Exciting New Development Project in Abu Dhabi's Al Mamoura Area

As-salamu alaykum! AD Ports Group, the company managing industrial cities and free zones in Abu Dhabi, has recently agreed to sell land worth Dh2.47 billion (around $672.5 million) to Mira Developments. This project is set to be one of the largest mixed-use developments in the capital. The land is located in Al Mamoura, near the Dubai–Abu Dhabi highway, and is part of AD Ports Group's Town Centre Area covering 16 square kilometers. The plan includes building residential homes, a large shopping mall, business centers, hotels, golf courses, and educational institutions such as universities and schools. Construction is expected to begin within a year, with completion aimed within ten years. Captain Mohamed Al Shamsi, the managing director and CEO of AD Ports Group, shared that this deal supports their goal to develop their land assets and bring in new investments. The income from this sale will help the company reduce debts and invest in more growth projects. Despite global challenges, AD Ports reported a 3% increase in net profit for the first half of this year, thanks to growth in their ports and free zones. This agreement will help speed up the development of Abu Dhabi's master plan and support infrastructure and trade projects. Timur Mamaikhanov, CEO of Mira Developments, expressed confidence in Abu Dhabi's real estate market and their commitment to creating a high-quality community that will enhance the lifestyle in the city. Abu Dhabi's property market has been thriving, with a 42% rise in deals in the first half of this year, driven by a growing population and strong economy. New developments like Al Hudayriat and Saadiyat Lagoons are boosting home sales. Demand for housing continues to rise, outpacing supply, with plans to add more units in the coming years. May Allah bless these efforts and bring success to all involved, insha'Allah.