Adih to begin work on three major projects this year
Abu Dhabi Investment House (Adih) plans to start work on three major projects, including Porta Moda in the capital, this year, according to sales manager Ahmed Habib.
"We will start work on Porta Moda, our largest investment project in Abu Dhabi, by the end of this year, in addition to two giant energy and pharmacy projects," he said.
Declining to disclose the level of investment, he said: "The cost is very high and the practical execution procedures are being finalised. We will announce details very soon."
He said the company had no financial problems, and added: "I expect those projects to yield big profits as was the case with our other projects in Bahrain and Qatar where sales ranged from 80 per cent to 90 per cent. Currently we are enjoying large financial returns."
Porta Moda, which is being showcased at Cityscape Abu Dhabi, is a multi-purpose real estate project intended to attract major fashion and jewellery brands.
"The second phase of the project will have an integrated city specialising in fashion, jewellery and interior design," said Habib. "There will be an education suburb, museums and showrooms, residential suburbs with penthouses, studios and villas and an entertainment suburb with cafés, restaurants and a group of famous hotels and resorts."
The concept will be repeated in developments in Qatar, Tunisia, Morocco and India. "We started construction in Marrakesh last year over an area of 306,000 sqm. Work on the infrastructure is underway."
He said the company's $3 billion (Dh11bn) Qatar Entertainment City project had made record profits with sales of up to 80 per cent. The development would be the first to be executed using the company's entertainment city concept and would cover an one million sqm.
"Qatar Entertainment City involves several partnerships, including one with Majid Al Futtaim Group, which will construct the major phases of the project over four years."
He said the firm had sold 80 per cent of the Porta Reef project in Bahrain. Porta Reef will consist of three towers with two and three-bedroom residential units as well as penthouse flats in the heart of Manama.
Adih will start work on a $1.7bn entertainment city in India during the fourth quarter of next year and is to unveil plans for an entertainment city in China.
Adih is managing projects – mostly in the real estate sector – with a total value exceeding $1.5bn.
Mou signed
Aldar Properties yesterday signed a MoU with Abu Dhabi Investment House (Adih) to set up an investment firm. "The MoU might pave the way for the creation of a joint venture to develop investment opportunities. It is envisioned the venture will initially focus on Al Remila part of phase 2 of Al Raha Beach," Aldar said.
Mohammed Al Mubarak, Aldar's CCO said the deal showed the potential growth of Al Raha Beach and the development of "sustainable communities in Abu Dhabi"
Fawaz Ali Al Jowder, CEO of Adih, said: "We are delighted to have signed this MoU with Aldar."
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