Al Ahlia has purchased land in District nine of the Dubai Marina development and will build a residential tower. Construction will commence in the second quarter of 2004 and estimated completion is June 2006.
A signing ceremony held to commemorate the deal, was attended by Mr Mohamed Ali Alabbar, Chairman EMAAR Properties; Mr Abdul-Salam Al-Awadhi, Chairman of Al-Ahlia Investments, Mr Abdullah Al-Gabandi, CEO, Al-Ahlia and Abdul-Aziz Al-Nabhan, Managing Director, International Investments, Al-Ahlia.
Speaking at the ceremony, Mohamed Alabbar said: "By investing in the Dubai Marina project Al Ahlia has sent a clear signal that it wants to share in our vision of developing a waterfront community of global standing. It also strengthens investment ties in regional projects which are now becoming more attractive than opportunities outside the Middle East in Europe and North America."
Abdul-Salam Al-Awadhi added: "Dubai is a dynamic city and the role EMAAR plays in encouraging further growth in the city's economy by developing world-class real estate projects is well known. Projects such as the Dubai Marina represent a sound investment for us and while this is our first investment we will be looking at further opportunities in the near future."
Al-Ahlia Investment Company was established in 1974 and is listed on the Kuwait Stock Exchange. The company's principal business activities include direct investments, asset management services, project financing, investment banking and advisory services.
The nature of Al-Ahlia's investments is diversified, with preference to projects related to asset management, industrial, health and service sectors. Special focus on projects related to construction products is given, which creates synergy among Al-Ahlia's investment portfolio.
Dubai Marina, Al-Ahlia's property of choice for investment in Dubai, is EMAAR's master-planned 'city within a city, located in Dubai's new growth corridor. The Marina is in close proximity of world-class golf courses, luxury beaches, five star hotels and prestigious landmarks like the Dubai Internet City, the Dubai Media City and American University of Dubai. Offering a unique waterfront lifestyle and community, it comprises luxurious residential towers, villas and retail outlets created around a 3.5 km water channel.
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Kuwait company invests AED 100 million in EMAAR's Dubai Marina
- United Arab Emirates: Saturday, November 01 - 2003 at 10:38
- PRESS RELEASE
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EMAAR Properties, the region's leading property developer, announced Friday details of an AED 100 million investment by Al-Ahlia Investment Company in Dubai Marina, the region's largest waterfront development.
From the left are: Representing Al-Ahlia Investment Co. are Abdullah Al-Gabandi, CEO, Abdul-Aziz Al-Nabhan, Managing Director, International Investments, Saleh Al-Yousef, Board Member and Abdul-Salam Al-Awadhi, Chairman with Mohamed Ali Alabbar, Chairman, EMAAR Properties
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Posted by Christine H. Andersen, Assistant News EditorSaturday, November 01 - 2003 at 10:38 UAE local time (GMT+4)
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About EMAAR Properties PJSC
EMAAR Properties is a Public Joint Stock Company listed on the Dubai Financial Market. With an asset base of USD 6 billion including the land bank, the Company's vision is to 'Shape the Future of Dubai' by focusing on innovation, meticulous planning and the continuous pursuit of excellence. The Company has witnessed tremendous growth since its inception in 1997 and boasts a rapidly growing tenant base.
Currently, it has ten major real estate projects under various stages of development. These developments include Dubai Marina, Arabian Ranches (including Gazelle), Emirates Hills, The Meadows, The Springs, The Lakes (including Hattan Homes), The Greens and EMAAR Towers in downtown Dubai. The company also owns and manages the Gold and Diamond Park and will soon launch on its ambitious plans to build Burj Dubai - the tallest skyscraper in the world.
While EMAAR continues to actively pursue expansion in its core business of innovative, high quality real estate development it has diversified into related business lines to further build value for its 41,000 shareholders. In line with this corporate belief, EMAAR also owns and manages four subsidiaries - Dubai Bank, focused on retail and commercial banking, Amlak Finance, the UAE's first and only mortgage finance company, EMRILL, a joint venture with the UK-based Carillion plc which provides innovative property and facilities management services, and it technology and communications company, Sahm Technologies.
For further information, please contact:
Malika Bseiso
EMAAR Properties
Tel: +971-4-399 3366
Fax: +971-4-399 2292
EMAAR Properties is a Public Joint Stock Company listed on the Dubai Financial Market. With an asset base of USD 6 billion including the land bank, the Company's vision is to 'Shape the Future of Dubai' by focusing on innovation, meticulous planning and the continuous pursuit of excellence. The Company has witnessed tremendous growth since its inception in 1997 and boasts a rapidly growing tenant base.
Currently, it has ten major real estate projects under various stages of development. These developments include Dubai Marina, Arabian Ranches (including Gazelle), Emirates Hills, The Meadows, The Springs, The Lakes (including Hattan Homes), The Greens and EMAAR Towers in downtown Dubai. The company also owns and manages the Gold and Diamond Park and will soon launch on its ambitious plans to build Burj Dubai - the tallest skyscraper in the world.
While EMAAR continues to actively pursue expansion in its core business of innovative, high quality real estate development it has diversified into related business lines to further build value for its 41,000 shareholders. In line with this corporate belief, EMAAR also owns and manages four subsidiaries - Dubai Bank, focused on retail and commercial banking, Amlak Finance, the UAE's first and only mortgage finance company, EMRILL, a joint venture with the UK-based Carillion plc which provides innovative property and facilities management services, and it technology and communications company, Sahm Technologies.
For further information, please contact:
Malika Bseiso
EMAAR Properties
Tel: +971-4-399 3366
Fax: +971-4-399 2292
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