Krazy
June 15th, 2006, 12:12 AM
Saudi group unveils Dh6.5b project on Reem Island
Abu Dhabi: A Saudi Arabian group yesterday announced the launch of a Dh6.5 billion mixed-use project on Abu Dhabi's Reem Island, the group's first foray into the UAE's property market.
The group has tied up with the UAE's First Gulf Bank as partner and sole agent for sale of property. FGB is also financing the project, officials said.
The recently set up Abu Dhabi Towers Property Investment Company, owned by Saudi Arabia's Al Qahtani Group of Companies will shortly commence work on the Addax Port Project comprising five towers, one commercial and four residential towers.
"The Dh6.5 billion development is positioned to become the capital's prime business and residential hub," said Saeed Al Qahtani, Chief Executive of Abu Dhabi Towers Investment Company.
"This is our first real estate venture in the UAE and we chose Abu Dhabi after undertaking a study. We forecast huge demand for commercial and residential property in Abu Dhabi over the next five years. Also, the economy of Abu Dhabi is robust and we are impressed by the vision of the rulers," he said.
The five towers will offer over 3,000 luxury apartments and commercial offices covering a total of 8.7 million square feet. Addax Port would have its own private bay setting within Reem island.
The 50-storey towers will feature a central shopping area, community facilities, landscaped gardens and a dedicated marina.
Al Qahtani said work on the project would commence shortly and the project would be ready in 42 months.
"We are committed to delivery within 42 months and we are working with Reem to ensure this happens. Delay in project delivery would attract penalty," he said.
The capital of Abu Dhabi Towers Property Investment Company was not disclosed but he said that although the company is well capitalised, the project would be funded through First Gulf Bank.
The Al Qahtani Group has diversified business interests such as IT, television production, commercial and real estate. Outside Saudi Arabia, the group has business interests in Egypt and Lebanon.
Reem Investments, a private company, is one of three developers that own rights to develop the Al Reem Island. The other two are Tamouh Investments and Sorouh Real Estate.
Abu Dhabi: A Saudi Arabian group yesterday announced the launch of a Dh6.5 billion mixed-use project on Abu Dhabi's Reem Island, the group's first foray into the UAE's property market.
The group has tied up with the UAE's First Gulf Bank as partner and sole agent for sale of property. FGB is also financing the project, officials said.
The recently set up Abu Dhabi Towers Property Investment Company, owned by Saudi Arabia's Al Qahtani Group of Companies will shortly commence work on the Addax Port Project comprising five towers, one commercial and four residential towers.
"The Dh6.5 billion development is positioned to become the capital's prime business and residential hub," said Saeed Al Qahtani, Chief Executive of Abu Dhabi Towers Investment Company.
"This is our first real estate venture in the UAE and we chose Abu Dhabi after undertaking a study. We forecast huge demand for commercial and residential property in Abu Dhabi over the next five years. Also, the economy of Abu Dhabi is robust and we are impressed by the vision of the rulers," he said.
The five towers will offer over 3,000 luxury apartments and commercial offices covering a total of 8.7 million square feet. Addax Port would have its own private bay setting within Reem island.
The 50-storey towers will feature a central shopping area, community facilities, landscaped gardens and a dedicated marina.
Al Qahtani said work on the project would commence shortly and the project would be ready in 42 months.
"We are committed to delivery within 42 months and we are working with Reem to ensure this happens. Delay in project delivery would attract penalty," he said.
The capital of Abu Dhabi Towers Property Investment Company was not disclosed but he said that although the company is well capitalised, the project would be funded through First Gulf Bank.
The Al Qahtani Group has diversified business interests such as IT, television production, commercial and real estate. Outside Saudi Arabia, the group has business interests in Egypt and Lebanon.
Reem Investments, a private company, is one of three developers that own rights to develop the Al Reem Island. The other two are Tamouh Investments and Sorouh Real Estate.