Oct 25 2005 |
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UAE: Emaar, ONA Group join forces for Dh1.2b venture in Morocco
25 October 2005DUBAI -- Emaar Properties and ONA Group, the leading Moroccan industrial and financial group, yesterday unveiled details of a joint venture to create large scale residential and golfing development projects throughout Morocco. The joint venture projects are expected to take place over a period of five years.
With a total investment of Dh1.2 billion ($327 million) -- the first project to be announced will be Amelkis II -- a luxury residential golfing complex in Marrakech which will allow individual buyers to purchase plots of land and design and build their ideal home.
Amelkis II is being developed by Emaar and Onapar, part of the ONA Group and follows the highly successful Amelkis I project by Onapar. Work on the 1.25 million square metres site started earlier this month and sales open for the project in Marrakech this week.
Mohamed Ali Alabbar, Emaar Chairman said: "Our entry into the Moroccan market is a significant part of our international expansion plan. Morocco has been described as a country of rich culture and diversity and Marrakech is undoubtedly one of the world's most beautiful cities."
"Morocco is proud of its heritage and culture and Amelkis II will embody the very best Morocco has to offer. This partnership with Emaar will lead to the creation of one of Emaar's trademark master planned communities and offer our people more lifestyle choices and options," said Jamal Agzenai, Chairman of Onapar.
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.
With joint ventures and projects across the region covering Saudi Arabia, Jordan, India and Pakistan, Emaar is taking its winning formula to the rest of the world.
BY A STAFF REPORTER
© Khaleej Times 2005
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