Aldar Properties awarded contracts worth Dh1 billion for the development of Alreeman in Alshamkha and Reflection on Reem Island as projects progress on schedule, the Abu Dhabi developer said on Sunday.
The Alreeman contract, worth Dh794 million, is for the development of infrastructure and was awarded to Abu Dhabi-based Tristar Engineering & Construction. The main contract for construction work at Reflection is worth Dh220m and was awarded to Fibrex Construction, also based in Abu Dhabi, in April, the company said.
Land plots went up for sale at Alreeman in April and generated Dh1.6bn in sales for Aldar. The contract work includes road construction, telecom systems and irrigation. The hand over of the work on the 2.8 million square-metre development is expected by July 2021.
Work at Reflection, the two residential towers on Al Reem, is expected to be completed over the next two years, Aldar said.
Abu Dhabi's biggest listed developer also said progress is taking place across all its projects at Yas Island, Saadiyat island, Alghadeer and Reem Island.
On Saadiyat, Mamsha Al Saadiyat and Jawaher Saadiyat projects are set for hand overs this year with construction work “substantially complete”.
At Yas Acres, Aldar's flagship golf and waterfront villa and townhouse development, all 652 planned villas and townhouses are at various stages of completion. Works at Water’s Edge and Mayan project are also continuing.
At Alghadeer, Aldar’s sustainability focused masterplan community, excavation works are now almost complete, with foundation work making progress. Situated close to the border of Abu Dhabi and Dubai, Alghadeer features over 14,000 homes, commercial properties, cultural and institutional amenities and entertainment attractions to be built over the next 15 years.
The UAE property market slowed in the wake of the 2014 drop in oil prices, with tenants and buyers seeking more affordable options. The fall in residential sales and rental prices has eased this year and some analysts predict a market recovery as the cycle bottoms out.
Government initiatives such as the Dh50bn Ghadan 21 three-year economic stimulus package and a long-term visa system offering residency of up to 10 years to specialists in technical fields are expected to contribute to the recovery of the real estate market.
In April, the Abu Dhabi Government also made changes to related laws allowing foreigners to own freehold property in designated zones. Foreign investors in Abu Dhabi’s real estate market were previously granted leasehold for a maximum period of 99 years.
The change in the legislation is a boon to the real estate market, Maan Al Awlaqi, Aldar’s executive director of commercial, said recently. It will increase appetite among foreign investors for property in Abu Dhabi, he added.
Aldar properties, is in the process of formalising its Dh30bn joint venture agreement with Dubai’s Emaar Properties to develop UAE and international real estate projects.
The company’s revenues for the first quarter of this year climbed 20 per cent to Dh1.76bn, boosted by rising sales and strong development activity.
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Not Dark Yet
Shelby Lynne and Allison Moorer
Four stars
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France has organised a delegation of leading businesses to travel to Syria. The group was led by French shipping giant CMA CGM, which struck a 30-year contract in May with the Syrian government to develop and run Latakia port. Also present were water and waste management company Suez, defence multinational Thales, and Ellipse Group, which is currently looking into rehabilitating Syrian hospitals.
Polarised public
31% in UK say BBC is biased to left-wing views
19% in UK say BBC is biased to right-wing views
19% in UK say BBC is not biased at all
Source: YouGov
The Outsider
Stephen King, Penguin
TEACHERS' PAY - WHAT YOU NEED TO KNOW
Pay varies significantly depending on the school, its rating and the curriculum. Here's a rough guide as of January 2021:
- top end schools tend to pay Dh16,000-17,000 a month - plus a monthly housing allowance of up to Dh6,000. These tend to be British curriculum schools rated 'outstanding' or 'very good', followed by American schools
- average salary across curriculums and skill levels is about Dh10,000, recruiters say
- it is becoming more common for schools to provide accommodation, sometimes in an apartment block with other teachers, rather than hand teachers a cash housing allowance
- some strong performing schools have cut back on salaries since the pandemic began, sometimes offering Dh16,000 including the housing allowance, which reflects the slump in rental costs, and sheer demand for jobs
- maths and science teachers are most in demand and some schools will pay up to Dh3,000 more than other teachers in recognition of their technical skills
- at the other end of the market, teachers in some Indian schools, where fees are lower and competition among applicants is intense, can be paid as low as Dh3,000 per month
- in Indian schools, it has also become common for teachers to share residential accommodation, living in a block with colleagues
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Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
UAE currency: the story behind the money in your pockets
EXPATS
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Day 2, Abu Dhabi Test: At a glance
Moment of the day Dinesh Chandimal has inherited a challenging job, after being made Sri Lanka’s Test captain. He responded in perfect fashion, with an easy-natured century against Pakistan. He brought up three figures with a majestic cover drive, which he just stood and admired.
Stat of the day – 33 It took 33 balls for Dilruwan Perera to get off the mark. His time on zero was eventful enough. The Sri Lankan No 7 was given out LBW twice, but managed to have both decisions overturned on review. The TV replays showed both times that he had inside edged the ball onto his pad.
The verdict In the two previous times these two sides have met in Abu Dhabi, the Tests have been drawn. The docile nature of proceedings so far makes that the likely outcome again this time, but both sides will be harbouring thoughts that they can force their way into a winning position.
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