INDUSTRIAL
INDUSTRIAL REAL ESTATE OUTPERFORMS RIVAL SECTORS
Abu Dhabi developments are reaping the benefits of emirate’s industrial push
Extrusion Co, in an AED735m ($200m) deal. A reported 30 more clients have signed on to secure space in the free zone, at a cost of billions of dirhams, while nearly 100 firms are waiting in the wings for their tenancy deals to be approved. Te demand for industrial real estate is evident with the sector clearly reaping the rewards of Abu Dhabi’s push to transform itself into a global trading hub, the is. Te UAE capital, home to around seven percent of the world’s proven oil
K
reserves, plans to pour $500bn into industry and other sectors through 2030 to scale back its reliance on oil. At the heart of this blueprint are projects such as Kizad, a port and trade zone two-thirds the size of Singapore, set to comprise around 15 percent of Abu Dhabi’s non-oil GDP by 2030.
izad, Abu Dhabi’s sprawling new industrial zone, hit the headlines in December when it signed up its second long-term tenant, Taweelah
Tis and other industrial zones are angling to attract foreign companies
keen to tap the UAE’s strong trade links and capitalise on its tax-free business policies and cheap utilities. Kizad’s $7.2bn phase one development is set to open in the fourth
quarter, with other industrial clusters to follow. Up to 80 percent of its production will be earmarked for export. “Abu Dhabi is laying the groundwork for a boom in industrial real estate,” said El Fatih Said, CEO of warehouse and office development Abu Dhabi Business Hub (ADBH), based on leased land within Industrial City Abu Dhabi, in Musaffah. Te first two phases of the project include 32,000 sq m of leasable office
space and 67,000 sq m of warehouse space. “Tese zones offer opportunities for people such as us to establish
34 I CITYSCAPE I APRIL 2012
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