A real estate tree in Abu Dhabi



02 09 2018

Contractors: Government projects the largest employee

Contractors and heads of real estate agents in Abu Dhabi agree that the construction and real estate sector is currently showing positive signs paving the way for a strong recovery in October, which is the annual highlight of the emirate's economic activity, and stressed that government projects remain the most important factor for the recovery of the sector in the coming weeks. Are optimistic that new projects will soon be announced, as well as strategic cooperation projects between Aldar Properties and Emaar.

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"The construction industry in Abu Dhabi is very optimistic in the last quarter of this year," said Ahmed Al Mazrouei, chairman of the Abu Dhabi Contractors Association, and he said that the majority of the companies focus particularly on government and semi government projects.

"Abu Dhabi is blessed with huge infrastructure and road projects, and there is a focus on it and we are witnessing ongoing tenders and semi-public companies, particularly real estate, continue to launch their projects." The construction sector in Abu Dhabi is very optimistic about the strategic cooperation between Emaar and Aldar. Will announce real estate projects that have the potential to revive the building market in the country, especially Abu Dhabi, and increase the demand for building materials, especially cement and iron.

He stressed that the construction and real estate market in the UAE is waiting for cooperation projects between Aldar and Emaar and we expect to announce them shortly.

Al Mazrouei added that Abu Dhabi is still a very fertile area for large international and national construction companies, while the emirate continues to carry out mega-projects in the oil, gas, tourism, infrastructure, roads, aluminum and other sectors. Every year.

Great optimism

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Abdul Rahman Al Afifi, Chief Executive of Abu Dhabi Real Estate Company, said: "There is a great optimism among contractors and real estate in Abu Dhabi for a major shift in the next few months." The construction and real estate sector has been affected by the merger and restructuring of large Abu Dhabi companies, the restructuring of ADNOC companies and the merger of the Abu Dhabi banks, the First Gulf and others and the results of this restructuring are now over. the market has entered a new phase.

The property market is unquestionably stable and we expect the situation to remain stable for a short period of time until the market picks up again.

He pointed out that next year the full operation of the two largest projects in Abu Dhabi will take place at the moment – the largest airport project in the region and the Sheikh Shakhbout Medical City project. These projects will require high employment and employment will revive the real estate sector. The new refineries and petrochemical projects will revitalize the contraction and real estate sectors. strong.

He pointed out that Abu Dhabi continues to work strongly on projects of roads, bridges, bridges and infrastructure projects that are full of work and tenders are very worthwhile.

New projects

Dr. Fuad Al Jamal, director of Trust Contracting Company, said that the majority of the construction companies in Abu Dhabi have strong promises to launch new projects during the last quarter of this year, noting that the month of October will see a strong start for the sector that will last until the end of December, that infrastructure projects, bridges and bridges did not stop in the emirate during the summer months and that periodic registrations are held, and that most major projects will start in the last quarter.

Al-Jamal said that the government projects in Abu Dhabi are the real operator of the construction sector in the emirate. Most projects are for governmental or semi-governmental companies. Many projects compete with foreign and national companies. There are also large projects that have many successive projects. require tenders, such as the airport project. Fits three offers for additional airport projects.

He pointed out the importance of new real estate projects on the islands in Abu Dhabi such as the islands of Al-Reem, Al-Mariah and Saadiyat, in addition to the projects of Khalifa Industrial City Kizad, pointing out that these areas have systems for the possession of foreigners and is a large increase of foreigners to own or invest in property, and there is a big jump in the numbers Chinese, Indians, Pakistanis, Egyptians, Jordanians, British and Germans in these areas, especially after the municipality of Abu Dhabi gave them proof of ownership and we undoubtedly need more laws that support foreign investment in the emirate.

A big step

Nader Hassan, CEO of Skyline Real Estate Brokerage, said: "Foreign investment in the real estate sector in Abu Dhabi is currently witnessing a major shift as investors grow." The current situation in Abu Dhabi, especially in the area of ​​foreign ownership, offers excellent investment opportunities.

He pointed out that residential projects on the islands have a high demand from residents in Abu Dhabi, noting that the occupancy rate is very high. Nowadays most residents of old buildings in Abu Dhabi prefer to move to new housing units in island projects, especially Al Reem Island, to enjoy the great facilities. Just as the rents of these houses fell and approached with rent of old houses.

Undoubtedly the property market in Abu Dhabi is in a state of stability that will continue until the end of the year and we do not expect higher or lower rents and everyone counts heavily on 2019 as a strong start to the recovery of real estate.

© Statement 2018


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