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Mon 3 Mar 2008 11:31 AM

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Abu Dhabi to get 200 new buildings by '09 - ADCB

Buildings part of gov't attempts to solve severe housing shortage in emirate.

More than 200 addition buildings will completed in Abu Dhabi by the end of 2009 as the government attempts to solve a severe housing shortage in the emirate, a senior official said on Sunday.

The buildings will be delivered under the management of Abu Dhabi Commercial Bank (ADCB) as part of its mandate to take over the management of the Commercial Buildings Department known as the Sheikh Khalifa Committee, UAE daily Gulf News reported.

ADCB is due to take over full operations of the committee mid-year, bringing over 50,000 residential units under its control.

“I do not have exact numbers but there are about 3,500 commercial buildings and that is about 55,000 residential units and we are still in the process of taking over, but the target date for full takeover is July 1, 2008," Ervin Knox, ADCB's chief executive, told the newspaper.

ADCB was awarded contract to manage the Commercial Buildings Department in 2006 in a move by the government to make the private sector more involved.

ADCB will manage of the programme, while the government will be responsible for both funding and issuing tenders for new projects.

"The government is still funding new projects and I think the new ones are close to 200 buildings under development, which we are also handling and managing their tender and development programmes,” Knox said.

ADCB will issue financing for the new properties while the funding will still come through the government, which will also determine the terms and conditions of the loans, including entitlement and amount, Knox said.

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