| 25 Mar 2008 |
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UAE's Hydra Properties, Kuwait's Al-Aqeelah and Tassameem Real Estate establish Hydra Al Aqeelah Development Co.
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Partnership aims at developing one of the most vital real estate projects in the region
Kuwait, March 25, 2008: Hydra Properties Real Estate CompanyHydra Properties Real Estate Company
, one of the leading real estate development firms in the UAE, alongside Kuwait-based Al-Aqeelah Leasing, Finance and Investment CoAl-Aqeelah Leasing, Finance and Investment Co., and Tassameem Real Estate Co., have announced the signing of a partnership agreement to establish Hydra-Al-Aqeelah Development Co., which will develop the Aqeeq Al-Marina, a mega real estate venture in the region, which will be located in Kuwait's resort city of Khairan.Riyadh Al-Ali, Vice President of Al-AqeelahAl-Aqeelah
, and Chief Executive Officer of Hydra PropertiesHydra Properties Dr. Sulaiman Al Fahim, jointly stressed during a press conference held Tuesday morning, the importance of this new strategic partnership, which signifies an important turning point in the Kuwaiti real estate development, particularly since the Khairan project is one of the largest and most important real estate projects in the entire region.Dr. Sulaiman Al Fahim emphasized the importance of this strategic partnership and the unique identity embodied by the Aqeeq Al-Marina project, in which Tassameem Real Estate is also a partner. He added that this partnership is a continuation of efforts exerted by officials at Hydra PropertiesHydra Properties to promote the real estate sector's activities. He added that Hydra PropertiesHydra Properties has already signed similar partnership agreements with Al-Qudra Holding CompanyAl-Qudra Holding Company, based in the UAE, to establish a company that develops both the real estate and investment sectors. He also pointed out that Hydra PropertiesHydra Properties is linked in a joint venture and strategic partnership with Ras Al-Khaima Cement Company, whereas Hydra PropertiesHydra Properties possesses 20 percent of the company's shares.
"This project embodies a combination between the ultimate in luxury and the ultimate in aesthetic design, based on international specifications that stem from the visions held by Al-AqeelahAl-Aqeelah
and Hydra PropertiesHydra Properties in constructing buildings through innovation and creativity, establishing the desired goals that are in par with international standards," said Al-Fahim.Al-Fahim concluded that this partnership with Al-AqeelahAl-Aqeelah will contribute in strengthening the status of each company respectively, as well as solidifying their competitive capabilities in the market, in addition to allowing them to enter new markets and to seize enhanced investment opportunities in the interest of the company's' shareholders.
Since day one of the company's establishment, Al-Ali pointed out, officials overseeing the project have taken full responsibility for developing the real estate sector through its subsidiary company, Al-Aqeelah International Real Estate Co., which was assigned as one of the major companies in charge of the project.
"The Aqeeq Al-Marina project consists of a major commercial complex, a residential compound and one of the most luxurious hotels in the region- and in the world. We certainly hope that this project will eventually become a model that symbolizes a modern and luxurious lifestyle, as well as one of the most important touristic and commercial attractions in the Gulf region. The project's size is approximately 50,000 square meters, as the first phase of Khairan's Pearl City project," concluded Al-Ali.
About Hydra Properties
Hydra PropertiesHydra Properties is a privately owned company, established in 2006 in Abu Dhabi, the capital of UAE. The company was established with a vision to provide the UAE, Middle East and the World with unprecedented development concepts which is reflected in the companies various landmark projects. Since inception, the company adopted using the best international building criteria in the world, and introducing new concepts in design and materials used.
At Hydra PropertiesHydra Properties there is a firm belief in the humanizing factor, real estate is not only about building blocks made out of concrete and steel but are actually homes and offices of people with emotions and feelings, that is why we always aspire in creating a development that nurtures and accommodates the human side of real estate.
Hydra PropertiesHydra Properties does not only see itself as a real estate development company but also as a company with clear social commitments and responsibilities. A company that never miss an opportunity to give back to society through its endless community activities in the areas of cultural awareness, support to sports activities and providing major community service through its active and ongoing role in supporting health, education and social institutions.
Hydra PropertiesHydra Properties has rapidly expanded in the UAE with several mega projects in Abu Dhabi and Dubai. Yet, its relentless efforts have allowed it to expand globally into Mexico, where it has developed 'Hydra Waves', one of the largest projects in Northern Mexico. The company plans to expand even more, with development projects in several other countries.
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© Press Release 2008
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