Business | Construction
Al Maabar to invest Dh20b in Tunisia
Al Maabar, a joint venture company formed by UAE property developers and investors to execute projects overseas, plans to invest Dh20 billion over a 20-year period to develop a mixed-use project in Tunis.
- By Himendra Mohan Kumar, Staff Reporter
- Published: 01:20 November 2, 2007
Astana, Kazakhstan: Al Maabar, a joint venture company formed by UAE property developers and investors to execute projects overseas, plans to invest Dh20 billion over a 20-year period to develop a mixed-use project in Tunis.
The project will comprise hotels, resorts, marinas with built-in spaces for residential and commercial use, Yousuf Al Nowais, the company's managing director said yesterday.
Al Maabar has been formed by Abu Dhabi-based real estate developer Aldar Properties, Al Qudra Real Estate, Sourouh Real Estate, Al Reem Investments and Al Reem International. "The master plan for the project is still under study, it's expected to be ready by the end of Nov-ember," Al Nowais told Gulf News.
He said during the project's first phase, Al Maabar expects to invest about Dh10 billion in the Tunisian capital.
Al Nowais said Al Maabar will start development on a proposed Dh1.7 billion waterfront project in Rabat, called Bab Al Bahar, in the first quarter of 2008.
The project will comprise residential units, commercial spaces and a hospitality component, in the heart of the Moroccan capital and would be executed by a joint venture of Al Maabar International Investment and Morocco's Bu Ruqraq Agency. "The project should be ready by early 2011," he said.
Other future ventures of Al Maabar include four projects in Libya and one in Sudan, said Al Nowais.
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