Al Rayan Investments launches Abu Dhabi's biggest worker accommodation compound
- United Arab Emirates: Tuesday, October 23 - 2007 at 10:50
- PRESS RELEASE
Al Rayan Investments has announced the launch of the construction phase of the biggest labor residential area in the emirate of Abu Dhabi.
H.E. Fardan Hassan Al Fardan, Chairman of Al Rayan Investment Company, the developer and manufacturer of the project said, "Building labor accommodation that meet internationally recognized benchmarks has been commissioned upon directives from General Sheikh Mohammad Bin Zayed Al Nahyan, Abu Dhabi Crown Prince and Deputy Supreme Commander of the UAE Armed Forces, to create a safe and healthy environment for all workers across the UAE as per the 'Policy Agenda 2007-2008' of the Emirate of Abu Dhabi as well as the 'Plan Abu Dhabi 2030: Urban Structure Framework Plan' which was set out for the development of the city of Abu Dhabi up to 2030."
"Securing the success of this plan mandates having a settled labor force that has access to all decent and healthy communal and living conditions. This would, in turn, encourage contributions by foreign investors to the Abu Dhabi development plan," he added.
The contract for the project, valued at Dhs418m, has been awarded to Abu Dhabi Supplies and Commercial Services in association with Britain's Panceltica, since it has previous experience in constructing similar projects in Abu Dhabi, Qatar and Iraq using the latest on-site manufacturing methods.
Following the signing of the contract, studies and designs were commissioned to start the construction phase of the project.
"The project will be constructed over 9 months. It will cover an area of 202,000 square meters and consist of a total floor area of 250,000 square meters," Al Fardan added.
The project features six compounds surrounding the main building, which is designed to provide various services and amenities, from a modern hypermarket, shops, banks, medical and dental clinics to a travel agency, post office, a building for security services, mosque, food courts, playgrounds, laundry, parks and public spaces.
Each one of the six units contains a ground floor and two floors of accommodation for workers and personnel. Five compounds are planned to house workers, while the sixth one will accommodate only technicians and supervisors.
Construction of the project will proceed in two phases; the first phase is expected to finish by February 2008 and the second in April 2008.
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Al Rayan Investments was established in 2004 with a capital of AED 100 million by a number of leading Abu Dhabi businessmen. Today, Al Rayan ranks among the region's leading financial and real estate investment companies.
The Board of Directors has recently restructured the company and developed new investment policies to keep pace with the economic developments in the Emirate of Abu Dhabi. Those policies are focused on three investment sectors, namely: real estate, services and investment.
The services delivered by Al Rayan include property development, real estate services, educational, health, technological, privatization, and industrial projects.
Amongst the company's projects that are already underway are four mega projects in Abu Dhabi:
1. The Workers Residential City in Mussafah Industrial City. The Dhs850m project will provide accommodation for 25,000 workers and will be constructed over 2 years.
2. Temporary residences with a total value of Dhs418m to accommodate 32,000 workers in Al Mafraq area.
3. Standard apartment & studio apartment building with two separate entrances and retail outlets in Danet Abu Dhabi real estate development. Total value of the project is set at Dhs200m.
4. Two towers in Abu Dhabi Exhibition Land consisting of a hotel and offices with a total value of Dhs400 - 450m.
In addition, Al Rayan invests in securities, stock markets, alternative energy, solar and clean energy, education and logistics. It also holds stakes of varying degrees in a range of other companies.
Al Rayan has laid out plans to attract companies involved in real estate services and operation. Al Rayan is considering plans for major property projects with investments between Dhs2bn and Dhs6bn. The company is now in talks with strategic partners on potential joint investment ventures outside the Emirate of Abu Dhabi.
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Posted by Medilyn Manibo, Assistant News Editor



