Oct 25 2005 |
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Emaar venture invests Dh1.2b in Morocco project
DubaiTuesday, October 25, 2005Dubai-based developers Emaar Properties and its Moroccan joint venture partner ONA Group is investing Dh1.2 billion ($327 million) in Amelkis II, a residential golfing complex in Marrakech.
Emaar Properties and ONA Group , a Moroccan industrial and financial group, formed the joint venture to create large scale residential and golfing development projects throughout Morocco over a period of five years.
Amelkis II is being developed by Emaar and Onapar , a division of ONA Group , and follows the Amelkis I project by Onapar .
Work on the 1.25 million square metre site started earlier this month and sales open for the project in Marrakech this week.
"Our entry into the Moroccan market is a significant part of our international expansion plan," said Mohammad Ali Al Abbar, Emaar chairman.
Located just 10 minutes from Marrakech, Amelkis II offers residents a golfing community close proximity to the city.
This latest announcement signals Emaar's second move into North Africa, following its Dh14.5 billion Cairo Heights development in the Egyptian capital in August.
In addition, Emaar's latest projects unveiled last week in the Syrian capital Damascus Eighth Gate and Damascus Hills sees the property major rolling out its strategy of undertaking prestigious master planned residential developments across the globe.
Emaar now has joint ventures and projects across the region, including in Saudi Arabia, Jordan, India and Pakistan.
©Gulf News
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