Friday, September 12, 2008

ADIH to launch $7bn worth mixed-use residential, retail project series

Porta ModaThe Abu Dhabi Investment House (ADIH) has announced the launch of new Dh.7.36bn realty project in the UAE capital, towards end of this year. The property, 'Porta Moda Abu Dhabi' would represent a three-year old entry by the company into the UAE property sector.

'Porta Moda' is the brand name of $7bn worth series of mixed-use residential and retail projects by ADIH, which focuses on fashion, furniture, jewelry, and luxury living from both retail and academic aspects to form style and design hubs in select emerging markets.

Being the first of its kind, to bring in the 'Style City' concept, this mixed-use development includes residential and retail components that lay emphasis on fashion and style. The city will feature grand fashion district with premium luxury brands in fashion, jewelry and interior design fields. An educational district containing institutions for the same, apart from museums and exhibition centers, and residential and leisure district with studios, luxury villas, townhouses, cafes, renowned restaurants, boutique hotels and spas.

The company has signed agreements with Emirates International Properties for creating Porta Moda Abu Dhabi, and with the Gulf Finance House for forming properties in Morocco and in Tunisia.

The Managing Director of ADIH, Rashad Yusuf Janahi, said, the company is all set to announce the project in Abu Dhabi by end of the year, under the theme Porta Moda, and the size of the project is about $2billion.

The concept will also be implemented in Tunisia, Morocco, Qatar and India, he added. The Porta Modas being planned around the world are being done on par with high international standards. Studies have indicated that there is a growing interest and trend among young adults to study aesthetics and art. With Style City being within their geographic reach, they can now gain education and training at the hands of international talents and expertise.

Developments in property sector these days are being driven by demand for more housing units in towns and cities due to growing urbanization in these countries, high disposable incomes, burgeoning middle class, easy availability of housing finance at cheaper rates and tax incentives. With such a combination of factors, Porta Moda offers unprecedented investment opportunity for investors seeking to diversify their portfolio by region and industry.

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