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Abu Dhabi: Al Dar Properties is planning substantial expansion and diversification of its activities to include education, healthcare, hotel management, and more a top executive said.
"We are planning to develop 30 hotels in the next seven years, some of which are to be operated by international chains, while others are to operated by Al Dar Hotel Management that will be announced soon," Ahmad Al Sayegh, chairman of Al Dar Properties, told Gulf News yesterday.
The company is also planning to launch Al Dar Academies, a company that seeks to develop 20 schools within five years.
"Al Dar is also participating with the government by developing 5,000 units out of the 15,000-unit Al Falah development," he added, adding that the purpose of having Al Dar as a partner is to ensure that the new development enjoys all the services required.
The company has recently signed financing agreements with three banks, and will launch a new financing company in the first quarter of 2007, in a partnership with First Gulf Bank.
Al Dar also is developing two labour-housing compounds. "In Abu Dhabi, we are developing a housing estate for 35,000 workers, and another in Al Ain for 15,000. Both will be ready before the end of 2007," Al Sayegh said.
"We are planning to launch Al Dar for Healthcare Services. We will develop hospitals and medical facilities for others at the outset, and operate our own hospitals and clinics later," he said.
"We are also working on establishing joint ventures to have our own contracting companies, the first of which will be announced soon, as well as building materials companies, to cater to our need for cement, paints, and others," Al Sayegh added.
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