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Aldar, ADIH Sign MoU

ABU DHABI - Aldar Properties, a top property development, management and Investment Company, has signed a Memorandum of Understanding with the Abu Dhabi Investment House or ADIH, to pave the way for the creation of a joint venture to develop new investment opportunities.

It is envisioned that the new joint venture will initially focus on the Al Remila part of the phase two development of 
Al Raha Beach.

Mohammed Al Mubarak, Chief Commercial Officer of Aldar Properties, said that the Memorandum of Understanding demonstrates the interest in Al Raha Beach and in the development of sustainable communities throughout Abu Dhabi.

Fawaz Ali Al Jowder, Chief Executive Officer of Abu Dhabi Investment House, said ADIH is focused on the successful development of Abu Dhabi. Meanwhile, the Abu Dhabi Investment House or ADIH is currently working on five mega mixed use property projects in Abu Dhabi, Qatar, Mumbai, Morocco and Tunisia.

Rashid Y. Janahi, Managing Director of ADIH, said that the company plans to introduce multi-billion dollars projects including the ‘Porta Moda’ — the multi-use real estate development that will attract international fashion and jewellery brands. This development project will be implemented in Abu Dhabi, Qatar, Morocco, Tunisia 
and India.

The project, a fully integrated city, will feature a grand fashion district containing premium and luxury fashion and jewellery brands; an educational district, as well as museums and exhibition centres. The project will also have a residential and a leisure district with town houses, studios, luxury villas, cafes, restaurants and renowned boutique hotels and spas.

“Entertainment City” is a multi-use real estate concept combining private equity with real estate investment, and comprising retail, hotels, office and residential buildings and entertainment center.

After launching the Entertainment City projects in Qatar and India in 2008, ADIH carried out studies for implementing this concept in China and Mediterranean Basin countries in North Africa.

haseebhaider@khaleejtimes.com