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Abu Dhabi property powers join forces
Abu Dhabi's four main property developers have joined forces to target and conquer major overseas real estate markets, Arabian Business can reveal.
The new entity, called Al Maabar, or ‘the gateway' has been created by Al Qudra Real Estate, Sorouh Real Estate, Aldar Properties and Reem Investments, the four largest players in the UAE capital's property sector, and will target investment opportunities in the Gulf, North Africa and Europe.
Dr Mounir Haidar, CEO of Sorouh said the new property giant would create a "formidable" real estate player capable of competing in the international arena. He added that the strategic move would be "much better than any of the Abu Dhabi developers tapping into these markets alone".
The amount of working capital Al Maabar remains undisclosed, as does a launch date. A spokesman for the new company said that it was in its "final structural stages" and a launch date would be announced "soon".
Meanwhile Abu Dhabi's home real estate market is expected to become a one trillion dirham industry over the next few years.
Since mid-2004 projects with a total value of more than Dhs380 billion have been announced in Abu Dhabi, according to Antoine Georges, Director, Dome Exhibitions, which is holding a real estate expo, IREIS 2007, in the UAE capital this week.
The Abu Dhabi Chamber of Commerce believes a further Dhs500 billion could be pumped into the city's property development over the next few years.
Current projects in development include The Quay, Yas Island, Saadiyat island, Al Raha Beach, Danet Abu Dhabi, Najmat Abu Dhabi, Shams Abu Dhabi and Capital Centre.
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