Project will have total area of 380 million sq m
Tripoli, Libya; June 17, 2007: Emaar Properties, the UAE-based global property developer, is finalizing the masterplan design to develop the Zowara-Abou Kemash area on the Mediterranean coast near Tripoli, Libya. Emaar has extended by another six months the Memorandum of Understanding (MoU) signed with the Zowara-Abou Kemash Development Zone to develop the project, which is the largest in Emaar's global mega-project portfolio.
The 380 million sq metre (38,000 hectares) development, a joint venture by Emaar Properties and the Zowara-Abou Kemash Development Zone, encompasses residential, commercial, industrial, educational, healthcare, leisure and entertainment components that will attract foreign investment and generate employment opportunities for Libyans.
Mr Mohamed Ali Alabbar, Chairman, Emaar Properties, said: "The Libyan government has announced several development initiatives that encourage foreign direct investment and provide a greater role for the private sector in fueling economic growth. The joint venture with Zowara-Abou Kemash Development Zone will be a landmark development for the country, as well as for Emaar."
He added: "The size, scale and scope of development reiterate Emaar's commitment to Libya's growth plans. The various components of the project will be growth engines for the Libyan economy as they offer investment opportunities in several high-growth sectors such as industries and hospitality. To give further impetus to investment inflow, Emaar is already in negotiations with our overseas partners to co-invest in the project."
Moving forward on the project, Emaar is currently finalizing the masterplan proposals submitted by three US firms and a Singaporean company. "The project's sheer vastness of size and scale makes its masterplanning a design challenge," said Mr Alabbar. "An expert team of professionals is evaluating the four proposals and the final design will be unveiled soon."
The Libyan project further consolidates Emaar's presence in North Africa, where it has already launched several developments in Egypt and Morocco. "Emaar is privileged to partner with the Zowara-Abou Kemash Development Zone, which is committed to developing a vibrant tourism, industrial and commercial environment area that attracts foreign investment," said Mr Alabbar.
Engineer Al Saadi Moaamar Al Qazafi, Chairman of the Board of Directors of the Zowara-Abou Kemash Development Zone said: "This project marks the successful implementation of the Libyan government's development policies, which will usher in a new era of economic prosperity for the country. Emaar has a successful track record of delivering mega projects, and together we will offer a world-class living and business environment that attracts foreign investors."
Emaar's international expansion and diversification plans are in line with its Vision 2010 to become one of the most valuable companies in the world. Work is ongoing on Emaar's prestigious project in Saudi Arabia, the 168 million sq m King Abdullah Economic City, which is the single largest private sector-led development in the Kingdom.
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About Emaar Properties PJSC:
Emaar Properties PJSC is one of the world's largest real estate companies and is rapidly evolving to become a global provider of premier lifestyles. Powered by its Vision 2010 to become one of the most valuable companies in the world, Emaar is charting a new course of growth with a two-pronged strategy of geographical expansion and business segmentation.
Replicating its successful business model in Dubai, Emaar is extending its expertise in creating master-planned communities to international markets. Emaar is also developing new competencies in retail, hospitality and leisure, education, healthcare, finance and industry, which have evolved from its integrated approach to customer service and property development.
Listed on the Dubai Financial Market, part of the Dow Jones Arabia Titans Index and certified to ISO9001:2000 for quality standards, Emaar is developing Burj Dubai, on its way to become the world's tallest tower, and The Dubai Mall, one of the world's largest shopping and entertainment destinations. In Saudi Arabia, Emaar is developing King Abdullah Economic City, the region's largest private sector-led project. Emaar's portfolio currently covers the following countries: the UAE, Saudi Arabia, Jordan, Syria, Lebanon, Morocco, Egypt, Turkey, Libya, India, Pakistan, Indonesia, the US, the UK, France and Canada.
An award-winning developer, Emaar has strengthened its product sale competencies, market reach and best practices through strategic acquisitions and joint ventures. Emaar acquired John Laing Homes, America's second largest privately held home builder; Hamptons International, UK's premier realtor; and formed a joint venture with US-based Turner International to strengthen execution capabilities.
Emaar has joined hands with Giorgio Armani and Accor Hotels to strengthen its presence in hospitality, and will launch ten luxury Armani resorts and hotels world-wide and 100 Formule 1 budget hotels in India. The company is opening educational institutions and healthcare centres in South Asia, Middle East and North Africa and the Subcontinent. Emaar acquired Singapore-based leading education provider, Raffles Campus, to extend expertise to its educational institutions.
Emaar holds 30 per cent equity in Dubai Bank, focused on retail and commercial banking. Emaar is also the largest shareholder in Amlak Finance, UAE's leading Islamic home financing company. For more information, visit www.emaar.com.
For further information, please contact:
Kelly Home / Nivine William
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, n.william@asdaa.com
© Press Release 2007
