Al Rayan Investment plans to go public later this year

(WAM)   

The chairman of the board of Al Rayan Investment Company, which will build the first city for low-income students in Abu Dhabi, said he plans to take the company public later this year.

Fardan Al Fardan was speaking at the inauguration of Al Rayan’s main office in the capital yesterday.

National Security Adviser Sheikh Hazza bin Zayed Al Nahyan oversaw the launch ceremony and met Al Rayan’s board and was briefed on the company’s projects and strategic plans as well as future projects to be launched in Abu Dhabi, the UAE and the region.

Last week, the investment firm announced it put up Dh1 billion in capital to cover the building expenses for the capital’s first housing development aimed at students with limited income.

About 350,000 people in the country are in need of such housing, according to a study carried out by the company.

Chairman Al Fardan said his company would start to execute the project once it gained approval from government departments.

The largest part of the plan will extend more than 2.5 million square feet and will be ready in 18 months.

Al Fardan said the project would have advance design features to ensure that students have the opportunity to live in modern and comfortable style.

Meanwhile, he also said the company has plans to expand to other emirates and some Gulf countries, such as Qatar and Saudi Arabia.
 
Al Fardan added that Al Rayan intends to become a publicly traded company later this year. (Wam)

State Visit

The President, His Highness Sheikh Khalifa bin Zayed Al Nahyan, Ruler of Abu Dhabi, will pay a state visit to Turkmenistan tomorrow, where he will meet President Gurbanguly Berdymukhammedo.

The two will discuss means of boosting co-operation, and exchange views on issues of common interest, said Wam.

Sheikh Khalifa will be accompanied by Sheikh Tahnoun bin Mohammed Al Nahyan, Ruler’s Representative in the Eastern Region, Sheikh Mansour bin Zayed Al Nahyan, Minister of Presidential Affairs, Sultan bin Hamdan Al Nahyan, adviser to President, Mohammed bin Dhaen Al Hamili, Minister of Energy,  Sultan Saeed Al Mansouri, Minister of Economy.