New UAE government and economic district announced

HH General Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, is briefed about Capital City District.

A huge new government and economic district to be constructed the capital has been unveiled today at Cityscape Abu Dhabi.

Capital City District, Abu Dhabi Urban Planning Council’s centerpiece, represents a “once-in-a-lifetime opportunity” to create a modern Arab city, officials said.

Work is scheduled to start on the 49km2 site in 2012 which, once completed, will serve as the government and economic centre of the UAE.

Capital City District, close to Abu Dhabi International Airport and Mohammed bin Zayed City, will be a sustainable, mixed-use city for 370,000 residents, as well as federal government buildings, universities, hospitals and embassies.

“The Capital City District represents a once-in-a-lifetime opportunity to create a truly authentic and sustainable modern Arab capital,” said Falah Al Ahbabi, general manager of the UPC.

Organisers of Cityscape, which runs until Wednesday, April 22, said Abu Dhabi offered construction companies opportunities for growth despite the general economic downturn.

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“Abu Dhabi, like other markets, may be feeling the effects of a slowdown but the measured approach to development and the full backing of the government means there are excellent growth prospects and a positive future outlook here in Abu Dhabi,” said Rohan Marwaha, managing director of Cityscape.

“Nevertheless, we can expect to see greater emphasis in future on regulatory frameworks, transparency and, perhaps, more time to sit back and carefully evolve strategies for the future,” he added.

“Indeed Cityscape Abu Dhabi, our first event of 2009, will serve as the benchmark for the industry as we move further into the year.”

Meanwhile, Sorouh Real Estate PJSC, the leading Abu Dhabi-based property developer, announced a range of new measures to help investors of its Alghadeer community.

The initiative includes a reduced selling price, revised built-up areas to maximise equity value and the rescheduling of payment plans with financial support.

“Passing on cost savings to our customers and enhanced planning of the mix of units in the first phase, allows us to create an attractive offer for our customers,” said Mounir D Haidar, Sorouh CEO.

Sorouh also confirmed that all purchased properties will be completed on time.

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