Burooj confirms plans to develop middle income projects

The two-day workshop was attended by members of Burooj's Board of Directors, including Chairman Mr Khamis Buharoon, Deputy Chairman Mr Khaled Khouri and Managing Director Mr Adel Ahmed Al Zarouni, as well as Mr Tirad Mahmoud, CEO of Abu Dhabi Islamic Bank, and board members, Mr Mohammed Ismail Al Fahim and Mr Masarat Husain. Burooj's senior management team was also in attendance.

Speaking of the workshop, Mr Adel Ahmed Al Zarouni, Managing Director of Burooj Properties, said, "It is critical for property developers to stay abreast of the latest developments and changes in the real estate market, and even more important is to regularly convene a roundtable for all parties involved in the company's growth and expansion to evaluate previous achievements and discuss future plans. We at Burooj have committed to holding such meetings on regular basis."

In keeping with Burooj's commitment to align its activities with the latest local and regional developments, and to review and evaluate its performance on a regular basis, the focus of the strategic planning workshop was to examine the progress made on the company's Abu Dubai projects - the sold out Al Gurm Gardens and Burooj Views projects - for 2009.

Attendees of the workshop agreed on an executive business plan for 2010 that will translate Burooj's strategic approach into action, and will enable the developer to carry out its proposed expansion plans. The workshop also focused on the matter of providing the target client segment with the best property options.

Said Al Zarouni: "Based on our evaluation of the market reality and potential, we have agreed to continue development works in the Abu Dhabi property market and to target middle income groups through a series of residential projects that cater to the needs of the this growing market segment. Demand for freehold residential units in Abu Dhabi is also increasing in response to the recent regional market changes and the proven resilience of Abu Dhabi real estate sector."

Speaking of the company's planned international expansion and future projects, Al Zarouni said,

"Thanks to visionary planning based on transparent studies Burooj Properties enjoys a solid financial position and is able to provide added value to our target client segments in both the domestic and international markets. We are also able to continue with our ambitious expansion plans in the regional markets, and are currently targeting opportunities in Egypt, due to the huge population and need for mega projects to serve the increasing demands of Egyptian citizens, residents and expatriates."

"We are also looking at the possibility of working in property asset management," he added.

Burooj Properties recently announced that construction on its Burooj Views project, located on Al Reem Island in Abu Dhabi, is 85 percent complete and that the project is set to be delivered to clients in Q1 2010. The company has also completed construction of the 80 villas in the Al Gurm Gardens project on Al Reem Island, adjacent Khalifa Park and Abu Dhabi International Airport. Each of the strategically located villas is around 4,124 square feet in size, with a total floor space across the project of 285,000 square feet. Finishing work on the villas has already commenced, with handover confirmed for the end of this year.