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2016 Jun 22

Waha Land signs AED 426 million financing deal for development of Stage 2 of its ALMARKAZ Industrial Development

Abu Dhabi, 22 June 2016 – Waha Land, a wholly owned company of Waha Capital has signed a AED 426 million financing package with Emirates Islamic Bank for further development of its ALMARKAZ light industrial real estate project, following the successful leasing of existing facilities.

Stage 2 will add an additional 187,000 m2 of premium industrial and logistics facilities and will also include retail and commercial amenities to enhance the business park experience of ALMARKAZ. The new phase will be constructed in 2 packages.  Stage 2a consist of 92,500m2 of industrial, logistics facilities as well as retail and commercial amenities.  The first buildings of Stage 2a package will be available for occupancy in June 2017. Delivery of the entire 92,500 m2 package along with retail and commercial amenities is expected by the fourth quarter of 2017.

Ali & Sons Contracting L.L.C, a leading Abu Dhabi construction company, was appointed following a rigorous tender process to deliver the initial 92,500 m2 package.

The project is located 25km south of the city of Abu Dhabi and benefits from its close proximity to regional transportation networks including the planned Etihad Rail freight network.

 “ALMARKAZ has proven extremely popular because of the quality of the facility, and its excellent location as a hub in transport infrastructure,” said Hazem Saeed Al Nowais, Chief Executive Officer of Waha Land. “This success has enabled the project to achieve attractive financing. Building on the success of Stage 1, we are moving ahead with our planned development, which aims to meet the needs of the Abu Dhabi manufacturing and logistics market in addition to SME’s. The ability to raise financing with the given economic backdrop further underscores the strong value proposition of the Waha Land business model and the strength of the ALMARKAZ Industrial Development.”

The further development at ALMARKAZ will include flexible industrial building sizes, as well as fitted industrial units, dedicated warehouse and storage facilities, commercial offices and food and beverage outlets to serve the growing working population at ALMARKAZ.

The project’s initial development of 1.5 km2 has high quality road and utility services infrastructure serving the existing Stage 1 and future stages of the development.  Stage 1, comprising of 90,000 m2 of industrial and logistic units, is fully leased.

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