New agreement signed today with Moroccan Government to cover three new projects incorporating residential, leisure, retail and commercial facilities
Projects located near Tangiers, Rabat on the Atlantic Ocean and the Atlas Mountains
Company to open offices in Marrakech, Rabat and Tangiers
Casablanca, Morocco, March 29, 2006: Emaar Properties, the world's number one property developer, has further strengthened its position in the Moroccan market with the company's investments reaching AED 25.3 billion covering six real estate projects across the country.
The company signed a new AED 19.8 billion Memorandum of Understanding (MoU) today with His Majesty King Mohammed VI, King of Morocco. Emaar was represented by its Chairman Mr. Mohamed Ali Alabbar. The MoU opens the door for Emaar to develop communities comprising residential, commercial, retail, leisure and entertainment facilities.
The momentous MoU includes 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. Construction work will start on all three projects this year.
A shared vision for the prosperity of their nations and inspirational leadership cements the long standing partnership between His Majesty King Mohammed VI and His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of
UAE and Ruler of Dubai. Both leaders have been instrumental in shaping their nations and driving forward their economic growth.
Due to the vision and leadership of His Majesty King Mohammed VI, Morocco has in recent years made great headway in opening the economy to foreign investment and trade as well as making financial reforms which will encourage the continued growth of the Moroccan economy.
Emaar's Chairman Mr Mohamed Ali Alabbar said: "The signing of this MoU is the culmination of our commitment to provide communities that will complement Morocco's unique environment, architecture and cultural character. We look forward to working with the Moroccan government in creating these exciting developments."
"Morocco will play an important role in the international expansion of Emaar. With a total of six projects planned, Morocco is one of Emaar's most significant commitments outside of the United Arab Emirates and we will soon be opening our office headquarters in Marrakech as well as offices in Rabat and Tangiers to cement this commitment," he added.
Alabbar said any planned future projects will complement Morocco's maturing as a tourist destination and residential investment location. "Morocco is a natural fit with the types of world class communities we offer. It has distinctive natural beauty, from rocky coast to snow-capped mountains, and a climate conducive to year round outdoor living and leisure. As a destination and a place to live it is increasingly sought after.
The three distinct developments covered in the MoU are:
Oukaimeden: Located in the Atlas Mountains, Oukaimeden, the valley of four winds, is set to become the ultimate four season mountain destination for recreation,
entertainment, relaxation and residence as well as being the Middle East and Africa's only golf and ski resort.
In keeping with Berber design and architecture of the great Atlas Mountains, Oukaimeden village will combine commercial, office, retail, entertainment and dining amenities with a full range of residential options to choose from. With 2,000 hotel rooms, more than 300 retail units and 25,000 sq. metres of business and conference facilities planned, Oukaimeden will be a year round hive of activity.
Saphira: Situated on the City's western side, Saphira (Rabat Corniche) will become the leisure and tourism hub of Rabat City, one of the country's most famous historic and cultural centres. With a striking Atlantic coastal position, Mediterranean and Moorish architecture and an ancient commercial heart, Saphira will provide high quality residential communities, as well as a vast array hotel and leisure facilities.
Stretching along 11km of coastline, covering 330 hectares and comprising nine distinctive districts, Saphira will include a road network of tree-lined boulevards, an electric tram system, cycle-paths, parks and green spaces. At Saphira's core will be the pedestrian, "Le Grand Souk", which will connect the old medina with the new Medina Maris district - a world class marina development with vibrant Riviera lifestyle and a host of leisure and retail opportunities.
Tinja: Nestled between seafront and natural indigenous forest, Tinja is a haven of peace and tranquility just 20 minutes from Tangiers. Offering a mix of high quality residential and commercial zones arranged around a vibrant marina, Tinja is a world class development located on the impressive Atlantic Ocean coastline.
With more than 670 residential units and over 600 hotel rooms as well as leisure clubs and facilities, Tinja offers Riviera living at its best - eye catching coastal views combined with world class facilities. Located close to the main coastal route and the Ibn Battuta airport, Tinja provides the perfect gateway from which to explore Tangiers and Morocco as a whole.
"Our Moroccan projects draw together all the most successful elements of Emaar's many signature lifestyle communities. Using our experience of creating world class golf communities, luxury leisure and hotel resorts as well as internationally renowned marinas and amenities rich communities, we will work with the Moroccan government to build innovative real estate - like our unique golf and ski resort - that adds value both to Morocco and its people," added Alabbar.
This latest signing signals Emaar's fourth move into Morocco, following its announcement of the US$327 million Amelkis II - the luxury residential golfing development in Marrakech, the announcement of Amelkis III - further development of the residential golfing community and its launch of the US$1.2 billion Bahia Bay project, a large scale residential golfing community along the picturesque Moroccan coast - all with joint venture partner ONA Group.
Emaar's innovative offering of self-contained, amenities-rich communities have created lifestyle options that have been the first choice for many residents. The integration of schools, health facilities, parks, landscaped grounds and retail centres into master-planned golf, equestrian and marina themed lifestyles has proved a winning combination. With joint ventures and projects across the region covering Saudi Arabia, Turkey, India and Pakistan, Emaar is taking its winning formula to the rest of the world.
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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 year ended 31 December, 2005 climbed 180 per cent, to a record AED 4.731 billion (US$1.288 billion). The figures represent a substantial increase on the AED 1.691 billion (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 Burj Dubai, 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, Syria, Morocco, Turkey, India and Pakistan.
Last year the award winning property developer announced plans to aggressively expand the retail sector with investments of over AED 15 billion (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 AED 18.35 billion (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
