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29 March 2024

Adnic to develop two plots at Khor Al Raha

Adnic to develop two plots at Khor Al Raha. (REUTERS)

Published
By Staff Writer

Abu Dhabi National Insurance Company (Adnic) will develop two plots within Abu Dhabi-listed Aldar Properties' Al Raha Beach waterfront development, a company executive said.

According to Adnic, it will develop two plots in the Khor Al Raha area within the Al Raha Beach development in order to build 16,465 sqm of office area and an adjoining residential building containing 198 apartments. The two sites are located near Aldar's Al Zeina residential community and are due to be delivered in 2012.

Sami Asad, Chief Operating Officer, Aldar Properties, said: "We are delighted to welcome Adnic to the Al Raha Beach development. Their project, which meets the high standards set by Aldar is in line with the Urban Planning Council guidelines, which will be truly complementary to the overall community. Aldar will continue to engage with selected third parties through our major master developments in Abu Dhabi to help meet the market demand."

According to Aldar, the master-developer has done its due diligence and carried out a full review of Adnic's plans to ensure that the development is fully integrated into the Al Raha Beach design and that it meets the criteria of the UPC and Plan Abu Dhabi 2030. Aldar is responsible for the delivery of the infrastructure across Al Raha Beach.