Al Maabar, an Abu Dhabi developer whose partners include Mubadala Development Company, Aldar Properties and Sorouh Real Estate, is to begin the handover of units at its Bab Al Bahr project in Morocco.
“We are delighted with the progress of our BAB project and that the first keys will soon be handed over to home-owners. This is a milestone moment for Al Maabar, five years after our founding,” said HE Yousef Al Nowais, managing director.
Due for completion in 2015, Bab Al Bahr is located near the Moroccan capital of Rabat and is a joint venture between Al Maabar and l’Agence pour l’Aménagement de la Vallée du Bouregreg in Morocco.
A mixed use development with a total area of 292,000 sqm, the project was designed by UK-based architects Foster + Partners.
The development will consist of around 1,700 residential units, 120,000 sq ft of commercial and office space, two hotels, one guesthouse, museums and art galleries.
Al Maabar also has some developments in Jordan and has launched sales for the Al Raha District, the first phase of Marsa Zayed in Aqaba, Jordan's largest ever real estate and tourism project.
Simultaneously, The Residences at The St Regis Amman will launch sales in the third quarter of this year and are due for completion in 2015.
Focusing on developments and projects outside the UAE, Al Maabar is a partnership between Abu Dhabi’s six leading real estate and investment powerhouses, including Mubadala Development Company, Aldar, Sorouh, Al Qudra Holdings, Reem Investments and Reem International.For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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