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Addar to float 55pc shares of Dh1.5b

The share-offering price is fixed at Dh1 per share with an additional Dh0.01 per share to be charged as offering cost. Abu Dhabi Investment Company (ADIC) and the National Investor are the joint lead managers for the issue.

The founders are currently subscribing to Dh675 million of the company's capital while Dh825 million will be offered to UAE nationals. The company’s objectives are to own, manage and invest in various real estate properties whether inside or outside the UAE, provide management and maintenance services to real estate properties, develop, manage, sell and lease all types of real estate properties. It also aims at acquiring and granting concessions, leases, investment and other rights related to developing and investing in properties owned or managed by the company. Early this month, Abu Dhabi granted a huge piece of land adjacent to the Abu Dhabi Golf Club and overlooking Al Raha Beach.

Sources said that Adder would transform 524,000 square meter area into a bustling residential, commercial, and entertainment center.

The area which stretches for about three kilometers long and a width of 185 meters between the Abu Dhabi Golf Club and Abu Dhabi International Airport facing Al Raha beach will be developed into a life-style destination within the emirate providing residential and hotels accommodation, as well as retail space and entertainment facilities. Early this month, General Shaikh Mohammed bin Zayed Al Nahyan announced the establishment of Addar Properties PJSC which will takeover all assets and management of Addar Real Estate Services. Abu Dhabi already awarded Addar a 50 year concession to redevelop the 40-years old souk, a symbol of city's past into a modern city center.