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Real estate leaders Tameer and Sorouh today finalized an agreement with a joint venture of Al Habtoor Engineering / Murray & Roberts / Al Rajhi Projects to construct the landmark Tameer Towers project in Abu Dhabi for a cost of AED 6 billion, bringing the total cost of the project to AED 8 billion.

This announcement represents the accomplishment of a major milestone in the Tameer Towers project, a joint venture between Tameer Holding Investment LLC and Sorouh Real Estate PJSC.

The iconic Tameer Towers was launched in October 2007 and has since been considered one of Abu Dhabi’s landmark developments. Its simple yet creative design has made it a favourite destination for investors and end-users alike.

The construction partners will join the Tameer / Sorouh joint venture in an alliance that will include the architect Gensler from London, along with the structural engineer Thornton Tomasetti, the mechanical engineer Hilson Moran, and the façade engineer Buro Happold in addition to the project manager Hill International and the construction manager Bureau Veritas.

Tameer Towers is in SHAMS Abu Dhabi, the leading new development on Al Reem Island which is master-planned by Sorouh Real Estate PJSC. Home to 45,000 residents, SHAMS Abu Dhabi will be a completely new self-sustaining city based around canals and parks, which integrates world-class master planning practices and extends the lush green of Abu Dhabi’s landscape.

A key area of SHAMS Abu Dhabi will be Central Park, an 8.1 hectare landscaped open space with extensive recreational and educational offerings. Central Park will become a favoured destination for residents of both Al Reem Island and the city of Abu Dhabi and will undoubtedly take its place in the pantheon of great city parks.

Commenting on the alliance, Dr. Abdallah Shaaban, Managing Director of Tameer Abu Dhabi said: “The innovative alliance concept is another pioneer concept adopted by Tameer in which all the partners within the alliance act as one with the main purpose of constructing the project with the utmost attention to quality, cost, and delivery. This innovative concept is new to this market and will mitigate many of the delay-resulting risks associated with claims, delays, and the rising costs of manpower and commodities in the UAE.”

With the foundation works currently being constructed by Arabian Foundations being well underway and progressing according to schedule, the joint venture is set to mobilize immediately.

“The alliance has confirmed the delivery date of June 2011 for the residential portion and December 2011 for the commercial portion” added Dr. Shaaban.

“We at Tameer take very seriously the challenge of delivering a top-quality product on time. The selection of this construction partner represents a giant step towards reaching our delivery goals, and will nicely complement the host of top-notch partners already working on the project;” Dr. Shaaban said.

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About TAMEER

Dedicated to the meticulous creation of comfortable living spaces and inspirational work environments, TAMEER Holding emerged with an ambitious vision of developing as the most trusted brand name in real estate during a time when the Middle Eastern real estate sector was defining itself.

TAMEER’s commitment to pursuing perfection and its relentless search for innovation, distinguished it as one of the pioneers that set the standards for the market from its inception.

TAMEER has experienced rapid exponential growth, increasing from a handful of dedicated individuals in 2005 to a diverse team of several hundred professionals today, simultaneously cultivating its project portfolio to over 30 landmark developments in the UAE, the GCC and the greater MENA region.

TAMEER has established itself as one of the dominant forces in the region’s real estate scene, having entered a strategic partnership with the Al-Rajhi Investment Group, further enhancing its expertise and leadership in property development.

Selecting the most prestigious and premium locations in Abu Dhabi, Dubai and Northern Emirates, TAMEER’s landmark developments include the iconic Tameer Towers, at Shams Abu Dhabi on Al Reem Island; The Gate Towers, a joint venture with Sorouh; Princess Tower in Dubai Marina, one of the world’s highest residential structures; and the technologically ground-breaking Platinum Towers at Business Bay.

About Sorouh Real Estate PJSC

Abu Dhabi-based Sorouh Real Estate PJSC is one of the UAE’s leading real estate companies, with projects worth more than AED 45 billion under development.

Set up in June 2005 with a capital of AED 2.5 billion, we are now one of the largest real estate developers on the Abu Dhabi Securities Market. In March 2008, we had a market capitalization of around AED 20.7 billion and approximately 40,000 shareholders.

The company has more than 200 employees, working in master-planning and master-development and other related fields, and is working on some of the most important developments in Abu Dhabi.

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