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Discuss this article (1 Comments)Sorouh, Tameer dissolve JV plans
by This email address is being protected from spam bots, you need Javascript enabled to view it on Tuesday, 09 June 2009
JOINT VENTURE: Sorouh and Tameer have dissolved plans for two joint ventures including one for Al Reem Island.
Developers Sorouh Real Estate and Tameer Holding Investment said on Tuesday they had dissolved joint ventures on two real estate projects in Abu Dhabi.
Dubai-based property company Tameer will have full ownership of the Rise Above project and Sorouh will have a 100 percent stake in Gate Towers, which are both located at the Shams development on Al Reem Island, Abu Dhabi.
It is understood the move is to tidy up contracts between the two parties.
The Gate Towers project will form the centrepiece of the 8m sq ft Gate District - due for completion in 2012 - which will mark the entrance to Al Reem Island.
The Gate District will feature Sorouh's Sun and Sky Tower projects.
Sorouh and Tameer signed a memorandum of understanding (MoU) in September 2006 to establish a joint venture company to develop six towers at the Gate District and another company to build the Abu Dhabi Towers at Shams Abu Dhabi.
The cost of the projects was estimated at the time to be around AED13bn ($3.5bn).
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Surouh/Tameer disolve business plans
Posted by David, Manchester, UK on Friday 12 June 2009 at 09:06 UAE time
Can anyone please add more details to "It is understood the move is to tidy up contracts between the two parties."
As in investor in the "Rise Above" ïconic" project it doesnt add up that this disolving would be just to tidy up contracts. Tameer have changed CEOs 3 times in 13 months and don't have the track record and Abu Dhabi influence that Sorouh does. Is Sorouh making a calculated cut of losses?
Posted by David, Manchester, UK on Friday 12 June 2009 at 09:06 UAE time
Can anyone please add more details to "It is understood the move is to tidy up contracts between the two parties."
As in investor in the "Rise Above" ïconic" project it doesnt add up that this disolving would be just to tidy up contracts. Tameer have changed CEOs 3 times in 13 months and don't have the track record and Abu Dhabi influence that Sorouh does. Is Sorouh making a calculated cut of losses?
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