SHARJAH, 6 June 2005 — The emirate of Abu Dhabi is opening up its real estate sector by offering property on rent, long lease and outright sale to foreigners. In line with the decision, Reem Investments, a company which is developing the Reem Island with an infusion of 20 billion dirhams, will offer 1.8 million square meters of built-up property on the island on rent, lease or sale.
The emirate of Dubai was the first among the seven emirates of the UAE to offer real estate to non-nationals on rent, sale and lease. Ras Al-Khaimah and Ajman, other emirates offer 100 percent ownership for foreigners at their free zones.
Reem Investments, which will develop a quarter of Reem Island by building commercial complexes, residential villas and apartments, schools and hospitals, was launched under the patronage and presence of Hazza ibn Zayed Al-Nahyan. The development aims at accommodating up to 80,000 people.
“The company will develop 1.8 million square meters of Reem Island ... It will encompass buildings, villas, retail and commercial offices apart from community services like schools, hospitals and mosques,” said Abdul Hamid Saeed, chairman of Reem Investments. “We will offer property on the island through three options, namely, on rent, 99-year lease and sale, to nationals and foreigners.” The company’s development will have the longest waterfront view, overlooking the city of Abu Dhabi with the closest proximity to the capital.
Reem Investments brings together over 30 prominent UAE-based institutions and private investors as shareholders.
“In today’s world the value of assets is not always obvious,” said Saeed. “It is often latent, and has to be unlocked through financial and human capital. And this is the core purpose of Reem Investments.” “Our investment strategy will focus on unlocking this latent value in three distinct sectors — financial, industrial and real estate. These investments will be in UAE, across the region and around the world.” He added: “While we will be seeking opportunities across the world, we are of the firm belief that Abu Dhabi itself represents a world of opportunity that is waiting to be tapped. Reem Investments will enable the unlocking of the Abu Dhabi opportunity for the benefit of the larger community.” The company will soon announce other initiatives and investments in the financial, industrial and real estate sectors, he said.
