Partnerships Announced for Retail and Education Initiatives
Abu Dhabi Investment Office Initiates Major Development Agreements to Enhance Urban Living and Economic Prosperity
ABU DHABI (WAM) – In a noteworthy stride towards promoting economic vitality and improving the quality of life for its residents, the Abu Dhabi Investment Office (ADIO) has entered into a series of Musataha agreements with local investors. This initiative, which aims to foster public-private partnerships, was formalized during the recent fifth edition of the Al Multaqa quarterly meetings, orchestrated by the Abu Dhabi Department of Economic Development (ADDED) in collaboration with ADIO.
The agreements encompass the establishment of two retail centers and a new educational institution, strategically designed to meet the increasing demands of residents and businesses alike. These projects are not merely developments; they represent a commitment to shaping inclusive communities that are equipped with modern amenities.
The first of these initiatives is Misnaad Mall, a commercial hub poised to rise in the heart of Madinat Al Riyadh, Abu Dhabi. This ambitious project will feature over 1,000 square meters of gross leasable area (GLA) dedicated to retail and food and beverage (F&B) outlets. Developed by Misnaad Alehterafya Contracting, the mall is being crafted to fulfill the evolving aspirations of consumers seeking contemporary shopping experiences. By enriching the local retail landscape, Misnaad Mall is expected to invigorate the economy by generating jobs and stimulating entrepreneurial ventures.
Meanwhile, in Al Ain, the forthcoming Pro Shops 2 is set to redefine the retail experience within the Al Dhahir district. Spanning over 2,500 square meters of GLA and developed by Danat Alsharq Contracting Company, this project aims to create a lively commercial destination. It will not only serve as a retail and dining option for residents but will also function as a community hub, thus bolstering local businesses and fostering a sense of connectivity among residents.
The educational front is equally promising with a new agreement spearheaded by ADIO and the Abu Dhabi Department of Education and Knowledge (ADEK). This partnership has landed a significant project: the Shining Star International School in Al Wathba, Abu Dhabi. This state-of-the-art facility is projected to span over 30,000 square meters and represents an investment of Dh97 million. With a capacity to accommodate up to 4,000 students, the school will offer a curriculum founded on the Indian educational framework, covering Grades 1-12. Its establishment underscores an unwavering commitment to enriching educational offerings in the emirate, catering to the needs of its diverse populace.
These developments are aptly positioned to provide essential services to Abu Dhabi’s residents while concurrently stimulating economic growth. They align seamlessly with the emirate’s broader objectives of sustainable development and social cohesion.
Mansoor Al Bastaki, Head of Musataha at ADIO, articulated the significance of these projects, remarking, “These initiatives are a powerful testament to the effectiveness of public-private partnerships and the advantages born from collaborative efforts to propel economic progress and uplift the communities of Abu Dhabi. Through the Musataha programme, we are unlocking the potential of the emirate’s public land, fueling investments that significantly enhance the quality of life—from world-class retail spaces to advanced educational institutions. As these projects materialize, they will be crucial in driving the dynamic development of Abu Dhabi.”
The Musataha programme, as outlined by ADIO, provides UAE national investors with the unique opportunity to develop infrastructure projects on public land, employing competitive pricing models that bolster investor confidence. By nurturing this collaboration, the programme ensures that investments are aligned with community needs, thus facilitating sustainable growth.
The Al Multaqa meetings, organized by ADDED and ADIO, serve as an essential platform for dialogue among the local business community, family offices, and government officials. These gatherings are instrumental in updating stakeholders about the state of the economy while also spotlighting investment opportunities available in Abu Dhabi. The dialogues foster a cohesive relationship between businesses and government entities, instrumental in informing policies that unlock further investments.
As Abu Dhabi continues to evolve, these groundbreaking initiatives exemplify the emirate’s unwavering dedication to enhancing urban living and encouraging economic dynamism, setting a precedent for future developments that prioritize community welfare and sustainable growth.
Tags: #UAE, #EconomyNews, #RealEstateNews
