Burooj Unveils ‘Mohammed Bin Zayed’ Project

Burooj Properties, the real estate arm of Abu Dhabi Islamic Bank and the leading real estate company in the UAE and the Middle East, has unveiled its new investment project located in the City of ‘Mohammed Bin Zayed-1,’ announcing that 20 per cent of construction work has been finalised and that the project is expected to be complete by end of 2010. The announcement comes as Burooj Properties prepares to participate in the 4th edition of Cityscape Abu Dhabi when the company will be showcasing models of its upcoming projects in the emirate of Abu Dhabi, as well as previewing its future expansion projects and discussing the real estate markets in the UAE and the Middle East. A great opportunity for investors looking for a valuable return on their investments, the Mohammed Bin Zayed project includes 11 plots with 5 residential villas on each, catering to the growing residential needs of the medium and limited income class in Abu Dhabi. Ownership of plots is exclusively reserved for UAE citizens. Says Adel A. Al Zarouni, Managing Director of Burooj Properties: “Preparations for the construction works of the project’s infrastructure, as well as 20 per cent of the villas’ construction works, have been completed.

We are committed to work transparently and efficiently with investors to ensure that the project is completed by the end of 2010, thus closing the gap between offer and demand on residential units targeted at the medium and limited income class in Abu Dhabi. “It is really important to focus on developing real estate projects that cater to the needs of this class, and it’s also important to place these projects in various areas in the emirate to achieve a balanced growth rate and social justice by enabling members of this class to freely choose the location of their homes,” he added. He noted that such investments may provide good results, especially considering that the medium and limited income class constitutes a big portion of the community who are looking for luxurious residential units with reasonable rental prices, and taking into consideration that projects catering to the needs of this class are fairly few in number