| Member Options |
|---|
| Property Search | |||||||||
|---|---|---|---|---|---|---|---|---|---|
|
| Real Estate News |
|---|
 |
Azizi Investments confirmed purchase of land at Mina Rashid Arabtech Construction to construct Dubailand Project Radisson SAS Residence, Dubai Marina opens luxury apartments |
Emaar finalizing masterplan of Zowara-Abou Kemash area
- June 17, 2007, 2:47 pm
Emaar Properties, the UAE-based global property developer, is finalizing the masterplan design to develop the Zowara-Abou Kemash area on the Mediterranean coast near Tripoli, Libya.
Emaar has extended by another six months the Memorandum of Understanding (MoU) signed with the Zowara-Abou Kemash Development Zone to develop the project, which is the largest in Emaar’s global mega-project portfolio.
The 380 million sq metre (38,000 hectares) development, a joint venture by Emaar Properties and the Zowara-Abou Kemash Development Zone, encompasses residential, commercial, industrial, educational, healthcare, leisure and entertainment components that will attract foreign investment and generate employment opportunities for Libyans.
Mr Mohamed Ali Alabbar, Chairman, Emaar Properties, said: ‘The Libyan government has announced several development initiatives that encourage foreign direct investment and provide a greater role for the private sector in fueling economic growth. The joint venture with Zowara-Abou Kemash Development Zone will be a landmark development for the country, as well as for Emaar.’
He added: ‘The size, scale and scope of development reiterate Emaar’s commitment to Libya’s growth plans. The various components of the project will be growth engines for the Libyan economy as they offer investment opportunities in several high-growth sectors such as industries and hospitality. To give further impetus to investment inflow, Emaar is already in negotiations with our overseas partners to co-invest in the project.’
Moving forward on the project, Emaar is currently finalizing the masterplan proposals submitted by three US firms and a Singaporean company. ‘The project’s sheer vastness of size and scale makes its masterplanning a design challenge,’ said Mr Alabbar. ‘An expert team of professionals is evaluating the four proposals and the final design will be unveiled soon.’
The Libyan project further consolidates Emaar’s presence in North Africa, where it has already launched several developments in Egypt and Morocco. ‘Emaar is privileged to partner with the Zowara-Abou Kemash Development Zone, which is committed to developing a vibrant tourism, industrial and commercial environment area that attracts foreign investment,’ said Mr Alabbar.
Engineer Al Saadi Moaamar Al Qazafi, Chairman of the Board of Directors of the Zowara-Abou Kemash Development Zone said: ‘This project marks the successful implementation of the Libyan government’s development policies, which will usher in a new era of economic prosperity for the country. Emaar has a successful track record of delivering mega projects, and together we will offer a world-class living and business environment that attracts foreign investors.’
Emaar’s international expansion and diversification plans are in line with its Vision 2010 to become one of the most valuable companies in the world. Work is ongoing on Emaar’s prestigious project in Saudi Arabia, the 168 million sq m King Abdullah Economic City, which is the single largest private sector-led development in the Kingdom.
Related News
Emaar Pakistan hosting roadshow in Dubai on July 16
Emaar unveils Standpoint residences on Burj Dubai Boulevard
Gulf real estate projects jump 59 per cent to USD143b
Emaar launches Tower 2 and Boulevard Apartments
UAQ Marina breaks ground for first phase of residences
Latest News
Dubai Property Prices to fall by 2011
Tamweel announced that it expects higher growth in 2008
Realty Capital cooperates with Al Naboodah to boost i-Rise
Nakheel partners with US food retailer Balducci’s
| Currency Converter | |||||
|---|---|---|---|---|---|
|