Business | Property

Sorouh gears up to deliver phase two of Sas Al Nakhl

Abu Dhabi-based Sorouh Real Estate, one of the largest companies by market capitalisation in the UAE, plans to deliver the $114.2 million phase two of its Sas Al Nakhl residential project in Abu Dhabi later this year, said the company's chief executive officer.

  • By Himendra Mohan Kumar, Staff Reporter
  • Published: 00:48 May 30, 2008
  • Gulf News

Abu Dhabi: Abu Dhabi-based Sorouh Real Estate, one of the largest companies by market capitalisation in the UAE, plans to deliver the $114.2 million phase two of its Sas Al Nakhl residential project in Abu Dhabi later this year, said the company's chief executive officer.

"The Sas Al Nakhl project comprising 486 villas and located next to the Al Raha hotel will be delivered in the summer of this year," Mounir D. Haidar told Gulf News.

"In 2009, another two properties will be delivered - The Sky Tower and The Golf Gardens, both in Abu Dhabi," Haidar added.

He said Sorouh has completed and delivered Al Aloyoon Village - a project comprising residential villas in Al Ain and the phase one of the Sas Al Nakhl project.

Sorouh has previously said it will be releasing Lulu Island and Al Ghadeer mixed-use projects to end-users in Abu Dhabi during the current year. It also has major investment initiatives in Morocco and Egypt.

Sorouh was launched in September 2005 as the largest Abu Dhabi-based, public listed real estate developer with an initial capital of Dh2.5 billion.

Sorouh currently has a market capitalisation close to Dh21 billion and is one of the most widely held issues with approximately 55,000 shareholders in the UAE.

To date, Sorouh has launched projects valued in excess of Dh45 billion in sales value.

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