Business | Property
ACI plans new projects to expand UAE portfolio
Real estate firm ACI, an affiliate of Alternative Capital Investments, said it wants to expand its development portfolio of Dh10 billion in Dubai with new projects in Abu Dhabi and Ajman.
- By Suzanne Fenton, Staff Reporter
- Published: 01:22 February 22, 2008
Dubai: Real estate firm ACI, an affiliate of Alternative Capital Investments, said it wants to expand its development portfolio of Dh10 billion in Dubai with new projects in Abu Dhabi and Ajman.
"There will be a total of seven buildings involved in the Abu Dhabi project. We will launch the first five projects on Reem Island shortly," said Robin Loh-mann, managing director of ACI.
"We want to diversify. We are looking for some strategic alliances with big players in Ajman and Abu Dhabi. We will also focus on the Dubai Waterfront this year and Dubai Lagoons," Lohmann said.
"We also have another development on The World and we are looking into some other exciting things. We are also keen to enter Ajman. But I believe that all the emirates will benefit from what is happening here in the UAE as the Abu Dhabi market has picked up very, very fast," Lohmann said.
"The way they are developing Abu Dhabi is a little different from how Dubai developed. They are trying to implement a little culture with things like the Guggenheim and the Louvre. They are trying to do things differently," he said.
"It is ambitious but they have a lot more time than Dubai to plan it out. Prices in Abu Dhabi have almost doubled in the last seven or eight months. We have an eye on Abu Dhabi. It is a totally different market," Lohmann said.
He said that the development in Ajman will start with one residential and one commercial tower. The company did not give the value of its Ajman project. ACI plans to open another office in Doha in the second half of the year.
The Dh2.2 billion Trilogy towers, involving German sporting legends Nikki Lauda and Michael Schumacher will conclude on Sunday with the launch of the Boris Becker Business Tower.
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