Al Barari finalises investment deal with ADCB, Burooj Properties, OEIHC
Al Barari, the premium property developer that has carved a niche in the industry for developing exclusive, distinctive and sustainable communities, has finalised a deal that will have Abu Dhabi Commercial Bank (ADCB), Burooj Properties, Abu Dhabi Islamic Bank's (ADIB) properties subsidiary and Oman Emirates Investment Holding Co SAOG (OEIHC) each taking a minority stake in its flagship project which also carries its name.
Al Barari Executive Chairman, Mr. Zaal Mohammed Zaal said, 'Our vision is not only focused on developing inspirational, low density, high quality and ultra luxurious living spaces, but to lead the way in sustainability development and responsibilities through well integrated green design concepts, renewable energy, a sustainable approach to water use and recycling, to building materials, technologies and techniques. We are determined to set the standard and the credentials of sustainable developments and social responsibilities in the UAE.'
Al Barari's CEO Nadia Zaal sees the investment as an affirmation of Al Barari Project's success: 'This investment deal, for which KPMG provided financial advisory services, is in line with the company's goal of joining with strategic partners who will add value in the short and long term. Al Barari project is a unique development that transcends current property trends as well as standards in exclusivity, density, amenities, location and quality, and environmental standards'
Abu Dhabi Commercial Bank's (ADCB) involvement is a clear vote of confidence for the project. 'We have recognized the uniqueness of Al Barari project in terms of its residential offering. It is amongst the few quality products in the market that truly cater to the aspirations of the discerning home buyers,' said Alok Kakar Senior Vice President & Head of Corporate Finance, ADCB.
Another financial giant joining the partnership is Burooj Properties, the properties subsidiary of Abu Dhabi Islamic Bank, the world's largest Islamic banking institution by capitalization. Commenting on his company's investment, Burooj's General Manager Mr. Adel Al Zarouni, said, 'We trust in the vision and leadership behind this project. Al Barari's key strength lies in its executive team, which brings together a wealth of experience across all aspects of the development process. This has, we believe, been instrumental in generating returns well beyond expectations, and as such is considered to be a key investment for us'.
Oman & Emirates Investment Holding's CEO, Mr. Awad Mohammed Bamkhalef has further confirmed the project's unique investment value: 'We believe that Al Barari Project is an excellent investment vehicle. It has in less than 2 years, developed unique sales and marketing channels which enabled it to establish an impressive global network of relationships as well as build strong brand equity'.
About Al Barari LLC
Al Barari LLC was founded by Mr. Zaal Mohamed Zaal in 2005 to provide high net worth individuals with innovative housing. Al Barari Development's mission is to continuously raise the benchmark of the quality of property development in the U.A.E. through the development of eco-conscious sustainable communities and the implementation and utilization of new standards in estate planning, environment controls, and ongoing quality driven management. Al Barari LLC is credited with the conception and development of the unique Al Barari community.
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