A tourist and entertainment investment of US $231m (AED850m), has been confirmed by developers Al Barakah International Investments.
“The tourist market is expanding in Abu Dhabi with what Etihad Airways is doing. This is one of the main projects that will put Abu Dhabi on the tourism map,” said Al Barakah International Investments managing director Moataz Mashal.
The proposed project will come up in an area spanning 150,000 sq m and is scheduled to be completed in Q2 of 2018.
“The number of apartments in not finalised but it will be three to four floors and it will be only for lease and there will not be any sale. It will be a luxurious kind of project aimed at increasing the entertainment and tourism potential of Abu Dhabi,” said Mashal.
“If you compare with other Emirates, Abu Dhabi may be little bit on the conservative site but now Abu Dhabi is starting to push that limit. Al Qana project will have the first and biggest aquarium in Abu Dhabi with 5000 meters height,” he added.
The funding will be done through local banks with 70% debt and 30% equity according to Mashal.
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