(MENAFN - Khaleej Times) The new company will carefully assess the opportunities that arise from Arabtec's strong standing in the sector.
Arabtec Real Estate Development Company will focus on developing lifestyle communities, initially in Abu Dhabi and Dubai, through strategic joint ventures with leading real estate developers and investors in the UAE with plans to expand to other GCC countries and the wider Mena markets.
Arabtec Real Estate will focus on the significant opportunities available as a developer in the affordable housing segment. There is an estimated shortage of over 3.6 million affordable units in key markets in the Mena region, and Arabtec Real Estate plans to rapidly expand in this field, in particular, in key high potential markets, including the UAE, Saudi Arabia, Egypt, Algeria and Morocco.
Arabtec Real Estate is already evaluating a number of new projects which will be announced in due course.
Hasan Abdullah Ismaik, managing director and chief executive officer of Arabtec Holding, said: "The new development arm will build on Arabtec's long-standing track record of delivering high quality real estate developments for more than 20 years."
The launch of Arabtec Real Estate marks yet another milestone in the company's growth story, he said. "With the real estate industry now showing strong signs of recovery, expanding into the development market presents itself as an attractive proposition. We see high potential in the UAE development market."
Ismaik said that the UAE has become a global destination attracting people from all parts of the world to develop their careers and enjoy its superb cosmopolitan lifestyle.
"We will also leverage our strong presence across the region to establish Arabtec as a leader in both construction and real estate development," Ismaik said.