According to the chief executive officer of Imkan Properties, Abu Dhabi’s real estate developer located at the waterfront of Reem Island is at the moment working on 26 projects in six countries and it plans to rapidly expand further to other countries across the globe.
Speaking on the sidelines of Cityscape Abu Dhabi, Walid Al Hindi said Imkan is a one year old company owned by Abu Dhabi Capital Group. He further said they are working in six different countries namely Morocco, Egypt, the United Arab Emirates, Seychelles, Montenegro and Sri Lanka. According to the CEO, all the 26 projects are mixed used projects except in Seychelles, which is on the hospitality sector.
Al Hindi also noted that they plan to expand further in the markets were they are present and also launch projects in other larger economic hubs in influential countries like Saudi Arabia. He then added that the total investments in the current projects as well as planned future projects could go up to more than Dh100 billion.
On the outlook for the real estate sector, Walid Al Hindi said they have a positive feeling of the sector. He said most of the 26 projects are long term projects in the range of seven to ten years.
Al Hindi is of the view that that real estate sector is historically a very good and productive industry across the world. He believes that in order to know and do everything correctly, you need to know what you are doing and how you are doing them.
The Abu Dhabi based firm is involved in three big projects including Makers District, a mixed used development in Reem Island with about 3,000 residential units, Nudra development, a beachside villa community in Saadiyat Island and finally Shiakha Fatima Park, an open air community project near Khalidiya.
According to reports, the cost of Makers District projects is Dh10 billion and the construction is expected is to be completed by year 2023. Imkan properties also started construction work on Al Borouj project in Cairo, Egypt, which is however set to include more than 1,200 mixed type units spanning 1,200 acres.
The Makers District projects, according to reports includes Shaikh Zayed Mosque and the first residential communities which are slated for handover in the second quarter of 2019.
Meanwhile in Morocco, the firm is developing mixed use projects in Rabat. Asked about funding for the projects, Al Hindi revealed that each project is funded separately according to its strategy with loans, equities and joint partnerships.