Aldar revises Noor Al Ain development

Aldar Properties yesterday announced that it was revising its Noor Al Ain project in Al Ain to cope with new guidelines developed by the Abu Dhabi Urban Planning Council (UPC).

The revised Noor Al Ain multi-use development will feature a mix of residential, office, retail, luxury, and entertainment facilities, at the heart of Al Ain.

Aldar will establish several residential buildings, a retail centre, a hotel, class "A" office space, and a host of entertainment and leisure facilities that will set the development apart as a sought-after destination. The height of the buildings will be reduced in line with the new guidelines of the UPC. These guidelines are intended to preserve the unique architectural pattern of the oasis city.

"Aldar and UPC and a number of other developers and consultants have been working closely on a new set of guidelines that will evidently be integrated into the Urban Structure Framework Plan for Al Ain," said Ahmed Ali Al Sayegh, Chairman, Aldar Properties. "Aldar is keen to bring its heralded concept of integrated development to Al Ain and will do whatever it takes to ensure the culture and heritage of the area are preserved."

The hallmark of the development will be Noor Al Ain shopping centre, which will provide 160,000 square metres of retail space. Combining value-for-money everyday items and a wide array of high-end luxury brands from around the world, this retail centre will cater to the versatile needs of shoppers.

Integral to this development are spa, and multi-screen cinema facilities that promise to transform the shopping centre into a comprehensive entertainment experience. While the rooftop gardens will bring the greenery effect into the interior, a fun-triggering water park and an indoor beach will help make the beach life experience a yearlong option for the residents of this inland city.

The project aims to transform Al Jimi Mall into a development that will enhance Al Ain's attraction as a premium leisure destination. The multi-use development is set to become the focal point for more than 500,000 residents as well as visitors who are lured by the Garden City's natural beauty and other tourist attractions.

Falah Al Ahbabi, UPC General Manager, said: "The Urban Structure Framework Plan for Al Ain will be announced in the coming months and we at UPC appreciate the co-operation that Aldar has shown in revising the Noor Al Ain to adhere to the principles of the UPC. This shows the constructive partnership between the government and private sectors to serve Abu Dhabi's 2030 Vision."



STANCHART MORTGAGE

Standard Chartered yesterday said it would enter the mortgage sector in Abu Dhabi with Aldar Properties and expected the global liquidity squeeze to ease.

Jeremy Parish, CEO, Standard Chartered Abu Dhabi said the bank would mitigate risks by being selective in a country where many properties are bought off-plan.

"We do not expect extreme liquidity crunch to last for ever. This is part of our medium- to long-term planning for the mortgages business," Parish said.

In stark contrast to the United States and Europe, where the sub-prime crisis has hit the property sector, Gulf Arab real estate markets are booming on the back of high oil prices.

The bank said it was looking at expanding its mortgage business in the UAE capital, but would be cautious.

"We looked through the immediate crisis, did due diligence and we are going to be competitive but will be appropriately selective of clients," he said.

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