Abu Dhabi, 11 December 1999. The UAE Offsets Group (UOG), the Abu Dhabi Investment Company (ADIC) and the National Investor (10N) announced today the formation of Addar Real Estate Services LLC in Abu Dhabi (ADDAR).
The Company's objective will be to develop real estate projects in the Emirate of Abu Dhabi and the UAE. "ADDAR will provide a number of investment opportunities for financial institutions and private sector investors in the UAE and we are very confident that it will have a bright future," said Sheikh Hamed Al Hamed, the Company's Chairman. ADDAR's portfolio of projects under development currently includes retail and mixed use projects in Al Ain, undertaken in close cooperation with the Al Ain Municipality and Town Planning Department, the World Trade Center Complex in Abu Dhabi and other projects including residential and entertainment related developments.
"ADDAR is about creating a sense of place through public private partnerships and not only developing real estate," said Philip Haddad, Managing Director of the Company.
The company's projects will focus on re-positioning existing assets and buildings as well as developing new projects.
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© Press Release 2005
