24 n 15 June 2008 n TheBusinessWeekly

realestate

Damac upbeat despite Iraq security fears
Tarin Hills

investment,” Niall McLoughlin, Damac Properties’ senior vicepresident for corporate communications, recently told The Business Weekly.

Special security features
“Security fears in central and southern Iraq have made it impossible for many foreign companies to do business in those areas. But with the ability to offer security in the north, the Kurdish Government has declared itself open for business since 2006. Today, many foreign companies have already started coming to the Kurdish region. The region has attracted not only Damac, but also other international corporations,” he added. In this development, the company will be giving the highest priority to security and thus, has planned certain features to ensure its upkeep, such as a fully gated community with security fence, checkpoints, high-tech screening at entrance gates, numerous internal monitoring points and round-the-clock security patrols. Hussain Sajwani, chairman of Damac, said the region presents an imminent potential to become

Plans for Tarin Hills on track
Jim Paolo Joquico
Damac Properties, the Dubaibased real estate development arm of Damac Holdings, remains optimistic about its recently announced plans to construct Tarin Hills, a Dh55 million master development in Kurdistan, Iraq, despite public fears over security and political instability in the country, a company official said. “Over the past few years, Iraq has been struggling to rebuild itself after years of economic sanctions and conflict. However, in the relatively quiet Kurdish area of northern Iraq, stability is paving the way for prosperity as the region works to attract foreign

a destination for both high-end and mass tourism. Conversely, the time when this potential could fully bloom and materialise appears to be questionable, as many countries still impose a ban on their citizens to travel to Iraq. Additionally, there are fears about security that the mention of Iraq brings with it, and logically, the number of tourists who would like to visit the country for leisure-related affairs would be greatly affected by this predisposition. Damac at this stage will be targeting Iraqi investors initially, and as the project has several phases, the company can start from Erbil and then move to other parts of Kurdistan, waiting for other cities to open up. “Originally, our main target was Baghdad, but we had this departure point because security prevails in Kurdistan. Whenever and wherever security prevails, we will go there. The Kurdish regional government has been working at full speed to revise its foreign investment law to attract investors to the north,” McLoughlin concluded.

Shopping complex at Al Ruwais
Industrial city population to hit 40,000 by 2010
TBW Bureau
Aldar Properties, an Abu Dhabibased integrated property development company, has launched a double-storey shopping centre in the industrial city of Al Ruwais in the UAE capital. Set to commence operations in 2010, the project will cater to the growing population of Al Ruwais which is expected to hit the 40,000 mark by the same year. Al Ruwais Shopping Centre will serve the families in Al Ruwais, as well as surrounding cities including: Al Marfaa, Delma Island, Gyathi, Al Ghowifat, and Sella. These cities add a further 33,000 people to the number of people and families that will be served by a shopping destination within reach. Current residents of these outlying cities travel to Abu Dhabi for leisure and shopping which is a distance of approximately 240 kilometres.

Urban centre
Commenting on the launch, Ahmed Ali Al Sayegh, chairman of Aldar, said, “We are pleased to see Al Ruwais grow from an industrial complex into a full-fledged urban centre and we feel duty-bound to contribute to this growth. It is a top priority for Aldar to cater to the needs of all of the residents in the emirate of Abu Dhabi.” “Aldar’s projects are developed with unique identities which reflect the sensibilities of its inhabitants. This shopping centre in Al Ruwais reflects the immediate needs of this community, which is growing at a substantially higher rate than the surrounding areas. Al Ruwais Shopping Centre will include the

Dieter Kaden

largest supermarket for Al Ruwais which will be a great addition to the area and will create a significant amount of convenience for those residents,” Ronald Stephen Barrott, CEO of Aldar, added. To cover a gross built-up area of over 40,000 square metres offering space to 99 retail outlets, the Al Ruwais shopping centre will present an array of fashion and accessories in addition to household items with the development of the largest supermarket centre for Al Ruwais. A Warner Bros cinema complex will additionally be included in the development. The project is located a few minutes off the international highway linking the UAE to Saudi Arabia and Qatar, and thus will be a convenient stop for those travelling by road. Aldar’s current property portfolio includes major developments and re-developments within Abu Dhabi.

Emaar Pak project lures 4,000 investors
TBW Bureau
Emaar Pakistan, the Pakistani subsidiary of Emaar Properties, the UAE-based global property developer, has recorded overwhelming customer response to the launch of Alma Townhomes in its master-planned Canyon Views community. The company has announced over 4,000 applicants submitted their registration online to participate in the launch. The successful applicants will be invited to the sales center on the launch date for purchase of property and will be given the chance to choose from a range of townhomes located in several Mediterranean Villages within Canyon Views. Canyon Views is an exclusive gated community with villas in a range of architectural styles and amenities such as retail outlets, community club houses, parks, schools and mosques.

TBW June 15 (b).indd 24

12/6/08 16:59:37

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