Arabic Aldar Properties to be free of taxes in Astana

Kazakhstan, Astana, June 22 / Trend K. Konirova /

Arabic company Aldar Properties will deal with construction of housing estate Abu Dhabi Plaza in Astana. This company will be free of VAT and customs duty, minister of industry and trade Aset Isekeshev said in the Senate on June 22 answering the question of upper chamber of the parliament.

"Arabic Construction Company, as well as contracted organizations operating in construction of this housing estate are free of VAT and customs duty within period of construction and 20 years more," Isekeshev said. 

These preferences will cover only construction and contracted organizations. But other companies dealing with organization of hotel work and sale of flats will pay taxes, he said.

"We make a compromise with Arabic side during talks. So, we get investments in the amount of more than $1 billion at these terms," Isekeshev said.

Such tax preferences are given taking into account multiplicative effect, he said. Realization of this project will give this result. This result includes creation of new jobs, orders to local enterprises on construction material production. It should be noted that this project is image project. 

Famous British architect Norman Foster will be author of project of multifunctional complex Abu Dhabi Plaza in Astana. Foster is author of the project Palace of Peace and Reconciliation in Astana.

Abu Dhabi Plaza will consist of several towers. The biggest one will reach 382 meters (88 floors). It will be the highest building in Central Asia and the 14-th in the world. The project is worth over $1 billion. 

Aldar Properties will construct Abu Dhabi Plaza. Aldar Properties is one of leading construction companies in UAE in real estate. Construction is planned to complete in 2012.

The Kazakh side gave section for construction of object in one of prestigious region of Astana. Construction is planned to begin in July 2009.

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