The Government of Abu Dhabi has granted the land adjacent to the Abu Dhabi Golf Club and overlooking Al Raha beach to Al Dar Real Estate Services Company for development. The decision was taken under the directives of His Highness Sheikh Khalifa Bin Zayed Al Nahyan, Abu Dhabi Crown Prince and Deputy Supreme Commander of the UAE Armed Forces.
Lt. General Sheikh Mohammad Bin Zayed Al Nahyan, Deputy Crown Prince of Abu Dhabi and chief of staff of the UAE Armed Forces announced the decision yesterday. Sheikh Mohammad predicted a boom in the emirate's property sector, saying that it will witness a real leap, "thanks to Al Dar's initiatives in seeking to provide world-class real estate development and management services."
Al Dar will develop the 524,000-square metre area, transforming it into a bustling residential, commercial and entertainment centre, Sheikh Mohammad said. The area, which is about three kilometres long and 185 metres wide (524,000 square metres) between the Abu Dhabi Golf Club and Abu Dhabi international airport and facing Al Raha beach, will be developed into a lifestyle destination within the emirate, providing residential and hotel accommodation, as well as retail space and entertainment facilities.
He pledged unlimited support by Abu Dhabi government to all large-scale development projects being implemented in the emirate, which will "add to the excellent infrastructure of Abu Dhabi."
Sheikh Mohammed also announced the establishment of Al Dar Properties Pjsc, with a capital of Dh1.5 billion. The new company will acquire assets of Al Dar Real Estate Services and take over management of its existing projects.
The Abu Dhabi Department of Economy has approved the establishment of Al Dar Properties pjsc. The founders are currently subscribing to 45 per cent (Dh675 million) of the company's capital and 55 per cent (Dh825 million) will be offered to UAE citizens through an initial public offering (IPO) this month. The offer price is Dh1 per share with an additional Dh0.01 per share in offer costs. Abu Dhabi Investment Company and National Investor are the joint lead managers of Al Dar Properties' IPO.
Last July, Al Dar was awarded a 50-year concession by Abu Dhabi government to redevelop the Old Souq into a vibrant town centre containing a mixed use development of specialty retail outlets and cultural attractions. Established in late 1999, Al Dar was the developer for Al Jimi Mall in Al Ain along with the Al Ain Municipality and Town Planning Department. (The Emirates News Agency, WAM)
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