Tameer to undertake $20b project in Libya
Source:
Khaleej Times
SHARJAH — Tameer,
the Sharjah-based UAE property developer, yesterday
announced plans to undertake a project in Libya, North
Africa, at a cost of 26 billion Libyan dinars ($20 billion).
It represents the largest investment in North Africa by a
Gulf investor to date and the largest Arabic investment in
Libya.
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 Tameer is the main developer of this ambitious project and
is part of a strategic partnership also comprising Tatweer
and the Arab Fund for Economic and Social Development, a
government organisation that develops and invests in
economic projects. The company will be known as Tatweer
Property Company. The Libyan government will provide
unlimited support.
Libya is witnessing huge development and Tameer's investment is designed to help achieve the future vision that the Libyan Government is striving to provide for its people, according to Tameer. Speaking of this announcement, president of Tameer Holding, Omar Ayesh, said: "This project will be the gateway that combines both modern designs and the unique heritage of the Libyan culture. This project will be representative of the booming property, tourism, and trade sector in Libya." The Libyan venture is also another step in widening Tameer's overseas property portfolio, after its multi-million dollar projects in Yemen and Jordan. Tameer aims to be a first mover both in its choice of location and investment. He added: "Tameer is always willing to penetrate new markets where other companies have not yet entered. Our investment comes within this context, and we believe the significance of this step is that it will open the door for even bigger projects across the whole region." The project is located in the Eastern Valley that borders the Libyan capital, Tripoli. It encompasses an area of more 40 square kilometres, and is distinguished by its beach, considered to be one of the most beautiful beaches on the coast of the Mediterranean. The city-sized project includes residential and commercial towers, business centres, and tourism facilities as well as schools, universities and hospitals. When completed the mega-development is expected to house more than half a million people. There will also be a highly developed infrastructure, which will include smart homes, putting the city on a par with the world's leading international cities. According to Tameer this development will serve all economic sectors and provide investment opportunities for the Libyan people in the fields of property investment, business development, construction and infrastructure. The project is also expected to provide ample job opportunities in different sectors. The agreement was signed under the auspices of the Secretary of the General People's Committee, Dr Baghdadi Al Mahmoudi, Omar Ayesh, Tameer President, and Hamid Elhouderi general manager of the Arab Fund for Economic and Social Development.
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Al Dana 1
development on the verge of completion
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A Tameer
spokesman yesterday stated that the construction of Al Dana 1 is on the
verge of completion, with its every apartment already sold out to
investors and residents. Part of a twin tower development situated in
Dubai International City, a prestigious residential and commercial
project also currently under construction, the Al Dana Towers are next
in a long line of high profile state-of-the-art developments on the
verge of fruition across the country.
"We at Tameer are proud to confirm that the Al Dana 1 tower is near completion." confirmed Ali Al Khudairi, CEO of Tameer Holding."This means the frame of the structure is completed and it will only be a matter of time before the building itself will be ready for residents to move in."
With 2006 being a landmark year for the developer that has so far seen the launch of the ambitious AlSalam City; the Al Dana 1 announcement comes shortly after the UAE based real estate developer declared the completion of the AED 250 million town sized industrial development, the Emirates Industrial Area.
"In true Tameer style, we work quickly and efficiently with no slip in dedication and concentration. Before the end of the year we will soon be handing the keys over to the Al Dana 1 residents, as we endeavor to ensure that all of our developments are delivered to our customers in the time stated without any lapse in their quality." said Ali Al Khudairi.
At the beginning of 2005 the development's sister building Al Dana 2 was launched, with construction on both projects moving at a steady swift pace. The Al Dana 1 building has been officially scheduled for completion by the autumn of this year and will contain a number of amenities that include a large swimming pool, gymnasiums and a health spa, that will all compliment it's 10 luxury residential floors that face the main center of Dubai International City.
Formed through a strategic partnership between Al-Rajhi Investment Group & Tameer Property Establishment, Tameer Holding had entered the thriving UAE property market with numerous sophisticated developments, including the world's tallest tower "Princess Tower", located in Dubai Marina, the Dana 1 & Dana 2 projects in International City, Al Jawzaa in the International City, Al Shahd in the Emirates Hills, The Regal Tower in Business Bay and Al Ameera Village in Ajman. Today, the firm's investment portfolio in the market totals AED 40 billion.
About Tameer
Established
in 1991 Tameer was at first an organization that conducted a variety of
business activities across a broad spectrum of fields and in 1997 the
firm added real estate to its portfolio of services. However through
recognizing the tremendous potential of the construction industry in the
Gulf they decided to concentrate solely in this area and now today
Tameer Holding is one of the United Arab Emirates leading and most
innovative property developers.
In 2005 Tameer Holding Investments formed a partnership with Al Rajhi
Investment Group in Saudi Arabia, helping them to develop a collection
of ground breaking developments that has raised the firm’s investment
portfolio in the market to exceed the AED 40 billion mark. The signed
Memorandum of Understanding recognizing the partnership with the Al-Rajhi
Establishment allowed Tameer to realize its ambitions in constructing
high profile projects at both the regional and international levels.
With construction projects that have a gross value of USD 11 billion the
Tameer brand has now become synonymous with style, elegance and
innovation. With a selection of property developments across the Middle
East, the UAE based company is currently responsible for some of the
most pioneering land marks currently being developed in the Gulf and the
Levant. An important component of the Tameer vision that distinguishes
it from their competitors is its stringent criteria in the designing and
placement of its constructions. Upon selecting a location that is unique
they then construct innovative and non conventional designs,
specifications and services for their developments. The ultimate goal
being to present and offer state of the art developments that come at
highly competitive prices for the purchase of title ownership or
investment. In all its dealings, Tameer adopts a strategy of
transparency and credibility.
Tameer has successfully concluded a number of real estate deals with the
government of Sharjah and are responsible for the epic Umm Al Quwain
based project AlSalam City, enhancing its position within the regional
real estate market. Tameer Holding’s mission is to provide a level of
living that is far more sophisticated and affordable than any of their
competitors
United Arab Emirates
Email:
info@tameer.net