$1.8bn private Abu Dhabi project highly significant

Self-important journalists were lured from Dubai by the prospect of flying in a 'private plane' to Abu Dhabi, but 117 media professionals found themselves on a scruffy old charter aircraft instead.

They were also initially denied entry to Abu Dhabi on arrival due to an immigration mix-up and turned up late for the presentation introduced by a famous TV personality but very thin on facts. They landed back in Dubai on the 'private plane' at 1.20am.

To add insult to the eight hours of traveling involved in what would normally be a three hour trip by car, the Gulf News had the full story the next morning, with more information than in the press pack.

Landmark project

However, whatever the Addax Port's problems with its PR it is a notable project for Abu Dhabi. It is the first large-scale real estate project to be privately promoted by a Saudi family company, the Al Qahtani Group which has diversified business interests in the Kingdom from IT to television production and real estate.

Under the newly created vehicle, Abu Dhabi Towers Property Investment Company, $1.8 billion will be invested in five towers on Abu Dhabi's Reem Island. Abu Dhabi's First Gulf Bank is the sole agent for the sale of property, and is also financing the project.

Abu Dhabi Towers Investment Company's chief executive officer, Saeed Al Qahtani told Gulf News: 'This is our first real estate venture in the UAE and we chose Abu Dhabi after undertaking a study. We forecast huge demand for commercial and residential property in Abu Dhabi over the next five years. Also the economy of Abu Dhabi is robust and we are impressed by the vision of the rulers.'

Part of Reem Island

The project itself is a collection of five 50-storey towers with 3,000 luxury apartments and commercial offices covering a total of 8.7 million square feet, albeit with their own private bay setting within the Reem Island, plus a marina, shopping facilities and landscaped community.

Reem Island itself is one of Abu Dhabi's current real estate mega projects where three developers have secured the development rights: Reem Investments, Tamouh Investments and Sorouh Real Estate. Indeed, in just over a year Abu Dhabi has launched more than $65 billion worth of new real estate projects.

Work on the Addax Port will start shortly and will be completed in 42 months. Mr. Al Qahtani says, 'We are committed to delivery within 42 months. Delay in the project would attract penalties'.