The CEO of the UAE’s Aabar Properties has reportedly insisted that the company is committed to Abu Dhabi despite plans to expand internationally.
The real estate developer, part of Aabar Investments, which is owned by the Abu Dhabi’s International Petroleum Investment Company (IPIC), plans to build 1,000 units in the emirate this year, and another 1,000 in 2017, Khalifa Al Mheiri told Gulf News.
“Overall, we want to construct 6,000 units in Abu Dhabi in the coming years,” Al Mheiri said. “There are number of projects under construction, while some are in design stage.”
He added: “We are committed to Abu Dhabi in a big way. This is our future.”
Aabar Properties is already expanding elsewhere in the Middle East and North Africa (MENA) region, including in Morocco – where it has projects in Tangier, Casablanca and Rabat – and in Jordan, where it has a five-star hotel operated by Hilton.
However, Al Mheiri said it is “good” to remain active in its core market, Abu Dhabi. The developer has projects in various stages of completion in Al Reem Island, Al Raha beach, Rawdhat and Saraya, where projects are 90 percent complete, he said.
The 126-apartment Kite Residences in Al Reem Island will be complete within two months, he added, while sixty percent of The Wave mixed-use project in Al Reem Island has been sold. The firm is also building the five-star Hard Rock hotel.
Last month, residential sales prices in Abu Dhabi were down between 3 and 5 percent compared to the same time last year, according to consultancy Cavendish Maxwell.
Rents performed marginally better, said analysts at Reidin – up by 2 percent since the beginning of the year and one percent compared to 12 months ago.
Gulf News quoted Al Mheiri as saying: “Abu Dhabi real estate is promising, steady and the risk is minimum. It is good to be here.”
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