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Waha Land Launches Dh4 Billion Mixed-use Project

ABU DHABI - Waha Land, the wholly-owned real estate arm of Waha Capital PJSC, has unveiled ‘Al Markaz’ — a new multi-faceted project in Abu Dhabi with a first phase development value 
of Dh4 billion.

Al Markaz is the inaugural project of Waha Land and spans over a 6-kilometre plot in Abu Dhabi. It aims to be a full-fledged mixed-use development featuring warehouses, light industry companies, in addition to accommodation for 32,000 workers for the various companies that operate within Al Markaz and elsewhere, according to a release received here from 
the company.

“This is the first-of-its-kind project in Abu Dhabi that meets the needs of the industrial sector. It also provides highly flexible solutions and varied options for all companies, including business units that can meet current and future needs, relieving them from the need for any relocation in the coming years,” the release said quoting Hussain Jassem Al Nowais, Waha Capital’s Chairman. “A mega-project in terms of scope and value, Al Markaz helps meet the requirements of the manufacturing and other vital related sectors by setting up the sophisticated and modern infrastructure,” he explained.

“Given its strategic location from the city business centre and the roll-out of a complete transport infrastructure that includes road and railways, Al Markaz provides people with a fast and direct access to the city, ports, other emirates and GCC. Furthermore, it can be connected with Abu Dhabi’s planned tram system,” he disclosed. Al Markaz will be constructed using materials that meet the demand of the UAE’s local environment. The project offers residents community amenities such as healthcare centres, shops, recreational centres, mosques, police and civil defence stations and access to modern transportation system.

It plans to allocate 1.4 million square metres for warehouses, 775.000 square metres for light industries, and 180.000 square metres for small industries. According to Al Nowais, Waha Land is in talks with concerned authorities in Abu Dhabi to commence work on 
the project.

The first phase includes earth and ground works, setting up light industry complexes, in addition to building accommodation for 16,000 workers.

“With Waha Capital’s strategy of rolling out new projects in Abu Dhabi in key sectors, we are committed to supporting the current economic growth drive of the UAE. Our business strategy, unveiled last year, calls for diversification of the company’s business portfolio, building on the company’s current assets, increasing value for shareholders and ensuring consistent growth in income by identifying new investment sources.” “Since unveiling its plans and strategy last year, Waha Capital has achieved remarkable milestones, such as securing high-profile local, regional and international deals and contracts. This is a testament to the economic buoyancy of the economy despite the global financial crisis and the reputation that the company enjoys among key stakeholders,” Al Nowais said.

ramavarman@khaleejtimes.ae