Nobles Properties establishes partnership with Rasmala on Dhs8bn project

Nobles Properties revealed further details relating to its two forthcoming high-end luxury residential apartment complexes, with an estimated total value of Dhs8bn, located in the Dubai Waterfront and Burj Dubai areas.

Nobles Properties will retain the other 75%. Mr. Omar Ayesh signed the agreement on behalf of Nobles Properties, and the Deputy CEO of Rasmala, Mr. Tamer Bazzari, signed on behalf of the investment banking firm.

Speaking of the new company, Mr. Ayesh said, "The Waterfront and Burj Downtown Development Company represents an excellent investment opportunity in two of the emirate's most attractive locations - the Dubai Waterfront and Burj Dubai - both being well-situated along the planned Metro routes serving distinct commercial locations. We are confident that the partnership with Rasmala will ensure that the company will be well-structured and enable strategic co-investors to participate with Nobles Properties in this very interesting venture. Once completed, we expect the two projects to offer high occupancy rates. We also anticipate attractive investment returns to our strategic co-investors."

"We at Rasmala believe that the attractiveness of these two developments and the track record and experience of the Nobles Properties management team combine to present an excellent equity investment opportunity, and we look forward to being involved in the placement process for the Waterfront and Burj Downtown Development Company," said Mr. Bazzari.

"Given the unique portfolio of projects Nobles has in the pipeline in key regional growth markets, we believe that Nobles can make a strong argument for a strategy that will succeed despite the current Global and Regional economic environment," he added.

The establishment of the Waterfront and Burj Downtown Development Company in Dubai represents an important addition to the activities of Nobles Properties after its recent investments in two master planned communities in Libya and Yemen which have received significant interests from investors.