| 05 Oct 2009 |
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Waha Land showcases multiuse project Al Markaz Abu Dhabi at Cityscape
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Official announces first phase to be completed in third quarter of 2010
Abu Dhabi, 5 October 2009: WahaWaha
Land, the wholly owned real estate arm of Waha CapitalWaha Capital, the diversified Abu Dhabi-based ADX-listed holding company, will showcase its inaugural multiuse project, Al Markaz, at the leading real estate show Cityscape Dubai 2009.Al Markaz, which is located in Abu Dhabi, and spans a 6 kilometer plot, will house complexes of warehouses, and light industrial structures. It will also have integrated complexes of skilled labor housing units working on the project as well as the workforce of a number of companies that are in need of specialized housing units in Abu Dhabi. It will accommodate 28,000 inhabitants.
His Excellency Hussein Al Nuwais, Chairman of Waha CapitalWaha Capital said: "WahaWaha Land has completed the purchase of the land where Al Markaz will be located. Now that we have the necessary approvals from the authorities in Abu Dhabi, we are just finalizing the details before initiating building. We're aiming to complete the first phase by the third quarter of 2010 with a budget of AED 4 billion."
Al Nuwais explained that the project will be completed in four phases: the first will be dedicated to completing all the necessary infrastructure and building the 90 000 square meter light industrial complex, as well as housing units for 28,000 inhabitants. The following phases will be completed during the coming four years.
The Chairman of Waha CapitalWaha Capital stressed that the launch of Al Markaz comes in line with the company's strategy to align with the vision and goals of the leadership of the UAE, as envisaged by His Highness Sheikh Khalifa Bin Zayed Al Nahyan, the President, and His Highness Sheikh Mohammed Bin Zayed Al Nahyan, the Crown Prince of Abu Dhabi and Deputy Supreme Commander of UAE Armed Forces of leveraging the Emirate's stature internationally and regionally. He said that this project will contribute to raise the profile of the Emirate as the region's catalyst for economic prosperity and diversification as articulated in the 2030 Abu Dhabi Plan."
He added that the integrated complex is contributing towards fulfilling requirements of the industrial and related sectors by setting standards for ultra modern infrastructure, and has been realized thanks to the great support provided by the government of Abu Dhabi that contributed to the success of the project.
He noted: "In addition to it being the first project of its kind in the Emirate of Abu Dhabi and effectively fulfilling the requirements of the industrial sector, the importance of this project lies in the flexibility of its offerings, in particular to new and small companies as well as medium and large enterprises. Al Markaz can provide them with suitable housing units and addresses their modern requirements by offering the opportunity to expand existing units without the need to relocate."
He added that Al Markaz enjoys a strategic location only 4 kilometers from the E11 highway, and 25 kilometers away from Abu Dhabi, and is connected to an integrated transportation network that gives access to the city and sea ports. He added that there is also an opportunity to link the complex to the Union Railway which will be developed in Abu Dhabi and will facilitate access to other Emirates and GCC countries.
Al Markaz construction materials will comply with the latest high standards and will use environmentally friendly products. It will offer an advanced infrastructure and a number of social facilities, including healthcare centers, commercial shops, entertainment facilities, access to a transport network as well as mosques, police and civil defense stations.
He added that WahaWaha Land will look to embark on numerous real estate projects in Abu Dhabi in the near future, as it will not compete with other developers but will focus on developing specialized projects in critical sectors steering the economic growth of the UAE.
Commenting on the importance of the project in Waha CapitalWaha Capital's strategy Al Nuwais said: "The launch of Al Markaz is reinforcing the strategy we announced in 2008, based on diversification, leveraging assets, supporting stakeholders' rights and ensuring sustained growth through strong investment derivatives."
He continued on to say that Waha CapitalWaha Capital has achieved a great deal including signing many key deals and agreements, highlighting the continued strength of the local economy, despite the global economic crisis as well as reaffirming the trust that the company enjoys within the market.
Al Nuwais concluded: "We are moving ahead in executing our strategy, aimed at capitalizing on promising opportunities by investing in diversified projects and fostering new partnerships as well as making acquisitions in vital sectors that will benefit our stakeholders and the overall economy of the UAE."
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Waha CapitalWaha Capital PJSC is an Abu Dhabi-based and Abu Dhabi Securities Exhange (ADX)-listed, diversified, investments holding company, which was created by restructuring Oasis International Leasing Company PJSC in February 2008. Waha CapitalWaha Capital has adopted a clear vision and strategy to drive multi-sector business growth and diversification through acquisitions, joint ventures and creation of new business. Its current business portfolio includes big-ticket leasing, financial services, maritime and property development. Waha CapitalWaha Capital's main institutional shareholders are Mubadala Development Company and Abu Dhabi Investment Company. For more information please visit www.wahacapital.ae
© Press Release 2009
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