Monday, February 25, 2008

ACI plans expansion in UAE property market

ACI, the real estate firm that is an affiliate of Alternative Capital Investments, has revealed its plans to expand into Dubai, with its Dh.10billion worth development portfolio of new projects, and also make its foray into Abu Dhabi and Ajman property markets.

The Managing Director of ACI, Robin Loh-mann, said "There will be a total of seven buildings in the Abu Dhabi project, with first five likely to be launched shortly on Reem Island. We plan to diversify. We are on the look out for strategic alliances with major players in Abu Dhabi and Ajman. We will also focus on the Dubai Waterfront and Dubai Laggons this year."

Lohmann said that the company also holds another development on The World, and are keen on entering the Ajman market. He opinioned that all emirates are likely to benefit from the UAE market, as the Abu Dhabi market is picking up at a rapid pace.

He continued "Abu Dhabi is being developed in a manner that is a little different from Dubai. They are trying to include a little culture also in their projects, with things like the Guggenheim and the Louvre. They are trying to do things differently."

Lohmann said property prices in Abu Dhabi have nearly doubled during the past seven to eight months.

"We are eyeing on Abu Dhabi, as it is a totally different market," he said.

As for Ajman, Lohmann said that the development would begin with one residential and one commercial tower. The value of the Ajman project is yet to be revealed.

ACI is also planning to open another office in Doha during second half of the year. The 'Trilogy Towers', worth Dh.2.2bn, involving German sporting legends, Michael Schumacher and Nikki Lauda, will conclude on Sunday, after the launch of the Boris Becker Business Tower.

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