Aldar says Abu Dhabi's industrialisation key to Alghadeer demand
Aldar's Alghadeer master development is strategically located on the border of Adu Dhabi and Dubai
The ongoing industrialisation of Abu Dhabi will play an “important role” in driving demand for homes at its ambitious Alghadeer development, a senior member of the real estate giant’s commercial team told Construction Week.
“Adnoc [Abu Dhabi National Oil Company] is investing heavily in building the world’s largest integrated refining and petrochemical hubs,” Maan Al Awlaqi, Aldar's executive director for commercial activities, said at Cityscape Global 2018.
“That’s going to bring about 15,000 employees into the country while adding roughly 1% to the UAE’s gross domestic product by 2025,” he added. “So, this workforce coming off the back of this industrialisation strategy will need places to live.”
Al Awlaqi was asked about how demand will be generated for the 14,408 units that are to make up the Alghadeer master development, located on the border of Dubai and Abu Dhabi.
May 2018 saw Adnoc's group chief executive officer and the UAE’s Minister of State announce a $45bn (AED165bn) expansion of the Ruwais complex.
Al Awlaqi also cited the work of Emirates Aluminium (Emal) as another indicator that Abu Dhabi’s industrial push is picking up steam.
“Emal is the largest premium producer of aluminium in the world – it is now licensing its proprietary technology outside of the UAE,” he said. “For us to transfer technology outside of the UAE represents significant industrialisation [progress].”
Al Awlaqi's comments came days after the Abu Dhabi development giant announced various sales incentives during Cityscape Global 2018, opened by HH Sheikh Hamdan bin Mohammed Al Maktoum, Crown Prince of Dubai.
During the property exhibition, held on 2-4 October, customers who bought homes at Alghadeer were to receive a 2% registration fee waiver and a three-year waiver on service charges, as well as a monthly payment plan for buyers of the development.