Luann Parker, Director, Business Development, IMKAN
Tuesday 15, January 2019
A vibrant economy, a stable government and a thriving pro-business environment are just a few of the reasons why interest in Abu Dhabi is soaring amongst the investor landscape.
Positioned in the heart of the Middle East, and strategically centered at the crossroads of Europe, Asia and Africa, has enabled the city to become a hub for financial governance. Additionally, Abu Dhabi’s locale is pivotal to the China Belt and Road Initiative (BRI) with the pending addition of the Shanghai Stock Exchange to Abu Dhabi Global Markets (ADGM). The Emirate’s geographic location is not the only point of interest among key investors. The capital also holds the world’s second largest Sovereign Wealth Fund and has a solid economic footing with 60 per cent of the GDP for the entire UAE. Complementing its attractive monetary offer, Abu Dhabi has also positioned itself as the cultural center of the UAE, delivering the awe-inspiring Louvre which is to be joined by The Guggenheim and Sheikh ,ayed Museums. Other thriving sectors include leisure; featuring the opening of Warner Bros World Abu Dhabi earlier this year; as well as advanced education led by NYU, John Hopkins, INSEAD, and Sorbonne; and healthcare with world class multispecialty hospital: Cleveland Clinic.
The capital is executing its long-term plan for the transformation of its economy through the Abu Dhabi Economic Vision 2030 Plan, which outlines a strategy for reduced reliance on the oil sector as a source of economic activity over time and a greater focus on knowledge-based industries in the future. This plan is structured around economic diversification in eight key sectors: cultural tourism, aviation, manufacturing, media, health care, petrochemical, financial services and renewable energy. By increasing investment in these sectors, the emirate is hoping to reduce its hydrocarbon sector’s contribution to GDP to 20 per cent by 2021, down from 59 per cent in 2005 and around 50 per cent in 2014.
Mirroring the goals set for Vision 2030, the government launched a stimulus package, Ghadan 21 (Tomorrow 2021) earlier this year in September. Worth AED 50 billion across four pillars, 10 themes, and 60 initiatives; this plan details the strategy for the growth of Abu Dhabi’s future economy, which will provide attractive private sector jobs for both expats and UAE nationals. Received favorably by the business community, both real estate and construction industries, now have greater confidence and renewed commitment to private sector development. In this regard, Abu Dhabi Investment Office (ADIO) is formulating Public Private Partnerships (PPP’s) in support of Ghadan 21’s initiatives.
As an Abu Dhabi-based developer, IMKAN has partnered with ADIO to lay the groundwork and create leading examples within its developments to bolster the capital’s vision.
Our CEO Walid El Hindi, explains “With research at our core, we design and develop unique projects using disruptive technologies to produce soulful communities that will truly enrich the lives of its residents and visitors. IMKAN’s proposition is built around a unique research platform that uncovers the distinct social behaviors and habits of specific market segments, from millennials to discerning high net-worth individuals to formulate tailored user profiles. This research-led approach enables us to shape communities that are in tune with the mind-set of each profile. Our mission at IMKAN is to create soulful places that enrich people’s lives.”
By using a unique approach to community-building, we are currently developing an array of diverse mixed-use communities in Abu Dhabi: Makers District, Nudra, Shaikha Fatima Park and AlJurf to name a few.
Our AED 7.4 Billion cultural flagship development, Makers District on Reem Island, was the result of extensive research that uncovered the need for a creative hub to complement our culture-based economy. This integrated community and creative ecosystem is anchored by The-Artery, an exemplar hybrid events and parking garage capable of accommodating a wide range of uses and home to many of which will be “Makers“- artists, curators, entrepreneurs, who make and create. Pixel, is the first mixed- use residential development that mirrors the identity of Makers District by bringing further innovative community living to Abu Dhabi.
Sheikha Fatima Park, Abu Dhabi’s first open-air urban, leisure and entertainment park located in Khalidiya district, will offer a human friendly walkable environment that encourages active wellness and increased neighborhood property values. AlJurf, is our AED 15 billion integrated development, strategically located between Abu Dhabi and Dubai and spans 370 acres. This pristine coastal destination combines culture, nature, living and leisure providing diverse offerings to any property investor or second home buyer. Nudra, an exclusive community with private beach access, boasts villas to be curated by its residents’ own designs unique to their style, personality and individuality.
These projects are robust exercises in place-making; which as a concept has proven to result in higher asset returns on a global scale. Furthermore, our developments will provide strong investment opportunities in Abu Dhabi which has historically offered attractive yields of 7 per cent; thus representing a strong value proposition relative to other developed markets globally. We have set in motion a landscape of soulful developments that will cement Abu Dhabi’s footing as the cultural capital of the UAE, as well as provide an admirable model for place-making amongst the regional development community.
We’re focused and invested in solidifying Abu Dhabi’s economic positioning and quality of life as seen through Ipsos City Index, ranking the capital of the UAE second after New York as the ‘best business city in the world to live in’. Join us on this journey and be a part of this story!
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