Kuwait?s Abyaar joins in the UAE build boom
Real estate firm enters the market with plans to build Acacia Avenues in Dubai
Kuwait’s Abyaar Real Estate Development has announced that it will build the US $550 million (AED2 billion) Acacia Avenues project in Dubai.
Abyaar recently entered the UAE market with a capital investment of $1.4 billion.
Designed as a gated community, Acacia Avenues will include sky villas, villas, apartments, gardens and extensive leisure and retail facilities.
The project, adjacent to Knowledge Village in the Al Sufouh district of the city, will span an area of 94,000m2 and is due to be completed in the first quarter of 2009.
“This is a premium site with excellent connections to Dubai’s commercial centres,” said Marzooq Al-Rashdan, managing director, Abyaar.
“Acacia Avenues will live up to Abyaar’s corporate ethos of building excellence by delivering urban convenience, luxury and privacy with access to a first-class road network and the planned Dubai Metro.”
The project has been designed by Italian architect, Matteo Nunziati, who is under exclusive contract to Abyaar in the Middle East.
“I chose to partner with Abyaar because of its determination to be distinctive, and its total quality commitment,” said Nunziati.
The initial phase of the project will provide a range of accommodation, including 137 freehold one, two- and three-bedroom apartments and 50, five- and six-bedroom villas. The second phase will also comprise 137 freehold serviced apartments.
Abyaar Real Estate Development is a joint venture between Kuwait based investor, Aayan Leasing and Investment Company, and Al Rashdan Group, a real estate developer.
The company claims that its portfolio will include a collection of freehold initiatives in Dubai and the wider GCC.