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Waha Land announces start of construction works on ALMARKAZ project |
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Waha Land, the wholly-owned real estate arm of Waha Capital PJSC, has announced that work has begun on its new multi-faceted project "ALMARKAZ", in Abu Dhabi. Construction work began today as earthmovers started leveling the land to enable the setting up of the necessary infrastructure for the project. The announcement was made in presence of a number of high ranking company officials and representatives from its partners from both public and private sectors at an inauguration ceremony at the ALMARKAZ site in The Emirate of Abu Dhabi. "We are very pleased to see construction works begin on ALMARKAZ which is considered a new concept in real estate and is a unique project in the Emirate of Abu Dhabi. It will play a central role in leveraging the strong industrial sector and will energize the economic growth of the Emirate," said Salem Al Noaimi CEO of Waha Capital. ALMARKAZ is Waha Land’s inaugural project and spans over six square kilometers in Abu Dhabi. It is aimed to be a fully-fledged mixed-use development featuring warehouses and storage, light industry units, in addition to accommodation for 28,000 workers for the various companies that operate within ALMARKAZ and elsewhere. The first phase of the project will be completed by the end of 2011, at an estimated cost of AED 4 billion. The project will be conducted in four phases: the first stage of Phase I will include leveling and setting up infrastructure. Phase I will include building 90,000 square meters of light industrial units as well as constructing residential units. It is anticipated that the entire project with all 4 phases will be completed within the next four years.
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