Sorouh And The Abu Dhabi Urban Planning Council Sign Agreement To Develop Quality Homes For Uae Nationals

Published April 18th, 2010 - 12:52 GMT

Sorouh Real Estate PJSC (“Sorouh”), the Abu Dhabi-based real estate developer (ADX: SOROUH), today signed a landmark agreement with the Abu Dhabi Urban Planning Council (UPC), the agency responsible for the urban environment of Abu Dhabi Emirate, to develop Watani, a significant master-planned community for Emirati families.

Watani, which is on the edge of the new Capital District, will deliver 1,370 quality homes for Nationals. It is a key component of Sorouh’s strategy, which is to form partnerships with the Abu Dhabi Government to support its growth targets in Plan Abu Dhabi 2030, the urban structure framework plan.

The agreement between UPC and Sorouh was signed by His Excellency Falah Al Ahbabi, General Manager of UPC, and His Excellency Saeed Eid Al Ghafli, Chairman of Sorouh, at Cityscape Abu Dhabi. The total contract value is for AED 5.4 billion and the first phase of construction has already started.

Sorouh has charted a course for sustainable growth on the back of its close relationship with the Abu Dhabi Government, positioning the Company for recurring revenue and guaranteed income generation from prestigious housing developments for Nationals.

As part of Sorouh’s commitment to Plan Abu Dhabi 2030 and as a trusted partner of the Abu Dhabi Government, it will also be developing Shamkha, a larger master-planned community for UAE families. Watani and Shamkha will combine the traditional elements of Emirati culture with all the benefits of modern community living and will contribute nearly 9,000 quality homes for Emiratis over the next five years, making substantial inroads into the demand of approximately 60,000 homes required for National families.

The delivery of these housing communities forms a key part of the Government’s overall plan for Abu Dhabi, which is to ensure that Nationals have access to superior housing that is constructed by reputable developers as part of a master plan that focuses on lifestyle elements and community living.  Sorouh will develop superb communities that offer the optimal combination between Emirati tradition and all the conveniences and benefits of modern lifestyles, all within a beautifully designed master plan.

HE Falah Al Ahbabi, General Manager of the Abu Dhabi Urban Planning Council said:

“Development of quality housing infrastructure for Emiratis is one of the key aspects of Plan Abu Dhabi 2030, which reflects in the Watani project. Besides developing multiple housing options for future Emirati generations, the key objective of developing Emirati housing is also to preserve the traditional Emirati identity and preferred style of living while developing a traditional community.”
The Government’s award to Sorouh is also a reflection of its commitment to support Abu Dhabi companies for growth and sustainability, both key elements of the Vision 2030. Government-funded projects - Watani and Shamkha - will provide Sorouh with solid income generation for several years, mitigating the risks usually faced by property developers. Construction has already started on Watani, and the development of first phase of Shamkha will start in 2010.

Watani will comprise 1,370 four and five bedroom villas that will come in a variety of designs to suit Emirati families. The community will be served by three local mosques and one Grand Mosque; a community centre; Olympic-standard sporting facilities; and an International British School. There will also be 40 mid-to-low-rise apartment buildings housing units of varying sizes. The entire development will be completed by the end of 2012.

Shamkha, which is to the north east of Abu Dhabi, is conveniently located next to Khalifa City B, Mohammed Bin Zayed City, and the new Capital District. Spanning 12-million square metres of land, Shamkha will be a spaciously designed community incorporating the traditional Fareej concept of small communities of villas linked by parks and walkways, all conceived to promote a healthy lifestyle. The mixed-used development will comprise 5,072 four, five and six bedroom villas, 345 three bedroom townhouses, and about 1,036 apartments.

The community will be supported by 14 local and Grand Mosques; nine schools; four clinics; a mall; offices; and community centres. Development is expected to commence later this year, and the first phase will be completed in 2013.

Abubaker Seddiq Al Khouri, Managing Director of Sorouh, said:
“The partnership between the Abu Dhabi Government and Sorouh in delivering much-needed quality accommodation for Nationals is a clear demonstration of Plan Abu Dhabi 2030 at work. The Government is using trusted partners to deliver key elements of its plans, to everyone’s benefit. We feel privileged to have been chosen by the Government to deliver on such an important task, and honoured that we will be developing places that matter for National families.”

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