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.
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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.
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