News Archive

NREC signs an agreement with Reem for the reservation of land plots in Abu Dhabi

09 - November - 2007

Kuwait Stock Market has announced that NREC advised that it signed an initial agreement with Reem Real Estate Development Company for the reservation of five land plots in Najma development project in Reem Island, Abu Dhabi.

The said plots are located in the front part of the island facing the rest of Abu Dhabi, of which four plots overlook the Gulf’s coast directly at the outlet of the new 10-lane bridge, which is about to be completed. It connects the island with the rest of Abu Dhabi, making these plots very close to the city’s important sites. Furthermore, the island itself is very promising, with massive investments and developments from several companies in the area. The value of these land plots amount to approximately AED 1.1 billion. The company plans to develop these plots as a commercial center, aiming to be one of the biggest of its kind and a benchmark in the Arabian Gulf. This is in addition to unique residential towers. The initial estimated cost of the project development amounts to approximately AED 2.9 billion.