Aldar unveils $5b Al Dana plan

Cannes: Aldar Properties has revealed a detailed plan for its $5 billion commercial development, Al Dana, at the heart of the 10.5-kilometre Raha Beach development.

Work on the development is underway, with several buildings under construction.

They include four integrated buildings comprising the World Trade Centre, and the Gateway, building which was designed by celebrated architect Rafael Vinoly who designed New York's new World Trade Centre.

"The total investment in Al Raha Beach is about $48 billion, and of that, $5 billion is the cost of Dana, which is the commercial heart of the development," Ronald Barrot, the company's chief executive officer, told Gulf News.

With this, total projects under construction exceed $90 billion, taking into consideration the $40 billion Yas Island development comprising 6,000 acres, and the iconic Old Market in the Abu Dhabi city centre.

Headquarters

The Dana segment will also host Aldar's headquarters, which will be opened in September 2009, while the total development of Al Raha Beach, which constitutes 11 neighbourhoods will take four years. "The company has already announced a 50 per cent partnership with UK-based Liang Ororke, and is seeking to expose its success to the international community through Mipim [the world property exhibition], not only regarding its developments, but the robust growth of Abu Dhabi as a whole," Barrot said.

"There are three hotels in Dana with international management such as the Oberoi, in addition to seven hotel on Yas Island, as part of our 40-hotel programme to be developed in the coming five years," he added.

The company has already started to hand over some of its developments in Raha Gardens to UAE nationals, and is expecting to start delivering more projects next year.

Forecast: Strong numbers

Aldar Properties, which reported Dh1.2 billion in revenues for 2007, is expecting to exceed that number in the first quarter this year.

"Our sales since the beginning of 2008 have already exceeded the Dh1.2 billion mark, and are now in excess of Dh2 billion," Ronlad Barrot told Gulf News. The company is displaying all its developments on a yacht at Cannes during Mipim. "We are not only seeking to expose Abu Dhabi and Aldar for the international community, but we are also always looking for partnerships," Barrot said.