National Ranges Company K.S.C.C. (Mayadeen), a listed Kuwaiti shareholding company, will launch its Aurora Project with full finance options at this year’s Abu Dhabi Cityscape event, as well as showcase its second Shams Abu Dhabi project – Dari.

In the lead-up to Abu Dhabi’s largest property event, the company announced that it is working in cooperation with banks and finance companies to provide Aurora customers with innovative financing schemes and programs, in addition to Mayadeen’s flexible in-house financing solution.

“Visitors to Abu Dhabi Cityscape will be offered the first of a unique opportunity, which will give them greater flexibility when financing Aurora property,” says Mayadeen CEO Naser Ali Al-Attar. “Our in-house flexible finance solution offers a variety of payment plans suitable to individual budgets and requirements.”

“We expect that our participation in this exhibition will be very distinguished, highlighted by the launch of our flagship project, Aurora.”

Located in Shams Abu Dhabi on Al Reem Island, Aurora is made up of 2 residential towers. The North Tower and South Tower will be 53 stories each, raising 208 meters high, providing a total 937 apartments ranging from one bedroom to four bedroom deluxe and duplex rooms. There is also a 14 storey commercial tower offering 112,000 sq. feet of commercial space ranging in size from 4,100 to 8,500 sq. feet. A canal promenade with retail space and a 12 storey intelligent state of the art parking building that can accommodate 1,674 cars are included for residents’ convenience.

The initial phase of shoring and piling work is complete and the company is currently in the second phase, which will include the foundation structure and MEP work. The total value of the project is $450 million or AED 1.6 billion.

Aurora and Dari have the most space efficient projects in Cityscape with the biggest and only automated car parking system on Al Reem Island, housing a total 3221 automated car parking and 194 conventional parking spaces in both projects.

Al-Attar says that Mayadeen’s main goal in participating at Cityscape Abu Dhabi is to build upon the trust its investors have placed in the company.

“In a crisis people return to brands they know and trust which, along with value for money, are key themes for Mayadeen,” he says. “The management has been carefully monitoring the nature of the financial slowdown across the region’s property sector.  As a consequence, it has taken prudent steps to ensure its projects remain on track.”

In response to the current economic and business environment, Mayadeen has introduced initiatives to reduce its 2009 capital expenditure to below that of 2008 levels. However, Al-Attar has stated that Mayadeen will continue to invest in areas of growth and the company is “committed to delivering on all undergoing projects”.

“Management has been carefully monitoring the nature of the financial slowdown across the region’s property sector.  As a consequence it has taken prudent steps to ensure all Mayadeen’s projects remain on track.”

Al-Attar and Mayadeen believe that although the region may yet experience further pressure, even pain, in the short term, the medium to long-term growth story remains robust.

“The economic structure of the region is fundamentally different to that of developed and other emerging markets. Although oil prices have fallen by over US$100 a barrel over the past four months, we believe that GCC economies have sufficient cushions to sustain economic growth, although constrained, until the world economy picks up,” he says. “With increasing revenues from the non-oil sectors, together with the wealth generated by sovereign investments, the region's economies are set for continued strong but moderating growth.”

“The GCC states are among few in the world that can view the current crisis and see potential opportunities. While there will certainly be bumps in the road as these relatively young economies settle and shift in the face of a turbulent world economy, responsible management of vast oil wealth has put the GCC states in a position to weather the financial crisis, and weather it well.”

Al-Attar adds that there is every reason to believe this will be the case.

“The GCC region enjoys great financial reserves; it is politically stable and sits in a prime position between the established economies of Western Europe and the emerging markets in the east.”

We think that Cityscape Abu Dhabi 2009 show will give the right indications of the market direction of the Abu Dhabi market in particular, and UAE market in general.

“In preparation of this, it is our aim at Cityscape is to reinforce our profile as a quality property developer of vision and substance,” Al-Attar concludes. “Networking is a vital component in any businessman’s planning.  To have the opportunity to do so in the focused environment of an event of this stature is enormously useful and beneficial.”