City Update: Abu Dhabi
A look at the latest project progress and the new developments
April is here and Abu Dhabi is expected to make a lot of progress with its developments as major industry players continue to press on with their mega projects.
And while new developments will surely be announced at the upcoming Cityscape, to be held this month, the emphasis will be on confirming commitment to existing projects in the city, in the hope of boosting the confidence of investors.
One such project, which is running on track, is Bawabat Al Sharq. Last month, Baniyas Investment and Development Company revealed that construction on phase one of the US $816.7 million mixed-use development has now reached 60% completion. Phase one, which is set to be delivered in December this year, comprises 164 apartments and 56 villas.
“The substantial progress we are witnessing on the project is in line with our strategy of adhering to strict time frames while ensuring that we deliver quality. We are moving ahead steadily with the objective of handing over the residential sector of phase one,” said BID CEO
“Once complete, Bawabat Al Sharq will incarnate an ideal living environment for all our residents while enhancing the region’s economic appeal.”
The construction on phase two of the project is scheduled to commence in early 2010 and completed in the last quarter of 2011.
Baniyas Mall is set to be opened at the end of this year and the entire development is expected to be delivered in the last quarter of 2012.
In terms of new projects, Target Engineering, a subsidiary of Abu Dhabi construction giant Arabtec, won two energy related contracts in the city worth $227 million last month.
The contracts include engineering, construction and commissioning works for ‘sea water intake 3’ and associated plumbing facilities, and a sea water intake system pipeline for Gasco Ruwais 4th NGL
The timeframe for completion of the jobs is 20 and 28 months respectively.
Also last month, a joint venture between Belgium’s Six Construct and Korea’s Samsung (SSJV) bagged the $1.3 billion main contract for the construction of Cleveland Clinic in Abu Dhabi.
The client is Mubadala Healthcare, a business unit of Mubadala Development Company and Aldar Properties.
SSJV will be responsible for the complete construction works of the clinic.
Getting money back into the market is also on the agenda for businesses in the area as they opt to build low cost housing and major transportation networks to recuperate the real estate sector.
US $18 billion
Al Raha Beach Development
US $1.5 billion
US $1.3 billion
US $1 billion
US $816.7 million
Bawabat Al Sharq