New projects an update of progress in urban strategy

Monday, Apr 23, 2012

Gulf News

Abu Dhabi The arrival of Shaikh Hazza Bin Zayed Al Nahyan, Vice-Chairman of the Abu Dhabi Executive Council, marked the opening of the sixth edition of Cityscape Abu Dhabi yesterday.

The four-day event taking place at the Abu Dhabi National Exhibition Centre (Adnec) showcases projects of several leading developers from across the region and is viewed as a barometer for the sector in Abu Dhabi and the GCC.

Thousands of investors gather each year at Adnec to learn about the latest market trends and get updates on Abu Dhabi’s master developments.

According to a recent market report released by global research consultants CBRE, economic growth in Abu Dhabi was estimated at 4.5 per cent last year and projected to grow by 5 per cent this year.

Meanwhile, residential rates on the main island fell 16 per cent year-on-year, while declines on the Abu Dhabi mainland were a more pronounced 30 per cent.

Highlights

“There is some downward pressure still present in the market, although the increased level of options is good news for occupiers,” said Chris Speller, group director for Cityscape Abu Dhabi.

Anticipated highlights this year include the latest developments of the Abu Dhabi Urban Planning Council’s (UPC) emirate-wide urban development strategy, Vision 2030, and the Emirati Housing initiative, under which 7,500 new homes are proposed for Emirati families in Abu Dhabi,  Al Ain and Al Gharbia.

“With Abu Dhabi’s 2030 Urban Vision taking shape across the emirate, we are keen to acknowledge and update stakeholders on how the UPC is implementing its various plans and initiatives,” said Falah Al Ahbabi, UPC’s general manager.

“By updating the public on the emirate-wide urban development strategy we move further forward with establishing Abu Dhabi as the region’s catalyst for a truly sustainable, modern, vibrant, cosmopolitan and world-class Arab capital for the 21st century,” he added.

Key developers taking part this year at Cityscape Abu Dhabi include Sorouh Real Estate, Aabar Properties, Tamouh Investments, Mubadala and the Tourism Development and Investment Company, which will provide updates about the progress of its developments, with emphasis on its developments on Saadiyat Island.

Aldar yesterday announced that two beachfront residential developments, Al Muneera and Al Zeina, are now available for purchase.

By Himendra Mohan Kumar?Staff Reporter