Waha Land started work on its Almarkaz project in Abu Dhabi on Tuesday, the company said in a statement on Wednesday.
Contractors have begun leveling land to enable infrastructure work to commence.
Hazem Al Nowais chief operating officer of Waha Land, said: “The first phase of construction will include the leveling of 1.5m sqm of land which will be achieved by the end of the first quarter of 2010. We will then start putting the necessary infrastructure in place, constructing buildings and related facilities – we expect to start handing over some industrial and residential units by the end of 2010.”
Waha Land is the real estate arm of Waha Capital and Almarkaz is its first project.
The mixed use development will stretch over six sq km and include warehouses and storage, light industry units and accommodation for around 28,000 workers.
The first of four phases of the project will be completed by the end of 2011, at an estimated cost of AED4bn, the statement said. The entire project is expected to take four years to complete.
In October, Waha Capital reported a net profit of AED22.6m ($6.15m) for the third quarter of 2009 and a net income of AED353m ($96m) in the three months to September 30.
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