A rendering of the US $136 million Al Ain Oasis development.
Abu Dhabi-based International Capital Trading (ICT) will invite bids for its US $136 million (AED500 million) Al Ain Oasis project in the fourth quarter of this year, Construction Week can reveal.
The 100,000m2 site, opposite the oasis within the centre of Al Ain, will be a mixed-use development housing a hotel, and residential and office units to cater to inhabitants of the city.
It will also include retail shops and art galleries along with cafes and restaurants and public gathering places aimed at both tourists and locals.
“It’s part of Plan Al Ain 2030,” ICT COO Haytham Haidar told CW. “We are discussing how it will sit within the plan with the Urban Planning Council of Abu Dhabi.”
Plan Al Ain 2030 has been devised to develop the city while being sensitive to the natural and cultural assets of the area.
“(This project) really fits within the heritage and the culture of the city of Al Ain,” Haidar said.
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ICT says it also plans to ensure that the project maintains the principles of sustainability.
“A variety of measures have been studied to reduce the use of energy intensive air conditioning systems in the compound,” an ICT spokesperson said.
“Al Ain Oasis also includes specially designed points for the segregated collection of household waste materials which contributes to recycling.”
ICT, the developer behind the $436 million Nation Towers project on Abu Dhabi cornice that was last week awarded to an Arabtec and National Projects and Construction joint-venture, also plans to develop further sites within Al Ain under the 20-year development plan.
“We would absolutely look at more work within the confines of Plan Al Ain 2030,” Haidar said. “We have a very significant land holding within the city of Al Ain.”
ICT is a private investment company that owns and operates assets in real estate and financial investments.
Its real estate projects range from single buildings and residential communities to mixed-use projects and master planned developments.
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FEATURED COMMENT
Hi, What about the status of this project? The bidding is already over ? or going to Launch soon? Regards, Liz