Property transactions in Abu Dhabi amount to more than AED 22.5B (USD 6B) in the first half of 2022
The Abu Dhabi Business Centre (ADBC), which is part of the Abu Dhabi Department of Economic Development (ADDED), has added a whopping 126 new economic activities to the Tajer Abu Dhabi (Abu Dhabi Trader) licence. The licence enables micro, small, and medium-sized enterprises (MSMEs) the chance to get a trade licence without having to work from a physical location or pay rent on a commercial space for three years. Following the first three years, holders of the Tajer Abu Dhabi licence are obliged to have a physical workplace and all the required approvals.
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As reported by the Abu Dhabi Media Office, taking into account the new 126 activities, the total number increased from 30 to 1,200 since its introduction in 2017. At the same time, Tajer Abu Dhabi activities account for 29.5% of the total economic activities regulated by ADDED, which had a total of 4,062 activities, as of Q4 2021. According to Mohammed Munif Al Mansouri, Executive Director of ADBC, new Tajer Abu Dhabi licences issued last year (2021) represented almost 50% of all provided licences, which clearly demonstrates a strong response from professionals amidst the expansion of commercial activities by ADDED.
Owing to the fact that commercial real estate in Abu Dhabi is thriving, Aldar Properties announced the acquisition of four office towers worth AED 4.3B (USD 1.17B) from the Mubadala Wealth Fund. The properties are located in the financial district of the UAE capital and include Abu Dhabi Global Market – Al Sila, Al Sarab, Al Maqam, and Al Khatem, which offer a leasable area of more than 1.9 million sq. ft.
The office towers at ADGM are non-replicable assets in Abu Dhabi
said Talal Al Dhiyebi, Group Chief Executive Officer at Aldar Properties.
They are positioned at the epicentre of the financial district and allow us to diversify our commercial offering and income streams.
For 2022, this property deal brings Aldar Properties’ total capital deployment of recurring income assets to more than AED 7B (USD 1.9B), with office spaces contributing 34% to its total assets by value. Previously, the master developer purchased a range of retail, hospitality, and logistics assets in Ras Al Khaimah and Abu Dhabi, including Nurai Island Resort on Nurai Island.
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