Ferrari World Abu Dhabi External Structure Completion Announced by Aldar

The completion of the external structure of Ferrari World Abu Dhabi was announced by Abu Dhabi’s chief property developer, Aldar Properties. Ferrari World Abu Dhabi would be the world’s first Ferrari theme park and the largest indoor theme park when it opens up its doors in 2010.The exclusive theme park will serve as the host venue for the inaugural Formula 1 Etihad Airways Abu Dhabi Grand Prix and is located on Yas Island. It is also Aldar’s brand new Retail, Leisure and Entertainment destination.

The structure of this awesome real estate has been inspired by Ferrari GT body covering a surface area of 200,000m2 and also features the biggest Scuderia Ferrari "prancing horse" emblem in the world. The emblem measures 66 m in diameter.Uk firm Benoy is the lead consultant and architect of this amazing masterpiece.

Farah Leisure Park Management LLC (Farah), a joint venture between Aldar and ProFun Management Group will be responsible for the operation of Ferrari World Abu Dhabi.

Ferrari World Abu Dhabi represents the passion, performance, excellence and technical innovation which Ferrari has established over the years. ‘A must-visit venue for zealous families and a multi-sensory experience’ is the perfect portrayal of this property.

Mohammed Al Mubarak, Chief Commercial Officer, Aldar Properties and Chairman of Farah Leisure Park Management LLC, commented:"We are delighted to have reached this landmark in the development of Ferrari World Abu Dhabi. Signature projects like this are another element of our commitment and contribution to Plan Abu Dhabi 2030, by delivering attractions that further enhance the Emirate's credentials as an exciting place to live and visit. We are proud to be a part of bringing Ferrari to Abu Dhabi and giving our citizens and visitors alike the opportunity to share in the passion and excitement of   these initiatives."

Adding to it, Piero Ferrari, Vice Chairman, Ferrari Spa said: "With the inaugural Formula 1 Etihad Airways Abu Dhabi Grand Prix just days away, this milestone is a fantastic demonstration of the blossoming relationship between Abu Dhabi and Ferrari. Abu Dhabi's involvement with Ferrari is emblematic of our collective commitment to quality and tradition linked with innovation and vision."

Burooj plans to develop middle-class projects

The real estate right hand of Abu Dhabi Islamic Bank (ADIB) and the developer supporting multifaceted realty ventures in the UAE and Middle East, Burooj Properties held its annual planning workshop. The event focused on the earlier achievements of the company the future plans taking into account the present condition of the market.

The members of Buroojs Board of Directors, including Chairman Mr Khamis Buharoon, Deputy Chairman Mr Khaled Khouri and Managing Director Mr Adel Ahmed Al arouni,as well as Mr Tirad Mahmoud, CEO of Abu Dhabi Islamic Bank, and board members, Mr Mohammed Ismail Al Fahim and Mr Masarat Husain attended the two-day workshop.

Highlighting the workshop, Mr Adel Ahmed Al Zarouni, Managing Director of Burooj Properties, said, "It is critical for property developers to stay abreast of the latest developments and changes in the real estate market, and even more important is to regularly convene a roundtable for all parties involved in the company’s growth and expansion to evaluate previous achievements and discuss future plans. We at Burooj have committed to holding such meetings on regular basis."

Said Al Zarouni: "Based on our evaluation of the market reality and potential, we have agreed to continue development works in the Abu Dhabi property market and to target middle income groups through a series of residential projects that cater to the needs of the this growing market segment. Demand for freehold residential units in Abu Dhabi is also increasing in response to the recent regional market changes and the proven resilience of Abu Dhabi real estate sector."

"We are also looking at the possibility of working in property asset management," he added.

It was also announced by Burooj Properties that its Burooj Views project at Al Reem Island in Abu Dhabi is ready to be delivered to customers in the first quarter.

Abu Dhabi Say’s No to World’s Tallest Building

The planning authorities in Abu Dhabi have rejected the proposal of a giant Abu Dhabi property project which would have been the world’s tallest building comprising of 224 storeys. This tallest tower would have been called by the name of Al Imlaq or ‘The Giant’. The plan of this construction was presented to Sheikh Ahmed bin Zayed, a member of the royal family and the Abu Dhabi Executive Council member. The plan for this ultimate tower, The Giant was presented by a group of businessmen which was rejected.

The National report said that the planning permission of this tallest real estate construction was rejected after the staff of Sheikh Ahmed concluded that this building would affect air traffic. One of the major attractions of the building is that it would surpass the latest tallest building The Burj Dubai, thus creating a boom in the Abu Dhabi real estate market as well. The emirates real estate sector is expected to have more attractive investment propositions than Dubai by industry commentators.

Fayez Barakat the project’s promoter said: “One of the ideas for the building was to outdo the Burj Dubai. The Burj Dubai is expected to be more than 800m tall but its developer Emaar Properties has not disclosed the tower's exact height. Undeterred by Abu Dhabi's rejection, Barakat and his associates now plan to woo investors in Saudi Arabia, where billionaire Prince Alwaleed bin Talal's Kingdom Holding Company has already floated plans to build a 1.6-km tall tower.”

Moreover, the rejection of the proposal of this property development may be a blessing if it keeps the property supply in Abu Dhabi in check.

National Projects & Construction Expands Real Estate Project Portfolio

The National Projects & construction is one of the leading construction and real estate companies in Abu Dhabi. The company has recently moved its headquarters to Musaffah which is a part of its corporate expansion plans. In the year 2008, the company was in the league of one of the leading construction companies in Abu Dhabi. As far as Abu Dhabi real estate is concerned, NPC was a part of the growth and expansion of the real estate sector thus, the company also entered into expertise sharing partnerships and strategy for growth along with other international companies which are the leaders in handling various mega projects.

The National projects & construction company is currently employed on various real estate projects which are worth Dh4.5 Billion. Apart from this, they have won major prestigious construction contracts from some well known property developers. The Chairman, NPC, Salem Al Neyadi said: “NPC has come a long way since its inception in 2003 and over the years has graduated from handling small scale projects to some of the most iconic projects in Abu Dhabi. The opening of the new headquarters represents an important milestone in the growth and evolution of the company and comes at a time of robust growth for us.”

As far as the real estate developers from which NPC has got construction contracts are: Reem Investments, Royal Group and International Capital Trading, Reem properties, Hydra properties, Tamouh, Al Qudra and Sorouh real estate companies. There are some iconic Abu Dhabi developments which are under NPC’s project portfolio which includes Marina Square, The Nation Towers, Danet Abu Dhabi and Danet Holiday Inn Hotel which was recently handed over to the company.

Enabling Works Contract Awarded Damac Properties for Marina Bay

Damac Properties is a Dubai based real estate developer hat has been awarded with a contract worth Dh 7.5 million for facilitating works at Marina Bay construction in Abu Dhabi. Marina Bay is a well designed mixed use development comprising of retail and commercial space, a 25 storey tower offering two and three bedroom apartments, facilitated shops, restaurants etc. The Chairman of Damac Holdings, said, “We are delighted to see that work on site at our Marina Bay development will commence very soon and that we can begin the process of building this truly stunning tower at such a fantastic location.”

Marina Bay is a prime development offering canal views through the entire development. At the prestigious CNBC awards 2008, this property in Abu Dhabi won two awards for the Best Marina Development and another one for Best High-rise Architecture. Peter Riddoch, CEO of Damac properties commented: “Abu Dhabi is a very significant marketplace for Damac Properties and we know that the location of our Marina Bay tower will be hugely attractive to customers.” More than 3000 units have already been delivered by this property developer in Dubai into the marketplace. Further, by the end of 2010, they are committed to deliver 7100 more units.

Damac properties have already completed the enabling works for this particular project and apart from this the second project being Oceanscape in the Shams area of the capital. Recently retail units have been launched for sale in the already enabled development. Peter Riddoch added: “We have made a clear commitment to progress and construction during 2009 and the enabling works starting at Marina Bay is just a typical example of how we are demonstrating this commitment. We look forward to the successful completion of this important foundation work within the next few months.”

Launch of ‘Green Your Life’ Campaign by Sorouh and EAD

Green Your Life is an online campaign which is to be launched in order to educate on how to become environment friendly. This campaign will be launched by partnership of EAD (Environment Agency – Abu Dhabi) and Sorouh real estate. Sorouh real estate is an Abu Dhabi property developer emphasizing on environment friendly homes. Chief Commercial Officer of Sorouh real estate, Fahad al Ketbi said: “We are delighted to be working with EAD on this important and exciting project. Green Your Life is an accessible and easy way for the whole family to get important tips on how to save energy in the home. Sorouh is focused on creating sustainable communities for all of Abu Dhabi's residents."

The campaign which they have started provides practical tips to conserve energy and water thereby, reducing the waste in every home. It is being designed by EAD featuring animated advanced graphics and a 3D virtual tour of a home in the UAE. Different items in a virtual home will be displayed thereby, providing useful tips to the end users scrolling the website. Every part of a home is displayed and the campaign informs you that how it can be used in an energy-efficient way. Secretary General of EAD, H.E Majid Al Mansouri, Chief Commercial Officer of Sorouh, Fahad al Ketbi and EAD's Deputy Manager, Laila Al Hassan launched this online campaign during a press conference at EAD’s headquarters.

Laila Al Hasan commented: “We value our strong partnership with Sorouh, one of the UAE's leading property companies. Not only are they a member of our Abu Dhabi Sustainability Group but also both organizations share a common goal of creating sustainable communities in Abu Dhabi.”

Thus this online ‘Green Your Life’ campaign is expected to run successfully.

Abu Dhabi Finance offering mortgages to Profile Group Properties

Abu Dhabi Finance is a new mortgage provider that is there to feed into the rising consumer demands for the housing finance. This has been set up in the capital and regulates the rising demands of the emirate. Abu Dhabi Finance has become a leading home finance provider. This finance provider has extended its horizon by signing a cooperation agreement with Profile Group Properties. This is one of the leading private developers and as per the agreement Abu Dhabi Finance offers mortgages of up to 85 percent.

The agreement covers various residential Abu Dhabi property developments in Marina Heights I & II and Reem Island. In Marina heights I there are about 234 apartments which come under Abu Dhabi Finance agreement, similarly there are 470 apartments in Marina Heights II. Both these properties are there within Marina Square. Moreover, these are the two properties that are most advanced in Reem Island and they are expected to get completed in the month of December 2009. The Chairman of Profile Group Properties, Raeid Al Yousif said: “We are delighted to be able to introduce our customers to Abu Dhabi Finance, which has quickly established itself as a pre-eminent provider of home financing options. Its dedication to delivering a quality service is second to none. Both new and existing customers will be able to take advantage of 85 per cent mortgages, with the wide range of customer-specified options that come from Abu Dhabi Finance.”

Profile Group Properties is the first company which started selling real estate to all nationalities in Abu Dhabi. The Chief Executive Officer of Abu Dhabi Finance, Philip Ward said: “Marina Heights is an excellent development, with some fantastic apartments coming onto the market by the end of this year. These apartments are perfectly suited to long term investors and owner occupiers alike. We are delighted to be able to partner with Profile Group Properties, extending our reach within Abu Dhabi.”