international developer profile
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ABU DHABI AMBASSADORS
A joint venture between six of Abu Dhabi’s leading real estate developers, Al Maabar is flying the flag for the emirate in a trio of exciting overseas markets. Claire Malcolm learns more
With the support of six of the emirate’s biggest names – Mubadala, Aldar, Sorouh, Al Qudra, Al Reem Investments and Al Reem International – Al Maabar’s dual role as emerging market developer and ambassador for Abu Dhabi has already netted three ambitious multi-million dollar mixed-use projects since its formation in 2007. The Middle East, North Africa and Levant region is the geographical focus with the
goal of developing landmark projects designed to add real value through job creation, talent development, knowledge transfer and economic stimulus. While the selection of investment-hungry Morocco and Jordan – which is fast-
tracking development in Aqaba – are fairly obvious choices, the inclusion of a frontier market such as Libya raises a few eyebrows.
SUSTAINABLE PARTNERSHIPS
The company’s business model clearly targets economically attractive and sustainable opportunities that deliver maximum growth potential for all stakeholders. This is coupled with a secondary goal of ‘adding real value’ through cultural and heritage preservation. According to managing director Yousef Al Nowais, this is an ‘intelligent’ development approach. “You have to distinguish yourself, you have to be different. Our develop- ments are intelligent because we take into account the social, cultural and economic requirements of the communities that we serve in order to create sustainable develop- ments that will ignite economic potential. It is also very important to choose the right destination, and match that with the right partner and product.” The choice of Morocco, Libya and Jordan was not merely opportunistic, but measured.
“We are always actively looking for new opportunities, wherever they may be, and significant projects that will add value to the countries we join forces with. We have seen this potential in the Jordanian, Moroccan, and Libyan markets and are looking into further expanding into more attractive emerging markets with equally high prospects,” he remarks.
“When assessing an opportunity, Al Maabar looks for strategic loca-
tions as well as a nation’s potential. The countries of interest are those with great heritage and in need of a proper tourist infrastructure to cope with inbound international tourism on an annual basis. We also look internally at certain criteria such as the atmosphere of openness, knowl- edge-based economies, and expected population growth,” he adds. The importance of choosing the right partners is the first step. “We
always look for potential local players who share our vision. In Morocco, for example, we wanted a partner who is not only reliable but who has confidence in their own market, a good reputation and the ability to handle all the administration, legal and bureaucratic issues associated with any emerging market development initiative,” says Al Nowais. “Our Rabat partner has an excellent track record and an eagerness
to develop in that area. Also, the project is an important cultural initia- tive – not only the mayor but the king is also looking at what we are doing and so our local partnership is vital,” he continues. Complementing that is Abu Dhabi’s own track record, something that
Al Nowais says is smoothing the path for Al Maabar as it enters new markets. “We bring the know-how, the technology and the experience that the UAE has undergone, with us. Today everybody knows that Dubai and Abu Dhabi are leaders in development and we come with tangible credible examples of what can be achieved. “Furthermore, our implemented business model does not forecast
quick profit in the short-term, but rather aims for long-term sustainable projects. We have a robust business plan, and we expect that it will fully deliver maximum rates of return on all of our developments.”
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/apr-may 2010
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