Abu Dhabi-based developer Bloom Holding aims to be the first to begin work in Abu Dhabi’s new Madinat Zayed Central Business District (CBD), The National reported.

Bloom says it plans to build 2,000 housing units in an area dubbed Bloom District, occupying around 15% of the total CBD area. The units are designed to be rented out at starting from AED 40,000 per year.

Bloom’s Chief Executive Sameh Muhtadi told The National his company had already submitted concepts to the Abu Dhabi Executive Council and was looking to submit a formal master plan in around six months.

Muhtadi also says he would be happy if development could start at the end of 2017 but that 2018 seems a more realistic timeframe.

Last week, the Executive Council announced a AED 1 bn infrastructure package for the new development.