Saturday, July 07, 2007

Abu Dhabi witness property projects worth more than Dh.100bn

Over the past few months, property projects that are worth more than Dh.100bn have been launched in Abu Dhabi, says the organizers of the Abu Dhabi Real Estate and Investment (IREIS 2008) property show.

The Director of Dome Exhibitions, Anoine Georges, said "Until last October, Abu Dhabi had seen real estate project announcements worth Dh.240bn. But in a time span of less than nine months, the figure has gone up by nearly fifty percent and has touched Dh.333.8bn, and this growth is expected to continue."

Among the recent projects in Abu Dhabi are: The Green Community by Masdar, the Dh.11bn Desert Island project by the Toursim Development and Investment Company, the Dh.7bn Building Materials City, and the Dh.7.34bn Marina Rise by Eshraq.

According to Abu Dhabi Chamber of Commerce and Industry, the investments in the construction and realty sector in Abu Dhabi are expected to contribute Dh.40 billion to the GDP of the emirate this year.

Georges said that almost every project being launched in Abu Dhabi, currently, is aimed towards high-income earners. "It is only a matter of time before the developers target the middle-income segment, a segment with huge potential," Georges added.

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