Sorouh, Tameer JV for towers
01 November 2006
Sorouh Real Estate and Tameer Holding, two leading real estate companies of the UAE, have entered into a strategic partnership by signing a Memorandum Of Understanding (MoU) to establish a joint venture company to develop six towers of the Gate District and another company to build the Abu Dhabi Towers at Shams Abu Dhabi.
The cost of the projects is estimated at Dh13 billion ($3.5 billion).
The move by the two companies is considered a major milestone in the rapidly growing real estate sector in Abu Dhabi because this is the first time an Abu Dhabi-based major is joining hands with another leading player in the country to leverage each other’s strengths. The new companies are expected to be launched early next year, said a spokesman.
Sorouh’s chairman Saeed Al Ghafli, and president of Tameer Holding Omar Ayesh signed the MOU at the Emirates Palace Hotel in Abu Dhabi. Tameer chairman Ahmed Sulaiman Al Rajhi was present at the signing ceremony.
Both companies said the joint venture partnership will ultimately bring more value to the shareholders of the two companies, enhance quality and help the pace of construction and marketing.
Al Ghafli said the involvement of the two leading companies in a joint venture is great for the emirate’s real estate sector.
Omar Ayesh said teaming up with Sorouh will strengthen and diversify Tameer's project portfolio.
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