Contact us | +971 4 3635663
Sponsored by   Mudabala
 
 
BETA
Loading Loading ...
Sun, 08 Nov 2009 | 05:55 GMT

Sorouh Real Estate Company   (SOROUH.ADSM)
Also known as: Sorouh
Last Trade
3.12 AED
- 4.88%
 
 
 
 
 
 
 
 
 
 
 
 
 
Company Updated: Mar 31, 2009
 
Joint Stock
 
 
Real estate property investment, development and management.
2005 (July)
250 (As of Mar 31, 2009)
Al Mushrif
 
 
 
 
SOROUH 
Ordinary 
AED 
 
 Key Officers
Saeed Eid Al Ghafli
Chairman
Abubaker Seddiq Al Khoury
Director and Managing Director
 
 Contact Details
Address:
Abu Dhabi Mall, East Tower
5th Floor
Touristic Area
P.O. Box 93666
Abu Dhabi
United Arab Emirates
 
+971 2-444-0006
 
+971 2-444-0066
 
info@sorouh.com
 
www.sorouh.com
 
www.pivot.ae
www.shams-abu-dhabi.com
www.oyounvillage.ae
www.bunya.ae

 
  Latest Headline
Listed realty firms' profits to hit Dh5.1bn - Emirates Business 24/7
 
  IPO Details
Listing Date:
20Dec05
Size of Offering:
$378.12M
Equity Offering:
55%
Lead
Managers:
First Gulf Bank, The National Investor
 

  Sukuk Details
Sukuk Name: Sorouh Real Estate Sukuk (Class A)
Type of Structure: Modarabah
Issue Size (mil): AED  2,761.00
» View Sukuk Profile & Prices
Sukuk Name: Sorouh Real Estate Sukuk (Class B)
Type of Structure: Modarabah
Issue Size (mil): AED  251.00
» View Sukuk Profile & Prices
Sukuk Name: Sorouh Real Estate Sukuk (Class C)
Type of Structure: Modarabah
Issue Size (mil): AED  1,004.00
» View Sukuk Profile & Prices
 
  Business Overview
Sorouh Real Estate was established in June 2005 in the UAE. With USD24.6 billion in undergoing real estate projects (as of year-end 2006), it is one of the region's largest real estate development companies.

Sorouh was developed with the purpose of developing real estate projects in Abu Dhabi with a vision of turning the Emirate into a regional leisure, business and lifestyle destination. Sorouh plans to expand its activities beyond Abu Dhabi and across the rest of the UAE. Sorouh listed its shares on the Abu Dhabi Securities MarketAbu Dhabi Securities MarketLoading... in December 2005 and raised USD374 million for 55% of the company's equity.

Some of Sorouh's major developments include the USD272 million Golf Gardens project in Abu Dhabi, which it established in May 2006 in partnership with Tourism Investment and Development CompanyTourism Investment and Development CompanyLoading.... Sorouh also gave birth to the USD136 million Aseel Financing CompanyAseel Financing CompanyLoading..., which was established in partnership with First Gulf BankFirst Gulf BankLoading..., Aldar PropertiesAldar PropertiesLoading... and Reem InvestmentsReem InvestmentsLoading....

Sorouh's key project is the USD13.9 billion Al Reem IslandAl Reem IslandLoading..., which is estimated to accommodate 280,000 residents and include amenities like schools, medical clinics, shopping malls, restaurants, a 27-hole golf course, hotels, resorts, spas, gardens, and beaches. Within Al Reem IslandAl Reem IslandLoading...'s 6.33 million square meters (68 million square feet) there is the USD6.8 billion Shams Abu Dhabi, which will contain 100 skyscrapers, 22,000 residential units, and 1 million square meter (10.7 million square foot) park. The entrance of the development will be marked by The Gate District, an 8-building development, while other developments in the project include the 83-floor The Sky Tower, the 5 million square foot (465 square meter) Abu Dhabi Towers, and The Upper Village. The first phase of Shams Abu Dhabi's development is scheduled for completion by 2009 and the full project is due for full completion in 2011.

Sorouh also launched The Central Park project in 2007 as an integral part of the Shams Abu Dhabi development, offering 12 mixed-use towers, open space and recreational amenities at a construction cost of USD30 million. Its completion is due end of 2010.

Sorouh did not stop there. It also part in the USD950 million Saraya Abu Dhabi project, which is due for completion in 2013. The 30 towers of Saraya include residential and commercial serviced apartments and a hotel, spread over 125,000 square meters (1.3 million square feet).

Sorouh took a step outside its home country when it announced in December 2006, in partnership with several Abu Dhabi-based companies, the USD2 billion Bab Al Bahr real estate project in Morocco.
 
 
 Major Shareholders
This Requires Subscription
 Available to subscribers only. Information in this section includes Shareholder Names and their corresponding Holding Percentages. » More Details
 
  Organization Structure and Related Entities 
Subsidiaries/Associates/Affiliates
 
Name  Country  Holding
Sorouh Abu Dhabi Real Estate UAE 100.00%
Sorouh International UAE 100.00%
Sun Finance Channel Islands 100.00%
Al Seih Real Estate Management UAE 91.40%
Sorouh Egypt for Investment and Tourism Development Egypt 80.00%
PIVOT Engineering and General Contracting Company UAE 60.00%
Abu Dhabi Business Company UAE 51.00%
Goodman Sorouh UAE 50.00%
S and T Cool District Cooling Company UAE 50.00%
LLJ Property UAE 40.00%
Bunya UAE 33.33%
Al Sdeirah Real Estate Investment UAE 30.00%
Al Maabar International Investments UAE 20.00%
Aseel Finance UAE 20.00%
Green Emirates Properties UAE 20.00%
Arabian Sea Foundation UAE -
Khidmah UAE -
Investments
 
Name  Country  Holding
Rise Above Real Estate UAE 0.60%
Reem Finance UAE -
Developments and Projects
 
Name  Country  Holding
Gate Towers UAE 100.00%
Khalidiya Residential Village UAE 100.00%
Oyoun Village UAE 100.00%
Sas Al Nakhl UAE 100.00%
Tameer Towers UAE 100.00%
Shams Abu Dhabi UAE 22.00%
Golf Gardens UAE 12.50%
Sky Tower [in Shams Abu Dhabi] UAE 10.50%
The Gate District [in Shams Abu Dhabi] UAE 10.00%
Abu Dhabi Aviation Residential Complex UAE 8.00%
Al Mashtal UAE -
Alghadeer UAE -
Danet Abu Dhabi UAE -
Lulu Island UAE -
Nagfa Hotel and Mall UAE -
Saraya Abu Dhabi UAE -
Sun Tower [in Shams Abu Dhabi] UAE -
Tala Tower UAE -
 
 
  Representatives
Auditors
 
Deloitte and Touche Middle East
 
Banks
 
First Gulf Bank
 
Law Firms
 
Al Tamimi and Company
 
 
Competitors  
 
 Summary Financials
This Requires Subscription
 Available to subscribers only. Information in this section includes key financials data such as Total Revenues, Net Profits, Totals Assets, Shareholder Equity, etc. » More Details
 
Company information provided by © 2009 ABQ Zawya Ltd.
 
 
    
 
 
 
 
 

Site is optimised for viewing at 1024 x 768 with Internet Explorer v6 and Firefox v3.0 and above.
Copyright © 2009 ABQ Zawya Ltd. All rights reserved. Please read our Membership Agreement