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Waha Land launches AlMarkaz, the first multi-faceted realty project in Abu Dhabi

United Arab Emirates: Sunday, April 19 - 2009 @ 15:25

AlMarkaz is the inaugural project for Waha Land and spans over a 6 kilometer plot in Abu Dhabi.

It is aimed to be a fully-fledged mixed-use development featuring warehouses and storage, light industry companies, in addition to accommodation for 32,000 workers for the various companies that operate within AlMarkaz and elsewhere.

His Excellency Hussain Jassem Al Nowais, Waha Capital’s Chairman’s said:

“AlMarkaz comes in line with the company’s priorities to align with the ambitions of UAE’s leadership, as envisaged by His Highness Sheikh Khalifa Bin Zayed Al Nahyan, the President, and His Highness General Sheikh Mohammed Bin Zayed Al Nahyan, the Crown Prince of Abu Dhabi and Deputy Supreme Commander of UAE Armed Forces, to raise the profile of the Emirate as the region’s catalyst for economic boom and diversification as articulated in Abu Dhabi 2030 economic plan.”

“A mega-project in terms of scope and value, AlMarkaz helps meet the requirements of the manufacturing and other vital related sectors by setting up the sophisticated and modern infrastructure,”, he explained.

Highlighting the unique aspects of the project, Al Nowais said, “This is the first of its kind project in Abu Dhabi that meets the needs of the industrial sector. It also provides highly flexible solutions and varied options for all companies, including business units that can meet current and future needs, relieving them from the need for any relocation in the coming years.”

“Given its strategic location from the city business centre and the roll-out of a complete transport infrastructure that includes road and railways, AlMarkaz provides people with a fast and direct access to the city, ports, other emirates and GCC. Furthermore, it can be connected with Abu Dhabi’s planned tram system,” he explained.

AlMarkaz will be constructed using materials that meet the demand of the UAE local environment. The project offers residents community amenities such as healthcare centres, shops, recreational centers, mosques, police and civil defense stations and access to a modern transportation system.

AlMarkaz plans to allocate 1.4m square meters for warehouses and storage, 775.000 square meters for light industries, and 180.000 square meters for small industries.

According to Al Nowais, Waha Land is in talks with concerned authorities in Abu Dhabi to commence work on the project, which is slated to be in four phases and planned to be accomplished within four years.

The first phase includes earth and ground works, setting up light industry complexes that span over 90, 000 square meters in addition to building accommodation for 16, 000 workers.

“With Waha Capital’s strategy of rolling out new projects in Abu Dhabi in key sectors, we are committed to supporting the current economic growth drive of the UAE. Our business strategy, unveiled last year, calls for diversification of the company’s business portfolio, building on the company’s current assets, increasing value for shareholders and ensuring consistent growth in income by identifying new investment sources.”

“Since unveiling its plans and strategy last year, Waha Capital has achieved remarkable milestones, such as securing high-profile local, regional and international deals and contracts. This is a testament to the economic buoyancy of the economy despite the global financial crisis and the reputation that the company enjoys among key stakeholders,” Al Nowais said.

“With the announcement of AlMarkaz today, Waha Capital is moving a head with our strategy to capitalize on business opportunities through acquisitions, joint ventures and the creation of new businesses to strengthen shareholders’ equity and the local economy”, Al Nowais concluded.

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Sunday, April 19- 2009 @ 15:25 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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