Abu Dhabi builds the future

Abu Dhabi: The global economic downturn notwithstanding, Abu Dhabi announced on Sunday new projects, cumulatively valued at about Dh30 billion, at Cityscape Abu Dhabi-2009.

This reinforced the view that the emirate has remained relatively immune from the global financial crisis.

The chief executive officer of Abu Dhabi-based Waha Capital, Samer R. Al Haj, said 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.

Separately, Aldar Properties PJSC, Abu Dhabi's largest property developer by market capitalisation, said it is launching Al Falah, a Dh9.4 billion housing project for middle income UAE nationals.

"The homes will be distributed for free and the project is fully funded by the government," said Aldar's Chairman Ahmad Ali Al Sayegh.

The new development will provide around 5,000 homes for middle-income UAE
families, as part of the Abu Dhabi Government's housing initiative.

Separately, the Abu Dhabi Urban Planning Council (UPC), the agency responsible for the future physical planning of Abu Dhabi, unveiled details of Capital City District, a major development project in Plan Abu Dhabi 2030.

"The entire project will take up to 25 years to be completed," Falah Al Ahbabi, General Manager of UPC told Gulf News.

Second downtown

Upon completion, the 4,900 hectare Capital City District will serve as a second downtown for Abu Dhabi proper and will be home to 370,000 residents who will dwell in a mixed-use, sustainable environment comprising high-density transit-oriented communities and lower density Emirati neighbourhoods.

International Capital Trading also announced it has awarded a Dh260 million contract to Pivot Engineering & General Contracting Co WLL for the construction of a residential
project in Mohammad Bin Zayed City, Abu Dhabi.

The top 10 Abu Dhabi projects are cumulatively worth $208 billion and all are progressing as planned.