A new five-year plan has been unveiled by the Abu Dhabi Executive Council to boost foreign investment and confidence in the real estate market. The strategy focuses on the development of Abu Dhabi as a city and export activity outside of oil as well as property construction in the burgeoning area. It arrives as part of guidance behind the United Arab Emirates' plans to commit $275 billion on infrastructure and real estate projects. According to the strategy, the main aim is to achieve prosperity for citizens and expatriates, and to make Abu Dhabi a better place for residents and tourists. "Opening up the economy, achieving sustainable economic growth and turn Abu Dhabi into a globally attractive investment, economic and tourism centre" are all aims for the government departments which will be regularly monitored by the council. Meanwhile, last week Reem Finance received regulatory approval from the UAE Central Bank and Ministry of Economy and joined the 23 other finance lenders operating within the real estate market.
Five-year real estate plan announced by Abu Dhabi
Breaking News "Russian Developer Showcasing Project in Abu Dhabi"
A project worth $3.5 billion destined for Moscow from Russian developer Metropol is to be showcased at Cityscape Abu Dhabi next month.
Based on environmentally-friendly technology from Japan's leading architect firm Nikken Sekkei, the 'city-within-a-city' development will be built three kilometres from the Kremlin.
Dr Mikhail Slipenchuk, founder and chief executive officer of the Metropol Group, said the fact that his firm had chosen to showcase the project at the event was indicative of the current real estate market.
"With so many iconic and truly unique projects being realised here in the Middle East we took the view that the UAE is an ideal location for us to seek development and investment partners," he stated.
According to developers, the project will consist of ten buildings connected by green spaces with a tower 364 metres tall in its centre.
The building will consist of residential, office and commercial space.
Meanwhile, Dubai-based developer, Azizi Investments has entered into agreements with three consulting companies to progress work on projects at Al Furjan and Palm Jebel Ali
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