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AMS announces start of official leasing of Building Materials City’s 60,000 sq. metre shopping centre

Combined GLA (Gross Leasable Area) under AMS and its affiliates’ management reaches 5 million square metres across the GCC-Levant region

Abu Dhabi, 4 June 2007: Aswaq Management & Services (AMS) , an Emirati-French joint venture, today announced the start of official leasing of the 60,000 square metre GLA (Gross Leasable Area) shopping centre at Building Materials City in Abu Dhabi. The announcement was made to coincide with Retail City – the international retail real estate event taking place 3-5 June, 2007 in Dubai.

Leading international and local retail operators have already applied for over 60 percent of the entire GLA at the mega-shopping centre at the mixed-use Building Materials City. AMS and Manazel Real Estate , the developers of the project, have already agreed on the anchor stores and operators for the shopping centre, anticipated to open in the first quarter of 2009.

As per the terms of an exclusive contract awarded by Manazel, AMS will handle all property, consultancy and management services for the retail component of the AED 5 billion Building Material City. Building Materials City comprises 49 commercial and residential towers and will include, by decree of the UAE government, the first official building materials stock exchange in the region.

AMS is also under assignment to handle property development, consultancy, sales and leasing management for an iconic 520-metre tower on Reem Island in Abu Dhabi, and of the Emirates City in Ajman being developed by R Developers.

AMS and its regional affiliates in the GCC-Levant region manage 17 projects, covering a combined Gross Leasable and / or Sellable Area (GLA / GSA) of over 5 million square metres. AMS’ affiliates in the region include AMS-Dubai, Gulf Management & Services in Bahrain, Beirut Real Estate Management & Services s.a.l in Lebanon and Amman Real Estate & Management Services in Jordan.

Top property Owners and Developers in the region such as the Abu Dhabi Trade Centre, Dubai Properties, Manazel Real Estate , Sultan Al Dhaheri Group, Bani Yas Development, Solidere, Abdali Investment & Development PSC and Gulf Holding Company are among AMS’ clients.

Commenting on the latest developments at AMS, H.E. Nasser Mohammed Al Nowais, Chairman of AMS, said: “I would like to thank all the Property Owners and Developers who have put their trust in the expertise and professionalism of AMS. I am pleased to note that top property developers in the region are increasingly conscious of the need for and value of professionally-delivered consultancy and operational management services. AMS has already proven its expertise in this market.

“The property sector in the Middle East and North Africa region is witnessing explosive growth and offers very profitable opportunities across the value chain from initial stage consulting services to the actual operations and facility management of retail, residential and commercial properties”, he added.

Established in the late 1999, AMS’ first client was the Abu Dhabi Trade Centre which also hosts the Abu Dhabi Mall. Today the company and its affiliates, through strategic alliances with corporate partners, have grown rapidly to become regional players and manage projects in the UAE, Bahrain, Jordan and Lebanon. AMS has an aggressive regional expansion plan underway.

Among current projects handled by AMS and its affiliates is ‘The Walk at Jumeirah Beach Residence, ‘Bay Avenue’ at Business Bay and ‘The Culture Village’ in Dubai, the ‘Bani Yas’ Mixed Use development and the ‘Building Materials City’ in Abu Dhabi, and the ‘Wahat Hili Mall’ in Al Ain.

Elsewhere in the region, AMS and its affiliates’ projects include the ‘Beirut Souks’ project, ‘Al Abdali Mixed-Use Development in Jordan as well as the ‘Downtown Al Areen’ and ‘Villamar at the Harbour’ in Bahrain through Gulf Management & Services, a Joint-Venture with Gulf Holding Company .

Originally focused on retail commercial projects such as the management of shopping malls, AMS has in recent years expanded its services to meet the market demand for similar services for residential and commercial properties. AMS and its affiliates are targeting revenues of AED 30 million in 2008 generated by their Consultancy, Sales & Leasing and Management services. Across the region, the company employs over 60 highly trained staff including Consultants, Sales, Leasing and Financial Experts, Lawyers, Architects, Designers and Engineers who have a thorough understanding of the Property consultancy, Sales & Leasing and Management domain.

Company background:

Aswaq Management & Services represents French company Société des Centres Commerciaux (SCC) in the GCC area. It was established in Abu Dhabi in 1999 as a joint venture between H.H. Sheikh Mohammed Bin Suroor Al Nahyan, H.E. Nasser Mohammed Al Nowais and SCC.

SCC was established in 1962 and is involved in over 70 projects in Europe. Now, AMS and its affiliates have imported SCC’s experience and adapted it to the local property market and represent a formidable force with considerable expertise in the consultancy, sales & leasing and management of Mixed-Use Properties.

-Ends-

Media contact:
Zylfi Husenaj
Aswaq Management & Services.
Tel: + 971 2 645 7733
Fax: + 971 2 645 7737
Website: www.aswaqms.ae

Brian Carvalho
ASDA’A Public Relations
Tel: + 971 2 6334133
Fax: + 971 2 6334233
Email: b.carvalho@asdaa.com

© Press Release 2007