Saudi's Tanmiyat eyes projects outside GCC region

Developer says it is in negotiations for projects near the Caspian Sea amid expansion plan.
Saudi's Tanmiyat eyes projects outside GCC region
DUBAI PROJECT: Tanmiyat is developing the Living Legends project.
By Shane McGinley
Tue 17 Nov 2009 12:46 PM

Developer Tanmiyat said on Tuesday it was planning to expand outside the Gulf region and was already in negotiations for projects on the Caspian Sea.

The Saudi-based developer, which is also involved in Living Legends in Dubailand, Ajman Marina and Prince Abdulaziz Bin Mousaed Economic City in Saudi Arabia, was currently evaluating a long list of international locations for possible expansion, Dr Rasim Kaan Aytogu, group executive director at Tanmiyat, told Arabian Business.

“Tanmiyat’s strategy is to create a competitive advantage through international expansion and developmental expertise in niche high growth areas,” he said in an interview.

At present, Tanmiyat are focusing their expansion plans in Turkmenistan, Azerbaijan and Albania.

Aytogu said the company had divided their target markets into three groups. Group one consists of Turkey, Egypt, Morocco, Azerbaijan, Kazakhstan, Libya and Sudan.

Group two countries include Turkenistan, Albania, Uzbeistan and Oman and the third group consists of India, Pakistan and Qatar.

Aytogu said the company recently pitched a project proposal to Gurbanguly Berdimuhamedow, the president of Turkmenistan.

“In Turkmenistan we are proposing a project as a master developer in an area Avaza by the Caspian Sea. It has 30 kilometres of clean sandy beaches, a warm sea and is on the main pipeline hub in the area," he added.

Avaza is a national touristic zone of Turkmenistan, located on the east side of the Caspian Sea near Turkmenbashi city.

“Our experience in developing similar projects in the Gulf area will very much be applicable there,” Aytogu said of the proposed $500 million multi-phased development.

“The Caspian Sea is an energy corridor and is a very important region for future development and is an emerging market,” he added.

Albania is another priority for the company and earlier this month it was a gold sponsor at the 2nd International Conference on Foreign Investments in the Albanian capital of Tirana.

“Albania is an exciting market, and there is much to be gained from our presence there. As a rapidly developing country and a NATO member state on its way to becoming a member of the EU, the country faces many of the same challenges and has many of the same opportunities as we have in the Gulf,” Sheikh Sulyman Al Majed, chairman of Tanmiyat said in a statement.

However, Aytogu reiterated that the Gulf would still remain a top priority for the company.

“Our core countries and main focus will continue to be the Kingdom of Saudi Arabia and the United Arab Emirates,” he added.

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