Kuwait-based Abyaar launches Dubai Marina projects
Abyaar Real Estate Development has entered the UAE market with plans to invest up to US $1.4 billion (AED5.1 billion) in Dubai over the coming year
Abyaar Real Estate Development has entered the UAE market with plans to invest up to US $1.4 billion (AED5.1 billion) in Dubai over the coming year. The first projects to be announced are two luxury service apartments at the exclusive Dubai Marina. Abyaar has invested over US $150 million in Pier 24 and Pier 8 (pictured). The MEP contractor on Pier 24 is Ahmed Ramadan Juma (ARJ).
Consultant design for Pier 8 is being undertaken by WS Atkins; tenders are currently out to MEP contractors for this project and a decision is expected within the next month. The 20-storey Pier 24 was designed by architect KEO International and will include 153 apartments; the 40-storey Pier 8 will feature 234 apartments plus three townhouses and two penthouses. Construction started on Pier 24 in January 2006 and on Pier 8 in August 06; they are due to complete in Summer 2007 and June 2008 respectively. Abyaar Real Estate Development chair Hisham Al Obaid commented: "Pier 24 and Pier 8 will be the first of several projects to be rolled out by the company in Dubai this year. Other projects on the drawing board will further demonstrate our commitment to the UAE market and our belief in its long-term investment potential."
Investing in compliance with Shariah law, Abyaar will build mixed-use projects with innovative architecture and interiors. Its projects are expected to impact the emirate's residential, commercial, hospitality and retail segments and will be phased in over the coming 12 months. At the launch of the two projects Marzooq Al Rashdan, managing director of Abyaar Real Estate Development commented: "The UAE property market is one of the most buoyant sectors in the region and the research shows that nearly a quarter of Dubai's GDP is generated through real estate."