Property Development

ABG has been a pioneer in the establishment of a UAE-based property development company. Today, the Group shares a number of premier projects with major developers including Sorouh, Aldar and Al Qudra. Al Badie Towers on Lulu Street, Abu Dhabi, is an 18- storey building boasting 66 three-bedroom apartments, first floor offices and showrooms. The Beach Towers project on Al Reem Island has also been a great success. The uniquely designed twin towers comprise approximately 400 flats, most of which sport panoramic sea- views. The property was sold out before the tender was released. In 2008, ABG signed an agreement with MIRVAC International Investments Limited, which saw the formation of two joint venture companies to undertake large-scale, precinct-level, property development projects and hotel management. MIRVAC is an Australian Public Company listed on the Australian Stock Exchange within the Listed Property Trust (LPT) Index, with a market capitalization of approximately AUD 5.6 billion and approximately AUD 24 billion in assets under control or advice within Australia, the United States and United Kingdom. MIRVAC is currently undertaking a strategic global expansion initiative and has identified the UAE and Al Badie Group as desirable partners with whom to establish business operations that can secure market shares within the hotel and residential sectors. Current property development projects within ABG amass, on their own, a total value of USD 800 million.