(ABU DHABI, UAE) - Today's launch of the dual Eco Towers demonstrates a new level of concern about the environment in the Middle East and continuing faith in the economy of Abu Dhabi at a time when real estate investment around the world seems to be slowing.
Eco Towers is to be the most energy efficient building project in the Middle East aiming for a Platinum or highest LEED rating when construction is completed. LEED or Leadership in Energy and Environmental Design measures sustainability in such areas as construction materials, water, energy, and emissions.
The project comes from Connection Real Estate, an Abu Dhabi company that is a subsidiary of International Investment Bank (IIB) from Bahrain and United Friends Company, also from Abu Dhabi. Speaking at a news conference today to launch Eco Towers, IIB CEO Aabed Al Zeera said that despite the negative climate in some parts of the world, he believes that the two towers, one for commercial space, the other for residences, are a good investment.
"We are in a different life cycle in Abu Dhabi," Al Zeera said. "This is the right time to launch here. We are attracting regional and international companies, big deals are taking place, and there is a shortage of apartments and commercial offices."
Eco Towers is expected to cost more than $272 million. Shoring work will begin in the next two to three weeks, followed by construction, with occupancy slated for the first quarter of 2011.