DUBAI, 11 September 2006 — A major Kuwaiti real estate developer, backed by one of the country’s most powerful investment groups — Aayan Leasing and Investment Company and Al Rashdan Group which has extensive real estate experience — has entered the UAE market with plans to invest up to $1.4 billion in Dubai over the coming year. Abyaar Real Estate Development says its Dubai projects will impact the emirate’s residential, commercial, hospitality and retail segments and will be phased in over the coming 12 months. First off the anvil for the company’s Dubai operations are two upscale service apartment projects at the exclusive Dubai Marina.
Abyaar has invested over $150 million in the luxury serviced apartment towers Pier 24 and Pier 8 and is in final negotiations to have the facilities managed by a first-class brand of Rezidor SAS Hospitality, a fast-growing, Brussels-based hospitality company.
Inspired by Abyaar’s literal Arabic meaning — a “well” — the source of water, the company’s vision is to develop stylish and contemporary destinations that enhance lifestyles.
“Our mission is building excellence and to bring international real estate opportunities to global investors that deliver incomparable value to our stakeholders,” said Hisham Al-Obaid, chairman, Abyaar Real Estate Development. “Our projects will bring the very highest hospitality standards to the Middle East real estate sector and Abyaar’s portfolio will be an impressive collection of exclusive, finely designed, freehold initiatives which will eventually be rolled out across the GCC and Europe.
“Pier 24 and Pier 8 will be the first of several projects to be rolled out by the company in Dubai this year. Other projects on the drawing board will further demonstrate our commitment to the UAE market and our belief in its long-term investment potential.”
Investing in compliance with Shariah law, Abyaar will build mixed-use projects with innovative architecture and interiors.
“The UAE property market is one of the most buoyant sectors in the region and the research shows that nearly a quarter of Dubai’s GDP is generated through real estate,” said Marzooq Al-Rashdan, managing director, Abyaar Real Estate Development.
“We’re targeting a very niche market, investors who appreciate class and quality. Designed by the finest architects, all of our five star serviced apartments will be furnished with the best in contemporary Italian décor and the latest in technology that will ensure our clients live in understated elegance.” The 20 storied Pier 24 will be operated under Rezidor’s Radisson SAS brand. It will house 153 luxury apartments ranging from studio, one bedroom and two bedrooms. The management contract for the 40 storied Pier 8 is nearing finalization. Pier 8 will feature 234 apartments including studios, one bedroom and two-bedroom flats as well as three townhouses and two penthouses.
