By: Amr Adel
Abu Dhabi – Mubasher: The National Investment Company (NIC) plans to start expansion works at the Marina Mall, Abu Dhabi, before the end of 2017 with total investments of AED 2.5 million to AED 3 million, Rami Shahabuddin, director of investment, said on Tuesday.
Speaking on the sidelines of Cityscape Abu Dhabi, Shahabuddin said that the company has started studies on the expansion, in preparation for obtaining approvals required for starting development works on an area of up to 120,000 square metres.
Shahabuddin noted that the company has finished about 85% to 90% of the construction works of Fairmont Marina Residences, Abu Dhabi, and will deliver it by the end of this year.
“The company has another project, Marina Sunset Bay, which is worth AED 900 million and includes 67 villas, and is expected to be delivered in the second quarter of 2017,” he added.
The director of investment forecast the UAE real estate market to see positive momentum during the next two years, especially after the recovery from the effects of the recession caused by falling oil prices.
Translated by: Elwy el-Manzalawy
