IIB plans $270m eco-friendly tower
Manama, July 23, 2008
Bahrain-based International Investment Bank (IIB) is to develop a state-of-the-art environmentally-friendly building in Abu Dhabi.
The Dh1 billion ($270 million) mixed use Platinum Green Building, located in Danet Abu Dhabi, is the first of its kind, in the Middle East and North Africa region.
IIB has successfully registered the development for achieving the Leed Platinum Certification under the exacting guidelines of the US Green Building Council.
IIB has a 67 per cent majority stake in financing the fund for the development, demonstrating its commitment to providing the region with developments that not only generate superior returns for its investors but also are environmentally friendly.
"Our decision to invest in this project was a result of Abu Dhabi's market projections for real estate in the coming years which ensure a high potential of return to our investors," said IIB chief executive officer Aabed Al Zeera.
"With our ambitious drive to protect the environment, we will continue to establish green building projects and introduce eco-friendly practices in hopefully all our future real estate projects and others."
To achieve the Leed Certification, IIB has appointed Energy Management Services as consultants.-TradeArabia News Service