Latest news with #Dh40
Al Etihad
a day ago
- Business
- Al Etihad
Abu Dhabi to get Dh40bn wellness island as Aldar bets big on lifestyle-led urban growth
3 June 2025 01:00 ISIDORA CIRIC (ABU DHABI)Abu Dhabi's real estate ambitions just got a Dh40 billion wellness upgrade, with Fahid Island — Aldar's newest development — indicating that intent, rather than scale alone, has become a defining feature of the emirate's urban planning between Yas Island and Saadiyat, the 2.7 million square metre masterplan blends residential, recreational, and natural spaces, creating a mixed-use community where every resident lives within a five-minute walk of the sea and no more than 250 metres from green island, marketed as Abu Dhabi's first wellness-focused destination, includes more than 6,000 homes, a top-tier international school, retail and hospitality offerings, and 30% of the land reserved for green areas. 'Wellness is a mega trend, and for Aldar, that's not a new thing. Whether it's spa and hospitality, food and nutrition, sleep and breathing - it's everywhere,' Jonathan Emery, CEO of Aldar Development, said in an interview with Aletihad on Monday. 'The challenge for Aldar is, how do we bring that into a physical real estate solution? How do you actually make it real? Rather than just an experience, we have to build the stage for it, and that's what we're trying to do.' Designing for Wellbeing, Rooted in Community Fahid Island's masterplan builds on what Aldar has learned from years of work on Yas and Saadiyat. But Emery is quick to point out that this isn't a cut-and-paste version of previous he said, the project aims to respond to the new expectations of both local and international buyers, many of whom are looking for something different post-pandemic - more nature, less distance, and a quieter, more intentional way of a result, Fahid Island is being designed as a fully walkable and connected environment, with 15km of shaded pedestrian routes and bridges connecting both sides of the island to limit car use. It will also feature a 10km landscaped Berm Park, complete with cycling routes and running trails, and a 2km promenade.'We've learned how to optimise the natural benefits of the island,' Emery said. 'How to work with the mangroves, even with the wind, the sea, and the sun. Just understanding what those things mean to people.'The emphasis on proximity, ecology and liveability also ties into the UAE's current national theme, the Year of Community. In the case of Fahid Island, that has meant prioritising walkability, shared public areas and amenities that bring residents into contact with one another. Emery described this approach as rooted in the UAE's sense of 'generosity', not in scale, but in how space is shared.'It's about how we allocate space and how we create opportunities for people to meet. That's very much in line with the values of the UAE, and the kind of community we're trying to build.' Backed by Strong Funding and Market Momentum The first phase of Fahid Island, which includes the school and residential buildings, is expected to be completed by 2029. Later phases will be delivered over the following three developer acquired the land in early 2023 for Dh2.5 billion, initially estimating the site's gross development value at Dh26 billion, which has since grown to surpass Dh40 to Aldar, the project is already fully funded through a mix of corporate financing, bonds, sukuk, and projected sales. Sales are expected to begin shortly after the Eid Al-Adha, with one-bedroom units starting at Dh3.5 company is forecasting total development sales of between Dh36 billion and Dh39 billion in 2025, up from Dh33.6 billion last year, and Fahid Island is likely to play a substantial role in meeting those targets. Its launch comes amid a broader upswing in Abu Dhabi's real estate market, where demand for high-end, waterfront communities surged by 15% in 2024, according to a recent report by MPM Properties. Investor confidence received an added boost last month with the announcement of a Disney theme park on nearby Yas revealed that interest in Fahid Island has come from both international and local buyers, though the domestic market has shown particular strength. He attributes this resilience to a mix of ambition, talent, and the UAE's solutions-oriented approach.'The talent that now exists in the UAE is sort of unprecedented - it's an incredible place to be,' he said. 'It's an amazing talent pool that can help it achieve its ambition.' 'That, combined with a focus on quality and problem-solving, is what's driving the next phase of development.'
Al Etihad
a day ago
- Business
- Al Etihad
Aldar launches Dh40bn Fahid Island project, bringing wellness-focused living to Abu Dhabi
2 June 2025 16:37 ISIDORA CIRIC (ABU DHABI)Abu Dhabi's property market is set for another major addition with Aldar's launch of Fahid Island, a Dh40 billion coastal destination positioned between Yas Island and Saadiyat. The 2.7 million square metre development is being pitched as a wellness-first community where no home is more than five minutes from the sea, and no more than 250 metres from green island will offer more than 6,000 homes, from apartments and townhouses to high-end waterfront villas with 4- to 6-bedroom one, Fahid Beach Residences, will feature seven low-rise buildings with 65 apartments each, and is scheduled for completion by 2029. It also includes community amenities and a top-tier international school, with more details on the education partner to be announced soon, Aldar said on rest of the project will be delivered in phases over the following three acquired the land in early 2023 for Dh2.5 billion, initially estimating a development value of Dh26 billion. That figure has since climbed to over Dh40 billion, as plans for the site expanded to include extensive natural landscapes, international school facilities, and a new residential benchmark for the the start, Aldar has framed Fahid Island as a 'complete ecosystem'. With 4.6km of beachfront on one side and mangroves on the other, all homes will be no more than a five-minute walk from the sea and within 250 metres of open green space. The layout includes 15km of shaded pedestrian walkways and multiple bridges connecting both sides of the island, designed to limit car use and promote walkability. A 10km landscaped Berm Park will act as a green wellness corridor, complete with cycling routes and running trails.'Abu Dhabi is a thriving, global destination where heritage and innovation combine to create a world-class environment to live, work, and explore. Sustainable and inclusive development has been a critical part of this success, which is why Aldar remains focused on delivering communities that reflect the values and ambitions of the UAE,' said Mohamed Al Mubarak, Chairman of and liveability are central to the design. Around 30% of the island's space will be dedicated to natural landscapes, and Aldar is actively working with the Environment Agency - Abu Dhabi to protect marine life along the island's mangrove edges.'Our plans for Fahid Island support a thriving real estate market in Abu Dhabi, where we are seeing incredible demand from buyers within the local market as well as overseas investors,' said Talal Al Dhiyebi, Group Chief Executive Officer of Island's location, wedged between two of Abu Dhabi's highest-profile developments, positions it at the crossroads of culture, tourism, and investment. A recent MPM Properties report showed strong interest in prime waterfront communities, with prices in areas like Saadiyat jumping by up to 15% in 2024.'Fahid Island is one of the largest mixed-use residential masterplans launched in Abu Dhabi and will ensure the emirate consolidates its position as one of the world's most desirable destinations to reside, invest, and visit,' Al Dhiyebi added. Its unveiling comes shortly after plans for a Disney theme park on Yas Island were announced, adding momentum to rising demand in the capital's real estate market.
Al Etihad
20-05-2025
- Business
- Al Etihad
MoIAT secures over Dh40 billion in bank partnerships to drive industrial innovation
20 May 2025 20:13 ABU DHABI (WAM)Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, witnessed the signing of five Memoranda of Understanding (MoUs) between the ministry and a group of leading national banks: First Abu Dhabi Bank, Emirates NBD, Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, and WIO agreements provide competitive financing solutions exceeding Dh40 billion to support the development and expansion of the UAE's industrial MoUs are intended to stimulate investments in industry and advanced technology, offer tailored financing for small and medium-sized enterprises (SMEs), and strengthen strategic public-private partnerships. This initiative supports the UAE's broader objectives for industrial growth and sustainable economic Al Suwaidi, Under-Secretary of Ministry of Industry and Advanced Technology (MoIAT), represented the ministry. Signatories from the partner banks included Fahad Al Shaer, CEO of First Abu Dhabi Islamic Finance, Abdullah Al Shamsi, ADCB's Group Chief Business Officer; Ala'a Eraiqat, Group CEO of Abu Dhabi Commercial Bank Group; Mohammed Abdelbary, Group CEO of Abu Dhabi Islamic Bank; Hisham Al Qassim, Vice Chairman and Managing Director of Emirates NBD Group; and Jayesh Patel, CEO of WIO partnerships underscore MoIAT's commitment to enabling financial access and innovation within the industrial sector. The initiative is designed to foster entrepreneurship, encourage the adoption of advanced technologies, and support the expansion of industrial enterprises across the Suwaidi, said, "The MoUs signed with the leading national banks today reaffirm our commitment to empowering the industrial sector through strategic collaboration with top financial institutions. These innovative financing solutions are designed to enable sustainable industrial growth, aligned with the UAE's vision of a diversified, knowledge-based economy driven by innovation."He highlighted the crucial role of the MoUs in supporting SMEs by improving their ability to scale, adopt advanced technologies, and contribute significantly to the National Strategy for Industry and Advanced Technology.'We highly value the crucial role of national banks in enhancing the business environment and enabling industry access to flexible, impactful financial solutions. This reflects a robust synergy between the government and the financial sector in advancing the UAE's economic resilience and sustainability,' AI Suwaidi his part, Mohamed Abdulbari Group Chief Executive Officer at Abu Dhabi Islamic Bank (ADIB), said, 'This MoU reflects our commitment to the growth of the UAE's industrial and SME sectors through ethical, Sharia-compliant financing. We are proud to collaborate with MoIAT to deliver innovative banking solutions that align with national development priorities and help businesses scale up with confidence."Hana Al Rostamani, Group Chief Executive Officer at First Abu Dhabi Bank (FAB), said, 'FAB is proud to strengthen its partnership with the Ministry of Industry and Advanced Technology (MoIAT) as we advance the next chapter of the UAE's industrial development. Through this renewed Dh5 billion commitment, we will extend tailored, competitive financing to support the full spectrum of industrial enterprises from emerging startups to large manufacturers driving growth across the sector. "Surpassing our previous commitment reflects both the strength of the national industrial base and FAB's ability to deploy capital with impact. Together with MoIAT, we are championing an innovation-driven industrial ecosystem that will power the UAE's long-term competitiveness and regional leadership in advanced manufacturing.'Ala'a Eraiqat, ADCB Group Chief Executive Officer, said, 'ADCB is a proud supporter of Make it in the Emirates, an ambitious reflection of the UAE's bold vision for a diversified, innovation-driven economy. As a financial institution deeply rooted in this nation's progress, we view it as both our responsibility and privilege to contribute to shaping a resilient industrial ecosystem that drives long-term value. We remain committed to working collaboratively with our partners to help unlock opportunities that serve both national aspirations and create enduring value for future generations."On his part, Shayne Nelson, Group CEO of Emirates NBD, said, 'Make it in the Emirates initiative is a unique project that will greatly benefit the industrial aspirations of the UAE for many years to come. Emirates NBD is proud to partner with the Ministry of Industry and Advanced Technology on an initiative of such great importance and scope, particularly one that fully aligns with our shared strategic, investment, and development objectives.'He added, 'Our expertise, experience and specialised knowledge of the UAE's economic and industrial landscape means Emirates NBD is well placed to identify, engage, and empower companies, from startups to established firms, that have the product and potential to contribute to the nation's economic vision. Make it in the Emirates is an exciting initiative that will drive growth, welcome investors, and shape the UAE's role as an advanced, dynamic hub for manufacturing, industry and innovation.'Jayesh Patel, CEO of Wio Bank PJSC, said, "The UAE is strengthening its position as a leading destination for advanced industries, with tremendous growth in manufacturing as global businesses expand and invest locally. We are proud to support the drive to Make It in the Emirates through our partnership with MoIAT, combining Wio Bank's digital banking capabilities with the ministry's mission to accelerate industrial innovation and diversification. "Through this initiative, Wio aims to extend up to AED1 billion in working capital to eligible corporates and SMEs, and in doing so, enabling smarter access to financial services and supporting the growth of high-impact technology-driven enterprises that are vital to the UAE's economic transformation.' Make it in the Emirates Continue full coverage
Arabian Post
20-05-2025
- Business
- Arabian Post
UAE Commits Dh40 Billion to Propel Industrial Expansion
The United Arab Emirates has unveiled a Dh40 billion financing initiative aimed at accelerating the growth of its industrial sector over the next five years. Announced by Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, during the Make it in the Emirates forum in Abu Dhabi, the plan seeks to enhance the nation's manufacturing capabilities and diversify its economy. The financing will be facilitated through a consortium of major banks, including Emirates Development Bank , First Abu Dhabi Bank, Mashreq, Emirates NBD, Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, and Wio Bank. These institutions will offer competitive loans to industrial companies, supporting projects that align with the UAE's strategic economic objectives. Dr Al Jaber emphasized the multiplier effect of industrial investments, stating that each investment stimulates growth in related sectors. He highlighted that the initiative is part of the broader Operation 300bn strategy, which aims to increase the industrial sector's contribution to the UAE's GDP to Dh300 billion by 2031. The Make it in the Emirates forum also saw the announcement of additional incentives, including Dh23 billion in guaranteed offtake agreements, bringing the total value of captive procurement opportunities to Dh143 billion. These agreements are designed to encourage local manufacturing of over 2,000 products, with significant procurement commitments from entities like ADNOC and Pure Health. New industrial projects and investments worth Dh20 billion were unveiled, alongside co-lending financial solutions of Dh1 billion to empower small and medium enterprises . The government also introduced comparative electricity tariffs in the northern Emirates and launched an AI innovation programme providing Dh370 million to targeted technology startups. See also Omniyat Ventures into Sustainable Finance with Debut Green Sukuk Emirates Development Bank has played a pivotal role in supporting the UAE's industrial sector. Since the launch of its strategy in 2021, EDB's financing has reached Dh15.7 billion, contributing Dh7.4 billion to the industrial GDP by the end of 2024. The bank has also facilitated Dh50.2 billion in capital expenditure financing, supported Dh15 billion in greenfield projects, and attracted Dh7 billion in foreign direct investment. In 2024 alone, EDB provided Dh8.7 billion in financing, marking a 222% increase from the previous year. This financing supported the creation of over 14,000 industrial jobs and contributed Dh4.1 billion to the UAE's industrial GDP. The manufacturing sector received the largest share, with Dh4.23 billion, accounting for 49% of total disbursements. The bank's focus on key sectors includes advanced technology, which received Dh3 billion in financing, and renewable energy projects, which secured Dh1.2 billion. Additionally, the food security and healthcare sectors received Dh1.22 billion and Dh1.14 billion, respectively. EDB's support for micro, small, and medium enterprises remained a core priority, with total financing reaching Dh3 billion in 2024. This includes Dh758 million through the bank's Credit Guarantee Scheme in partnership with 11 commercial banks, Dh2.1 billion in direct financing to mSMEs, and Dh107 million to SME-Micro projects. The bank's strong financial performance and strategic focus have been recognized by S&P Global, which upgraded EDB's credit rating to AA, the highest among financial institutions in the UAE and MENA region. This milestone underscores the bank's robust financial profile and alignment with national development priorities.
Khaleej Times
20-05-2025
- Business
- Khaleej Times
UAE: Rents on Al Marjan Island increase by 60% in 2 years as demand soars
Rental prices on Al Marjan Island in Ras Al Khaimah have seen a dramatic surge over the past two years, with the median annual rent climbing from Dh40,000 in April 2023 to Dh64,800 in April 2025 a rise of 62 per cent in just two years, according to data from Property Finder. The most recent figures show a 12 per cent year-on-year increase between April 2024 and April 2025, following a steep 45 per cent jump the previous year. The sharp rise in rental prices is largely concentrated in apartments and duplexes, which dominate the market on Al Marjan Island, making up 97 per cent of all residential rental listings. Currently, the median rental price per square foot on Al Marjan Island stands at Dh 81, with listings typically ranging between Dh50 and Dh120 per sq ft. The median size of a rental property is 773 sq ft. Compared to other sought-after residential areas in Ras Al Khaimah such as Al Hamra Village and Mina Al Arab rents on Al Marjan Island are approximately 20 per cent higher. This premium is driven by the island's growing appeal as a waterfront destination and its proximity to high-profile developments, including the upcoming Wynn Al Marjan, the first integrated resort in the Middle East. Fibha Ahmed, Vice President of Property Sales at Bayut & dubizzle, highlighted the Marjan island's apartment sector as a key driver of the upward momentum. 'We've seen solid growth across the board, but it's the apartment segment in Al Marjan Island that really stands out,' she said. 'Rents jumped by 42 per cent year-on-year from Q1 2023 to Q1 2024, and then climbed another 13 per cent by Q1 2025.' This sharp trajectory underlines the growing appeal of the waterfront destination not just for tenants in search of upscale, well-connected homes, but also for investors eyeing compact units with strong rental yields. According to Fibha, user engagement backs the numbers. 'Our data at Bayut shows Al Marjan Island consistently attracts around 25 per cent of all apartment rental views in Ras Al Khaimah, despite being a smaller community in size. That's a significant concentration of demand, driven by both media attention and actual user interest.' Ankur Aggarwal, Chairman and Founder of BNW Developments stated that 'Based on current momentum and upcoming high-impact developments, BNW Developments anticipates rental prices in Al Marjan Island to increase by approximately 10–15 per cent over the next 12–24 months. This growth will likely be driven by continued demand from international tenants, rising tourism, and the relatively limited availability of premium inventory. As projects like the Wynn Resort near completion and tourism-linked infrastructure scales up, we expect further tightening in supply, pushing rents steadily upward. The island is on course to become one of the UAE's most dynamic investment destinations, with robust returns for both short-term and long-term asset holders.'
