Bloom in advanced negotiations for HQ contract

The National Holding press conference to launch the HQ building.

Bloom Properties is in advanced negotiations with a major contractor for construction of its holding company’s new headquarters in the Abu Dhabi National Exhibition Centre complex.

The developer has refused to put a value on the contract to construct the 14-storey building because negotiations are ongoing.

Bloom CEO Dr Hani Shammah also remained tight-lipped yesterday concerning the identity of the contractor, though did reveal that enabling works begun last week and that the main construction contract would be signed “before the start of summer.”

The building, designed by architect Zaha Hadid, has a built up area of 24,000m2 and will house the five businesses that make up the privately-owned Abu Dhabi-based National Holding company, which is financing the project.

“Today we are scattered around several buildings across Abu Dhabi,” said National Holding group chief operating officer Constantin Salameh. “We will be moving in once this project has been successfully completed.” Completion is scheduled before the end of 2011.

Salameh also revealed that Bloom Properties has two projects in the pipeline in Al Ain city, the capital of the eastern region of Abu Dhabi.

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The first will be a mixed-use development. “We are still waiting for some issues surrounding the zoning to be settled,” Salameh said.

The second will be a hotel resort. “We are still waiting to finalise which operator to work with for this project,” Salameh said.

A third Al Ain project, which is a Bloom Properties residential development, is already under construction, Salameh said.

Meanwhile, National Holding’s investment arm, Emirates International Investment Company (EIIC) is continuing to pursue real estate opportunities in Iraq.

As reported on Construction Week Online in February,  the firm was carrying out a feasibility study into three major projects across the country and expected to make an official announcement within weeks.

Despite the lack of an official announcement, Salameh said the projects were still under consideration, because the country was a “cash-economy” which the firm was looking to target, but added he “did not want to make any announcement at this stage.”

National Holding is the holding company for EIIC, Bloom Properties, EXEED Industries, Rise General Trading and Petromal.