Waha Land handing over first phase of units at Al Markaz

Abu Dhabi Waha Capital's property arm Waha Land is handing over the first set of units in phase one of Al Markaz, a light industrial project in Abu Dhabi.

"Phase one of Waha Land is 98 per cent completed; we are in the process of lease agreements," said Hazem Saeed Al Nowais, COO of Waha Land.

"The company is in talks with several potential tenants with about ten per cent of the 90,000 square metres in the first phase already reserved," he added. "We are now in talks with international, local and regional companies for leases for 15 to 25 years."

The company's market research has confirmed demand for prime industrial spaces. At least 50 per cent of the warehouse space is likely to be occupied by the end of the year. It is expected to take another two to three years to fill phase one.

Companies are expected to start moving in within the coming weeks.

Wide ranging use

"The amount invested in infrastructure for phase one stood at Dh750 million while the total development value of this phase is Dh2 billion," said Al Nowais.

"The value of the whole project will amount to Dh8 billion. We are eyeing leasing 50 per cent of phase one throughout this year." The initial phase offers single units ranging from 250 to 12,000 square metres, suitable for a wide range of uses such as light manufacturing, food processing, high-tech industries, fabrication and parts assembly.

The whole project is to have four phases. The first will be dedicated to the necessary infrastructure and building a 90,000-square metre light industrial complex as well as housing units for 28,000 inhabitants.

Al Markaz, located near Mussafah, will span six square kilometres once complete.

‘Strong demand'

"Al Markaz is close to Mussafah Port, Khalifa Port, Kizad, the Tarif Highway, Abu Dhabi-Dubai Highway and Abu Dhabi-Al Ain Highway which makes it a strategic point for SMEs," said Al Nowais.

"Abu Dhabi is experiencing strong demand for high quality industrial and logistics space. It is increasingly at the centre of regional and international trade and business networks as the emirate moves forward with its economic diversification strategy."

Al Markaz is seeing interest from specialist real estate investors, private equity funds and logistics companies, according to the official.

Phase two of the project works would depend on market demand. "Al Markaz enjoys a strategic location only four kilometres from the E11 highway and 25 kilometres from Abu Dhabi," said Al Nowais.

"There is also an opportunity to link the complex to the Union Railway and will facilitate access to other emirates and GCC countries. It is also next to the site for a major terminal for the 1,200-kilometre Etihad rail freight and passenger network, which will link major cities in the UAE with Saudi Arabia and Oman."

project

near completion

10%

of project's first phase already reserved

Dh8b

value of the whole Waha Land project

50%

leasing of the project aimed for this year