Al Odaid to build 3,000 villas in Dubailand
Mahmoud Al Shaibane, the company's CEO, told Emirates Business that his company has already received the land for the project and will begin construction work at the end of 2008.
He was speaking yesterday at Emirates Palace in Abu Dhabi on the sidelines of the company's announcement of a project in the capital.
The project, named Al Odaid Beach Residence, comprises seven residential and commercial towers in the capital's Al Reem Island.
All units were sold even before project was announced, Al Shaibane said.
The development's designs will be displayed in Cityskape Abu Dhabi, which starts next week at the Abu Dhabi National Exhibitions Centre.
Al Shaibane said his company will launch several residential and commercial projects in the UAE over the next few years. "The country is in urgent need of tens of thousands of residential and commercial units. I do not expect a downturn during the next 10 years, because the demand is increasing, while supply is low." Al Shaibane said.
Construction work at the Abu Dhabi project will start during the third quarter of 2008. The project, which is due to be complete in 2011, includes 2400 residential and commercial units.
Al Shaibane said the total value of Al Odaid's projects was Dh4bn.
The company's capital does not exceeds Dh800 million.
He added that the company has drawn up a plan to expand its investments in the real estate sector outside the UAE and is currently negotiating to launch projects in Saudi Arabia and Egypt.
He said the massive project in Dubailand will have about 3,000 villas.