Abu Dhabi Property Prices Are Stable Now

According to one of the leading real estate consultancy companies in the Middle East, Landmark Advisory, October and November are the two months in which the sales have really become active as far as Abu Dhabi real estate is concerned in the year 2009. The demand focused on developments which were just on the verge of completion such as Al Reef villas, Marina Square, Al Bandar and Sky Tower. The investors are looking forward for the completed properties and waiting for the dates to be announced by the developers.

Throughout the fourth quarter of 2009, the transactional prices have remained stable according to company’s latest sales guide and until the properties are handed over in 2010, it is not expected to boost. However, the prices for the properties which are close to competition in 2010 are likely to augment. As the developments are near to the completion date the transaction volumes might get increase which could lead to marginal increase in prices.

A marginal increase of 5 to 6 percent has been seen in the asking price with an exception to Al Bandar property development. This property development in Abu Dhabi will likely to start drawing buyer’s attention by reducing the prices of Al Bandar. Currently a very small number of buyers are active in the market. Moreover, the demand can further be restricted if the delivery dates most notably for Marina Square and Al Bandar are postponed.

Abu Dhabi Land Announces the Completion of Two Mega Projects

Abu Dhabi Land is a part of the Royal Group which was founded in the beginning of the year 2006. This company is a general contracting firm that offers construction. This UAE based contracting giant announced that the Rock revetment works at Dolphin Island, Dredging, Reclamation and Coastal Protection for the Marina Square at Reem Island Sector 1. In the year 2008, Abu Dhabi Land was awarded the Abu Dhabi real estate projects by Tamouh Investments for the Beach works and the coastal Protection at Marina Square Reem Island respectively.

The surrounding areas of the dolphin island project were searched in order to form accessible channels in order to retrieve the island to the required levels and limits.

Abu Dhabi Land is quiet responsible in every aspects starting from the end to end design to technical submittals, commissioning, procurement, delivery and this goes with both the projects. The CEO of Abu Dhabi Land Mr. Syed Basar Shueb said, “We are pleased with the timely completion of these landmark projects and congratulate everyone involved on this mammoth achievement.”

The Marina Square coastal protection works comprises of a sea wall of 1,700 l.m. for shore protection, however, for its safeguard there are Rock Groins and Decorative Panels of its 270 l.m. Beach. At the northeastern coast of Abu Dhabi, Al Reel Island is located and Marina Square is its first part that is to be constructed. The responsibilities of Abu Dhabi Land’s include he construction of the craft marina which has a diameter of about 180 meters. It has a total of 22berths that includes guide piles, pontoons, gangways, a super yacht marina with 12 berths which again includes gang ways, pontoons and guide piles and last but not the least a water taxi courtyard with 7 berths.

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.

Realty Laws by Early Next Year in Abu Dhabi

According to a legal expert, Realty laws in Abu Dhabi like those dealing with escrow accounts, brokers, strata title and mortgages is expected to be executed by near the beginning of next year.

David Nunn, Partner of Simmons and Simmons stated, “Currently, the Department of Municipal Affairs has confirmed the real estate laws are under consideration and so we can assume that they are in draft phase. I am not aware that the planning and the building regulations law have yet been drafted although I believe that the underlying regulations have been worked out,"

As per Emirates Business reports of December last year, five draft laws have been concluded to manage the realty sector in Abu Dhabi. The laws will set regulations for real estate developers, contractors and brokers. In addition to it the rules will also check the off-plan sales, licensing of high-rise residential towers and property registration.

"I anticipate all these new laws although there was scope under the existing law 19 of 2005 to introduce regulations dealing with some of these matters," he said.

The new laws will be imposable once they are published in the Gazette, Nunn said. "I am confident the new laws will be more sophisticated than any real estate laws we have in the region.”

Saadiyat Island- Infrastructure to be awarded in 2010

According to senior official from Tourism Development and Investment Company (TDIC), the two main infrastructure packages for Cultural District and Marina Disttrict on Saadiyat Island in Abu Dhabi will be announced by the first quarter of 2010. However, he turned down the request of disclosing any values.

Andrew Seymour, the Director of o Infrastructure at Saadiyat Island added to the matter, “As a client, we are anxious to see what prices we get since it is a competitive market. The contractors are hungry now unlike two years ago. We are taking full advantage of the fact that competitive pricing need to be brought into every single element of the work that we are doing.”

Seymour also told Emirates Business, "Our initial focus was on the Saadiyat Beach area, where we have luxury resorts and golf courses and all infrastructures around the area. It also included Saadiyat Bridge, Khalifa Bridge and expressway. It will all be completed in the next three to six months. The next focus is primarily on Cultural District to support the museums and their construction. At the same time, we will be looking at Marina district. It is a considerable amount of work considering the sizes of the project components.” He further said, ” "In very broad terms, we are looking at continuing the infrastructure work on Saadiyat Island over the next 10 years and are tying in with that. As areas get completed, the verticals of the building and the development above ground will start to occur. We are looking at 2020 for the completion."

However, the main power and water facilities to the island are under construction and nearing completion.

"The transmission supplier built at 400kv grid station and all the cables are nearing completion. Of the four substations, two are nearing completion and the other two will be completed by mid-2010. We are in the first phase of finishing off the huge ground storage tank, which will distribute water across the island. That will finish in 2010. One sewage treatment plant will be completed this month, and the design build contract on the second one has been awarded to Kharafi National," said Seymour.

The Australian-based Thiess Management Services is managing the construction waste management issues and have been imploring third-party contractors to take on various related jobs.

Seymour said:"We have a concrete crushing and waste management disposal system on the island. We are also looking at ways to control waste on the island so that sub-contractors on the island would deliver to one central location, which will minimize the logistical issues and traffic. We also have environmental services through TDIC and our lead consultant Parson to make sure our and third party developers are complying with our environmental mitigation plans. Sustainability will remain our priority along with reuse of construction waste, if possible."

The main issues on the project are logistical issues. However the bigger challenge is being predicted as Saadiyat Island will see more developers and contractors coming in the coming days.

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.

Tasweek Plans to Create Real Estate Investment Portfolio

Tasweek Real Estate Marketing and Development has announced that it is planning to create a real estate investment portfolio worth $250 million. This investment portfolio feature key Abu Dhabi and Dubai projects in next 18 months. Tasweek is an Abu Dhabi based property solutions provider and advisor serving Middle East property markets. The locations chosen by Tasweek include Jumeirah Beach Residence, Dubai Marina, Al Raha Beach, Dubai International Financial Centre in Dubai and Reem Island and building material city in Abu Dhabi.

The CEO, Tasweek Real Estate Marketing and Development, Masood Al Awar said: “We plan to acquire properties in free zones and investment zones in Dubai and Abu Dhabi over the next few months. We have already begun acquiring properties using our own funds. We are ready to a steady start and are confident that we can raise the total amount we need mainly through the support of our shareholders and potential investors. We have already identified some strategic locations and we are aiming for an asset structure comprising a mix of commercial, residential and retail investments".

The targeted acquisitions are expected to generate returns on investment. The company focuses on its core competencies of professionalism and is deciding to buy complete floors, single units or other projects at the opportune time. It has recently signed the marketing and management consultancy Memoranda of Understanding (MoU) with RQ Associates Ltd. and IK Consult Ltd. RQ is the independent technology and management consulting firm and IK is the communication and training consultancy firm.

Al Awar concluded by saying that: “We recognize the need to meet the growing market demand for efficiency and effectiveness. We want to build on solid portfolios and services and further enhance our mediation between developers, customers and banks.”

Abu Dhabi Residential Demand Strong

According to EFG-Hermes, an Egypt based investment bank, the demand for residential accommodation in Abu Dhabi continues to remain high and strong. This strong growth is due to the high demand because of the liberalization and growing population. Abu Dhabi real estate sector is expected to keep prices high for next five to seven years. Reports have said that this hike in demand in property in Abu Dhabi is backed by the shortage of all property types. Sana Kapadia, the author of the report said: “A structural shortage of good quality space across the various types of real estate combined with both pent-up demand and strong immigration growth prospects underpin the supply and demand dynamics of the emirate's real estate market.”

The residential market demand is expected to remain undersupplied until late 2009 as no major additions in residential units are expected before that. Moreover, the demand for not only residential units, but even for office space is expected to remain sturdy due to the vacancy rates. The quality of existing space is poor thus; the demand is rapidly increasing for both residential and commercial spaces. Apart from this older businesses are now looking forward to upgrade their facilities as they are seeking presence in the Middle East.

Significantly supply rising are expected to help rising prices and rents. This property demand hike is shown due to many reasons as a recent phenomenon is showing that malls are the recent updations in Abu Dhabi and fast growing young population along with rising income levels. Most of the projects which are currently developed or are under construction phase are multi-use and such retail space is expected to increase further.

Emirati Service Management Firm Completes Leasing of Villas in Sorouh Development

Khidmah is a services management company, which was the first owned and operated company in Abu Dhabi. It has announced the leasing for 588 villas in Sorouh Real Estate's development; Sas Al Nakhl Village has been completed. Despite of the global downturn of the region’s property sector all properties including 244x4 bedrooms, 307x3 bedroom and 37x5 bedroom villas were all leased within few months. Khidmah’s website played a very important role in boosting the leasing rates of these villas. The latest Google data indicates that now around 39 percent of the UAE respondent’s research online before finalizing any purchasing.

The CEO, Khidmah, Sutton Turner, said: “Sas Al Nakhl is a wonderful community developed by Sorouh and we are very excited to be providing our extensive portfolio of services to its new residents. Leasing this community is just the beginning for Khidmah - the next step is to provide unmatched resident services with the rollout of our own maintenance, fitness, cleaning and landscaping teams.” He further added: “Crucial to Khidmah's success to date has been our commitment to effectiveness in managing and maintaining successful properties, coupled with our ability to deliver great value, fulfill customer needs, and serve our partners - all via a single point of contact. We believe this is what gives us the edge, and it's what ensured that we delivered for Sorouh in a short space of time in a challenging marketplace.”

Khidmah has appointed a special leasing staff. It has recently added to the UAE’s services management market as it launched Cityscape Abu Dhabi in April 2009. Sorouh Real Estate contracted the company including leasing for 2 completed all-villa developments and for Sas Al Nakhl Village. Sorouh is a joint venture partner in Khidmah along with Capital Investment.

Cityscape Abu Dhabi 2009 Opens

Cityscape Abu Dhabi brings in a slew of all international and regional investors, government authorities and real estate developers together under one roof. This is one of the important events in the UAE and it opened in Abu Dhabi on Sunday at the Abu Dhabi National Exhibition Centre. People from these domains are gathered in order to discuss the current market challenges and they try and formulate new ways to deal with them. More than 40 companies are participating in this international exhibition. Shaikh Mohammad went around the exhibition and he was explained the real estate developments by the exhibitors.

This event lasts for 4 days and was opened by the Crown Prince of Abu Dhabi General Shaikh Mohammad Bin Zayed Al Nahyan and Deputy Supreme Commander of the UAE Armed Forces. Aldar Properties is the largest property developer by market capitalization in Abu Dhabi. Its senior executive, Ousama Ghannoum told Gulf News: “It's a forum where we are going to meet potential investors, partners and buyers for our residential and commercial projects.” He further added that there are various banks and other financial institutions which are offering loans to prospective buyers which are showing great buying interest for various Abu Dhabi property developments and the emirate.

Another executive from Sorouh Real Estate said: “Some of the developers are offering affordable housing for all levels of income, this is an important development, as earlier, we were only seeing announcements about high-end property developments.” The Managing Dircetor of Ascon Group said that the cityscape Abu Dhabi 2009 will surely boost the consumer’s confidence as far as the real estate sector is concerned. Moreover, the emirate carries the largest sovereign wealth fund in the world and long term plans are being formulated for infrastructure and other real estate developments.

Mortgages Offered For Green Emirates Properties by Abu Dhabi Finance

Abu Dhabi Finance is Abu Dhabi’s leading finance provider which has started offer mortgages for Green Emirates Properties, which will reach its extension to cover almost 75 percent of Abu Dhabi property market. This finance provider is already offering end-user finance on Sea Shore villas which was handed by Green Emirates properties back in the year 2007. It consists of 236 villas and townhouses. There were some initial developments which were covered by the agreement which includes Ocean Terrace in Marina Square, Marina Blue on Al Reem Island.

The CEO of Abu Dhabi Finance, Philip Ward said: “We continue to extend our reach in Abu Dhabi and we are delighted to announce our partnership with Green Emirates. Their developments will appeal to long-term investors and owner-occupiers from a diverse mix of income brackets, and we will be happy to provide flexible mortgages to suit every need. Partnering with a reputable developer of high quality properties such as Green Emirates allow us to offer our clients an even greater range of choice for every budget and taste.”

There are certain highlights of the mortgages being given for the Green Emirates. It includes a maximum tenure of 30 years with an upper limit of 70 at loan maturity, a debt service ratio of 55 percent and finance for up to 85 percent of the value of the property. Apart from this, it also offers various repayment options which are quiet flexible in the industry which includes a combination of Interest-Only Mortgage Loans, Interest Roll Up, Repayment and Interest Only. As far as the repayment options are concerned, the clients can repay up to 10 percent of the outstanding loan amount per year which is free of repayment charges.

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.

Construction Gets Completed on Al Gurm Gardens

Burooj Properties is the real estate arm of the Abu Dhabi Islamic Bank. It has recently announced a completed construction of Al Gurm Gardens villas in Al Reem Island. These villas are adjacently located near Abu Dhabi International Airport and are adjacent to Khalifa Park. Moreover, Abu Dhabi real estate sector has witnessed a long freefall period, following a period of growth over the last few years. The Government made lot of plans to help the real estate market function better. It accelerated the complete recovery process in order to complete the existing projects. Moreover, the Abu Dhabi economic vision has greatly helped in opening up new vistas for investments. Therefore, despite of the downturn, the stability of the real estate sector is not a surprise.

Burooj Properties is a master developer for various mega projects in the UAE region. The successful completion of the Al Gurm Garden Villas features a total of 80 villas and it boasts of a strategic location. Each villa in the project covers an area of 4124 square feet. The project got launched in January 2009 and the total completion work of the building got over within 7 months. The handover for the villas have now been confirmed for the end of this year. Adel Ahmed Al Zarouni, the Managing Director said: “The achievement at Al Gurm Gardens is proof that risks can be avoided by adopting appropriate planning, whatever the market conditions are. We believe that a number of factors must be considered before investment is injected into any region of the world. The most important factor is the investment location. We have selected Abu Dhabi, as the UAE's capital has become a destination of choice for real estate investment due to the visionary urban development plans adopted by the government. This policy ensures a sustainable market growth and balance on a long term basis.”

These Gurm Gardens boast of smart building features including air conditioning, security, touch buttons and a lot more contemporary features. This project boasts of a distinctive architectural design, thereby, making it an ideal residential dwelling.

UAE Rents Set To Fall

According to the officials and experts, residential rents in Dubai and Abu Dhabi are set to fall this year. In Abu Dhabi real estate the rents are expected to drop by 10-15 percent by mid of the year 2009. Moreover, in 2010, it is even expected to fall further. As far as the fall in rents is concerned in Dubai, they are particularly steep in Nakheel’s Discovery Garden development. Chairman of the capital’s Chamber of Commerce and Industry, Salah Al Shamsi said that this reduction in rents was expected because of the new units that are set to appear in the market. He further added: “A number of residential units will be delivered by Abu Dhabi's top property development companies. They are due to deliver units in mid-2009 or by October at the latest.”

Truth Economic Consultants study showed that 37, 851 units are already available in Abu Dhbai property sector and in 2008-2009 around72, 285 units are more likely to join the race. Meanwhile, the experts say that Dubai rental would grow probably at a slower rate as it was earlier. The Chairman said that the property and rental in the emirate has not been affected by the global crisis. He said: “Prices have not fallen as in other emirates. The reason is the high demand for residential units in Abu Dhabi.”

Moreover, the Managing Director of Asteco Property Management said that in Abu Dhabi, Dubai and across other emirates too, rental properties are still in strong demand. Charles Neil, Chief Financial Officer, Landmark Properties said: “We expect rental prices to remain relatively stable in 2009, but they are likely to soften in the first and possibly second quarter.” Moreover, the rentals are expected to increase further in Dubai.

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.”

Abu Dhabi Real Estate Grows With Cityscape

Cityscape Abu Dhabi has returned to Abu Dhabi National Exhibition Centre (ADNEC), held from 19-Apr-22-Apr. This event is expected to be 32 percent larger than the event in 2008, which would be spread across a gross area of more than 38,000 sq m.

Over the years Cityscape Abu Dhabi has shown significant growth. This event was launched in 2007. With the expansion of ADNEC, it aims at becoming the largest exhibition centre in the Gulf. Since, Cityscape Abu Dhabi 2008, six additional halls have been added to ADNEC. This has enabled the event to span the Atrium as well as the nine exhibition hall. Having the Cityscape Abu Dhabi returned to the emirate, amongst 50% of such exhibitions, signifies the strength of the organization like ADNEC and its contribution to the economy.

Simon Horgan, ADNEC CEO said: “One of the main reasons why ADNEC was created was to attract new events to the capital and to then support their growth. Since the venue opened in 2007 we have been committed to helping organisers make their events more successful each season. Cityscape Abu Dhabi is a perfect example of an event which has been able to grow due to the support which ADNEC gives.”

Rohan Marwaha, Managing Director, Cityscape, IIR Exhibitions added: “The support of ADNEC has been instrumental in the success of Cityscape Abu Dhabi. The 2009 edition of the event will be the largest Cityscape Abu Dhabi that we’ve held, and we’re expecting to see a significant increase in visitors and investors coming from all over the world to Abu Dhabi.”

Abu Dhabi Real Estate Firm Adopts Environment Friendly Technologies

Abu Dhabi based investment company Al Rayan Investments has joint hands with Green Precast System and Technologies, an Australian firm. The companies would jointly implement its distinctive 3D monolithic modular system. This idea would be applied to all construction projects across UAE to ascertain its commitment towards building real estate projects which contribute to the betterment of the environment.

Chairman of Board Al Rayan Investments, Mr Fardan Hassan Al Fardan said “In our role as a premier organization in Abu Dhabi we are committed to supporting the aspirations of our government in delivering environmentally friendly and sustainable technologies to the UAE, upholding the drive for a green future. In Green Precast we believe we have found the ideal partner to complete this aim, their technology enables significant savings to be made with up to 80% less labour required to deliver projects up to 70% faster than conventional methods, Their developments are 30% stronger and save up to 90% on the ongoing maintenance costs. Green Precast system is a combination is solutions and products, that varies from the UV - IR reflector that helps to save up to 50% on the running cost, the water technology can in some cases save up to 100% on irrigation or toilet flushing through the grey water treatment of the household, and the Ecobulb technology can reduce energy bills and usage by 85%. The combination of all these technologies is the world's leading green precast system. As a result we fully expect Green Precast to become one of the pre-eminent choices for major developments in the region in the near future.”

Competing with the Dubai real estate sector, now Abu Dhabi is gaining popularity with mega projects coming up in this region. Al Rayan Investment has signed the contract with Green Precast Systems and Technologies worth Dh450 million. Al Rayan Investments is the first company to opt for this technology. This company aims to offer residential accommodation to 25,000 people by 2010. Green Precast is a active member of Emirates Green Building Council. This company aims at offering up to 2000 jobs in the UAE.

Saunders Global Interior Design Would Design the First Regional Mall in Abu Dhabi

The renowned Australian interior design firm, Saunders Global has been awarded with the contract by Baniyas Investment and Development Company to design and develop the interiors of the first mall in the region, Baniyas, Abu Dhabi. Saundars Global owns a commendable portfolio with some of the well known project such as Palm Jumeirah Pointe, Sahara Centre, The World Sales Centre and Nuance.

Abu Dhabi has a vision to emerge as a prospective tourist destination as well as offer world class residential facilities. With its ambitious plans, Abu Dhabi real estate has made huge investments in its sector. With mega projects coming up in Abu Dhabi worth Dh200 billion it is now competing with the Dubai real estate sector. With an opportunity offered by Baniyas, Dh3 billion Bawabat Al Sharq, accompanied with its opulent mall will contribute immensely in Abu Dhabi’s economy as well as Baniya’s growth. This regional mall would be spread over 148000 square meters and would have 339 shops. This would be new shopping hub which would be spread over two floors on a prime leisure and retail space.

Baniyas Investment and Development Company CEO, Wael Tawil “We have chosen Saunders Global expertise to produce a combination of dramatic contemporary and traditional design, with every section having a distinctive style and a unique atmosphere. We are building a vibrant city, offering the perfect place to rent spacious homely apartments or villas that belong to a fully serviced community. Adding to the luxurious lifestyle, the mall will serve as an attractive and entertaining venue for families to shop and spend leisure time”.