Makaseb Holding, a regional development and investment company, and Ta’sees, the subsidiary real estate development and investment arm of Tamerat Almousa Group, announced today (Tuesday, November 28, 2006) the launch of Quattro West, their latest US$ 270 million (AED 1 billion) joint venture project at a press conference held at Dubai’s iconic Burj Al Arab hotel. Quattro West will be built at Jumeirah Village, Dubai’s emerging business hub, and will target the region’s commercial and hospitality sectors.
The project launch came following the recent signing of an agreement between Hesham Abd Al Ghani, Founder, Makaseb Holding; and Saad Ibrahim Moosa, President, Ta’sees. The project comprises four 30-storeyed towers erected above a common five-floor high base structure. These five floors will feature shopping malls, a banquet hall, a convention centre, a business centre and a parking facility. Two of the four towers will offer commercial office space while the other two will consist of 260 hotel apartments and suites. Altogether, Quattro West will occupy a ground area of 103,000 square feet with a built up area of one million square feet.
Hesham Abd Al Ghani, Founder, Makaseb Holding said: “Quattro West follows the hugely successful launch of our first Quattro project five months back which sold out quickly, reflecting the high level of investor confidence in our projects and in the rapidly growing regional real estate market.”
“Quattro West is ideally located in Jumeirah Village, Dubai’s next centre of commercial and corporate activity and demonstrates Makaseb’s capacity to finance and promote world-class projects that offer investors attractive properties with high returns and relatively low risks,” he added.
“Makaseb looks forward to furthering its participation and cooperation with Ta’sees through the joint Quattro West project. This follows our rewarding collaboration on the AED 3 billion Plaza Mayor project, a mix-use business and hospitality destination in Jumeirah Village, and we are confident of achieving similar results on this latest venture as well,” Al Ghani said.
Launched with an AED 20 billion fund, Makaseb Holding is a joint venture between the Rufi Group of companies, Sharm Land Limited, A&A Investment and Quattro, and has embarked on a rapid expansion and diversification strategy that draws on its founding companies’ diverse international experience and regional networks.
Saad Ibrahim Moosa, President, Ta’sees said: “We are delighted to be working with Makaseb on Quattro West. The UAE’s economic development has generated much demand for corporate and hospitality projects and Ta’sees is proud of its ability to contribute to the growth of the country’s real estate industry.”
Ta’sees is a premier development and investment company with a portfolio of prestigious residential and commercial projects in the UAE. It was formed following a partnership between Saudi Tamerat Al Mousa, which represents several Saudi private and family-owned businesses, and the UAE’s Ali Mousa & Sons Group, an established investment company.
