DUBAI, 11 September 2005 — Tameer Holding (Tameer), one of the commercial, industrial and residential real estate development conglomerates, yesterday announced that its investment portfolio in an array of trailblazing projects across the UAE has crossed over AED40 billion. This significantly endorses the boom in the local real estate and property market and the increasing potential of the sector in contributing to non-oil growth in the national economy.
Senior officials of Tameer, which has been incorporated as a partnership between Al-Rajhi Investment Group in Saudi Arabia and Tameer Real Estate Establishment this year, said the company plans to accelerate the pace of its expansion across all emirates.
Unveiling its strategic growth vision in the context of the continuing dynamism in the real estate and property market of the UAE and the region in general, Omar Ayesh, president, Tameer said: “As a real estate development company, we are clued in to the existing and emerging investment potential around us. Our projects are structured to offer a healthy return on investment to our investors giving us an enviable reputation in the industry. We are looked upon as a cutting-edge and quality developer of an array of landmark projects, Tameer has a front line advantage, one of the main reasons why we have been able to extend our reach rapidly across the broad spectrum of real estate and property development of the UAE, be it in commercial, residential or industrial and infrastructural development sectors.”
He further emphasized: “As a group, we are committed to partnering with governments across emirates in the UAE in unlocking the potential of all the emirates. We have boldly launched mega projects in emirates like Umm Al Quwain and Ajman, in cooperation with the governments of these two emirates. This is in addition to our various projects in Sharjah and Dubai. Furthermore, all our projects have been launched at prices that are extremely competitive, offering our investors and customers, substantial Return on Investment.”
Ayesh added: “Tameer views the current slew of developments in the real estate and property market as well as infrastructure development as absolutely necessary initiatives stemming from the swathe of economic diversification measures underway in the UAE. “It is estimated that the real GDP growth rate of the UAE in 2004 which was at 10.4 percent, up from 7 percent in 2003, was driven mainly by construction, financial services, tourism and trade, signifying the growing importance of the non-oil sector in the economy. We are confident that this trend will continue to accelerate further.”
Tameer has an eclectic portfolio of projects in the UAE including the Al Ameera Village in Ajman, a mixed-use infrastructure development on the Emirates Road, 15 minutes from the Dubai International Airport, closer to the array of landmark developments.
Al Ameera Village, which will be officially unveiled at the upcoming Cityscape 2005 during Sept. 17-19 at the Dubai International Exhibition and Convention Center (DIECC), spans an array of traditionally designed residential buildings, a five star hotel, hotel apartments and a shopping mall across an area of 50,000 square meters.
Another ambitious project is the AED30 billion Al Salam City of Umm Al Quwain which will be developed in three phases on an estimated area of 220 million square feet. In the first phase, the development will comprise approximately 1,000 buildings, the tallest being a 50-story hotel. Other components of the project include residential towers of 10-20 floors, shopping mall, entertainment zones, civic amenities like schools, banks, retail facilities, mosques etc.
Ayesh said Tameer’s projects in the UAE were dovetailed to the broad policy outlook of the governments of the emirates and the economic trends of the time and this has ensured its thumping success. “We have always thought out of the box and this non-conventional approach to projects has ensured that they stand out in the melee of real estate and property developments in the UAE competing for attention.”
Tamer is also behind the Emirates Modern Industrial Area in Umm Al-Quwain, developed at an investment of approximately AED250 million.
The development which has economic ramifications across the UAE comprises commercial, industrial and residential components and is located on the Emirates Road at a 15-25 minutes drive from the emirates of Ajman, Sharjah and Dubai.
Tameer’s projects include the tallest residential tower in the world — The Princess Towers — in Dubai Marina, the residential community, Dana I and Dana II in the International City and the tallest tower in Sharjah, Al Ameera Tower on an area of 21,365 square feet.
Dana 1 and Dana II comprise a ground floor and 10 luxury residential floors occupying an area of 32,959 square feet and 33,076 square feet respectively.
Reiterating Tameer’s buoyant forecast for the real estate and property sector, Ayesh said: “The continuing dynamism in the real estate, property and infrastructure markets is a reflection of the growth of the economy and its long-term prospects for the posterity. Historically, real estate and property has always been a leading contributor to the national economy and it will continue to be so with its share in the GDP increasing further. For instance, in 2004 the share of the construction and real estate sector in Dubai’s GDP was 22.6 percent, signifying the importance of the sector,” he said.
