The property market in Abu Dhabi will witness 200 new buildings during 2008 and 2009, with the Abu Dhabi Commercial Bank (ADCB) deciding to take-over the management of the Commercial Buildings Department, known as Shaikh Khalifa Committee.
The 200 odd buildings signify the newly approved projects that will be introduced and managed in the same manner as stipulated by the Khalifa Committee.
The Chief Executive Officer of ADCB, Ervin Knox said that although the exact numbers are yet to be revealed, there are about 3500 commercial buildings, comprising about 55,000 residential units, which is still in the process of being taken over, but 1st July 2008, is the target date for complete takeover.
At present, the process of takeover is as scheduled, and the government has just closed a tender for the management of the department, that had been awarded to the ADCB during 2006. By taking over the management of this government activity, the ADCB aims to improve the service while also maintaining/reducing the existing cost structure based on each case.
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