubtedly is the dawn of a new era in fashion and design.”

To implement the projects, ADIH has signed strategic partnerships and MoUs with major institutions.

Janahi signed a MoU with Dr Hani Shammah, CEO, Emirates International Properties (EIP), the real estate arm of Emirates International Investment Company (EIIC), in order to create Porta Moda Abu Dhabi.

Janahi also signed two MoUs with Peter Panayiotou, acting CEO, Gulf Finance House (GFH), one of the region’s successful investment banks, to establish Porta Moda in GFH’s North African developments under way in Morocco (the Royal Ranches, Marrakech) and Tunisia.

With these MoUs, dedicated locations within these developments will feature Porta Moda to serve the surrounding communities.

Additionally, both the Qatar Entertainment City and India Entertainment City have signed MoUs with ADIH to develop Porta Moda Qatar and Porta Moda India.

The master-planning of the Porta Modas around the world is being developed according to high international standards and is aimed to best serve the market segments targeted.

A study has revealed that young adults were moving towards studying aesthetics and arts, the officials said. With the Style City being within their geographic reach, they would be able to get their education from international talents and expertise.

Additionally, the real estate industry was booming within these countries – with growing populations representing an extremely huge middle-class consumer market, resulting in the inherent attraction for major multinational companies.

Developments in the real estate sector as a whole were being driven by demand for more housing units in cities and towns because of growing urbanisation of these countries’ population, a burgeoning middle-class, increased disposable income, easy availability of housing finance at cheaper rates and tax incentives, the officials said.

Built on such a combination of factors, the ‘Style City’ presents an unprecedented investment opportunity for investors looking to diversify portfolio, the officials said.

A ‘Style City’ fund would soon be created and placed through the ADIH placement team and underwriters, who were marketing the fund throughout the Gulf, Janahi said.

The placement team was available in Qatar as also in the UAE, Oman, Saudi Arabia, Bahrain, Kuwait and throughout the region. The fund was also being marketed to international investors, based on high levels of indicated interest.

Its previous investment funds did well for investors, Janahi said. For instance, when the fund exited the Lagoon fund, investors had a yield of 30% in 16 months. Similarly, its Al-Arabi Private Equity Fund registered a return of 25% in a short period.

Also present on the occasion were Mahmood Samy Naib, chief development officer of the real estate department at ADIH and Global Entertainment Group chairman Joel A Katz. Source

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Yas Island Project will contribute to the economy of Abu Dhabi

Aldar Property's Yas Island Project, home of the Ferrari World Abu Dhabi theme park as well as attractions from Warner Brothers and five-star hotels and residences, will contribute to the economy of Abu Dhabi, the company said in a statement.

In 2007, the Abu Dhabi International Airport received a record 6.9 million passengers, a 31 per cent increase over the year before. Forecasts for 2008 are around 7.6 million.

As Abu Dhabi is promoted to an international audience attracting a growing number of visitors each year, developments like Yas Island, a multi-use entertainment and leisure destination, are likely to increase the number of visitors with theme parks, attractions and entertainment for families.

Key features

Yas Island will be home to the world's first Ferrari theme park, Ferrari World Abu Dhabi. In addition, the destination will also be home to a Warner Bros theme park and a Formula One racetrack, which will be hosting the Abu Dhabi Grand Prix commencing in 2009. Other attractions will include a Water Park, the first Links golf course in the UAE, and a 250,000 square metre retail mall.

With hotels, water front features and beaches, commercial offices, and spas, Yas Island is expected to become a major leisure destination.

Advantage

"Abu Dhabi has the unique advantage of being in a central location, connecting the eastern and western worlds. As an international player in the property development industry catering to a global contingency, Aldar Properties ensures that all of its developments meet international standards, and are continually setting the benchmark for quality in the industry, which demonstrates the maturity of regional construction and the real estate market of Abu Dhabi," said Ronald Barrott, chief executive officer of Aldar Properties.



Yas Island's completion date is set for 2014.

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