Font Size

- Aa +

Wed 29 Aug 2007 04:16 PM

Font Size

- Aa +

Abu Dhabi in $2bn real estate plan

Emerald Gateway consists of 88 towers and will be located between Abu Dhabi city and the airport.

Abu Dhabi plans to develop a luxury residential and commercial real estate project at a cost of 7 billion dirhams ($1.91 billion) in partnership with private companies, the master planner said on Wednesday.

The so-called Emerald Gateway project, which will consist of 88 towers, will be located between Abu Dhabi city and the airport, KEO International Consultants said in a statement.

"The development will be one of the most important public-private partnering developments launched by the government of Abu Dhabi," KEO said.

The Emerald Gateway's 88 towers will be situated in two districts, the Canal Park Neighborhood and the Recreational Park Neighborhood.

The Canal District's 42 towers will be built along an existing water canal, while the Recreational Park Neighborhood will sit along the southern edge of the site and includes 46 tower plots

The government will finance almost 1 billion dirhams' worth of associated infrastructure and landscaping, KEO said.

Bradford Batcheller, a spokesman for KEO, declined to give further details when Reuters called.