Property News · March 15, 2017

ZonesCorp selling off first phase of labour camp outside Abu Dhabi


ZonesCorp, the government-owned developer and operator of industrial zones in the UAE, is selling off the first phase of its new Razeen labour camp on the outskirts of Abu Dhabi.In a statement on Tuesday, the Higher Corporation for Specialised Economic Zones (ZonesCorp), said that it was due to start marketing Razeen A, the first phase of Razeen Labor City to investors.Razeen is a 640,000-square metre purpose-built labour camp close to Al Wathba which can house up to 100,000 workers in four identical compounds.Each compound consists of 18 three-storey, dormitory-style accommodation buildings, three three-storey kitchen and dining buildings, a three-storey clinic, a three-storey administration and security building, a single-storey shopping centre, a mosque that can accommodate 2,000 worshippers at a time, 16 guardrooms and landscaped recreation areas.ZonesCorp said that it was currently working to finish the infrastructure at Razeen city to make it operational by the end of the year.”Demand for housing outstrips supply in this segment of the market as a result of rapidly growing industrial and manufacturing sectors and therefore represents an excellent opportunity for investors, particularly due to its close proximity to the Industrial City of Abu Dhabi,” said Falah Al Ahbabi, the chairman of ZonesCorp.The Abu Dhabi Government has been under pressure to develop state-of-the-art modern labour camps after human rights organisations criticised housing and working conditions in a number of reports in the early 2000s.ZonesCorp currently oversees 28 labour camps which house over 450,000 workers from the industrial sector.A growth in construction and manufacturing in the UAE has led to an increase in popularity for labour camp accommodation among investors seeking new high-yielding asset classes.Property brokers say that yields for labour camps can reach as high as 10 per cent in some cases.Dozens of labour camps are advertised for sale on property websites such as bayut.com and dubizzle, offering camps in the UAE for between Dh10 million and Dh100m.lbarnard@thenational.aeFollow The National’s Business section on Twitter

Source : thenational.ae
Read more…ZonesCorp selling off first phase of labour camp outside Abu Dhabi

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