Burooj launches two Reem Island towers

Piling for both projects will start early next year, with a planned delivery date of 2011.

Both projects are aimed at consumers rather than speculators and financing is offered through parent Abu Dhabi Islamic Bank.

Managing Director of Burooj Properties, Adel Ahmed Al Zarouni, said although aimed at end users, the company could not speculators buying. Asked if the company was going to the follow the lead of some other developers, and put in place measure to minimise flipping, he said: 'We've not put in controls to stop flipping, but we are thinking of doing so. We're looking at what other developers have done and waiting for government regulations.'

With growing concern over property prices, and a belief that in Dubai the cost of property is likely to stabilise - if not drop - he said Abu Dhabi prices were likely to continue rising, because of the shortage of supply.

'The whole Gulf is becoming like a village and we are all connected. It will reach us and we have seen signs. But to what extend we don't know.' With the region's strong economy, he felt any impact the global financial problems have on the Gulf will be short term.

Zarouni believes in Abu Dhabi, supply will not come close to equalising with demand for another four years, but actually get worse in the near term. Within eight years, he added, demand is likely to equal supply.

With properties underway in Abu Dhabi, Burooj plans to expand internationally, in particular in to Egypt and Algeria. Next year it will have a project in New Cairo, plus is starting Burooj Algere.