Abu Dhabi, February 23, 2010: Al Maabar, one of Abu Dhabi's leading international real estate investment companies, has confirmed that following the launch last week of phase one of its Bab Al Bahr development in Morocco, more than 40% of units open for sales have already been sold.
Source : www.pioneersholding.com
Abu Dhabi, February 23, 2010: Al Maabar, one of Abu Dhabi's leading international real estate investment companies, has confirmed that following the launch last week of phase one of its Bab Al Bahr development in Morocco, more than 40% of units open for sales have already been sold.
Bab Al Bahr, which is being developed by Al Maabar and its Moroccan partner, Bouregreg Valley Development Agency through their joint venture, Bab Al Bahr Development Company, is uniquely located between Rabat and Sale city where the Bouregreg River meets the Atlantic Ocean. The unique location and innovative masterplan of the project predispose it to set new standards in mixed use developments and create a magnificent destination for recreation, living and work.
Bab Al Bahr is a development with a built area approximately 540,000 square meters. It encompasses retail, hospitality, and high-end residential, entertainment and commercial components. Phase one of Bab Al Bahr consists of Marina front, the Riverfront and the Art and Craft District. Each district will feature premium apartments with stunning views and tranquil and safe atmosphere within surroundings that blend history and culture with a modern lifestyle.
"The outstanding sales results for Bab Al Bahr, obtained in such a very short time, are a clear endorsement of our business model, which targets economically attractive and sustainable opportunities that deliver maximum growth potential for all partners and stakeholders." said Mr. Yousef Al Nowais, Al MaabarAl MaabarLoading...'s Managing Director. "We are extremely proud of this significant achievement, as we are with the timely progress of the project which are both a true testament to the collaboration and experience of our partner, Bouregreg Valley Development Agency"
"Al Maabar is dedicated to creating visually exciting, ecologically sustainable developments that have strong economic potential," said Mr Al Nowais.
Al Maabar's Moroccan Bab Al Bahr project, which is located in one of the most dynamic and important areas of Rabat, is progressing on schedule and on budget.
Al Maabar which is a partnership between Abu Dhabi's six leading real estate and investment powerhouses is developing some of the region's largest and most dynamic real estate projects. Al MaabarAl MaabarLoading...'s portfolio of projects values over 40 Billion AED (more than US$ 11 billion), including; Marsa Zayed in Jordan, Al Waha in Tripoli and Bab Al Bahr in Morocco.
"We look to the coming months with great pride and excitement as we continue to meet the high standards and strict deadlines we set ourselves in a spirit of full collaboration and mutual respect for all our partners and stakeholders", Al Nowais concluded.