Trend Micro highlights challenges to the region’s organisations
business11 hours ago
The new fund, IIB-Abu Dhabi Properties 1, will be 66.7 per cent owned by IIB with the remaining 33.3 per cent owned by United Friends Company (UFC), a UAE based company. The fund will purchase two plots of land at Danet Abu Dhabi and will develop the land into a mixed-use, 21-storey twin-tower building.
One of the towers will comprise exclusively of office units, while the other will be a mix of office and residential units. The building will also include retail and entertainment units, as well as car parking for 632 cars. The office and residential units will be let initially and then sold. The fund will exit from the investment within four years and is targeting an Annual Internal Rate of Return (IRR) of 24 per cent.
"Both residential and office property markets have seen significant growth in Abu Dhabi and both markets are set to deliver future growth due to a number of factors. Abu Dhabi's population growth, which is expected to grow by 6.9 per cent between 2006 and 2010, is driving a need for new housing units. Demand for state-of-the-art office units remains strong, and despite the upcoming supply, market projections indicate high demand and occupancy rates will continue in the coming years. Both office and residential markets have seen increases in property value as well as rent. Rental rates for the residential market in prime areas have increased by 22 per cent from 2005 to 2006. It is projected that residential rents are likely to rise at around 10-12 per cent annually for the next three years. Equally, it is expected that commercial rents will increase by 10-12 per cent annually for the next two years," explained Saeed AbdulJalil Alfahim, Chairman of the International Investment Bank.
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