Developers Sorouh Real Estate and Tameer Holding Investment said on Tuesday they had dissolved joint ventures on two real estate projects in Abu Dhabi.
Dubai-based property company Tameer will have full ownership of the Rise Above project and Sorouh will have a 100 percent stake in Gate Towers, which are both located at the Shams development on Al Reem Island, Abu Dhabi.
It is understood the move is to tidy up contracts between the two parties.
The Gate Towers project will form the centrepiece of the 8m sq ft Gate District - due for completion in 2012 - which will mark the entrance to Al Reem Island.
The Gate District will feature Sorouh's Sun and Sky Tower projects.
Sorouh and Tameer signed a memorandum of understanding (MoU) in September 2006 to establish a joint venture company to develop six towers at the Gate District and another company to build the Abu Dhabi Towers at Shams Abu Dhabi.
The cost of the projects was estimated at the time to be around AED13bn ($3.5bn).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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