FINANCIAL NEWS

Waha Land to start 2nd phase of $3.3b project in Abu Dhabi

15 Jun 2010

(MENAFN) Abu Dhabi-based Waha Capital’s property arm said that it will soon start work on the second phase of its $3.3 billion mixed use development project, Reuters reported.

Chief Operating Officer of Waha Land, Hazem Al-Nowais, said that this move comes in response to the rising demand for affordable housing and industrial units in the emirate.

Waha Land has launched its Almarkaz project in Abu Dhabi city in April last year. Al-Nowais said that the start of phase two would overlap before phase one gets completed, expecting the first phase to be completed by the end of 2011.

He pointed out that the company plans to start the handover of units from the first phase in the first quarter of 2011.

Waha Land is also considering other projects in Abu Dhabi, focusing on industrial real estate, affordable housing and social infrastructure projects, Al-Nowais said. But in the meantime, the firm would concentrate on the completion of Almarkaz.

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