Kuwait's Abyaar secures NorthCourse to develop its USD1.4 billion Dubai property portfolio

One of the world's foremost consultants, NorthCourse, which operates in over 60 countries for major hospitality and real estate clients, will provide Abyaar with a full spectrum of advisory services and research including: project feasibility, design and sales and marketing services.

The appointment adds considerable strategic impetus to Abyaar's ambitious plans to provide unique, high quality, mixed use developments.

"The NorthCourse partnership adds another degree of assurance to investors and stakeholders that we will build excellence and deliver real estate with substantial premium and return potential,"

said Hisham Al Obaid, Chairman, Abyaar Real Estate Development.

Backed by two of Kuwait's most powerful investment groups - Aayan Leasing and Investment Company and Al Rashdan Group which has extensive real estate experience - Abyaar says its Dubai projects will impact the emirate's residential, commercial, hospitality and retail segments.

"The UAE property market is one of the most buoyant regional sectors worth hundreds of billions of dollars and research shows that nearly a quarter of Dubai's GDP is generated through real estate," said Marzooq Al Rashdan, Managing Director, Abyaar Real Estate Development.

"We are targeting a very niche market, investors who appreciate class and quality and in such a competitive market we need to differentiate ourselves. NorthCourse will help through market analysis and competitive benchmarking to identify real stakeholder preferences and requirements and to maximise investment returns."

NorthCourse says it is looking to formulate innovative solutions to Abyaar's business challenges in the UAE market. "We are now Abyaar's growth partner and will be involved in its developments from project conception to completion," says Claude Attala, Managing Director, Business Development, NorthCourse, Middle East.

Investing in compliance with Shariah law, Abyaar will build mixed use developments with innovative architecture and interiors. The company has already invested over US $150 million in two luxury serviced Dubai Marina apartment towers - Pier 24 and Pier 8. Other Abyaar developments to be rolled out this year will further demonstrate its commitment to the UAE market and a belief in its long-term investment potential.

Inspired by Abyaar's literal Arabic meaning - a 'well' - the source of water, the company's vision is to develop stylish and contemporary destinations that enhance lifestyles.

"The Abyaar product has a philosophy of ultimate quality as its foundation. By choosing top Italian designer, Matteo Nunziati as our designer and key Italian furnishers FEG Group, one of the most influential design houses in contemporary furnishings, we are delivering the creativity of an influential designer with total quality management and acute attention to top interior finishes," added Al Rashdan.