Aldar Properties on Saturday launched a Dh440 million residential development on Abu Dhabi’s Reem Island as the biggest-listed developer in the emirate continues to strengthen its portfolio in the home market.
Construction on ‘Reflection’ is expected to commence this year with 2021 targeted for completion of the project, the company said in a statement without saying if it has selected contractors for the job or how it will finance the project. The boutique development will offer 374 studios, one, two and three-bedroom apartments spread across two towers, it said.
"We have witnessed sustained demand for this type of product – led by high-end amenities, in prime locations, and affordable for a wide range of customers,” Talal Al Dhiyebi, the chief executive officer of Aldar, said. “Reflection represents Aldar’s continuous evolution in this boutique segment.”
The property market has slowed in recent years in the wake of a three-year oil slump that appears to have come to an end with the rebound in energy markets. Brent crude hit $70 a barrel on Friday marking the fourth consecutive weekly gain. Aldar which is behind some of the iconic developments in the Abu Dhabi’s Reem and Yas Islands such as Formula One circuit, has launched several new projects last year, some of them with a particular focus on affordable housing to increase the pool of investors.
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Aldar and Emaar shares climb after Dh30bn strategic alliance
Aldar and Emaar Properties enter into Dh30 billion strategic partnership
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Aldar has made a string of announcements over the last week, including raising the company’s foreign ownership limit by 9 per cent on Wednesday, allowing foreigners to own up to 49 per cent of its share capital. The company also entered a strategic partnership with Emaar Properties, the developer behind the world’s tallest tower, Burj Khalifa.
The two firms on Tuesday announced a strategic partnership “to develop the world’s next era of iconic destinations,” with a targeted Dh30 billion national and international development pipeline. The agreement, which was signed by Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, and Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, is by far the biggest collaboration between property developers from different emirates.
The alliance will initially focus on two UAE-based projects, Saadiyat Grove in Abu Dhabi and Emaar Beachfront in Dubai, the companies said in stock exchange statements on Wednesday.
Saadiyat Grove, which is set to open in 2021, is a mixed-use development that will feature close to 2,000 residential units, two hotels, 400 serviced apartments and 130,000 square metres of retail space. Emaar Beachfront is a private island situated between Dubai’s Jumeirah Beach Residence and Palm Jumeirah. It will consist of approximately 7,000 residential units with access to a 1.5 kilometres of private beach.
MATCH INFO
Europa League final
Marseille 0
Atletico Madrid 3
Greizmann (21', 49'), Gabi (89')
The Bio
Hometown: Bogota, Colombia
Favourite place to relax in UAE: the desert around Al Mleiha in Sharjah or the eastern mangroves in Abu Dhabi
The one book everyone should read: 100 Years of Solitude by Gabriel Garcia Marquez. It will make your mind fly
Favourite documentary: Chasing Coral by Jeff Orlowski. It's a good reality check about one of the most valued ecosystems for humanity
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MATCH INFO
Manchester City 3
Danilo (16'), Bernardo Silva (34'), Fernandinho (72')
Brighton & Hove Albion 1
Ulloa (20')
T20 World Cup Qualifier A, Muscat
Friday, February 18: 10am - Oman v Nepal, Canada v Philippines; 2pm - Ireland v UAE, Germany v Bahrain
Saturday, February 19: 10am - Oman v Canada, Nepal v Philippines; 2pm - UAE v Germany, Ireland v Bahrain
Monday, February 21: 10am - Ireland v Germany, UAE v Bahrain; 2pm - Nepal v Canada, Oman v Philippines
Tuesday, February 22: 2pm – semi-finals
Thursday, February 24: 2pm – final
UAE squad: Ahmed Raza (captain), Muhammad Waseem, Chirag Suri, Vriitya Aravind, Rohan Mustafa, Kashif Daud, Zahoor Khan, Alishan Sharafu, Raja Akifullah, Karthik Meiyappan, Junaid Siddique, Basil Hameed, Zafar Farid, Mohammed Boota, Mohammed Usman, Rahul Bhatia
All matches to be streamed live on icc.tv
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
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Fixtures
Opening day Premier League fixtures for August 9-11
August 9
Liverpool v Norwich 11pm
August 10
West Ham v Man City 3.30pm
Bournemouth v Sheffield Utd 6pm
Burnley v Southampton 6pm
C Palace v Everton 6pm
Leicester v Wolves 6pm
Watford v Brighton 6pm
Tottenham v Aston Villa 8.30pm
August 11
Newcastle v Arsenal 5pm
Man United v Chelsea 7.30pm
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5