Aldar-Zabeel in golf course venture
Abu Dhabi, January 20, 2008
Abu Dhabi-based Aldar property developer has signed a joint venture agreement with Zabeel Investments cementing plans to develop a Links Golf Course on Yas Island.
Zabeel Investments executive chairman Mohammed Ali Al Hashimi and Aldar Properties chairman Ahmed Ali Al Sayegh signed the agreement.
The new golf course designed by Kyle Phillips, one of the world's leading golf course designers, will be built on the west shore of the island.
'Aldar's projects reflect our aim to create meaningful developments that not only enhance the community, but also respect and maintain what the land has to offer naturally. We take great measure in ensuring that our projects are 'green,' because we are aware of what a vital role it plays to the beauty and health of our land and understand that it is our responsibility to do our part in protecting it,' Al Sayegh said.
The Links Golf Course, expected to break ground in May, will cover a total land area of approximately 910,000 sq m.
The golf course will only be a few hundred metres from the Ferrari Theme Park. On the inland perimeter of the golf course luxurious villas with exquisite views of the golf greens will be integrated into the natural landscape.
The approximate development value is Dh3.5 billion ($0.95 billion).'This project represents Zabeel Investments’ forays into the Abu Dhabi market and is in line with our strategy to partner with renowned developers for future projects,' said Al Hashimi.-TradeArabia News Service