Aabar says it is committed to Abu Dhabi even as it focuses on expansion in Dubai
Aabar Properties is committed to Abu Dhabi, even as it focuses on expansion in Dubai and other parts of the world specially in Morrocco and Jordan, Chief Executive Officer of Aabar Properties told Gulf News in an exclusive interview.
“We are committed to Abu Dhabi in a big way. This is our future,” said Khalifa Al Mheiri.
He said they are planning to deliver 1,000 units this year in Abu Dhabi and another 1,000 next year.
“Over all we want to construct 6,000 units in Abu Dhabi in the coming years. There are number of projects under construction, while some are in design stage.”
The company owned by International Petroleum Investment Company (IPIC) has projects in Al Reem Island, Al Raha beech, Rawdhat and Saraya in Abu Dhabi.
Saraya 1 and Saraya 2 projects on Abu Dhabi Corniche are 90 per cent complete, Al Mheiri said.
The Kite residences in Al Reem Island with 126 apartments will be ready in the next two months while sixty per cent of The Wave mixed use project in Al Reem Island has been sold with people living since one month.
The real estate firm is also constructing Hard Rock hotel on Al Meena street in Abu Dhabi. The five star hotel will house the renowned Hard Rock Café alongside an assortment of signature restaurants and leisure outlets.
In Dubai, the company is planning to boost its presence as the Expo 2020 draws near.
Aaabar will be constructing seven buildings in Al Jaddaf and a hotel on Business Bay.
“Jaddaf project is in the final stages of tendering while Business Bay project is already underway,” he said.
He did not give a timeline or the total investments involved in these projects.
Al Jaddaf will have three hotels, three serviced apartments and a residential building, according to Al Mheiri.
On Business Bay, the company will be constructing a hotel with 566 rooms and serviced apartments.
Speaking about the company’s overseas projects he said they are present in Jordan and Morocco.
“In Morocco, we have committed three projects in Tangier, Casablanca and Rabat as part of a real estate fund from five countries including the UAE, Saudi Arabia, Kuwait, Morocco and Qatar. In Jordan, we have a five-star hotel with Hilton as operator.”
When asked about their mode of finance, he said they are using their own money and are also borrowing from banks.
Aabar Investments announced in March that it has signed a €3.6 billion loan facility with a syndicate of global banks in order to refinance several of the company’s facilities.
Al Mheiri said Abu Dhabi real estate market is promising and is insulated from fluctuations.
“Abu Dhabi real estate is promising, steady and the risk is minimum. It is good to be here.”