Saphira development to include nine residential and leisure districts built around a world-class marina and pedestrian-accessible souq
Rabat, Morocco, April 30, 2006: Emaar Properties, the largest real estate developer in the world, broke ground yesterday at the Rabat waterfront, the site of its fourth luxury planned community in Morocco.
Situated on the Moroccan capital's western side, the 11 km long, 330-hectare AED 12.5 billion (US$3.4 billion) Saphira development will have high quality residential communities and a vast array of hotel and leisure facilities, in addition to the infrastructure needed to turn the area into a world-class tourism, retail and leisure hub.
Governor of Rabat Province Hassan Amrani and Emaar Chairman Mohamed Ali Alabbar led a delegation that met Rabat city government officials and Emaar's Board of Directors at the site for the ceremony.
Mr Hassan Amrani welcomed the development and said it would add immensely to the attraction and reputation of Rabat. He said: "Rabat is one of the country's most famous historic and cultural centres and the plans for Saphira will bring something new and refreshing to it. The community will become an integral part of Rabat City."
"Emaar has shown vision in its planning for the historic city and we certainly welcome its involvement in Morocco which can only benefit and enhance lifestyle options for our people," Mr Amrani added.
Mr Mohamed Ali Alabbar said: "The Saphira development is a vital step in returning the capital to its historical stature as a city coveted by the world. Just as Morocco is a proving ground for Emaar's international expansion, we envision Saphira as the launch pad for the Rabat of the new millennium." He added: "What we are doing here today is giving Rabat a window on the ocean once more."
"Saphira is the first fruit of Emaar's special relationship with the Government of Morocco, a relationship that will position us both as pioneers of millennial living," Mr Alabbar said.
Yesterday's ground-breaking follows the signing of a Memorandum of Understanding between the government of Morocco and Emaar at the end of March, which allows Emaar to begin work on three unique developments stretching from the Atlas Mountains to the Atlantic coast and includes world-class golf and ski communities, Riviera living and luxury spas and resorts.
Saphira stretches along 11 km of picturesque Atlantic coastline. The community is situated on Rabat's Corniche and is made up of nine distinctive districts, including a pedestrian-friendly marina district complete with waterfront apartments; a convention centre; resort hotel; neighbourhood park; an arts district featuring an opera house, concert hall and school for dramatic arts; and mixed-use areas for office and retail space.
Residential areas will include the family neighbourhood of Grand Littoral, the beachfront community of Beaux Rivages, the apartment community of Nouvelle Vague set in park surrounding and the lakeside Trois Rives.
A road network, electric tram system, cycle paths and green spaces are also being commissioned to integrate the entire development. At its core will be a pedestrian area, "Le Grand Souk", which will connect the old medina with the new Medina Maris district. Traffic will be diverted and managed by the new Mohammed VI boulevard, a two-way, two-lane carriageway that will ease the flow of traffic throughout the development.
Saphira will have community facilities including: a medical clinic capable of treating 250 patients, which also has an intensive care unit: a police station, administration offices, fire department, schools, nurseries, sports clubs, swimming pools, tennis courts and playgrounds. Its Royal Country Club will have a polo field as its main feature, as well as a health spa, squash courts and meeting facilities for residents and club members. Shopping will cater for every need and includes a regional shopping centre with 45,000 sq metres of retail and leisure space.
Construction on phase one of the Saphira project is expected to take 10 years, with the first residential owners and retail tenants taking occupancy in two years.
Emaar's innovative offering of self-contained, amenities-rich communities have created lifestyle options that have been the first choice for many investors. The integration of schools, health facilities, parks, landscaped environs and retail centres within master-planned golf, equestrian and marina themed communities has proven to be a big attraction for the home buyer.
With joint ventures and projects covering Saudi Arabia, Turkey, Syria, Egypt, India, Pakistan and Tunisia, Emaar is taking its winning formula first conceived in its home base Dubai to the rest of the world.
For further information on Saphira please visit www.emaar.com.
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Note to Editors
About Emaar Properties PJSC:
Emaar Properties, the Dubai-based Public Joint Stock Company and No, 1 real estate company in the world, is listed on the Dubai Financial Market and is part of the Dow Jones Arab Titans Index. The company recently announced that its net profits for the first quarter ended 31 March 2006 reached US$406.9 million - an impressive rise on the US$355.4 million for the equivalent period. Gross profit for the same period reached US$398.8 million compared to US$384.9 million achieved during the same period last year.
Emaar's net profits for the year ended 31 December, 2005 climbed 180 per cent, to a record US$1.288 billion. The figures represent a substantial increase on the US$460 million for the year 2004.
The company has witnessed tremendous growth since its inception in 1997 and boasts a rapidly growing tenant base with more than 13,000 homes handed over to satisfied customers to date. Currently, it has several major real estate projects under various stages of development in Dubai including Arabian Ranches, Dubai Marina, Emirates Hills, The Views, The Meadows, The Springs, The Lakes and The Greens. The company also owns and manages the Gold and Diamond Park.
Emaar has started construction on its most ambitious project to date, the US$20 billion Burj Dubai development, which comprises the Burj Dubai - the tallest tower in the world when completed in 2008, The Dubai Mall, Burj Dubai Boulevard, The Lofts, The Old Town, The Old Town Island, The Residences, Burj Views, man-made lakes, landscaped parks and gardens. The company has joint ventures and projects across the region covering Saudi Arabia, Egypt, Jordan, Syria, Morocco, Turkey, Tunisia, India and Pakistan.
Last year the award winning property developer announced plans to aggressively expand the retail sector with investments of over US$4 billion to develop approximately 100 malls in the mega emerging markets of the Middle East, North Africa and the Indian subcontinent. In addition, Emaar has teamed up with Giorgio Armani S.p.A to build and manage 10 Armani hotels and resorts across the world; an Armani hotel will feature in Emaar's flagship Burj Dubai tower.
Recently the company also announced plans to expand its investments into the education and healthcare business. The education initiative will involve the establishment of international schools in the MENA region and India, which will offer premium quality education and an integrated curriculum for students ranging from kindergarten to tertiary levels. Emaar's healthcare diversification will see the company invest around US$5 billion over the next decade in the MENA and South Asia markets with the construction of hospitals, clinics and medical centres and the investment in the provision of world-class healthcare services.
While continuing to actively pursue expansion in its core business of innovative, high quality real estate development, Emaar has diversified into related business lines to further build value for its 59,000 shareholders, which includes the Government of Dubai. Emaar owns and manages EMRILL, a joint venture with the UK-based Carillion which provides innovative property and facilities management services. Emaar also holds 30 per cent equity in Dubai Bank, focused on retail and commercial banking and is the majority shareholder in Amlak Finance, UAE's leading Islamic home financing company. For further information, please visit www.emaar.com.
For further information, please contact:
Kelly Home / Nedal Alasaad
ASDA'A Public Relations
Exclusive Affiliate of Edelman PR Worldwide in Middle East & North Africa
Tel: (+971 4) 335 5969;
Fax: (+971 4) 335 6080
E-mail: k.home@asdaa.com
© Press Release 2006
