Abu Dhabi developers join up to tackle overseas jobs

Abu Dhabi developers, Sorouh Real Estate and Tameer Holding have teamed up to tackle two tower-based developments within Shams Abu Dhabi – together valued at around US $3.5 billion (AED13 billion). The partnership will also see the pair pursue international development opportunities overseas.

One of the new joint venture companies will develop six towers in the Gate District while the other will build the Abu Dhabi Towers.

Faris Suhail Al Yabhouni, vice chairman and managing director, Sorouh Real Estate, said: “We’re looking to expand across borders so we’ve come together to help become bigger. We are also establishing these new companies to take care of business at home while the main company concentrates on further expansion.”

Located in the middle of Central Park in Shams Abu Dhabi, the Abu Dhabi Towers will occupy more than 460,000m2 of land and will include office spaces, apartments and hotels. The development will have a shopping mall, restaurants, coffee shops and a helipad.

The Gate District at Shams Abu Dhabi includes eight residential and commercial buildings occupying 740,000m2. Sorouh has already begun construction of the Sky Tower and a second tower.

The Gate District will provide Abu Dhabi residents with a large number of high-end residential units and modern office spaces.

Shams Abu Dhabi, Sorouh’s launch project, is located on Al Reem Island, 300m across from the northeastern shore of Abu Dhabi city. It will occupy over 1.32 million m2, accounting for 25% of Reem Island.

Residential projects will occupy 80% of the overall space of the project while the remaining 20% will be dedicated to commercial use and recreational facilities.

The first phase of the project is expected to be completed by 2009 and the entire development is scheduled to be finished in 2011. Shams Abu Dhabi will be home to around 70,000 people.