Thursday, August 14, 2008

First Platinum LEED Certification in Abu Dhabi

Original Article
The International Investment Bank (IIB), a globally focused investment bank based in Bahrain, announced the development of a mixed use Platinum Green Building, located in Danet Abu Dhabi, UAE, a Dhs1bn development project, the first of its kind in the MENA region.

Mr. Aabed Al-Zeera, IIB CEO.
IIB has successfully registered the development for achieving the LEED Platinum Certification under the exacting guidelines of the US Green Building Council. IIB being the major stakeholder of the project by 66.7%, has once again demonstrated its commitment to providing the region with projects that not only generate superior returns for its investors but also are environmentally friendly.

The Development will comprise a 21storey twin-tower building, with two podiums, and three basement levels. One of the towers will be constructed as Grade A quality office units, with state-of-the-art facilities, whilst the other will consist of high quality residential units. The building will also include retail and entertainment units, an aesthetically designed swimming pool, a modern gymnasium, a tech savvy business center and VIP meeting rooms, offering full business service to the residents of the towers, as well as car parking for 798 cars.

The office and residential units will be leased, with the official launch planned in the last quarter of 2008. The fund will exit from the investment within four years and is targeting an Internal Rate of Return (IRR) of 24%.

IIB Chief Executive Officer, Mr. Aabed Al-Zeera, expressed his commitment to Green buildings and commented: "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"

He also added: '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.'

In order to achieve the LEED Certification, IIB has appointed an internationally reputed LEED Consultant, M/s Energy Management Services (EMS). The Architect and Consultant for the project are M/s Khatib and Alami, and the Project Manager is QP International.

The project has successfully completed its concept design having undergone several changes owing to the exacting and strict requirements of IIB and its partners, as well as the soil investigation and the topography surveys. The Project Team are in the process of finalizing the Shoring & Piling Tender Package, which will be released soon. The construction is expected to commence by September 2008.

Mohamed Mejai - Executive Director of Direct Investment and Business Development - said: 'We believe that this new project represents a high quality investment opportunity for our investors, and we are confident that our execution team has the expertise and track record to deliver the requirement of the Platinum LEED certificate ensuring the project is delivered on schedule with the expected returns to our investors.'

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