Mr. Faisal Al Mutawa, Chairman & Managing Director of Bayan Investment Company, announced launching, the shari’a compliant, Dar Al-Dhabi Holding Company K.S.C.C. for private subscription, with a capital of KD 100 Million, for the purpose of investing in Dar Al-Dhabi Real Estate Company, which possesses the attractive investment opportunity in Al-Reem Island in Abu Dhabi, where the company succeeded in purchasing five plots on the island for development and constructing distinctive towers ( residential, offices, commercial). The subscription management is assigned to Al-Bazie & Co.
As it is known, currently the investment opportunities in the Emirate of Abu Dhabi overcome the available investment opportunities in the past, as Abu Dhabi has many characteristics that make investment less expensive and more attractive, in particular, possessing more than 200 natural islands, and the abundance of financial and large energy sources, in addition to the facilities provided by the Commission of Urban Development to achieve the development goals.
The investment opportunity consists of developing five plots within Najmat Abu Dhabi project owned by Al-Reem Development, with an area of 46,402 square meters, while the total area resulting from the development is 451,400 square meters. Six towers of residential and commercial offices including two Iconic towers at 300 meters in addition to shopping malls to serve the towers will be built on the plots. The total cost of land development estimated to be AED 6 billion equivalent to KD 460 million. The feasibility study indicates that the internal rate of return expected for the project will be more than 22% annually during the next five years.
In addition, KEO International Consultants has been selected as an international consulting office to manage the project during the implementation period, and it is expected to choose a designer for the project during the next month.
Dar Al-Dahbi Holding Company is one of Bayan Investment companies, was established in 2004 with many objectives, most important is investing in Dar Al-Dhabi Real Estate Company which in turns, contracted to purchase the 5 plots for development and sale of the residential apartments and the commercial offices.