Developer NREC confident in Abu Dhabi real estate market

Project is aimed at mid-income professionals

Abu Dhabi, April 12 2010: Kuwaiti developer, National Real Estate Company (NREC) confirmed its confidence in Abu Dhabi's real estate market today; the company has announced an AED1.2 billion four-tower residential project to be developed on Najmat Abu Dhabi on Al Reem Island. The waterfront 'Carina Views' towers have been specifically designed to meet the needs of the middle-income professionals.

Kuwait-based NREC is a leading regional real estate investment and development company that owns and manages properties and assets throughout Kuwait, the Middle East and North Africa. Carina Views is NREC's flagship development for Abu Dhabi, and situated on the master development of Al Reem Island- Najmat, Abu Dhabi.

There have been discussions that Abu Dhabi had a shortage of affordable housing options. Khaleel I. Al-Abdullah, Chief Executive Officer at NREC said: "Even with the economic crisis, accommodation requirements still need to be addressed in Abu Dhabi. We decided to enter the market and target mid-income professionals to fill a gap that was very much there. We are confident in Abu Dhabi and the UAE, and Carina Views is the first of many UAE projects we are embarking on."

The 684 Carina Views units are priced reasonably, and offer well-designed spacious housing which include quality fixtures, finishes and fittings throughout. Globally-recognized KEO International Consultants have been hired to ensure that the architecture of the buildings is cutting-edge and modern. The interiors will be spaciously-designed, and the apartments will enjoy floor to ceiling windows, most with large balconies offering sea and city views.

Standing at 22 stories each, the four residential towers are strategically located at the entry to Reem Island approximately 300 metres from Abu Dhabi Island. The project covers a built-up area of 156,800m², providing buyers with a variety of units to choose from, including 1 Bedroom, 2 Bedroom and 3 Bedroom apartments; 2 and 3 bedroom duplex penthouse apartments and; 8 exclusive water villas. 

Each tower will house state-of-the-art amenities like fully equipped gymnasiums, community rooms, two infinity swimming pools, a children's area and barbeque facilities. Ample and secure basement parking will be provided to all tenants. The developers have ensured the towers are surrounded by lush landscaping and elevated gardens.

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About National Real Estate Company (NREC) - "Excellence through Experience"
NREC has been a real estate investment and development pioneer since 1973 and listed on the Kuwait Stock Exchange since 1984. Founded with a capital of KD5 million, NREC has grown into one of the largest real estate companies in Kuwait with assets and capital now exceeding KD589 million and KD81 million, respectively, to become one of the most reputable and actively traded companies in the KSE.

Based in Kuwait, NREC houses subsidiaries, entities and developments that are spread throughout the region, including UAE, Egypt, Jordan, Lebanon, Iraq, Djibouti, and Libya.

NREC is one of the first Kuwaiti companies to host an integrated diverse set of successful businesses and activities led by its primary focus in real estate development. Such activities are characterized by real estate acquisition and development, management of commercial real estate, luxurious resorts and shopping center management. NREC is renowned for pioneering Free Trade Zone management in Kuwait.

Extensive market research enacted through NREC's diverse set of subsidiaries and strategic partnerships has led to the successful inception of several integrated projects, such as commercial and residential complexes, hotels and unique communities each managed either directly or indirectly by NREC.

NREC is committed to preserving its prominent reputation and outstanding regional presence by continuing to seek new partnerships that will support the company's solid foundation and in turn boost the valued confidence of its shareholders and partners.

For more information, please visit www.nrec.com.kw

For media inquiries, please call:
Noura Sarraj
Weber Shandwick
Tel: +971 2 4494457
Email: noura.sarraj@ws-mena.com

For sales inquiries, please call:
Damian Hill
Asqaq Management & Services (AMS)
Tel: +971 50 298 9081
Email: dhill@asawaqms.ae

© Press Release 2010