REVITALISING RABAT
Morocco has already seen an influx of FDI from the Gulf region and, as a favoured travel destination for GCC residents, the choice of Rabat as a new city location has huge potential for Al Maabar as already evidenced by phase one project sales figures.
“Morocco has good development potential overall but we are also very aware of the downsides. There is over-building in Marrackech, but in general Morocco’s cities have not been unduly affected by the financial crisis and there is still huge demand in Casablanca and Rabat,” says Al Nowais. “We have already sold more than 40 percent of the Bab Al Bahr project, with strong demand from the
GCC market, but we need to make sure we have a balance. If it is only UAE investors who consider it as a second home destination, then it will remain half-empty for most of the year. We want a living community, and are making sure that this happens,” he adds. Interest in the residential component of the US$800 million mixed-use development is also coming from within Morocco itself and other international inves- tors according to Al Nowais, who reports significant interest from commercial and hospitality companies looking for local presence. The Bab Al Bahr project also has a strong focus on maintaining cultural identity, and this is something Al
Nowais wants to see echoed across all international developments. “This is something that attracts both tourists and investors. You can go anywhere and buy a modern house but if you go to a destination with a hugely important and visible past, such as Morocco or Jordan, then you definitely want elements of the local culture sensitively incorporated into any new development,” he says. As part of the master planning process Al Maabar also employed a team of specialist archaeological advisors. Says Al Nowais: “That was indicative of our efforts, along with our partners, to add real value to the area by regenerating the unique cultural and historical heritage. We have worked closely with world renowned architects, Foster + Partners, and in keeping with Al Maabar’s commitment to work in harmony with local communities to protect the heritage sites and environments for future generations.”
1 2
VIRGIN TERRITORY
The as-yet untried and untested Libyan market is the site of Al Maabar’s second major project in the capital, Tripoli. Al Nowais believes that for confident investors now really is the time to seize opportuni- ties in this emerging North African country and sees similarities with the early days of development in the UAE, as he explains: “Libya is virgin land. When we first visited there two years ago there was only one good hotel and today there are four to six properties, all inter- national brands with high demand and high average rates of almost US$250 per night.” For that reason Al Maabar is concentrating on exploiting the accom- modation and office needs of visiting corporate executives and oil and gas companies. “There are no decent mid-range hotels or furnished apartments for expats working in the oil and gas sector; long-stay guests who need specific accommodation types. We need to add life to this sector with our four-star serviced hotel apartments, as well as provide office space – this is very much in demand,” he says. This niche market strategy will see Al Maabar launch a 31-sto-
rey four-star hotel and serviced apartment product, as well as an office tower, as part of the central US$500 million Al Waha develop- ment. Commitment from the Libyan Investment and Development Company and other government entities to developing adequate infrastructure is already shaping the future of the city, according to Al Nowais, and development across all assert classes is attracting liquid investors who spy an early market opportunity. “For the office sector there is also a high level of demand as a lot
3
of international companies are looking to set up in Tripoli. Our local partner already has oil companies ready to sign 10-year leases but we believe it is too early and we want to make significant progress on the project first,” he adds.
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1 Bab Al Bahr, Morocco 2 Marsa Zayed, Jordan 3 Al Waha, Libya
Our developments are intelligent be- cause we take into account the social, cultural and economic requirements of the communities that we serve in order to create sustainable developments
apr-may 2010
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