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The last three decades have seen remarkable progress in the real estate sector, among the most dynamic sectors reflecting the growth of the capital
ABU Dhabi has seen a perennially changing skyline during the last three decades, a feat that remains unparalleled in the Middle East. Abu Dhabi's skyline flaunts a distinct style and spirit of its own, especially the seven-km-long Corniche, which is beautifully landscaped with a seafront promenade.
The Corniche shoreline stretches in a shallow, unbroken curve, from the rounded ADNOC building at one end of the city to the Sheraton Hotel at the other. Along this stretch, one can note the visible Abu Dhabi landmarks such as the Baynounah Hilton, the Abu Dhabi Grand Hotel, and the ADCO headquarters, with glazing panels of glass reflecting the blue shores, the escalating skyline and the beauty of the capital.
The growth in the infrastructure in Abu Dhabi owes much to the efforts made by the Department of Social Services and Commercial Buildings (also known as the Khalifa Committee).
Established in 1981 by His Highness Sheikh Khalifa bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, the Department is responsible for building commercial and residential complexes. The Department has undertaken projects at a total cost of more than Dh 30 billion and over 6,000 projects have been completed, providing about 90,000 housing units.
Major projects of the Department include a championship golf course, a Dh 70 million museum, a Dh 70 million souq, a Dh 58.72 million upgrade of the zoo, vetinerary hospital, redevelopment of the town centre and leisure and recreation facilities.
These major projects have also channelled local capital to invest in construction, contracting and maintenance companies and plants complying with international standards. They also attracted reputed international players in the construction and architecture industry to submit tenders and undertake contractual projects. The Department also encourages the private sector to build and operate shopping malls.
Active sector
While the Khalifa Committee looks after the construction of high-rise buildings, Abu Dhabi's Works Department's main preoccupation is with the construction of schools, hospitals, airports, leisure facilities, etc... Some of the major projects that have been undertaken by the Works Department are The Grand Mosque (Dh 1 billion), Airport expansion (Dh 1.5 billion) and New Hospitals (Dh 1 billion).
The projects executed by Abu Dhabi Works Department have contributed enormously to the development of the capital. Besides the government-backed construction, civil construction in the private sector of Abu Dhabi has also witnessed growth, with the recent rise of huge shopping malls and business centres in the UAE. The real estate scene has remained active and in demand with the mall and towers occupancy rates at almost 95 per cent.
"The high rate of occupancy in all the malls that have sprung up recently in the capital is mainly due to the fact that Abu Dhabi required such outlets and centres. And this is also evident in the Al Ain Mall, that has started off with an impressive 90 per cent occupancy already," says Sherif Wali, Deputy General Manager of the Private Office of Sheikh Ahmed Bin Hamed - Real Estate Developers.
With a diversified portfolio of residential buildings, villas and towers, Sheikh Ahmed Bin Hamed - Real Estate Developers own and manage reputed properties such as Al Hamed Centre, Sheraton Khalidiya and the recently opened Al Ain Mall, besides many others. With a 95 per cent occupancy in all of these buildings, Wali says: "It is not just the basic needs or requirements that satisfy the client. Convenient facilities, quality finishing and good maintenance - these are key to tenant loyalty."
The company's Al Ain Mall, a latest offering to the residents of the garden city, includes around 170 shopping outlets, a huge food court, four cinemas, a car park that can accommodate up to 1,000 cars, a bowling alley (the only one of its kind with 12 lanes), a huge entertainment area of 3000 sqm, a gold souk, and a Nissan auto showroom.
Al Muhairy Real Estate is primarily responsible for Al Muhairy Centre, which is strategically located in Khalidiya. Al Muhairy Centre is spread out on a 750,000-sq-ft area and consists of four components - flats, offices, retail area and car parking - and in addition features the new "Fun World".
The retail complex extends to an area of 150,00 sq ft spread over four levels, offering retail units of different sizes. With a full height atrium and synchronised illuminated fountains, the centre provides luxury apartments and quality outlets.
The centre has 100 per cent occupancy in its 110 residential block and 60 per cent occupancy in the retail area. Wisam Al Badawi, Leasing Manager of the Al Muhairy Centre, spoke of the effort to offer something different. "Unless you are unique, you do not stand out. Although we are still new and at present studying the market, we have done exceptionally well," he says.
Prestigious addresses
Another shopping mall that has hit off instantly with the residents of Abu Dhabi is the Abu Dhabi Mall in Tourist Club area. Claiming to be the largest in the UAE, this Dh500-million ultra-modern shopping mall can accommodate between 20,000 and 25,000 customers at any given time.
Well-known brands have opened shops at the mall, which also houses a 700-seat food court, a Cineplex with six screens and 850 seats, an amusement centre and a car park for 3,500 cars.
The Abu Dhabi Trade Centre, a Dh350-million project on the upper floors of the Mall, will house offices, and furnished apartments, and a lobby that connects the tower to the neighbouring Beach Rotana Hotel.
ADDAR Real Estate Services, a public-private partnership, is quite unique due to its ownership structure. It is the first institutional real estate developer in Abu Dhabi, and a major portion of its development programme involves redeveloping government-owned properties.
One of the most prestigious projects ADDAR is working on is the Abu Dhabi World Trade Centre (ADWTC). New buildings in the capital such as the Al Ghaith Towers on Hamdan Street has about an 80-per cent occupancy rate.
ASTECO, the real estate company handling prestigious towers, including Al Ghaith, has an occupancy rate of 95 to 100 per cent. "ASTECO's success largely stems from our perseverance to offer the best of quality and services to our clients," says Linda Loughnane, Branch Manager of ASTECO.
"Although the current scene in real estate has a healthy-priced market, it is generally found that consultants mislead clients with incorrect information, leading to high expectations from the clients. Hence, one is bound to come across a few people who grumble about inflated rents in Abu Dhabi."
Kathy Bowen, owner of Homestyle Property, has been helping individuals and companies to meet their property needs in Abu Dhabi since 1995. "Abu Dhabi has always had a consistent demand in real estate... . We have always had people coming in for more. Although th
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