The phase one of Bawabat Al Sharq, an entire new city being built in Bani Yas area off Abu Dhabi-Al Ain Highway will be completed and delivered in August 2010, an official from the developers, Bani Yas Investment and Development Company (BID) said.
CEO Wael Tawil told Emirates Business at the Ireis 2009 the project was being developed according to the schedule with 15 per cent of the work already complete and 90 per cent of the properties sold and leased.
"The mixed-use community development is being developed with a cost of around Dh3bn. The funds are being raised with a good formula of equity and debt," the CEO of BID said.
Abu Dhabi Commercial Bank is financing more than 50 per cent of the construction work, and the rest is equity, said the chief executive.