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Market Analysis
Introduction
Abu Dhabi, the capital of the United Arab Emirates and the largest and wealthiest among the seven emirates, is witnessing a rapid growth in the construction and urban infrastructure sectors. In order to diversify its economy, UAE government have taken large steps to encourage oil revenue investments in manufacturing, tourism, agricultural and real-estate industries to limit its dependence on the finite resource of oil. Real-estate is one of the fastest growing industries with investments flowing in from all over the world. Recently the UAE government has allowed free-hold to properties and ownership to land in specified areas. In order to improve the economical stand of the emirate of Abu Dhabi, and to direct the growth in real-estate in order to best meet the demands of the growing population, His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of the Executive Council, mandated the Executive Affairs Authority to design and implement a significant urban planning initiative in 2006. In 2008, the Plan Abu Dhabi 2030; Urban Structure Framework Plan was issued. “Two areas have been identified as major development opportunities to augment the two main cores. The Grand Mosque District is home to Sports City, the Exposition development, the Al Bateen Airport redevelopment zone, and as its name indicates, the Grand Mosque. As the Al Bateen airport moves out and the large amount of empty adjacent land fills in, a smaller employment and residential node will be created, strategically positioned almost exactly equidistant between the two major cores. This smaller node is an ideal location for a metro transit station that accesses the Sports City and ...