Emaar and Al Oula to invest in region
Emaar to set up a mixed-use project in Libya
Emaar Properties and Al Oula of Saudi are setting up a new company, Emaar Middle East, which will invest in mixed-use developments across the GCC, with particular focus on Saudi Arabia. Separately, Emaar has identified partners and selected prime locations to construct mixed-use developments in Libya. This is Emaar’s first foray into the North African country and is spearheaded by Emaar International Development, a division that invests in developments outside the UAE.
The joint venture agreement to set up Emaar Middle East was signed by Emaar chairman Mohamed Ali Alabbar and Sulaiman Al Muhaidib, chairman of Al Oula.
“Al Oula has made significant strides in the real estate business and Emaar Properties is glad to welcome them as partners in this new venture. Real estate markets are evolving across the Middle East and Saudi Arabia in particular. We love these evolutions because they challenge us to greater heights,” said Alabbar. “We have already identified our key potential areas and hope to capitalise on the opportunities to develop high quality lifestyle projects in the kingdom and other Gulf states.
Al Muhaidib added: “This agreement will provide resources and momentum to create many more top quality developments in Saudi Arabia and other GCC states on scales and quality similar to what Emaar Properties has delivered in Dubai. We have also developed quality projects across the kingdom.”
Emaar’s plans for Libya were announced following a series of presentations and meetings with business partners in Libya. “Libya will be a cornerstone in our company’s dramatic progress to expand into nations beyond the UAE shores,” said Alabbar. “Libya is full of potential and opportunities. Global interest for Libyan markets is increasing because of the country’s key role in the Euro-Mediterranean area and I know the country’s government is focussed on structural modernisation.”
Emaar has already begun construction in India on its first international venture, the Boulder Hills community in the southern city of Hyderabad. Emaar followed it with the signing of an MoU to build residential projects in Jordan. Economic viability studies are also being carried out on a number of international options, including all five Gulf states.
Emaar has so far handed over more than 7000 homes and before the end of this year, will have completed the handover of more than 8000 units. The company says it has more than 13 500 homes already built or in various stages of development.