Community Development in the UAE essay

Aabar Investments PJS is an investment firm with its central offices located in Abu Dhabi, UAE. The organization was founded in 2005. The company invests in different sectors, including infrastructure, real estate development, energy, commodities, aviation, automotive sphere, and financial services (Aabar Properties LLC). Aabar Investments PJS prefers to make massive investments in real estate since this sphere is characterized by considerable money exchanges. Aabar Investments PJS is currently operating as a government owned private joint stock company. Before becoming a private company, the firm was known as Aabar Petroleum Investments Company and operated as a subsidiary firm of International Petroleum Investment Company PJSC. The conversion from a public joint stock firm to a private joint stock company took place in September 2010, after the firm had been delisted from Abu Dhabi Securities Market on 14 September 2010 (Aabar Properties LLC).

The firm is directly related to the government since its parent company International Petroleum Investment Company PJSC is fully owned and controlled by the government. Aabar Investments PJS operates as a subsidiary firm under the name of Aabar Properties LLC, which handles the development of properties in Abu Dhabi. Aabar Properties LLC has been signing contracts and partnerships with foreign governments for the sake of property development. The current agenda for Aabar Properties LLC is the achievement of Vision 2030 for Abu Dhabi regarding housing and accommodation (Aabar Properties LLC). Through its subsidiary firm and the government of Abu Dhabi, Aabar Investments PJS manages housing development for its clients in an attempt to stabilize property development and eliminate the problem of inadequate housing in the UAE. Community development entails the improvement of living standards and the quality of constructed buildings. The main goal of Aabar Investments PJS is to monitor the activities of its subsidiary firms and ensure that property developers access adequate funding and complete their projects on time (Aabar Properties LLC).

 

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There is a serious problem with housing in Abu Dhabi and Dubai, which pushes the government to put measures in place to ensure new houses are build according to specified standards. In May 2012, Aabar Properties LLC signed a 2 billion dollar contract with the government of China for the development of 30 properties within Abu Dhabi (Bundhum, 2012). The properties were supposed to be 5-star hotels, office suites, and apartments. Industrial and Commercial Bank of China (ICBC) was the provider of financing, while the China State Construction Engineering Corporation was the contractor for the projects (Bundhum, 2012). This was a major attempt by Aabar Investments PJS to eliminate the problem of unemployment and housing in Abu Dhabi. The services provided by the company to the members of the public include property management for private developers and renting of completed buildings, including offices and accommodation suits. The current projects of the company include Najmat, Al Raha Beach, Shams C12, IPIC Square, Saraya, Rawdhat C69/77, Rawdhat C59, Al Durrah Tower, Hard Rock Hotel, and Maysan (Aabar Properties LLC). Aabar Investments PJS invests in banks by buying shares in order to support private developers and help them receive funding.

The federal government of the UAE and the administration of Abu Dhabi influence the manner in which Aabar Investments PJS conducts its business by issuing government policies. Abu Dhabi is regarded as one of the richest urban places within the UAE, and its society is characterized by massive diversity. Most of the people who do business there are from foreign states, attracted to Abu Dhabi by its adequate business opportunities (Aabar Properties LLC). Due to social diversity, the buildings that Aabar Investments PJS develops are meant to suit everybody regardless of their background. Diversity greatly influences the ways in which the company constructs its hotels and runs business. It takes into consideration the richness of the cultures from different parts of the world. Social diversity is a major determining factor in the development of properties in Abu Dhabi since various people require differentiated services. Since Chinese have become part of Aabar Investments PJS’ business partners, the hotels that are developed include Chinese food and facilities as well as Arabic, European and African.

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The UAE government ensures that when employing workers, firms have to consider locals before foreigners, and this policy is adopted by Aabar Investments PJS and its subsidiary firms (Aabar Properties LLC). Further, business ethics requires the firm to always do the right thing no matter how it will affect it and ensure that the activities of the business do not negatively influence the society. Aabar Investments PJS, in its turn, conducts its business in the diversified community according to this principle. The presence of this firm has influenced the community through availing affordable housing and supporting the aviation industry and the banks. Initially, it was difficult for business start-ups to receive financing in the UAE, but these days, most banks are supporting business ideas at their inception. The aviation industry has seen a change and improvement in the services offered to low-income travelers due to the investments and influence by Aabar Investments PJS.

In addition, the company owns a stake in XOJET, which is an American flight firm operating in the Middle East. In 2010, Aabar Investments PJS invested 20 million dollars in the aviation field in an attempt to expand the business and reach more people who need services of private jet services. Since then, other firms have followed the company’s example and are now equally competing with XOJET in providing first class services at low prices. This is a positive influence on the society since the UAE’s businesses bring back their revenues to the country. Other property development firms have been challenged by the manner in which Aabar Investments PJS conducts its business, and currently, most of them are looking for partners from other countries to get finances to complete their projects and contribute to the achievement of Vision 2030.