Property developers hail Abu Dhabi's $5bn Ghadan 2021 strategy
Ghadan 2021's economic reforms will cut costs for businesses and support urban development in the UAE capital, the chiefs of Aldar and Imkan said
A review of building regulations announced under Abu Dhabi's $5.4bn (AED20bn) Ghadan 2021 economic stimulus package will cut costs and support construction, developers SAY.
Real estate developer Aldar said the emirate's new three-year strategy, commonly known as Tomorrow 2021, “signals a clear intent from the government” to drive the economy forward and support building projects in the emirate.
“The review of building regulations for infrastructure, industrial, residential, and commercial properties will help reduce costs for citizens, residents and investors, and support the urban development of Abu Dhabi,” Talal Al Dhiyebi, chief executive officer of Aldar, said.
“The Tajer Abu Dhabi gold package, allowing companies to obtain business licences without taking office space, also makes longer term residency in Abu Dhabi easier and more attractive.”
His comment came after a development strategy was approved on 16 September to support real estate, renewable energy, and infrastructure projects, among other sectors, in the UAE capital.
HH Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, approved the strategy, which will take effect in 2019 when 50 initiatives are set to be launched under Phase 1.
“The 50 initiatives support the government’s drive to stimulate investment and innovation, create jobs, and improve overall quality of life, further boosting the competitiveness of Abu Dhabi as a desirable destination to invest, work, live, and visit,” Dhiyebi added.
“As the population of Abu Dhabi grows, so too does the demand for high quality homes. Similarly, as more businesses set up in the emirate and the number of tourists increases, there is likely to be a positive effect on Aldar’s portfolio of hotels, malls, and commercial spaces.”
Walid El-Hindi, chief executive officer of Abu Dhabi-based developer Imkan, which plans to transform a 30km stretch of undeveloped coastline on the Arabian Gulf into a luxury second-home destination, also voiced his support for the development strategy.
“We are delighted to learn of the Tomorrow 2021 reforms, which represent a further step towards strong economic diversification in the UAE,” he said.
“Our leadership’s long history of strategic initiatives represents their vision to create a capital city with diverse and robust sectors that go far beyond oil. We believe this is a strong step towards stimulating investment and further enhance the quality of life for Abu Dhabi’s residents and visitors.”