Abu Dhabi: Amwaj 2 property development undertaken by Abu Dhabi National Insurance Company (Adnic) in Al Raha beach in Abu Dhabi will be completed by the end of December and ready for market consumption, chief executive officer of the company Walid Sidani said on Wednesday.
He said Amwaj 2 will have 300 residential apartments that will be ready for occupancy by January 1. “It’s a strategic investment which we made in property development several years ago. It’s a great to see our two properties in Al Raha Beach getting completed. This will be a constant stream of rental income in our balance sheet,” he said.
He said property investment is always a part of an insurance company’s portfolio. “We follow the guidelines given to us by the UAE insurance authority on how much is permitted to be invested in property as an asset class in itself. Adnic is fully complying with that.”
The other property Amwaj 1 has already been completed and leased out.
