Deyaar to launch Marina project in Abu Dhabi

The property giant has purchased three plots in the prime Najmat project, from Reem Developers. The purchase of the plots increases the total worth of the land bank in the possession of Deyaar by AED 258 million. The plots are uniquely located with extensive views of the Bay Centre Marina on Reem Island, and are situated in close proximity to a Hotel and a massive Retail Mall project.

Sharing his delight at Deyaar's foray into the capital, Nasser Al Dabal, Executive Vice President, Deyaar, said that Abu Dhabi figured on the top of the company's expansion plans.

"We are on the look out for further opportunities in the capital as it is an important part of our strategy to enhance Deyaar's presence in the UAE. I am happy to say that Deyaar's careful selection of its plots is reflected in the choice of location for this project as well. The unique location of our project, combined with Deyaar's expertise in creating successful residential spaces will lead to the coming up of an iconic project."

The project is ideally situated only 300 metres from the center of Abu Dhabi, and the plots are surrounded by lush green spaces on all sides. The development will be surrounded by a retail area and walkways for residents to enjoy the Marina waterscape.

The construction will commence by the end of this year. Deyaar is currently finalizing the appointment of consultants and designers for the project.

The Abu Dhabi project assumes significance as it marks an important step in Deyaar's strategy to diversify geographically. The company is currently in the process of finalizing projects and alliances across various markets including Saudi Arabia, Qatar, Kazakhstan and India.

Deyaar has been at the forefront of the real estate sector - its growth sustained by successful project deliveries and in-depth understanding of the market. A wholly owned subsidiary of Dubai Islamic Bank, Deyaar is one of the region's leading real estate players, with over 17 residential and commercial projects across the UAE, Turkey and Lebanon. The company also leads the property management segment with approximately 16,000 units in the UAE.