By Ramy Sameeh
Abu Dhabi – Mubasher: Abu Dhabi Aviation, which is 30% owned by UAE government, plans to invest in the real estate sector, according to its chairman.
Nader Al-Hamadi told reporters during an event in Abu Dhabi that his company began procedures of establishing a company that will comprise Abu Dhabi Aviation’s real estate portfolio. He added that the new company is expected to come on stream by late 2016.
“We own land plots and properties inside and outside the UAE,” said the chairman, “the new company will manage them and may also buy and develop other properties.”
Al-Hamadi also said the size of such investments or the new company’s capital has not been decided yet. However, he signaled that details would be announced shortly and figures would be huge.
Abu Dhabi Aviation has no plans currently for overseas expansion, but it is continuing to focus on local operations while having an expansion program for the Saudi market.
