SHARJAH, 12 February 2005 — Work is expected to start soon on a 54 billion dirhams scheme to develop a new city at Al-Raha beach in Abu Dhabi after President Sheikh Khalifa ibn Zayed Al-Nahayan approved the project on Tuesday.
The newly set up Aldar Real Estate said it will immediately start work on the project, which will create an “additional gate for Abu Dhabi City.”
Aldar Chairman Ahmed Ali Al-Sayegh said the project, to be developed along the Al-Raha Beach, would add important landmarks to the capital’s coast.
The project will enhance Abu Dhabi’s natural wealth of water and beach frontage. “Maximizing the water frontage at Al-Raha beach, the new city will provide a lifestyle destination embracing residential, commercial, cultural, entertainment and public amenities,” Sayegh said.
The project forms an integrated vital front that includes residential, cultural and entertaining facilities.
The new city, derived from the designs of cities with vast sea-fronts, extends over an area of 6.8 million square meters along the highway between Abu Dhabi and Dubai on the reclaimed land along Al-Raha Beach.
The cost of developing the project is estimated at 54 billion dirhams, while the total built-up area is estimated at 12 million square meters and will include building as tall as 60-story high to low-rise apartment blocks.
The project could house over 120,000 people.
The project will comprise sea transport services to Abu Dhabi areas and other islands including Al-Sa’adiyat as well as the international airport.
These services will add a new and modern means of transportation to Abu Dhabi City on the one hand and revitalize tourism in the emirate on the other hand. Aldar Real Estate was set up with a capital of 1.5 billion dirhams with the aim of investing in real estate in Abu Dhabi and providing investment opportunities to UAE nationals, enabling them to take part in the construction boom witnessed by the country.
The list of development and re-development projects that are being carried out by Aldar Real Estate includes a central market project in Abu Dhabi and Al-Raha Beach project in Umm Al-Nar together with a project for the building of Mubadala Development Company and the Environment Research and Wildlife Development Authority in Abu Dhabi, Al-Jimi Shopping Mall expansion project in Al Ain, Jebel Hafeet Resort project in Al Ain and Al Mudheef Complex project in Al Mudheef District.