Wednesday, Apr 20, 2011
Gulf News
Dubai: Abu Dhabi-based international property developer Al Maabar could go public with an initial public offering in the mid-term, a top official said.
We could consider going public in the medium term, but its too early for us now, Yousuf Al Nowais, managing director of Al Maabar, told Gulf News in an exclusive interview at the Cityscape.
The company is in final stage of negotiations with the Iraqi government for a large-scale mixed-use project in Baghdad.
We are in the final stage of negotiations with the Iraqi government and might close the deal this year, Al Nowais said. Iraq is in need of massive housing and we would like to support the government in developing housing and other facilities for the Iraqi people.
Al Maabar is negotiating for a patch of land that stretches 12 kilometres. It will be a mixed-use development with all facilities needed, he said.
The Iraqi government is seeking international investment to develop up to 150,000 housing units in the next few years.
The company, which was formed four years ago to develop properties in international markets, especially in the Middle East and North African countries, has footprints in Morocco, Jordan and Libya.
Due to the current unrest, it had to postpone Al Waha its 50:50 joint venture project with Lidco in Libya.
We had finalised the detail designs as well as all other preparatory works. We were ready to start the groundworks when the crisis started, hence we had to postpone the works, Al Nowais said.
However, we are committed to the Libyan market and will start works once the situation improves.
Al Maabar, which was formed by five Abu Dhabi-based investors and developers Aldar Properties, Sorouh Real Estate, Mubadala Development Company, Reem Investments and Al Qudra Holding, to develop properties in international markets and create large shareholder value using common expertise, is currently executing two large master-planned communities Bab Al Bahr in Morocco and Marza Zayed, a $10 billion mixed-used development in Aqaba. We are currently developing Phase II of the Bab Al Bahr project while some keys in the Phase I will be handed over this year, Al Nowais said.
The project is going ahead smoothly as we have seen strong demand for properties in Morocco.
Once completed, the project will house more than 70,000 residents.
Marsa Zayed, which is Al Maabars flagship project in Jordan, is located adjacent to Aqaba port. The company plans to develop a marina, commercial district close to the harbour as well as a residential cluster on the hills surrounding the port.
By Saifur Rahman, Business Editor
Gulf News 2011. All rights reserved.
