The project consists of four 22-storeys residential towers with 684 units in all.

The project is intended for middle-income professionals and will be located at the entry to Reem Island about 300 metres from Abu Dhabi Island.

The development spans a built-up area of 156,800 square metres and consists of one-, two- and three-bedroom apartments and eight exclusive water villas.

The waterfront Carina Views towers will be designed for middle-income professionals.

Khaleel I Al Abdullah, Chief Executive Officer at NREC, said:

“Even with the economic crisis, accommodation requirements still need to be addressed in Abu Dhabi. We decided to enter the market and target mid-income professionals to fill a gap that was very much there. We are confident in Abu Dhabi and the UAE and Carina Views is the first of many UAE projects we are embarking on.”

NREC owns and manages properties and assets throughout Kuwait, the Middle East and North Africa. Carina Views is NREC’s flagship development for Abu Dhabi and situated on the master development of Al Reem Island- Najmat, Abu Dhabi.

NREC is listed on the Kuwait Stock Exchange since 1984. Founded with a capital of KWD5 million (Dh63.6m), NREC has assets and capital now exceeding KD589m and KD81m.

Based in Kuwait, NREC houses subsidiaries, entities and developments that are spread throughout the region, including UAE, Egypt, Jordan, Lebanon, Iraq, Djibouti and Libya.

Prices

According to a sales manager of Carina Views, the prices of Tower 1 are as follows:

1st floor AED 1,169/ft2 – District View – upto 7th floor AED 1,198/ft2
1st floor AED 1,230/ft2 – Full Reem View upto 7th floor AED 1,261/ft2
1st floor AED 1,279/ft2 – Ful Sea View – upto 7th floor AED 1,311/ft2

4 out of 8 Water Villas
From AED 10,500,000 (6,372 ft2) – AED 11,312,000 (6,867 ft2) incl. garden.

Payment plan
5% on signing Reservation Agreement
5% 3 months after signing RA
5% Construction milestone A (after 6 months)
10% Construction milestone B (after 12 months)
75% Final Payment – on completion

Emirates Business

Despite the economic downturn, Abu Dhabi has been financially prudent and its sovereign wealth fund is estimated at $328bn. According to Mark Goodchild, Exhibition Director of Cityscape Abu Dhabi, the sheer scale of projects continuing to take place in Abu Dhabi is remarkable by any international standard.

The top ten projects, as identified by the research company Proleads, are:

1. Khalifa City – $40bn. The biggest single project and will be the new capital city for Abu Dhabi. It is planned to comprise all federal ministries, local government offices and embassies, and expected to be completed in 2030.
2. Yas Island – $39bn. A mixed-use tourist development with its own Formula 1 racetrack. Will have a total developed area about one-third the size of Abu Dhabi island.
3. Saadiyat Island – $28bn. Offshore development which includes 29 hotels, three marinas, 8,000 residential villas and 38,000 apartments.
4. Burooj Properties’ $24bn community. Mixed-use project including 11 residential towers, offices, four hotels and a shopping mall.
5. Masdar City – $22bn. Economic development billed as the first zero-carbon, zero-waste city. Depends on solar energy and will be car-free.
6. Al-Raha Beach Complex – $18.5bn. Mixed-use hospitality development to house 120,000 people in 50 high-rise and a number of low-rise buildings.
7. Ghantoot Green City – $10bn. Will comprise commercial centres, hotels, offices, residential areas, warehousing and light industrial areas.
8. Al-Reem Island – $7.8bn. Mixed-use community with several 40 and 50-storey towers, and two 80-storey towers that will house a total of 80,000 people.
9. Sheikh Mohammed Bin Zayed City – $6.5bn. 374 residential and commercial buildings, including infrastructure and entertainment facilities.
10. At joint number ten are Abu Dhabi Light Rail and MGM Grand Hotel – $3bn each. The rail project involves 350 km of rail. The MGM Grand Hotel will have more than 1,200 rooms and features a 12,000 seat arena.

AME Info

Click image for large view

Sorouh Real Estate PJSC and Tameer Holding Investment LLC today announced the award of a AED 6.2 Billion contract to Arabian Construction Company (ACC) to build The Gate Towers, a joint venture project, situated at the entrance of Sorouh’s flagship project, SHAMS Abu Dhabi, on Al Reem Island.

This new contract will see ACC construct six of the eight towers that make up The Gate District, covering a construction area of 1.1 million square metres. Piling work is scheduled to start immediately and construction of the towers will begin January 2009, to be delivered in phases over the next four years. The Gate Towers will be a mix of residential, commercial, retail, serviced apartments and a hotel.

Mounir Haidar, Chief Executive Officer, Sorouh, stated:

“Sorouh is pleased to announce its continued partnership with ACC. As a leading real estate developer in the United Arab Emirates, Sorouh partners with companies that reflect our own professionalism and commitment to creating innovative real estate projects. We are looking forward to working with ACC on this phase of our exciting development.”

Dr. Abdallah Shaaban, Managing Director, Tameer Abu Dhabi, added:

“Tameer has an excellent relationship with ACC. This partnership adds value to our project with Sorouh, creating a spirit of excellence and efficiency where all three parties work together to produce an innovative and exciting development for Abu Dhabi.”

The contract is seen as a strategic partnership between Sorouh, Tameer and ACC, and will see all parties sharing roles and responsibilities such as procurement and engineering.

ACC’s Managing Director Hamed Mikati said the award of this contract shows that ACC has once again gained the trust of Sorouh.

“We are looking forward to completing this unique project which is set to change Reem Island’s ever growing skyline,” he said. “We have been active in the UAE for over 40 years and are very proud to have contributed in the growth of the country.

“We are very proud to extend our relationship with Sorouh and Tameer and we thank them for their confidence in ACC.”

SHAMS Abu Dhabi will be a completely new self-sustaining city designed around canals and parks which integrates world-class master planning practices and extends the lush green of Abu Dhabi’s landscape. In addition to the Gate District, Shams Abu Dhabi will feature several other unique projects including Central Park, Sky Tower, Sun Tower and Marina, and the Gate District.

ACC is currently building the Sky and Sun Towers in Abu-Dhabi for Sorouh, as well as Princess, the world’s tallest residential tower (414m high), and Elite Towers in Dubai for Tameer.

Zawya