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Sat 3 Sep 2005 04:00 AM

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First investment offerings in Abu Dhabi named

Abu Dhabi has named the first two developments that will be opened up to foreign ownership.

Abu Dhabi has named the first two developments that will be opened up to foreign ownership.

As predicted in last week’s Construction Week, the Al Raha Beach development and the Reem Island project, both being developed by Aldar Properties, will be the first investment areas open to foreigners.

Aldar chairman Ahmed Ali Al Sayegh, said: “Decision No. 23, issued by HH the Crown Prince of Abu Dhabi and Chairman of the Executive Council, Sheikh Mohammed bin Zayed Al Nahyan, will enable us to sell select local real estate to international as well as national investors.

“The decision in favour of our Al Raha Beach Development enables us to swiftly gear up for international sales interest.”Under a law passed earlier this month, foreigners can own property in investment areas under a 99-year land leasehold agreement or a renewable 50-year surface ownership deal.

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