Work on Dh20bn Al Ghadeer starts

Abu Dhabi-based real estate developer Sorouh Real Estate has started infrastructure works of the Dh20 billion-Al Ghadeer development, said a senior official. The project is located on the Dubai-Abu Dhabi border.

"The company does not have any problem with regard to liquidity at present. It collected Dh4bn loans from international and local finance institutions through sukuk. The company has money to complete its projects," Gurjit Singh, Sorouh's Chief Property Development Officer, said.

He said the ongoing construction of Al Reem Island project has exceeded expectations and the firm is trying to finish the project before the scheduled date to take advantage of the drop in prices of building materials, especially iron.

He called banks to continue financing real estate developments in the UAE, in general, and Abu Dhabi, in particular. On the delay of Al Lulu Island project launch, he said: "Months before the start of the crisis, Sorouh announced the project's design will be complete by this year-end. It is about to complete the final engineering and architectural design, which is due to be unveiled in the beginning of 2009."


Dubai towers-Doha

The promoters of Dubai Towers-Doha have clarified the tower is being built by a joint venture of Al Habtoor and Al Jaber contracting firms. RMJM are design consultants. Interior design is done by KCA International, while Sama-ECH are the project managers. In a report on October 28, Emirates Business had incorrectly mentioned some of the names. The error is regretted.