Private stock companies Manazel and United Group Holdings recently joined hands to launch the Dh3 billion mixed-use 'Material City' project, located approximately 10 km from Abu Dhabi.
The two Abu Dhabi-based companies hope that the new project, which will be situated next to the Shaikh Mohammad Bin Zayed City, will help ease the growing demand for residential and commercial space in the capital. Material City will consist of 12 residential towers and 17 office towers, a large retail shopping center, an exhibition center, a hotel and associated facilities.
"This is our first project which is away from downtown Abu Dhabi and just five minutes away from the airport. Our aim is to create residences, offices, and related facilities for people living and working here," said Mohammad M. Al Qubaisi, Chairman of Manazel, the developer of the project, according to Gulf News.
"Our strategy is to bridge the gap in the real estate sector by providing residential, commercial and other projects to the middle-income category," said Al Qubaisi.
"Construction will start in first quarter 2007 and completion is set for 30 months later," he added.
"We are the owners of the land and the project will be developed by Manazel," said Saeed Almeqbali, Chairman of United Group Holdings (UGH), an investment firm established in 2004 with interests in real estate and construction and a net worth of about Dh1.2 billion.
