Abu Dhabi based Al Maabar, one of the emirates leading international real estate development companies, today presented a solid progress report of its four landmark property developments.
Established in 2007, Al Maabar has quickly secured a strong footing in a number of key markets and has ongoing investments in Levant, North Africa, Qatar. The publication of today’s update reveals the sheer size and scope of the developments that are being undertaken by the ambitious company, including the recently announced $10 billion dollar Marsa Zayed development in Aqaba, Jordan.
Al Maabar is a partnership between Abu Dhabi’s six leading real estate and investment powerhouses – Mubadala Development Company PJSC, Aldar Properties PJSC,Sorouh Real Estate PJSC, Al Qudra Holdings PSC,Reem Investments PSC and Reem International LLC. These partners give Al Maabar a unique opportunity to tap into their expertise and experience, which then enables Al Maabar to provide its partner countries with access to some of the best resources available in the industry.
Commenting on the success and rapid growth of the company, Al Maabar’s Managing Director, Mr. Yousef Al Nowais, said:
“In just two years, we have quickly established ourselves as an influential force in international real estate. Cityscape Abu Dhabi provides us with the ideal platform to showcase the significant progress we are now making in our projects.
Al Maabar creates iconic developments that are designed not only to make a profit, but to also add real value to countries we invest in, through job creation, talent development, knowledge transfer and economic stimulus.
The current global economic climate has meant that real estate developers have to adopt a more sustainable and responsible business approach. This is something we have practiced since our inception. It is through our responsible fiscal planning and our approach to always deliver the needs of the communities we invest in, which has ensured that we continue to grow organically for the long-term.,” concluded Mr Nowais.
All of Al Maabar’s projects are mixed-use developments and master plan communities, with developments currently under way in the GCC, Levant and North Africa and several more under consideration or at advanced planning stages.
Investors can find more about Al Maabar’s projects by visiting their stand (4 C20) at Cityscape Abu Dhabi 2009.
PROJECT UPDATE:
Jordan -
In Jordan, Al Maabar operates through a wholly owned subsidiary, Al Maabar Jordan. Through this company, Al Maabar is developing the Aqaba waterfront (Marsa Zayed).
Marsa Zayed
Aqaba’s $10billion Marsa Zayed development, named in memory of the UAE’s Late Sheikh Zayed Bin Sultan Al Nahyan, has been designed as a mega mixed-use waterfront project. It is the biggest real estate and tourism project to take place in the history of Jordan and is also one of the most significant real estate developments taking place in the region.
The massive development, which includes 2Km of prime waterfront, will include a number of high-rise residential towers, retail, recreational, entertainment, business and financial districts and several branded hotels. It will also include a state-of-the-art cruise ship terminal, and several marinas that will help transform Aqaba into a premier yachting destination.
On completion, the total built-up area will be 6 million sqm. The development will offer about 3,000 hotel rooms, more than 18,000 residential units of premium villas, villas, townhouses and apartments, and at least 300 marina berths. Groundbreaking is expected in the first half of 2010.
MOROCCO -
Al Maabar has signed a joint venture agreement with L’Agence pour le Développement de Bouregreg to construct one of the largest mixed use developments in Morocco, Bab al Bahr. The inspiration behind the master plan comes from the old streets and walkways of Rabat, where locals and visitors alike would revel in the daily buzz of the surrounding cafes and specialized boutiques. The modernised version maintains the same picturesque and traditional community feeling of the old city, but with a luxurious and contemporary ambiance. Work began on the site at the end of 2008 and is scheduled for completion in 2011.
The iconic development will comprise of a number of high-end residential units, a five-star hotel, retail, office, and public buildings on a site area equivalent to 280,000 sqm and a built up area of 550,000 sqm.
The development will benefit from its strategic location adjacent to the Bouregreg river bank, which provides convenient access to the city’s marina and waterfront. The development is also close to a number of national landmarks including the Grand Mosque of Sale, the Old Mosque of Casbah, and the Minaret Hassan.
LIBYA -
Working closely with the Libyan government to facilitate this development, Al Maabar has created a joint venture with the Libyan Investment and Development Company, to create a landmark project in the southern district of the capital city, Tripoli.
The Al Waha project will require the construction of four city blocks, with a total of 11 residential buildings, which will vary in height from 9 to 16 storeys and comprising of over 300 units, a 31 storey office block and extensive parking facilities.
A major component of the project will see the development of a 31-story luxury branded hotel with almost 300 rooms and over 100 serviced apartments. The hotel will be named the Rayhaan Rotana and whilst it will respect the beliefs and culture of guests, it has been designed to present the image of a new Arabia. It will offer a number of activities to guests including a health club, swimming pools, spa, conference and banqueting areas.
The construction has already begun on the development and the first floors of the residential buildings are now clearly visible.
www.almaabar.com
