Addar to develop Abu Dhabi World Trade Centre

Addar Real Estate Services, the first institutional real estate developer in Abu Dhabi, will develop the Abu Dhabi World Trade Centre (ADWTC) in partnership with the General Exhibitions Corp (GEC) and other institutional investors, says an official report.

The first phase of the Abu Dhabi World Trade Centre will cost more than Dh400 million and involves the development of a 100,000 square metre mixed-use space, including offices, serviced apartments and a 5,000 square metre retail and entertainment complex.

The UAE Offsets Group (UOG) is the franchisee in Abu Dhabi for the World Trade Centre. Addar is working on a development portfolio of more than Dh500 million, including the Abu Dhabi World Trade Centre project.

Other Addar projects include the Al Mudheef Town Centre development in Al Ain which focuses on revamping a residential area in the Al Ain Town Centre into a mixed-use urban community with retail, residential and entertainment facilities.

Addar's growing business will also see the size of the company and possibly the number of its shareholders and capital expanding in the near future. Currently, it is owned 60 per cent by UOG and 20 per cent each by Abu Dhabi Investment Co (Adic) and the National Investor (10N).