SHARJAH, 21 June 2007 — Tameer Holding, the leading Middle East real estate developer, has signed an agreement with Monitor Group Limited, a world-class strategic and capital consultancy, for the execution of a vast range of relevant market research, financial and analytical studies of “Madinat Al-Hanaa” — Tameer’s largest property project in Libya.
The high-level objectives of the agreement between Tameer and Monitor Group include aligning and streamlining the visions of the main stakeholders (from Tameer and its Libyan counterparts), finding the most appropriate and profitable end-users through market analysis, reducing the project risk through research into the economic and political context, optimizing the financial benefit of the project for Tameer and its Libyan counterparts, and developing high-level city configuration and master plan themes from which to reach the optical urban city design.
Determined to adopt the highest international standards in developing the $20 billion project and to obtain solid scientifically validated information about the market, Tameer Holding has strategically chosen to deploy the services of a strong partner — Monitor Group — which is able to deliver in-depth financial and market analysis, along with providing a comprehensive vision of the work environment which awaits the Madinat Al-Hanaa project, once it gets under way.
In addition to being the largest single development in North Africa, Madinat Al- Hanaa Development project will spearhead increased investment opportunities in the country that will result in added social and economic benefits to the Libyan people.
Omar Ayesh, Tameer Holding’s president, signed the agreement at the company’s headquarters in Sharjah, along with Dr. Shaun McCarthy, a principal of Monitor Group, in the presence of Tameer CEO, Abdallah Hageali, Mohamed Moghrabi, Tameer’s international operations director, Mahmood Marfatia, director of finance, and Kim Eckermann, project manager of Monitor Group.
Madinat Al Hanaa project is being developed by Tameer International and the Arab Fund for Economic and Social Development through a created joint venture company called Tatweer Property Co. The new city is expected to boast a population that exceeds half a million people, located on the main costal road, 25 kilometers away from Tripoli, on an area that exceeds 40 square kilometers. It will include residential and commercial towers, business centers, tourism attractions, complete residential neighborhood and facilities that comprise of various services such as schools, universities, hospitals, gardens, playgrounds, in addition to entertainment centers, clubs, gyms, among other amenities. The plan will have a unique and developed infrastructure that suits the size and vision of the project and includes the construction of smart homes, which will feature advanced technology in order to put it on a par with the world’s leading international cities.
“From the first moment of launching Madinat Al-Hanaa in Libya, we decided to make it a hugely integrated and detailed project — and therefore had to deal with a reputed partner to achieve that goal,” said Omar Ayesh, Tameer Holding president. “That is why we chose to sign with Monitor Group”.
“Such an enormous project must involve making deep and transparent market studies and doing the financial analysis to highlight the strengths and weaknesses,” he added. “You know successful projects do not start unless a clear and logical study is available as solid ground, therefore our contract with Monitor Group will represent the strongest basis for this leading project.”
“Monitor is a global strategy consulting and capital services company and, as such, we are proud to be working with Tameer on this exciting and challenging opportunity,” said Dr. Shaun McCarthy, a principal of Monitor Group.
