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Waha Land announces start of construction works on Almarkaz project

United Arab Emirates: Wednesday, December 30 - 2009 @ 09:36

Construction work began as earthmovers started leveling the land to enable the setting up of the necessary infrastructure for the project.

The announcement was made in presence of a number of high ranking company officials and representatives from its partners from both public and private sectors at an inauguration ceremony at the Almarkaz site in The Emirate of Abu Dhabi. Bin Hafeez General Contracting will conduct the leveling and preparation works of land plots in the project, in preparation for the installation of infrastructure.

“We are very pleased to see construction works begin on Almarkaz which is considered a new concept in real estate and is a unique project in the Emirate of Abu Dhabi. It will play a central role in leveraging the strong industrial sector and will energize the economic growth of the Emirate,” said Salem Al Noaimi CEO of Waha Capital.

He explained that Waha Capital has proven its long term investment policies successful despite the significant fluctuations witnessed in the local and international markets. Al Noaimi stated: “We are focused on diversifying our income and identifying investment opportunities across various sectors. Almarkaz is strong evidence of this policy which reflects the company’s commitment to improve its performance and ultimately benefit its stakeholders and partners.”

Elaborating on the project’s construction phases, Hazem Al Nowais Chief Operating Officer of Waha Land said,

“The first phase of construction will include the leveling of 1.5 million square meters of land which will be achieved by the end of the first quarter of 2010. We will then start putting the necessary infrastructure in place, constructing buildings and related facilities – we expect to start handing over some industrial and residential units by the end of 2010. We have appointed Bin Hafeez to execute the leveling works and begin preparing Almarkaz’s land plots; we will make further announcements regarding companies that will be awarded the execution of later stages’ works.”

Al Nowais noted that the progress on the project is done according to the pre-drawn plans. He emphasized his company’s commitment to deliver Almarkaz on pre set deadlines and execute the project according to the announced plans and phases. He said: “Commencing work on Almarkaz reflects our company’s commitment to deliver on time and we are keen to deliver regular updates to our stakeholders and investors regarding the latest project developments.”

Almarkaz is Waha Land’s inaugural project and spans over six square kilometers in Abu Dhabi. It is aimed to be a fully-fledged mixed-use development featuring warehouses and storage, light industry units, in addition to accommodation for 28,000 workers for the various companies that operate within Almarkaz and elsewhere.

The first phase of the project will be completed by the end of 2011, at an estimated cost of Dhs4bn. The project will be conducted in four phases: the first stage of Phase I will include leveling and setting up infrastructure. Phase I will include building 90,000 square meters of light industrial units as well as constructing residential units. It is anticipated that the entire project with all 4 phases will be completed within the next four years.

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Wednesday, December 30- 2009 @ 9:36 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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