Major construction contract signed for Tameer Towers

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CORONAVIRUS IMPACT

Real estate leaders Tameer and Sorouh today finalized an agreement with a joint venture of Al Habtoor Engineering / Murray & Roberts / Al Rajhi Projects to construct the landmark Tameer Towers project in Abu Dhabi for a cost of AED 6 billion, bringing the total cost of the project to AED 8 billion.  This announcement represents the accomplishment of a major milestone in the Tameer Towers project, a joint venture between Tameer Holding Investment LLC and Sorouh Real Estate PJSC.

The iconic Tameer Towers was launched in October 2007 and has since been considered one of Abu Dhabi’s landmark developments.  Its simple yet creative design has made it a favourite destination for investors and end-users alike.

The construction partners will join the Tameer / Sorouh joint venture in an alliance that will include the architect Gensler from London, along with the structural engineer Thornton Tomasetti, the mechanical engineer Hilson Moran, and the façade engineer Buro Happold in addition to the project manager Hill International and the construction manager Bureau Veritas.

Tameer Towers is in SHAMS Abu Dhabi, the leading new development on Al Reem Island which is master-planned by Sorouh Real Estate PJSC.  Home to 45,000 residents, SHAMS Abu Dhabi will be a completely new self-sustaining city based around canals and parks, which integrates world-class master planning practices and extends the lush green of Abu Dhabi’s landscape.

A key area of SHAMS Abu Dhabi will be Central Park, an 8.1 hectare landscaped open space with extensive recreational and educational offerings.  Central Park will become a favoured destination for residents of both Al Reem Island and the city of Abu Dhabi and will undoubtedly take its place in the pantheon of great city parks

Commenting on the alliance, Dr. Abdallah Shaaban, Managing Director of Tameer Abu Dhabi said:  “The innovative alliance concept is another pioneer concept adopted by Tameer in which all the partners within the alliance act as one with the main purpose of constructing the project with the utmost attention to quality, cost, and delivery.  This innovative concept is new to this market and will mitigate many of the delay-resulting risks associated with claims, delays, and the rising costs of manpower and commodities in the UAE.”

With the foundation works currently being constructed by Arabian Foundations being well underway and progressing according to schedule, the joint venture is set to mobilize immediately.

“The alliance has confirmed the delivery date of June 2011 for the residential portion and December 2011 for the commercial portion” added Dr. Shaaban.

“We at Tameer take very seriously the challenge of delivering a top-quality product on time.  The selection of this construction partner represents a giant step towards reaching our delivery goals, and will nicely complement the host of top-notch partners already working on the project;” Dr. Shaaban said.

About TAMEER

Dedicated to the meticulous creation of comfortable living spaces and inspirational work environments, TAMEER Holding emerged with an ambitious vision of developing as the most trusted brand name in real estate during a time when the Middle Eastern real estate sector was defining itself. TAMEER’s commitment to pursuing perfection and its relentless search for innovation, distinguished it as one of the pioneers that set the standards for the market from its inception.

TAMEER has experienced rapid exponential growth, increasing from a handful of dedicated individuals in 2005 to a diverse team of several hundred professionals today, simultaneously cultivating its project portfolio to over 30 landmark developments in the UAE, the GCC and the greater MENA region.

TAMEER has established itself as one of the dominant forces in the region’s real estate scene, having entered a strategic partnership with the Al-Rajhi Investment Group, further enhancing its expertise and leadership in property development.

Selecting the most prestigious and premium locations in Abu Dhabi, Dubai and Northern Emirates, TAMEER’s landmark developments include the iconic Tameer Towers, at Shams Abu Dhabi on Al Reem Island; The Gate Towers, a joint venture with Sorouh; Princess Tower in Dubai Marina, one of the world’s highest residential structures; and the technologically ground-breaking Platinum Towers at Business Bay.

About Sorouh Real Estate PJSC
Abu Dhabi-based Sorouh Real Estate PJSC is one of the UAE’s leading real estate companies, with projects worth more than AED 45 billion under development.

Set up in June 2005 with a capital of AED 2.5 billion, we are now one of the largest real estate developers on the Abu Dhabi Securities Market.  In March 2008, we had a market capitalization of around AED 20.7 billion and approximately 40,000 shareholders.

The company has more than 200 employees, working in master-planning and master-development and other related fields, and is working on some of the most important developments in Abu Dhabi.

The company will be responsible for developing the master-plan for Lulu Island, the 5.9 square kilometre area of land which will become the city’s landmark development.   The master-plan for Lulu Island, which was exhibited publicly for the first time at Cityscape Abu Dhabi 2008, includes residential, resort and retail areas, as well as canals, marinas and a public beach.

We are bringing together the world’s leading architects, designers and developers to create truly outstanding master-planned communities, and our projects include:

SHAMS Abu Dhabi, our flagship project, is the AED 25 billion landmark development on Al Reem Island.  Home to 45,000 residents, SHAMS Abu Dhabi will be a completely new self-sustaining city based around canals and parks, which integrates world-class master planning practices and extends the lush green of Abu Dhabi’s landscape.

The Gate District is a cluster of eight towers at the entrance to SHAMS Abu Dhabi, offering architecturally-renowned designs for residential, office and retail space in an AED 11 billion development.

The Gate District includes the 74-storey Sky Tower, which will be a pinnacle of luxury for its residential and commercial occupants, and the 65-storey Sun Tower, which will be home to elegant residential spaces with captivating views of the Gulf and the Abu Dhabi skyline.

Alghadeer is a major new development located in Saih As Sidairah, between Abu Dhabi and Dubai.  Expected to be home to more than 18,000 people, the three million square metre site is a complete community offering easy access to the UAE’s commercial centres, airports and ports.

Saraya is a waterfront development along Abu Dhabi’s Corniche, consisting of 28 residential and commercial towers as well as a hospital. Spread over a vast waterside site covering 136,000 square meters, the Saraya development will enhance the visual appeal of the Corniche and impressive perception of the city.
Our other major projects include Golf Gardens, a development of 391 luxurious villas and townhouses adjacent to the Abu Dhabi Golf Club.

Our recent partnerships with world-class organizations include the signing of an agreement with Metro-Goldwyn-Mayer Studios Inc. (MGM) and Rubicon, Inc. (Rubicon) to explore the development of entertainment opportunities within Sorouh’s real estate portfolio.

We currently hold awards for “Best New Business” (Middle East Business Achievements Awards 2007), the “Cityscape Abu Dhabi Best Commercial Project 2007” for the Gate District and the “CNBC Arabian Property Award for Best Development 2007” for Central Park at SHAMS Abu Dhabi.  In 2008, we were named the “Best Customer Service Company – Real Estate category” by the Middle East Excellence Awards Institute.

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