Abu Dhabi announces the launch of a $300 million housing project in an inaugural ceremony
Abu Dhabi has unveiled plans for a $300 million housing project, marking another milestone in the ongoing efforts of the Abu Dhabi Housing Authority, which has now surpassed $38 billion in cumulative spending since its inception.
Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan of Abu Dhabi and Chairman of the Abu Dhabi Executive Council presided at the inauguration of the Al Wathba housing project, which is an important part of the Emirati Neighbourhood Project. At a cost of AED1.1 billion ($299.4 million), the project would construct 347 brand-new residences for the public.
Commitment to High Standards:
The Crown Prince received a comprehensive briefing on the project, emphasizing its alignment with the highest international standards.
The sustainable design of the homes, tailored to meet citizens' needs and enhance their overall well-being, was a focal point of the discussion. Sheikh Khaled underscored the leadership's commitment to ensuring high-quality housing for Emiratis in Abu Dhabi, emphasizing the role of the housing project in meeting their needs, promoting stability, and contributing to the emirate's ongoing development.
Project Details:
Among the many community amenities included in the Al Wathba housing project are 64 stores spread across four commercial complexes on an immense 875,000 square meters.
The development also features 15 parks and four mosques, with a combined capacity of 1,725 people. The project's comprehensive approach encompasses not only residential spaces but also communal areas to foster a vibrant and inclusive community.
Public-Private Partnership:
Following the project's inauguration, Sheikh Khaled witnessed the signing of a public-private partnership agreement aimed at developing community facilities within the project. This collaborative effort reflects the commitment to engaging various sectors in enhancing community amenities and services.
A History of Accomplishments:
The Abu Dhabi Housing Authority has been instrumental in the distribution of more than 39,000 residential plots and the construction of more than 16,000 new residences since its establishment. Not only that, but the authority has helped 4,000 people get out of their mortgages by approving 44,000 loans.
Moreover, the authority's programs have had a considerable impact on Abu Dhabi's housing scene, with the cumulative value of the benefits delivered measuring an outstanding AED141 billion ($38.4 billion).