international developer profile
4 Marsa Zayed, Jordan 5 Bab Al Bahr, Morocco
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Yousef Al Nowais
MARSA ZAYED, AQABA, JORDAN
US$10 billion mega mixed-used deve- lopment in the emerging Aqaba region
A 3.2 square kilometre project including two kilometres of waterfront
Comprises high-rise residential towers, retail, recreational, entertainment, business and financial districts and several branded hotels
A number of marinas will add to the current berthing capacity, in addition to a state-of-the-art cruise ship terminal
One of the biggest real estate and tour- ism project to take place in the country
The project will be implemented in several phases over a period of 30 years. Phase one of construction will commence in Q3 2010
BAB AL BAHR, RABAT, MOROCCO
A US$800 million mixed-use development with seven main districts located between Rabat and Sale, master planned by Foster + Partners
Joint venture with L’Agence pour l’Aménagement de la Vallée du Bouregreg (government agency)
300,000 square metre site comprising high-end residential units, a hotel, retail, office, and public buildings
40 percent of Phase One has been sold (as of March 2010), which includes Front Marina, Front Fluvial, and Cité des Arts et Métiers
Bab Al Bahr is strategically located where the Atlantic meets the Bouregreg River, close to a number of national landmarks including the Sale Grand Mosque, the Oudayas Casbah, and the Minaret Hassan
Scheduled for completion in 2013
AL WAHA, TRIPOLI, LIBYA
US$500 million mixed-use urban community development
Joint venture with the Libyan Investment and Development Company (LIDCO)
The first mixed-use development of its kind located in the heart of Tripoli’s business district with residential, hos- pitality, retail and office components
Designed by WS Atkins, the master plan consists of residential, hotel, retail and office components
Al Maabar is responsible for develop- ment and sale of the commercial (27 storey office tower) and hospitality components (31 storey hotel and serviced apartments tower)
The hotel and serviced apartments will be operated by Rayhaan Rotana, part of the Abu Dhabi-headquartered hotel group
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Al Maabar’s approach is qual itative rather than quan- titative, wh i ch helps to bring long-term benefits
CREATING COMMUNITIES
Al Nowais is confident that investment in broad-based local communities will lead to the creation of multi-layered destinations and ‘liveable’ societies that don’t segment the popu- lation according to income bracket. “All our projects are mixed-use developments that are dedicated to adding real value for the various sectors in the society of the host countries. “Furthermore, Al Maabar projects bring a host of benefits for local communities such
as job creation, talent development, knowledge transfer, economic stimulus and foreign exchange gains. For example, in the process of developing Marsa Zayed, we estimate that we will create approximately 15,000 jobs in Jordan.” The Aqaba project, which forms part of an ambitious government-led initiative to transform
one of the most desirable stretches of coastline in the country, is one of the most exciting devel- opments in the region today, according to Al Nowais. “Aqaba is a fantastic place; it could definitely be another Sharm El Sheikh. I think the king and
his government are working towards that and to making Aqaba a prime destination. “Here we have to build for the people who live in Aqaba and Jordan and although we are looking to attract tourists we are mainly trying to attract the local community and middle income families.”
The Aqaba project will also poten-
tially be the first of Al Maabar’s projects to harness solar power as part of its commitment to environmental sustain- ability. “We are looking at many different types of renewable energy technology – some of which we saw at the recent World Future Energy Summit – to bene- fit our projects. In Aqaba for example we will try to incorporate solar power initia- tives if possible as well as looking at new building methods,” he says.
FUTURE FOCUS
Al Maabar has its hands full with its existing trio of projects and Al Nowais says that phased physical delivery of these developments is the company’s main focus, for now at least. “We are well-positioned for growth
and actively looking for economically attractive international opportunities. However, our key priority is to leverage our existing projects and consolidate our presence in the MENA and Levant region, while asserting that we are not constrained by geography. “Our strategy is to study markets
very carefully and see what poten- tials they offer us and how can we, in return, help their local communities. Our approach is qualitative rather that quantitative which helps to bring long-term benefits,” he remarks. However, he does have an eye on
future hotspots in the region. “Egypt has excellent potential, whether that’s in Cairo or elsewhere. It will always been on our radar because of the purchasing power and the population,” he comments. And he cautions against over-enthu-
siasm. “We are looking in other markets and have done quite extensive studies but we don’t want to expand too rapidly as the delivery of our existing projects is the most important thing. “To diversify is good, but you really
have to be careful not to spread your- self too thin.”
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/apr-may 2010
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