Premier lifestyle community located along the Moroccan coastline
Dubai - Emaar Properties, the largest real estate developer in the world in terms of market capitalization and ONA Group, the leading Moroccan industrial and financial group, today unveiled its second international venture in Morocco - Bahia Bay. The AED 4.5 billion (US$1.2 billion) project will see the joint venture develop a large scale residential golfing community along the picturesque Moroccan coast.
In close proximity to Casablanca, the 530 hectare development will combine all the benefits of an Emaar golfing community along with the advantages of a coastal location. This announcement closely follows the ventures first project launch last month in Morocco - Amelkis II, the luxury residential golfing complex in Marrakech which allows individual buyers to purchase plots of land and design and build their ideal home.
Mr Mohamed Ali Alabbar, Chairman Emaar Properties said: "Situated along the breathtaking Moroccan coast, Bahia Bay is a unique development in an idyllic setting. Following the success of our existing golfing communities in Dubai - Arabian Ranches and Emirates Hills - the Bahia Bay community will become a flagship development for Emaar's expansion in the North Africa region."
Residential units in the Bahia Bay project will range from luxury villas and spacious semi-detached houses to townhouses and apartments with views overlooking the golf course and spectacular views of the Atlantic Ocean.
The development will also feature a beach hotel, golf hotel, beach clubs, equestrian facilities, retail and entertainment and a community and recreation centre making Bahia Bay an ideal location for residents and visitors alike. The development is expected to be completed in five years.
This latest announcement sees the continuation of Emaar's roll out strategy of undertaking prestigious master-planned residential developments in strategic locations - whether in the heart of the city or coastal picturesque locations. As it bids to consolidate its position as the world's premier property developer, Emaar continues to provide buyers with quality lifestyle projects and shareholders with value.
Added Alabbar: "Morocco is a significant part of Emaar's international expansion plans. Already we have seen the great potential in the Moroccan market with our Amelkis II development. Not only will this project benefit the people of Morocco, but it will also boost tourism within the area. Our mission is to offer our customers world class communities - constantly integrating parks, landscaped areas and retail centres into master-planned themed lifestyles."
With rock pools and breakwaters to help create sandy white beaches and an array of water sports and leisure options provided by the beach clubs, the latest Emaar offering in Morocco makes the most of the beautiful coastal views and surrounding natural beauty. Golfing facilities provide residents with the perfect opportunity to improve their golf as well as making the most of the relaxed and friendly clubhouse.
Located in close proximity to the Casablanca/Rabat coastal freeway, Bahia Bay is within easy reach of both major cities and is the ideal getaway for those in search of a premier luxurious lifestyle. Extensively landscaped with an array of indigenous plants and featuring picturesque water features, expansive open parks and a world-class golf course, the lifestyle offering is beyond compare.
For further information on Bahia Bay please visit www.emaar.com
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About Emaar Properties PJSC
Emaar Properties, the Dubai-based Public Joint Stock Company, is listed on the Dubai Financial Market and is part of the Dow Jones Arab Titans Index. Emaar is the No. 1 real estate company in the world in terms of market capitalisation which is over US$40 billion. The company announced that its net profits for the first nine months to September 30 climbed 255 per cent, to a record AED 3.690 billion. The figures represent a substantial increase on the AED 1.039 billion in the same period a year ago. The company also reported an impressive 77 per cent rise in revenues to AED 6.757 billion, from AED 3.808 billion for the same period in 2004.
The company has witnessed tremendous growth since its inception in 1997 and boasts a rapidly growing tenant base with more than 12,000 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, India and Pakistan. Recently the award winning property developer announced plans to aggressively expand the retail sector with investments of over AED 15 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.
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 41,000 shareholders, which includes the Government of Dubai. Emaar owns and manages two subsidiaries - Dubai Bank, focused on retail and commercial banking and EMRILL, a joint venture with the UK-based Carillion which provides innovative property and facilities management services. Emaar is also the majority shareholder in Amlak Finance, UAE's leading Islamic home financing company. For further information, please visit www.emaar.com
For more information please contact:
Kelly Home
Linsey Worgan
ASDA'A Public Relations
Dubai
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 2005
