Waha Capital plans mixed-use scheme

Abu Dhabi: The chief executive officer of Abu Dhabi-based Waha Capital said on Sunday Waha Land, a company subsidiary, is launching Al Markaz, an up to Dh20 billion mixed-use industrial development on the outskirts of Abu Dhabi city.

In an interview with Gulf News during Cityscape Abu Dhabi 2009, Samer R. Al Haj said: "The development will cater to light industries, light manufacturing, industrial start-ups, warehousing and logistical needs, personal storage as well as specialised housing for technicians, middle management and other white collar staff."

He said in about two weeks the authorities in Abu Dhabi will decide the location where Al Markaz will be built. The facility is proposed to be built over an area of six square kilometres.

"The facilty will be rented out to companies that require a one-stop solution. These include hotel chains, retail chains and companies with large staff components," Al Haj added.

"The project will be completed in four phases. Phase One will cost Dh4 billion. The entire project will be completed over the next four years," he said.

Al Haj said the funding for the project will come from collaborations with other investors like co-developers and joint ventures and certain leasing and outright sales of properties.

He said enabling works on the project will start during the middle of this year and the first phase will be completed within 18 months of the start of the project.

Separately, Al Haj said the capital of Waha Capital is Dh1.5 billion and the company has a 60:40 debt-to-equity ratio.

He said the company has become risk averse after the global financial crisis and there's a longer process of scrutiny for any project as bank loans and other funding sources have become more difficult.