Aldar writes off Motorworld rents for 2012

Real estate firm forgoes rents for used-car complex following infrastructure complaints
Aldar writes off Motorworld rents for 2012
An artists rendering of Motor World Abu Dhabi.
By Daniel Shane
Thu 20 Dec 2012 11:30 AM

UAE real estate firm Aldar Properties has written off rents
for 2012 at its Motorworld development in Abu Dhabi following complaints over a
lack of infrastructure.

The complex, located near the international airport on the
outskirts of the UAE capital, is home to 119 used-car dealerships.

Talal Al Dhiyebi, director of planning and infrastructure at
Aldar, told Abu Dhabi TV Channel that the decision to forego annual rents for
the year was made as a token of support.

Tenants at Motorworld have voiced concerns over the lack
of facilities at the development, such as shops, banks, petrol stations and

Al Dhiyebi added that Aldar has completed a service
centre including banks, insurance companies, prayer rooms and other facilities
that is due to open its doors in March next year.

Motorworld is due to open in phases between now and 2016.

Aldar, Abu Dhabi’s largest real estate developer, is
currently in the final stages of a merger with Sorouh, the emirate’s second biggest
property firm, with both recently announcing that government-backed talks were
at an advanced stage.

Their merger talks began against a backdrop of continuing
oversupply and declining house prices in the Emirati capital.

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