Source : The Business Times, April 21, 2009
(ABU DHABI) Aldar Properties , the largest real estate developer in Abu Dhabi, is launching a 9.4 billion UAE dirhams (S$3.85 billion) mid-income housing project and the government signalled more could follow. The Al Falah project will be fully funded by the Abu Dhabi government and would be delivered in stages starting from 2011 to 2014, Aldar said on Sunday.
'This project signals the emphasis we will place this year and next in building more mid-income housing projects because there is a requirement for it from UAE nationals,' Aldar chairman Ahmed al-Sayegh told reporters. A section will be made available for expatriates, he added.
Abu Dhabi is facing a housing shortage that has driven up rents and stoked inflation as an oil price boom attracted expatriates faster than new homes could be built, but inflationary pressures have subsided since the global economic crisis spread and hit oil prices. -- Reuters
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