Sorouh, Tameer sign joint venture MOU to develop AED 13b worth of projects at SHAMS

ABU DHABI, September 20^th 2006:  Sorouh Real Estate and Tameer Holding, two leading real estate companies of the UAE, have entered into a strategic partnership by signing a Memorandum Of Understanding (MOU) to establish a joint venture company to develop six towers of the Gate District and another company to build the Abu Dhabi Towers at SHAMS Abu Dhabi.  The cost of the projects is estimated at AED 13 billion (over US$ 3.5 billion).

The move by the two companies is considered a major milestone in the rapidly growing real estate sector in Abu Dhabi because this is the first time an Abu Dhabi-based major is joining hands with another leading player in the country to leverage each other's strengths. The new companies are expected to be launched in early 2007.

His Excellency Saeed Al-Ghafli, Sorouh's Chairman, and Omar Ayesh, President of Tameer Holding, signed the MOU at the Emirates Palace Hotel in Abu Dhabi today.  His Excellency Eng. Ahmed Sulaiman Al Rajhi, Chairman of Tameer, was present at the signing ceremony.

Both companies said at a press conference that the joint venture partnership will ultimately bring more value to the shareholders of the two companies, enhance quality and help the pace of construction and marketing.

Al Ghafli said that the involvement of two leading development companies in a joint venture is great for the evolving real estate sector in Abu Dhabi.  "Sorouh has been recognized as a real estate company that has launched unique projects, such as SHAMS Abu Dhabi, which symbolizes its corporate promise of 'Life in Perfect Balance'. Tameer Holding enjoys a reputation as one of the UAE's leading and most innovative property developers. They are known for non-conventional real estate designs, specifications and services. By working together, the companies will enhance their international competitiveness and quality and ensure adoption of best practices," he said. .

Omar Ayesh said teaming up with Sorouh to build an important landmark of Sorouh's prestigious project SHAMS Abu Dhabi will strengthen and diversify Tameer's project portfolio. Tameer is eager to open new horizons of investments by developing distinguished real estate projects. We give top priority to completing and delivering projects on time, and we are committed to adopt the best standards in design and building, he said.  

Ayesh noted that Abu Dhabi's real estate sector is evolving rapidly and the competitive landscape will encourage developers to come up with innovative approaches. "This has been the motivating factor for two real estate giants to sign

a joint venture MOU today to develop two magnificent projects: the Abu Dhabi Towers and the Gate District at SHAMS Abu Dhabi. Both of these projects will have a high level of creativity in design and construction standards.  We will invest whatever expertise we have in these projects, and they will remain major landmarks for years to come," he said.

The Abu Dhabi Towers will occupy more than 5 million square feet of land. Located in the middle of the Central Park of SHAMS Abu Dhabi, the Abu Dhabi Towers will offer a magnificent view of the island, the seas and the mangroves on the island's edge. It will include state-of-the-art office spaces, apartments and hotels. It will have a high-end shopping mall, restaurants and coffee shops. The upper levels of the towers will offer private entrances and high security measures. The building will also have a helipad.

The Gate District at Shams Abu Dhabi includes eight residential and commercial buildings occupying eight million square feet. Sorouh has already began construction of the Sky Tower and a second tower. The Gate District will provide Abu Dhabi residents with a large number of quality, high end residential units and modern office spaces. The project will also support  recreational and public services facilities that will promote an atmosphere of ambiance and social interaction.

SHAMS Abu Dhabi, Sorouh's prestigious launch project, is located on Reem Island, 300 meters across from the northeastern shore of Abu Dhabi city. It will occupy over 1,320 million square meters, accounting for 25 percent of Reem Island. Residential projects will occupy 80 percent of the overall space of the project while the remaining 20 percent will be dedicated for commercial use and recreational facilities. The first phase of the project is expected to be completed by 2009 and the full project is scheduled for completion in 2011. SHAMS Abu Dhabi will be home for about 70,000 people.