Emaar properties, the Dubai based real estate developer yesterday announced another international venture in Morocco's Bahia Bay.
The project, which is worth dhs4.5 billion, will see the development of a large-scale residential golfing resort and community along the Moroccan coast. The development will be a joint venture with ONA group , a Moroccan industrial and financial group.
The development will be located close to Casablanca on the Casablanca to Rabat coastal freeway. It is the second project Emaar has become involved with in Morocco.
Another luxury golfing resort, the Amelkis II development which has been planned for Marrakech was announced last month. This project is designed to allow buyers to purchase plots of land and design and build their own homes.
"Situated along the Moroccan coast, Bahia Bay is a unique development in an idyllic setting.
Following the success of our golfing developments in Dubai, Arabian ranches and Emirates hills - the Bahia Bay community will become a flagship development for Emaar's expansion in the North Africa region," said Mohamed Ali Alabbar, chairman Emaar properties.
The development is expected to be completed in five years and will include beach hotels and clubs as well as individual villas. Emaar has announced its ambition to be the world's premier property developer.
"Morocco is a significant part of Emaar's international expansion plans. Already we have seen the great potential in the Moroccan market with our Amelkis development.
Not only will this project benefit the people of Morocco, but it will also boost tourism in the area. Our mission is to offer our customers world class communities," said Mr Alabbar.
Emaar has already reported a 77 per cent rise in revenues to dhs6.757 billion in the third quarter of 2005. Emaar has been listed on the Dubai Financial Market it has over $40 billion in market capitalisation the largest amount worldwide in terms of world real estate.
Another ambitious project that Emaar is curently working on is the Burj Dubai which includes the Burj Dubai Mall and the Burj Tower which will be the tallest building in the world on its completion in 2008.
© 7Days 2005
