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Abu Dhabi Goes For Gold on the Investment Front
By Metilda Carl Published: 08/19/2009
Amidst this positive economic climate, the government has let it be known that they have ambitions for the city, Abu Dhabi. Evidence of this was the unveiling of a report which contains the details of the 'master plan' which will see the emirate's population soar to around 3m people over the next 22 years.
Aptly termed the 'Plan Abu Dhabi 2030: Urban Structure Framework', the aim is for the plan to guide development in the emirate over the next two decades.
The report goes on to say that "The plan sets out building heights, transport infrastructure and land use and features guidance for large areas of traditional housing. The newly formed Urban Planning Council will oversee implementation of the plan."
This plan for economical and financial growth will only be benefited further by the fact that Abu Dhabi Island is to be converted into a financial district. Development is in place for Suwa Island, off Abu Dhabi's coast, to be developed into a business zone that will eventually become home to the region's stock exchange.
It is suggested by property portal Amberlamb that "Mubadala Development Co, which manages over $10bn in assets, will fund the construction of the offshore island, which will be developed by John Buck International, a joint venture Mubadala which was formed earlier this year with Chicago-based property firm The John Buck Co."
Upon addressing this fact at a recent conference, the chief financial officer of Mubadala, Carlos Obeid, said: "It is a multi-billion dirham development and construction has already started. The island will be home to the new headquarters of the Abu Dhabi Securities Exchange. The 570,000sqm development will include commercial and residential buildings as well as a hotel and retail space." He added that "There is tremendous demand for commercial real estate in Abu Dhabi fuelled by the growth of the economy."
Not only does Dubai offer the guarantee a standard of quality in service and build unrivalled in most emerging economies, but keeping in tune with the reputation Dubai has created as a contemporary country, the recent eco-friendly awareness to be found in real estate has meant that Dubai also finds itself going 'green'.
A new $55bn (£28bn) eco town is to be constructed in the centre of Dubai. This new scheme, the 'Sheikh Mohammad Bin Rashid Gardens', was launched by Sheikh Mohammed bin Rashid Al Maktoum, the UAE Prime Minister.
He went on to explain how "here we will use a two-stage strategy where the infrastructure will be funded by the company, later on we will engage other developers and market investors for another source of funding".
This innovative eco-resort will be situated between Al Khail Road and Emirates Road on a plot measuring over 850m sqft. It is planned that approximately 70% of the development will be devoted to greenery and wide-open spaces, while 10% of the land is be allocated to waterways. The general consensus received from international property experts is that the eco-friendly resort proposed is welcomed; as in the words of Paul Greaves, Dubai property manager for sandcastles-property.com said: "The concept looks original and forward thinking and we are delighted to add the Shaikh Mohammad Bin Rashid Gardens to our expanding database of properties in Dubai and from across the United Arab Emirates."
Local property analysts in Dubai are also reacting positively towards the proposed government eco-development. This is evident by the comments made by Hashim Al-Dabal, the chairman of Dubai Properties: "The new green development in Dubai will be divided into four differently themed areas, wisdom, nature, humanity and commerce; with all four having an iconic building as its centre piece as well as commercial, educational and residential property for sale.
One more contributing factor worth mentioning, adding to the positive illumination of investing in Dubai is the fact that Dubai, in particular, Abu Dhabi, is now even more readily accessible.
The recent announcement by two international airlines of a new service to Dubai and Abu Dhabi undoubtedly increases the emirates' attractiveness as an international destination for businesspeople, holiday travellers and international real estate investors.
As was reported by Amberlamb, "Germany's Lufthansa Airlines, which already flies to Dubai daily from Frankfurt, announced new service from Munich. Additionally, Indian carrier Jet Airways announced flights to Abu Dhabi from Mumbai and Delhi, and is in negotiations to fly directly to Dubai." The second airline reported is "Jet Airways will launch two direct daily flights from Abu Dhabi to Mumbai and Delhi on April 23, and is waiting for the negotiations to conclude for launching routes from Dubai as well." (www.amberlamb.com)
Dubai's booming real estate industry and expected population growth means huge expected demands on its infrastructure. Of which Dubai is capable of achieving in no uncertain terms - The evidence is proof.
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