Sorouh announces major new customer initiative for Alghadeer

The initiative aims to ensure customers long-term value creation and growth. The initiative will include:

· Reduced selling price.
· Revised built-up areas to maximize equity value.
· Re-scheduled payment plans with financial support through our lending partners.

Over the coming weeks, Sorouh's Sales & Customer Support Teams will be contacting all customers to discuss the initiatives in greater detail. The new Customer Plan is a result of extensive analysis of current and future market conditions.

Mounir D Haidar, Chief Executive Officer of Sorouh Real Estate P.J.S.C. said, "Alghadeer is one of Sorouh's most important master-developments and we have spent a great deal of time ensuring we respond to the current market environment in the best way possible for our investors and customers. Passing on cost savings to our customers and enhanced planning of the mix of units in the first phase, allows us to create an attractive offer for our customers."

Sorouh will offer the price reductions to support customers in light of current market conditions.

The company has also announced a re-phasing and consolidation of the development. Each phase will contain all the requirements for a neighbourhood community, including entertainment, retail, education and medical facilities. Sorouh also confirmed that all purchased properties will be completed on time.

Construction is proceeding on site, following the recent completion of the ninth mock-up villa. Enabling work is well advanced and the site office facilities have been completed.

Abubaker Seddiq Al Khouri, Managing Director of Sorouh Real Estate P.J.S.C. added, "The fundamentals of Abu Dhabi's market remain strong. The large gap between residential supply and demand, the long-term growth forecasts for GDP and population, and the exciting opportunities offered by Plan 2030 all ensure long term success. But in the short term, we also understand that the market conditions offer us opportunities to review our existing plans to ensure long-term value for our customers. We are partners with our customers and we are sharing the benefits of these opportunities with them."