Al Nemer "We are moving forward with Awali City"

Ajman- 22 February 2009: Awali Real Estate Investments, the leading real estate investment company, has announced that development works on Awali city are running according to plan, and the company is ready to begin new phases of development to handover the project, which spans over an area of 33 million square feet, to the owners.

Mr. Mohammed Hussein Al Nemer, Chief Marketing Officer at Awali Real Estate Investments, said "The current slowdown of various markets worldwide does not mean that we should go back on our commitment to our clients, especially given that we at Awali depend more on self-financing, rather than bank loans, for example".

"We are moving forward with Awali City, a project which extends over an area of 33 million square feet and has a cost value of AED 20 billion. The city is now ready for construction work, and Awali Company will develop 30% of the project, while the remaining 70% will be developed by other developers who have already bought the plots needed for the development process", added Al Nemer.

Awali Real Estate Investments is a Saudi company, who are currently developing the Awali City project in Ajman. The project was launched in Ajman in 2008, in conjunction with the Ajman Real Estate Investment Establishment. Awali City is a mega-city that consists of 136 land plots set for residential and commercial use. In addition, it boasts towers of between 17 and 50 storeys each, which will house more than 120,000 people. Awali Company is currently developing two sets of twin towers inside Awali City, namely Al Mashrabia Residence and Chevron Commercial Towers.

Mashrabia Residence is a freehold twin tower project designated for residential use, with each tower comprising 25 storeys. Each level will contain 12 one bedroom apartments and 4 two bedroom apartments, amounting to a total of 800 apartments between the two towers. Scheduled for completion by the end of 2011, the project boasts state-of-the-art facilities that include seven parking levels and a total of 417 individual parking spaces. Each tower offers spacious retail areas, as well as entertainment and leisure facilities such as a health club and gym on the roof of each tower, a swimming pool, Jacuzzi, and a steam room, as well as other facilities.

Chevron Commercial Towers, on the other hand, is a pair of spectacular commercial towers featuring all of the facilities essential to modern business. It is a freehold development comprising two 25-storey towers and seven parking levels that can accommodate 411 cars in all. Each tower includes 304 offices, covering a total area of 375 thousand square feet. In addition, both towers also offer large retail spaces, entertainment and leisure facilities. The Chevron Commercial Towers are founded on the principles of quality, dynamism and high returns on investment, offering the latest in sophistication and modern convenience. 

-Ends-

About Awali Real Estate Investments
With an ambitious vision based on understanding of the regional needs, Al Nemer Group eyes the leading position in the MENA real estate market, to which end it has launched an aggressive expansion strategy with special focus on forging strategic alliances with the region's leading firms. The Group has founded an independent real estate group that adopts advanced levels of corporate governance practices and the highest of technical standards to ensure excellent work progress and to maintain sustainable development.

Awali Group's transparency and performance have contributed to the establishment of Awali Real Estate Investments; a duly incorporated UAE firm based in Dubai, founded by the KSA based Al Nember Group as part of the mother company's plans to expand across the region, capturing a chunk of the booming real estate market in the region, particularly in the GCC.

Awali made its debut in the UAE real estate market with the mega Awali City project on the Emirates Road in Ajman, which was launched in cooperation with Ajman Government's Property Investment Establishment at the beginning of 2008. The company has a number of plans for expansion within the UAE, in Ajman, Dubai and Abu Dhabi, as well as further afield in KSA and other GCC and Arab countries.

Al Nemer Group, Mother Company to Awali, has more than 40 years' experience in the KSA real estate market and has co-founded a number of real estate companies, such as Jenan Real Estate and Mawten Real Estate. The group has also co-founded a number of companies in the financial and aviation sectors in GCC, such as Arbah Capital, Watan Financial Investment, Awali Financial Supporting Services, Financial, Afaq Aviation, United Holding Company and the Dubai based USOS Real Estate, in alliance with Dubai Islamic Bank, as well as establishing a number of strategic partnerships.  

For further information, please contact:
Serine Srouji       
SAHARA Communications
Tel: +971 4 3298996
Fax: +971 4 3298995
Email: serin@saharagcc.com      
Web Site: www.saharagcc.com

© Press Release 2009