Aldar unveils Al Ruwais retail realty in Abu Dhabi
Wednesday, June 11, 2008
The leading real estate firm in Abu Dhabi, Aldar Properties, has announced the launch of Dh.500million double-storey shopping center in the Al Ruwais industrial city, located 240 kilometers west of Abu Dhabi.
The project is expected to cater to a growing population of 40,000 by 2010. The Al Ruwais shopping center will house 99 retail outlets, a supermarket, children's entertainment center, food and beverage outlets, and Warner Brothers Cinema Complex.
The Phase One of the project is expected to be complete by October 2010. The second phase would commence next year, the date of which, will be announced later this year. The cost of construction of Phase 2 would be double the cost of Phase one.
According to Ronald Stephen Barrot, the Chief Executive Officer of Aldar, the project is a part of the company's plan to develop other areas in the capital that has the development potential.
"We will own the asset and lease the retail outlets. The built-up area of the shopping center will be about 41,000 square meters." he added.
"We are pleased to see Al Ruwais grow from an industrial complex into a full-fledged urban center, and we feel duty-bound to contribute to the growth. It is a top priority for Aldar to cater to the needs of all residents in the Abu Dhabi emirate," said Ahmed Ali Al Sayegh, Chairman, Aldar Properties.
Al Ruwais retail realty is likely to serve residents in the neighboring cities such as Delma Island, Al Marfaa, Al Ghowifat, Gyathi and Sella, as currently residents of these cities travel to Abu Dhabi for shopping and leisure.
The project is expected to cater to a growing population of 40,000 by 2010. The Al Ruwais shopping center will house 99 retail outlets, a supermarket, children's entertainment center, food and beverage outlets, and Warner Brothers Cinema Complex.
The Phase One of the project is expected to be complete by October 2010. The second phase would commence next year, the date of which, will be announced later this year. The cost of construction of Phase 2 would be double the cost of Phase one.
According to Ronald Stephen Barrot, the Chief Executive Officer of Aldar, the project is a part of the company's plan to develop other areas in the capital that has the development potential.
"We will own the asset and lease the retail outlets. The built-up area of the shopping center will be about 41,000 square meters." he added.
"We are pleased to see Al Ruwais grow from an industrial complex into a full-fledged urban center, and we feel duty-bound to contribute to the growth. It is a top priority for Aldar to cater to the needs of all residents in the Abu Dhabi emirate," said Ahmed Ali Al Sayegh, Chairman, Aldar Properties.
Al Ruwais retail realty is likely to serve residents in the neighboring cities such as Delma Island, Al Marfaa, Al Ghowifat, Gyathi and Sella, as currently residents of these cities travel to Abu Dhabi for shopping and leisure.
