Real Estate Abu Dhabi launches $953m housing project for citizens By Pramod Kumar March 27, 2024, 4:09 AM Wam The villa development on Al Raha Beach is slated for completion in the last quarter of 2027 The Abu Dhabi government will build an AED3.5 billion ($953.08 million) residential project through a public-private partnership in the emirate to meet the housing needs of its citizens. The project, comprising 1,146 residential villas on Al Raha Beach, was launched by Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Abu Dhabi Media Office said in a statement. State-backed Abu Dhabi Housing Authority will oversee the project in cooperation with another government entity, Abu Dhabi Centre for Projects and Infrastructure. NewsletterGet the Best of AGBI delivered straight to your inbox every week Privately-owned ICT Real Estate Development Company will coordinate with government entities on the project’s design, construction, and infrastructure. The villa development is slated for completion in the last quarter of 2027. Sheikh Khaled said the project will offer high-quality housing tailored to meet the needs of Emirati families in Abu Dhabi, ensuring their overall well-being and quality of life. Nobu penthouse shatters Abu Dhabi sales record Abu Dhabi’s futuristic vision of an Egyptian metropolis Abu Dhabi residential sales buoyed by off-plan purchases The Yas Canal residential project covers 1.8 sq km and includes villas, three mosques, a school, a gym, and a 10,000 sq m retail area. The project will include 350 to 525 sq m three- to six-bedroom villas on plot sizes ranging between 600 and 780 sq m. Abu Dhabi Housing Authority will provide housing loans to UAE citizens. No other details on the mortgage facility were given.
Energy Former BP boss named on Adnoc’s investment board Bernard Looney, the former CEO of BP, is among the board members of Abu Dhabi National Oil Company’s new lower carbon energy and chemicals investment company, XRG. Formed by Adnoc last month, XRG aims to more than double its $80 billion asset value over the next decade by capitalising on the demand for low-carbon energy […] 1 day ago
Aviation Used private jets soar as Gulf aircraft deliveries stall The Gulf’s second-hand private jet market has enjoyed a surge in popularity due to an influx of wealthy residents and delays in the delivery of new aircraft. “It is hard for [buyers] to get access to assets,” Vincent Rolland, director of JetNet IQ, a US-based market analysis and business aviation consultancy company, told AGBI. Clients […] 1 day ago
Development Syria upheaval could be a sign of progress for the region The removal of the Assad regime in Syria is a “step in the right direction for the region”, according to a leading economist from Standard Chartered. Eric Robertsen, managing director of global head of research and chief strategist at Standard Chartered, was discussing the fallout of a series of geopolitical crises during a media round […] 1 day ago
Business of Sport Manchester City reports record revenues Despite a recent slump in form on the pitch, the Abu Dhabi-backed English football team Manchester City is thriving commercially, its annual report revealed this week. The club has announced record-breaking revenues of £715 million ($903 million) for the past year, with profits of £73.8 million. Chairman Khaldoon Al Mubarak said: “Our focus remains on […] 1 day ago
