The United Arab Emirates is among the Gulf countries that have been advancing at a really fast rate to become international hubs for technology, business, and real estate. In recent years, the country has started turning its existing cities such as Abu Dhabi and Dubai into smart cities.
The advancements do not stop there, because the UAE is eager to introduce more development projects that are set to be major smart city projects. The country is set to witness the development of yet another major smart city which is exciting news for the people of Abu Dhabi.
New Smart City in the Ghantoot Area
It has been confirmed that Q Holdings, a major investment company in Abu Dhabi, and Ora Real Estate Development Group from Egypt are to develop a new smart city.
The agreement has already been signed between the two companies that initiate the development of a new sustainable and smart city. As part of the agreement, the development is going to take place in the Ghantoot area of Abu Dhabi.
Details of the Project
The agreement details confirm that it will be a mixed-use project that will offer space to several sectors. The project will include recreational and sporting services. Moreover, it will be home to commercial, cultural, hotel, and residential districts. The total area used for the development of these sectors is over 20 million square meters. Both companies have already made it official from their end releasing a joint statement.
In the joint statement, the companies have revealed what their main focus is going to be when working on the development of the smart city.
As per their statement, it is very important that they work to offer a smart city to people that live up to expectations. Most of the time, people complain about the sustainability of services and facilities in cities, once the development projects are over.
Once the development companies are done with selling all the properties, they lose interest in the particular area or city. This means that the particular zone no longer has the facilities or services that were promised in the initial phase.
However, Q Holdings and Ora Group are fully focused on offering uninterrupted sustainability. They want to ensure that the city is provided with continuous energy, which is why they are focused on providing renewable energy. As the deal is currently in its initial stage, the financial details have not been made public or disclosed.
Abdulla Al Hamed’s Statement
The chairman of Q Holdings recently made a statement about the plans the company has in terms of expanding its influence in the UAE.
Abdulla Al Hamed stated that part of their business expansion plan is to increase their investment portfolio towards properties and real estate. They want to initiate as many development projects in the United Arab Emirates as possible.
Their goal is to provide locals as well as foreigners, the opportunity to make investments, and own properties in the smart city. Their latest development project the Ghantoot project will help boost the local economy of Abu Dhabi.
The step they’ve taken will help encourage investors from the UAE and from the international levels to invest in properties.
UAE’s Real Estate Market is Recovering
The real estate market in the United Arab Emirates has been witnessing a significant recovery from the coronavirus pandemic. Among the cities within the UAE, Abu Dhabi has been recording a fast recovery in property prices after the pandemic.
In terms of property prices, Abu Dhabi has recorded a significant increase in the first three months of 2023. The stats show that the prices have surged by seven percent and it is only gaining momentum, so the latter quarters are going to be even more promising for the real estate sector.
Being the capital of the UAE, Abu Dhabi is bound to witness a great level of advancement. The Gulf is currently in the transitioning phase from an oil-focused to being technology-focused region. With the aim of becoming a hub for futuristic adoptions and technological advancements, it is bound to attract investments from around the world. This is the right time to invest in projects that are within or near the jurisdiction of Abu Dhabi to have a promising future.