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.”

Light Rail & Tram System in Abu Dhabi By 2014

The first phase of the tram system will be ready by the year 2014 which will serve the areas within the city of Abu Dhabi and areas close to the metro. The Director of Public Transport Department in Abu Dhabi, Hashim Al Hashemi said: “The 340-kilometre tram system is part of an ambitious and far-reaching Surface Transport Master Plan that will meet the people’s and economy's mobility needs as part of Plan Abu Dhabi 2030.” A detailed study of this Tram project in Abu Dhabi will be conducted. Local and international consulting firms are being invited for submitting their bids in order to conduct the detailed study.

This Rail and Tram study features an integral part of the Surface Transport Master Plan (STMP). This necessary step is to be taken for the development of a comprehensive transport infrastructure by Department of Transport. The population of Abu Dhabi is expected to increase to 3.2 million by 2030 and the daily personal trips will also get increased, thus a well developed transport system has to be installed. The DOT will closely work with the selected consultant in order to asses the feasibility and financial stability of this project. It will be compared with models of the initial design. Vehicle size and other technical specifications will be studied.

The complete study will be done for a time period of about 18 months. Moreover, this Light Rail and Tram system is considered as one of the vital means of transport. This mode of transport is popular due to its energy efficiency, large capacity; cost efficiency and its operation in densely populated areas. The first phase of the project will be 42.5 kilometers long and it will be ready by 2015.

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.