Aldar Sorouh Aqaba development

[sharewadi]

Aldar Properties and Sorouh Real Estate, both listed on the Abu Dhabi stock market (ADX), are joining hands with Al Maabar in Abu Dhabi (unlisted) to develop a $10 billion (AED 37 bn) (cough cough - that sounds like a small city ) project in Aqaba in Jordan. No slowdown for those companies then? Nothing in the way of disclosures on the ADX website today. There was an announcement about a Reuters ADX agreement on Monday this week to improve investor relations. Aldar shares fell 2.1% to AED 2.40 and Sorouh fell 2.6% to 2.30 in Abu Dhabi today, while the index rose 1.6%.

Reuters 26 February 2009:

Abu Dhabi developer plans $10 bln Jordan project by John Irish Abu Dhabi joint venture to build $10 bln Jordan project Investment to create jobs, stimulate Jordanian economy Latest Abu Dhabi investment after bid for Canada's Nova Abu Dhabi - Abu Dhabi property developer Al Maabar International Investments said on Thursday that it plans to build a $10 billion development in Jordan to help create jobs and develop the local economy. The joint venture, which includes Aldar Properties (ALDAR) and Sorouh Real Estate (SOROUH), said the waterfront real estate and tourism development, one of the biggest private sector investments in United Arab Emirates, would be in Aqaba on the Red Sea coast. The group, which last April announced it would build a $5 billion project in Jordan, said it would begin construction on the residential, tourism and commercial project in the first half of 2010 and aimed to create 15,000 jobs. Al Maabar said it signed the deal with Jordan to acquire 3.2 million square metres (34.44 million sq ft) of land in Aqaba for $500 million for the development. During the six-year boom in oil prices that ended in mid-2008, the capital of the United Arab Emirates, the world's fifth largest-oil exporter, amassed hundreds of billions of dollars in surplus revenues from oil exports. Abu Dhabi, which is facing a slowdown as oil prices slump, earlier this week launched a $500 million takeover bid for Canada's Nova Chemicals as it looks to invest oil reserves stemming from the economic boom. Aldar and Sorouh each own a 30-percent stake in Al Maabar, which was set up in 2007. Reem Investments, Reem International, Al Qudra Holdings and investment firm Mubadala Development Co hold the remaining stakes. The group has projects worth $11.5 billion under development in Morocco, Libya, Tunisia, Jordan, Qatar and Belarus. Al Maabar Managing Director Yousef al-Nowais said in October it was also looking to build a $500-million project in Iraq.

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UAE IPO list | posting guidelines

[Bimcnorth]

AL MAABAR..The hidden hand of Abu Dhabi as the Saudi/UAE partnership flexes its muscles.

Gulf News 06 October 2008:

Al Maabar plans $11.5b investments By Himendra Mohan Kumar, Staff Reporter Abu Dhabi: Abu Dhabi-based Al Maabar International Investments has lined up overseas investments worth $11.5 billion (Dh42.2 billion) over 10 years, its managing director said on Monday. The investments will be in real estate projects in Morocco, Libya, Tunisia, Qatar, Belarus and Jordan, said Yousef M. Al Nowais. "Our focus is international and our mandate is to develop projects outside Abu Dhabi. Two of our overseas projects are already on the ground - in Morocco and in Libya," Al Nowais told a news conference. "These are to be immediately funded. The rest of the projects are long-term - they are now either under initial master plan or are going into detail design," Al Nowais said. He said $1 billion will be spent over the next three years for developing Al Maabar's overseas projects. "We have secured the funds. The funding of our projects is by our stakeholders and others. There's no immediate need for us to raise money on the capital markets," Al Nowais added. The estimated construction cost of the projects include $618 million for Morocco, $300 million for Libya, $1.3 billion for the first phase of development in Tunisia, $380 million for Qatar, $500 million for Belarus and $8.3 billion for Jordan, Al Nowais added. Al Maabar also unveiled at the news conference its plans for a mixed-use waterfront development in Aqaba, Jordan. The 3.2-million square metre development will include the relocation and modernisation of the port facilities of the strategically-located Red Sea city and development of the mixed-use waterfront infrastructure. The project in Jordan will have high-rise residential towers, a retail district, recreational and entertainment districts and several branded waterfront hotels and resorts, Al Nowais said. "The Jordan project is scheduled to be completed in two phases. The first phase is expected to be completed in 2013 and the second in 2017," a statement from Al Maabar said. Al Nowais said Al Maabar's Bab Al Bahr mixed-use project in Morocco will be completed in three years and construction will start this month. Joint venture Construction has started on the Libya project - Al Waha - and will be developed over a four-year period, he said. The Libya project is a 50-50 joint venture between Al Maabar and Libya Investment & Development Company (Lidco). Al Nowais said their project in Tunisia - Bled Elward - will be developed over a 20-year period. Two sites For the first phase I of the project that will have a development area of 300 hectares, the construction works are to be carried out over five years. As for Belarus, he said, Al Maabar has identified two sites in Minsk for development. Al Maabar was formed in September 2006, as a strategic joint venture among five of the largest Abu Dhabi-based real estate developers - Aldar Properties PJSC, Sorouh Real Estate, Reem Investments, Reem International and Al Qudra Holdings.

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Nakheel bonds SOLD at a lovely lovely profit...My current holdings right now FGB, Deutsche Bank, Credit Suisse, Barclays and Aldar.