Billion dirham real estate project in capital
A real estate project worth Dh2.2 billion has been announced by Abu Dhabi, which is expected to house 3,000 residents when it is completed in 2009.
Baniyas City project, close to the planned Capital District of the emirate, includes a shopping mall on a 140,000 square metre plot with 225 outlets and a car park for 2,280 vehicles. Baniyas Investment and Development (BID) Company, which was established in 2005 as a majority-owned subsidiary of Baniyas Sports Club, announced the project on Sunday in Abu Dhabi’s Baniyas City. A new stadium for the Baniyas Sports Club, with a capacity of 20,000 spectators and seven training fields, is also part of the mega project.
“This multi-use development will enhance Baniyas’ leisure, commercial and tourism appeal. The 108-hectare project will provide the community with modern residential, commercial and entertainment facilities in addition to a new headquarters and sports facilities for our club,” said a statement issued by BID.
“This project is about to enter the initial construction phase, and represents the first of several pioneering plans that will be announced by BID in due time.”
The development will include villas in various sizes and designs, in addition to commercial and residential towers. According to the company, the architectural design of the project was completed in early 2007 and the construction work is already underway.
Facilities planned in the project include a comprehensive medical centre for residents, a modern school managed by a leading Swiss organisation and a community centre for weddings and receptions. It will be completed in 2009 to accommodate 3,000 residents.
The announcement coincides with the establishment of a property marketing company that was approved by Abu Dhabi’s Executive Council last week.
The new company, Tasweeq, which is seen as a vital supporting instrument to the emirate’s real estate sector and related projects such as the new Baniyas scheme, was established with an initial capital of Dh300 million.
The company will form a strategic alliance with the country’s leading property companies and set up branches, agencies and representative offices in and outside the country.
As per the council decree, the investment company was established with 100 per cent local ownership and operates on a 100-year renewable term with its headquarters in Abu Dhabi.
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