Joined: 05 Oct 2005
Posts: 315
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After a series of pilot projects in the United Arab Emirates and beyond, and under the framework of their plans to expand into North Africa, Tameer have announced plans for a new project in Libya that comes at the cost 26 billion Libyan dinars ($20 billion). This project represents the largest gulf investment into the North African region, and the largest Arabic investment in Libya, on its own.
This huge project comes under the huge development that Libya is witnessing and is consistent with the future vision that the Libyan Government is striking to provide for its people. Tameer is the main developer of this ambitious project that has been formed through a strategic partnership represented by Tatweer Property Co - Tatweer and Tameer International and Arab Fund for Economic and Social Development with unlimited support from the Libyan government. The agreement was signed under the auspices of the Secretary of the General People's Committee, Dr Baghdadi Al Mahmoudi, Mr. Omar Ayesh, Tameer President, and Mr. Hamid Elhouderi general manager of the Arab Fund for Economic and Social Development. Speaking of this announcement, Mr. Omar Ayesh, President of Tameer Holding, said: "This project will be the gateway that combines both the modern designs and the unique heritage of the Libyan culture presented by history, traditions, origins and deep- roots. This project will be representative of the booming property, tourism, and trade sector in Libya." He added: "This project will be the gateway that combines both the modern designs and the unique heritage and history of Libya. Tameer is always willing to penetrate new markets to invest in as we always enter new markets other companies have failed to enter into yet. Our investment today comes within this context, and we believe in the significance of this step as it will open the door for even bigger projects across the whole region.." The project is located in the Eastern Valley that borders the Libyan Capital, Tripoli, on an area that exceeds 40 kilo meter square, and is distinguished by its beach that is considered as one of the most beautiful beaches on the coast of the Mediterranean. The project is complete city sized and includes residential and commercial towers, business centers, and tourism facilities that comprise of various services such as schools, universities, hospitals, gardens, playgrounds, in addition to entertainment centers, clubs, gyms, amongst other amenities. These facilities will be used when the residential base is completed and is expected to house a population that exceeds half a million people. The project will have a unique and developed infrastructure that suits the size and vision of the development and includes the construction of smart homes, which with feature advance technology that will put it on a par with the world's leading international cities. The importance of this development is that it is a complete city that serves all economic sectors, where it provides investment opportunities for the Libyan people in the fields of property investment, business development, construction and infrastructure. The project is expected to provide ample job opportunities in different specializations and for individuals of all abilities and experiences and levels. All of this is under an investment plan that combines the modern on one side and the heritage from the other, in a harmony with the Libyan people vision. The benefit of the project is expected to include all the people in Libya through in both economic and social terms, through the participation of Arab Fund for Economic and Social Development, which is a governmental establishment aims for development and investment in economical projects and is the strategic partner for Tameer in the property developing company in the republic. -Ends- Tameer Holding Established in 1991, Tameer Holding was formed through a strategic partnership between Al-Rajhi Investment Group & Tameer Property Establishment. "Tameer Holding" had entered the thriving UAE property market with the world's tallest residential tower the "Princess Tower", located in Dubai Marina, the Dana 1 & Dana 2 projects and Al Jawzaa in International City, Al Shahd in the Emirates Hills, The Regal Tower in Business Bay, The Palace Towers in Dubai Silicon Oasis, AlSalam City in Umm Al Quwain, Al Ameera Village in Ajman and The Elite Residence in Dubai Marina. |
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