Aldar announces US $2.6bn Abu Dhabi housing plan

Abu Dhabi is to build 5000 new homes for middle-income UAE families, worth a massive US $2.6 billion (AED9.4 billion).

Aldar Properties, the emirate’s largest real estate developer, announced the launch of the fully government-funded Al Falah project yesterday at Cityscape Abu Dhabi.

"This project signals the emphasis we will place this year and in 2010 in building more mid-income housing projects because there is a requirement for it from UAE nationals," Aldar chairman Ahmed Al Sayegh said.

Abu Dhabi has a shortage of properties and currently rental prices are much higher than in neighbouring emirate Dubai.

Story continues below

Advertisement

FEATURED COMMENT Please click here to comment on this article

Al Falah is Aldar’s first fully government funded housing project, Reuters reported.

The 5000 new homes will be allocated free of charge to middle-income UAE nationals.

The development will be delivered in three stages starting in 2011, and also includes schools, mosques, offices a shopping mall and a hospital.

Al Sayegh said that a section will be made available for expatriates.