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Abu Dhabi to get a US$1.1 billion 'Building Materials City' with the regions first building materials exchange.
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| 24 Nov 2006 |
Abu Dhabi based Manazel Real Estate has announced plans to set up a $1.1 billion 'Building Materials City' with the region's first building material trading exchange.
Work on the commercial and residential project outside Abu Dhabi will start in January 2007 and completion is expected within 36 months, the private company's chairman said.
"The 'Building Materials City' will be a hub for manufacturers, importers and suppliers of building materials and ownership will be allowed to locals and foreigners on long-term lease," said Mohammed Muhanna Al Qubaisi, Manazel's chairman.
"The building materials exchange, the first of its kind in the Middle East, will attract international companies and investors to gain a stake in the booming UAE real estate sector," he said.
Details about the exchange will be announced in early 2007. "We are currently working on the project," Qubaisi said.
A company official said the exchange would trade cement, steel, iron, wood products and related materials. Qubaisi said the project would be financed through debt and equity. "We are talking to banks for funding, and our company along with United Group Holdings will also invest."
United Group Holdings is a Dubai-based private developer.
The city, with a total area of 23 hectares, will host developers, engineering and consultancy firms, interior decorating firms and associated companies.
The project includes 17 office towers, 32 residential towers, a shopping mall, a hotel and showrooms and warehouses for building materials.
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