Aldar Properties is launching apartments at Grove District on Abu Dhabi's Saadiyat Island.
Within close proximity to Zayed National Museum, Louvre Abu Dhabi and Guggenheim Abu Dhabi, the Saadiyat Grove development will include five residential buildings with 612 units.
"Each building will be interconnected with a unique retail focused experience associated with the district in which it is located, intertwining art, dining, and lifestyle to create a culture-focused retail oasis in the UAE like no other," Aldar said.
The first launch phase will see 102 studios, one and two-bedroom units available in the first building (Grove Museum Views), with sales starting on June 25. Prices begin at Dh905,000 ($247,000) for a studio, Dh1.4 million for a one-bedroom apartment, and Dh2.39m for a two-bedroom unit.
Once completed, Saadiyat Grove will feature 60,000 square metres of retail, entertainment and leisure spaces, and will have approximately 3,000 residential units, two hotels and co-working spaces for new enterprises and start-ups.
"The new destination will attract residents seeking a lively community that celebrates art, culture, retail, and entertainment in all types and forms," said Rashed Al Omaira, chief commercial officer at Aldar Properties.
Residents at the Grove District will be able to take advantage of a residents’ lounge, art workshop spaces, swimming pools, gyms, a luxury games room, and direct access to a jogging track and meditation lawns.
A number of major new developments have already been announced in the capital this year, including the Louvre Abu Dhabi Residences, which will also be within Saadiyat Grove and located next to the museum.
It has an expected handover date of 2025 and will comprise 400 apartments, including studios, one, two and three-bedroom apartments and five penthouses.
Inside there will be art and sculptures resembling works exhibited at the museum, while penthouses will have a private panoramic elevator.
Other major projects include Reem Hills on Reem Island, Bloom Living close to Abu Dhabi International Airport, and Jubail Island.
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The National selections
6.30pm: Gifts Of Gold
7.05pm Final Song
7.40pm Equilateral
8.15pm Dark Of Night
8.50pm Mythical Magic
9.25pm Franz Kafka
What are NFTs?
Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.
You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”
However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.
This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”
This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
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Our legal consultants
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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