Capitalisation

Abu Dhabi’s ‘slowly but surely’ approach has succeeded in instilling confidence in the industry. As times get tough, many are looking towards the capital with quiet optimism. CID talks to relevant stakeholders about their future projections

At a time when extreme caution abounds, it seems fitting that confidence in an emirate best characterised by its ‘slowly but surely’ approach should be holding  steady.

According to Abubaker Al Khouri, managing director of Sorouh Real Estate, there are solid reasons why Abu Dhabi will be able to weather the current economic storm. “Our oil reserves, strong spending by the government, the recent injection of AED120 billion into the banking system and, above all, strong demand for property – all these factors will help protect us from the global situation. Our real estate sector will prosper over the coming years,” Al Khouri projected.

The Abu Dhabi Chamber of Commerce puts at 28,000 the number of units needed to meet demand for residential property in the emirate this year. And the welcome news of projects being signed – instead of shelved – confirms that demand does exist and is definitely being addressed.

“Kenneth Laidler Design (KLD) has just won a large mixed-use project in Abu Dhabi, and is already working on two furnished apartment tower blocks in the emirate that were awarded in the last two months,” Kenneth Laidler revealed exclusively to Commercial Interior Design in December.

Having recently appointed a new general manager, Mohammed Kailani, for its Abu Dhabi division, turnkey design and fit-out solutions company Summertown International is strategically positioning itself to be able to take advantage of growth opportunities in the emirate. Kailani has been set with the vital task of driving the company’s expansion in the capital.

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“The Abu Dhabi market has incredible potential, especially since the government announced its comprehensive plan for expansion in the coming years, the most prominent being Abu Dhabi 2030, an urban structure framework plan,” Kailani explained.

“The market growth rate in Abu Dhabi hopefully will continue to expand, which creates a remarkable opportunity for investors to establish new businesses,” Kailani continued.

Demand for high-end products and services, in particular, will continue to grow, Kailani predicted. “The project selection process at Summertown is to focus on targeting medium to high-end projects, which require quality products and services. We anticipate that projects of such scale are due to increase over the next few months and years.

“Quality awareness in the Abu Dhabi market is fast increasing as new products and technologies emerge, coupled with the various multi-national corporations setting up offices in Abu Dhabi and bringing along their standardised quality requirements,” he maintained. 

Responding to this perceived demand for quality products, and further reiterating industry confidence in the Abu Dhabi market,  PF Emirates, a joint venture between Mubadala Development Company and Poltrona Frau Group, launched the first ever Poltrona Frau luxury furniture centre on Abu Dhabi’s Corniche at the end of 2008.

It offers premium Italian furniture from Poltrona Frau, Cassina, Cappellini, Alias, Gebrüder Thonet Vienna, Gufram and Nemo, as well as a full service design studio. Covering an area of 1,500m2 across two floors, it is showcasing all seven of the group’s brands in one location for the first time.

“As Abu Dhabi experiences rapid growth in luxury real estate developments, there will be an increasing need for high-quality interior design. The specialised products and services of Poltrona Frau Group are ideally positioned to serve this expanding market,” commented CEO, Mubadala, Khaldoon Al Mubarak.