Baniyas Investment and Development Company (BID), the investment arm of Bani Yas Sports Club, has made significant progress in the Dh3 billion ($0.81 billion) Bawabat Al Sharq project – a mixed-use development community located in Bani Yas, Abu Dhabi.

Phase I, which is scheduled to be completed by the third quarter of 2010, recently crossed over the 15 per cent completion landmark and other infrastructure related plans are currently under way.  The company has also confirmed that 90 per cent of Phase I of the project, totaling 190 units, has been sold and leased, said an official spokesman.

“We are proud to announce that the construction work at Bawabat Al Sharq is moving ahead at a good pace. Despite the changing economic conditions, we are confident in our product and will move ahead as planned,” said chairman of BID Jawan Alkhaily.

“Bawabat Al Sharq is designed to reflect history and culture with a primary goal to blend the love of sport, retail, style and comfort. This development will provide an impetus to the economy of Baniyas by enhancing its appeal for leisure and tourism.”

BID is continuing with its ongoing efforts to appoint and engage in tie-ups with markets leaders for development plans of other amenities within the project. – TradeArabia News Service