By Ramy Sameeh
Abu Dhabi – Mubasher: UAE’s real estate developer Aldar Properties has launched Yas Acres project with investments worth AED 6 billion, Chairman Abo Bark Al-Khouri announced Monday.
The residential and leisure project, located in the northern part of Yas Island, is expected to be completed in the last quarter o 2019.
Al-Khouri also said, in a press conference, that construction works would start in the project by the second half of 2016.
Aldar will finance the project from its available liquidity amounting to AED 6.3 billion, said the chairman, adding that his company’s portfolio currently has around 4,800 units and 500,00 sqm for retail sale, in addition to 10 hotels.
The news pushed Aldar stock 1.08% higher early Monday to AED 2.8, with liquidity reaching AED 34.8 million.
