DUBAI, 2 December 2004 — Emaar Properties, the largest real estate developer in the UAE, and Al Oula of Saudi Arabia have set up a new company which will build a wide range of mixed use developments in Saudi Arabia and other Gulf Cooperation Council (GCC) countries.
The joint venture agreement to set up Emaar Middle East was signed by Emaar Chairman Mohamed Ali Alabbar and Al Oula Chairman Sulaiman Al Muhaidib on Tuesday.
Emaar Middle East will invest in various instruments and develop master planned communities in strategic GCC countries and elsewhere and the Middle East region.
Alabbar commented: “Al Oula has made significant strides in the real estate business and Emaar Properties is glad to welcome them as partners in this new venture. Emaar Middle East will invest in viable real estate development options in this region while bringing value to our clients, partners and shareholders. Real estate markets are evolving across the Middle East and Saudi Arabia in particular.” “We have already identified our key potential areas and hope to capitalize on the opportunities to develop high quality lifestyle projects in the Kingdom and other Gulf states,” he added.
Muhaidib said the agreement “will provide resources and momentum to create many more top quality developments in Saudi Arabia and other GCC states on scales and quality similar to what Emaar Properties has delivered in Dubai.”“We have also developed quality projects across the Kingdom,” he said. According to Mansour Al Othaimin, executive director, Emaar International Development, the establishment of the new company was central to sustaining real estate growth in the region. “Emaar Middle East will greatly assist the growth of the real estate sector across the region and I’m sure will provide more lifestyle opportunities to investors,” he said. Ayedh Al Gahtani, managing director of Al Oula, highlighted that Emaar Middle East “has the potential to break new ground in real estate development in the region.”
