Infrastructure and real estate investments in Abu Dhabi are expected to reach AED200 billion by 2012, according to latest studies, as a result of the government's efforts to fill in the gap in the supply for residential units within the UAE capital.
The formation of Abu Dhabi Commercial Properties, in addition to various initiatives to fine-tune its real estate regulations, is also driving the growth of the market, which is expected to welcome 140,000 housing units by 2013. As the market maintains its stronger-than-expected growth, Bonyan International Investment Group (Holding) L.L.C, one of the leading real estate companies in Dubai, has identified high potential investment opportunities within the emirate in line with its regional expansion plans.
With the population growing at seven per cent per annum, the government's increased interest in boosting the tourism industry, and continuous development and modernisation of infrastructure, the Abu Dhabi real estate sector is headed towards an unprecedented boom. The developer's aims to leverage the outstanding economic climate in the emirate, which accounts for over 60 per cent of the UAE's gross domestic product (GDP), will involve its active role in supplying in-demand built space units while establishing a definitive benchmark for quality and best practices.
"Abu Dhabi is currently in the middle of a massive economic development that is expected to spill over to the next 15 years. We have identified the emirate as a highly potent market that can accommodate various large-scale developments through its modern and liberal growth policies," said Engineer Abdullah Atatreh, Chairman, Bonyan International Investment Group (Holding) L.L.C. "As government efforts to create an appropriate legal framework to protect investors continue to boost both shareholder and client confidence in the market, we are seriously looking at giving the capital city a major place in our expansion plans."
In line with its strong interest in venturing into the Abu Dhabi real estate sector, the developer has participated at the recently concluded 'Cityscape Abu Dhabi 2008', where it showcased its AED 3.5 billion 'Eye of Ajman'. Following its significant presence at the event, the developer has announced that 85 per cent of the project has been sold, thereby affirming the appeal of its projects to both Abu Dhabi-based and global investors who attended the event.
"The outstanding response we have gathered for 'Eye of Ajman' during Cityscape Abu Dhabi presents us with an upbeat outlook of the market, which we intend to aggressively leverage by launching unique projects in the near future. Our commitment remains in the satisfaction of our investors who can expect unique projects that offer higher and quicker return on investment and that are also designed in line with the high quality standards and best practices, within which the Bonyan brand has been instituted," concluded Eng. Atatreh.
With a clear objective to become one of the top five developers across the region, Bonyan has pioneered one of the first towers for long-term lease in Sharjah and was responsible for building a number of luxury residential and high profile commercial developments in the UAE, Qatar and Lebanon. To date, Bonyan has developed AED 3 billion worth of residential and commercial developments in Dubai, including Rose Tower and Lulu Tower, and is currently undertaking regional projects with aims of expanding its project portfolio to reach AED 15 billion in 3 years.