Sheikh Mohammad opens workers complex in Abu Dhabi industrial city
23-Apr-2006
General Shaikh Mohammed bin Zayed Al Nahyan inspects workers' residential city
Abu Dhabi is investing more than Dh1 billion in two stages within its industrial city to provide improved residential facilities for over 100,000 workers, officials announced yesterday. More residential communities, involving a huge investment outlay, across Abu Dhabi are in the planning stage.
General Shaikh Mohammad Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Sup-reme Commander of the Armed Forces, formally launched the first phase of the Workers Residential City in the ICAD (Industrial City of Abu Dhabi)."The UAE is entering a new era of cooperation between the government, the private sector and foreign partners," asserted Shaikh Hamed Bin Zayed Al Nahyan, Chairman of Abu Dhabi's Department of Economy and Planning.
"The Abu Dhabi government is committed to developing labour resources in the UAE and to improving laws and regulations to facilitate business and investment to further strengthen the foundations of the country's upsurge," he said after the opening of the first phase of the Worker's Residential City.The phase one project, valued at Dh350 million, is now fully occupied, accommodating about 5,000 people. Almost Dh800 million will be pumped into Phase II to furnish housing facilities for over 20,000 people, and phase three will shelter some 80,000 people. The investment outlay for phase three and beyond has yet to be fixed.
The financing of over Dh1 billion for Phases II and III of the Workers Residential City will be a mix of debt and equity, a top official said."We are discussing the financing with the board. It could be an equity arrangement or finance can be raised from the market," Norman W. Johnston, Chief Executive of Zones Corp told Gulf News."It could be arranged by the Zones Corp or the selected consortia to develop the project."Abu Dhabi-based developer, Al Eskaan Al Jamae was involved in phase one of the Workers Residential City. Some 21 consortia have been short listed for Phases II and III.
General Shaikh Mohammed bin Zayed Al Nahyan inspects workers' residential city
Abu Dhabi is investing more than Dh1 billion in two stages within its industrial city to provide improved residential facilities for over 100,000 workers, officials announced yesterday. More residential communities, involving a huge investment outlay, across Abu Dhabi are in the planning stage.
General Shaikh Mohammad Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Sup-reme Commander of the Armed Forces, formally launched the first phase of the Workers Residential City in the ICAD (Industrial City of Abu Dhabi)."The UAE is entering a new era of cooperation between the government, the private sector and foreign partners," asserted Shaikh Hamed Bin Zayed Al Nahyan, Chairman of Abu Dhabi's Department of Economy and Planning.
"The Abu Dhabi government is committed to developing labour resources in the UAE and to improving laws and regulations to facilitate business and investment to further strengthen the foundations of the country's upsurge," he said after the opening of the first phase of the Worker's Residential City.The phase one project, valued at Dh350 million, is now fully occupied, accommodating about 5,000 people. Almost Dh800 million will be pumped into Phase II to furnish housing facilities for over 20,000 people, and phase three will shelter some 80,000 people. The investment outlay for phase three and beyond has yet to be fixed.
The financing of over Dh1 billion for Phases II and III of the Workers Residential City will be a mix of debt and equity, a top official said."We are discussing the financing with the board. It could be an equity arrangement or finance can be raised from the market," Norman W. Johnston, Chief Executive of Zones Corp told Gulf News."It could be arranged by the Zones Corp or the selected consortia to develop the project."Abu Dhabi-based developer, Al Eskaan Al Jamae was involved in phase one of the Workers Residential City. Some 21 consortia have been short listed for Phases II and III.
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