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Tue 17 Nov 2009 12:46 PM

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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.

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.

Arabian Business: why we're going behind a paywall

Expat 10 years ago

I am sitting and working in Legends head Quarters building. (Only one building finished in this site, In other side Al Barari have some villa projects going on) Not working for Tanmiyat, Our company rented a floor. I am wondering how these guys can say like these. I can see from our office, Nothing is happening in there site, Even no foundation works. They have one office at Ground floor of same building and they left about 6 months ago. Every day investers coming to this building and asking security perssons about Tanmiyat. They have invested money for there projects in this site. Better they should give back the money of investors other than investing money out side GCC.

Not wondering 10 years ago

Dear Wondering, If you are wondering whether or not Tanmiyat is working to complete the project, that is fine. But to speculate and harm the company and its investors publicly is not ethical. You must know that the project is moving forward and all customers are being welcomed at Tanmiyat's new office in Garhoud (FYI), which is much more accessible than their previous office in Legends. Tanmiyat's LL project has been reviewed by RERA and RERA has acknowleged the progress of the construction.

ali 10 years ago

i've been on site visit 3 weeks ago and checked the construction which is going well. finally after years of waiting and promises tanmiyat is showing progress

Expat 10 years ago

I would say Sorry if my comments are wrong. Once again I look at the site through my officce glass and found 3-4 buildings construction on half way, I mean finished columns, beams and slabs. But I am not sure that included in this project, Those buildings are other side of the road. There was some villa projects next to legends head quarters buidling. They have setup there site office and bring lot of steel into that site. But nothing happening there, That's what I mean. As per my understanding lot of people invested in these villa projects. If the other buildings are in same project. I am sorry for posting wrong message.