News Archive

NREC executes Najmat Abu Dhabi Project for $1 billion

31 - December - 2007

Mr. Khaleel Al-Abdullah, Chief Executive Officer of NREC, said the company is gearing up to execute Najmat Abu Dhabi Project, the cost of which (including the land and investment) amounts to $1 billion. The project will be fully owned by the company.

Mr. Khaleel said in a special statement to the news agency that the project will comprise of four deluxe residential towers, the largest commercial mall in Abu Dhabi, a part of which will consist of administrative offices, landscaped scenery and restaurants. He also added that the construction of the project will commence by the beginning of June 2008 and will continue for the next three years.

Furthermore, Mr. Khaleel said the company’s strategy, which began to be implemented in 2006, will continue up to the end of 2008 and is based on the company’s entry in promising markets in cooperation with the public sector. This was represented in Jordan, Egypt, Libya and Iraq. NREC was represented in the private sector as a first party and the governmental companies representing these countries were the public sector. He affirmed that the company is currently managing projects amounting to a value of $1 billion and looks forward to increasing their size within the next four years.