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Burooj Properties boat trip offers executives a close look at Abu Dhabi landmarks

Source:  www.eyeofdubai.com

Property markets in Abu Dhabi and the UAE are recovering from the impact of the global downturn, and the next couple of years are expected to see the delivery of numerous commercial and residential projects in the capital, which will increase the supply to demand ratio significantly, especially with the completion of the numerous projects on Al Reem Island, Al Raha Beach, Mohammed bin Zayed City, and many others.

Against this backdrop, Burooj Properties, the real estate arm of Abu Dhabi Islamic Bank and the main developer of numerous real estate projects in the UAE and the Middle East, has organized a field boat trip for the company’s executive officers and managers to enable them to take a close look at some of the emirate’s new and existing landmark projects.

Burooj’s boat trip is in line with the company’s strategy of staying in touch with the latest market updates, a strategy that has become particularly important given that the current situation is filled with challenges affecting real estate markets and their growth in the UAE.

“It is very important to stay informed about the latest movements of the real estate and construction markets as 2010 proves critical for real estate markets,” says Adel A. Al Zarouni, Managing Director at Burooj Properties. “It is also important to keep a close eye on the real estate situation during 2010 and to follow-up with project completion and delivery operations, pricing strategies, financing, etc., to keep Abu Dhabi an attractive prospect in the real estate market.”

“Despite the economic turbulence experienced last year and lower evaluations of real estate profits, we believe that return on investment will stay close to ten percent. Demand might have slightly changed, but it has proven solid, and it must be remembered that real estate investments today are long-term investments, rather than investment based on speculation to cash-in quick profits,” he added.

UAE-based Burooj Properties was established in 2006 with a paid-up capital of AED 500 million, and has projects in the UAE and the Middle East. The developer’s AED 1 billion real estate portfolio includes hotels and residential units, among other projects, and it offers services such as real estate development, plot management and investment. Burooj Properties is currently preparing to deliver its Burooj Views project, which is located at the entrance to Al Reem Island in Abu Dhabi, after having completed and delivered its Al Qurm Garden project ahead of schedule last year.

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