Abu Dhabi developer Imkan Properties will launch new projects ahead of schedule this year amid strong demand for property in the capital.
A subsidiary of Abu Dhabi Capital Group, Imkan said a “remarkable” sales performance contributed to the sell-out of Pixel on Reem Island, Nudra on Saadiyat Island and the first phase of AlJurf Gardens, its “Riviera” project on the coast between Abu Dhabi and Dubai.
As a result, it will launch new projects ahead of schedule in the Makers District on Reem Island and AlJurf this year.
“The right design, in a premium location, developed by a trusted developer continues to represent a quality investment opportunity, and our projects fit this profile,” said Suwaidan Al Dhaheri, managing director at Imkan.
“Our radical approach to placemaking has contributed to a portfolio of 26 projects on three continents, maximised financial value, minimised risk for investors and created unique living environments focused on the well-being of our residents.”
Abu Dhabi recorded 7,474 property transactions worth more than Dh22.51 billion ($6.12bn) in the first six months of the year, as the UAE’s property market continues to rebound from the coronavirus-induced slowdown.
Imkan announced sales of the second phase of AlJurf in June, with 98 villas available. The first phase, comprising 293 small, “ranch-like” villas, is due to be completed by mid-2023 at the Dh15bn, 370-hectare project.
It is being developed as a coastal retreat for UAE city dwellers and is seeking to conserve 100,000 trees, sea turtles and other wildlife. There will be a private marina, a private beach and a large central park.
Meanwhile, Pixel, within the Makers District, has more than 500 units across seven towers, with an open plaza offering artisanal dining, cafes, co-working spaces, offices and shops.
A host of new developments have been announced across Abu Dhabi this year.
Earlier this week, Bloom Holding launched the second phase of its Bloom Living project, which on completion will offer more than 4,000 residential units.
Aldar launched Yas Golf Collection and Yas Gate Park on Yas Island, plus apartments at Grove District on Abu Dhabi's Saadiyat Island. It is also developing The Louvre Residences on Saadiyat Island.
On Reem Island, Reem Hills will be an Dh8bn gated community covering an area of 1.8 million square metres, and is to be built on a man-made hill — a first for the UAE capital.
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Australia tour of Pakistan
March 4-8: First Test, Rawalpindi
March 12-16: Second Test, Karachi
March 21-25: Third Test, Lahore
March 29: First ODI, Rawalpindi
March 31: Second ODI, Rawalpindi
April 2: Third ODI, Rawalpindi
April 5: T20I, Rawalpindi
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
