Bab Al Bahr residential sales surpass 80% in the Marina and River Front Districts with new intercontinental home ownership representative of Europe, North America, Africa, Asia
Abu Dhabi, UAE
Global demand for residential properties in Rabat’s Bab Al Bahr, the largest mixed-use development in Morocco’s history, is reshaping Rabat into an international meeting ground, announces property developer Bab Al Bahr Development Company (BBDC) at CityScape Abu Dhabi 2013. BBDC is a joint venture between the UAE’s Al Maabar International Investment and Morocco’s Bouregreg Agency.
Rabat, designated a 2012 UNSECO heritage site and also a top 10 tourism destination for 2013, only adds to Bab Al Bahr’s appeal. Bab Al Bahr residential ownership is representative of four continents – Africa, Europe, Asia and North America- with new home owners from Germany, Holland and Belgium to the Congo, UAE, Morocco and Canada. Three out of every four owners are Moroccan, while Emiratis account for 10 percent of total home owners.
Mr. Yousef Al Nowais, Managing Director of Al Maabar said:
“It gives us a great sense of pride that those from around the world, including the UAE, are making Bab Al Bahr their new home. This not only symbolizes the success of our JV with the Bouregreg Agency, but something much greater – the creation of a new gateway that enhances the MENA region’s crossings with the world. Through our Bab Al Bahr development, we are driving economic growth to our partner country and community, whilst meeting real market needs, which are key strategic objectives that lie at the heart of Al Maabar’s business model.”
Total sales of the Marina and River Front District residences, which were delivered to owners in 2012 has now surpassed the 80% mark. Phase two of the Bab Al Bahr development has been initiated, marked by the launch of the Arts District, which showcases a variety of luxury residential buildings, a five-star hotel, boutiques, an array of art galleries and museums and dining establishments. Once completed, the Arts District will have 491 units, whilst the entire Bab Al Bahr property will house a total of 1,456 residential units.
Al Nowais continued:
“We are delighted to see Bab Al Bahr flourishing into the ‘new and trendy’ downtown, not just of Morocco, but of the world, as evidenced by new home owners from around the world flocking to Bab Al Bahr and Rabat to make it their new home. In collaboration with Morocco’s Bouregreg Agency, we are creating an internationally integrated city with contemporary luxury living that embraces local art forms, culture and history that is driving the socio-cultural and economic revival of Rabat. This is only the beginning of Rabat’s Renaissance as new benchmarks for Morocco’s mixed-use development are being set that support the country’s drive to become a world-class tourism destination.”
Across 485,000 sqm of built-up area, where the Bouregreg River and Atlantic Ocean meet, lies the world’s new trendiest downtown, the landmark Bab Al Bahr mixed-use development that reflects Arabian-Andalusian architecture and overlooks views of the 12th century Tower Hassan, the Oudayas from the ancient city of Rabat, and the ancient city of Salé.
The premier next-generation luxury residential, commercial, retail and hospitality mixed-use development will be home to the future Rabat Grand Theatre, designed by Zaha Hadid, the internationally acclaimed London-based Iraqi architect, and Morocco’s first tramway.
Bab Al Bahr will house a host of residential communities, complemented by a main square, two hotels and a guesthouse, fine dining establishments, residential buildings, office and retail space, public recreational facilities, schools and a library, representing the next generation of real estate developments around the world.
For further information on Bab Al Bahr, please visit Al Maabar at stand No. 4E10 between April 16-18 at CityScape at the Abu Dhabi National Exhibition Centre or www.babalbahr.ma/
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About Al Maabar:
Al Maabar is a partnership between Abu Dhabi’s leading real estate and investment powerhouses: Mubadala Development Company PJSC, Aldar Properties PJSC, Sorouh Real Estate PJSC, Al Qudra Holdings PSC, Reem Investments PSC and Reem International LLC.
Rooted in the culture, values and vision of Abu Dhabi, Al Maabar creates landmark mixed-use destination developments outside of the UAE and across the MENA region, which work in harmony with the local heritage and environments, whilst delivering real value to local partner communities and host countries.
With its respectful, forward-thinking and collaborative approach, combined with the backing of Abu Dhabi’s leading property developers, Al Maabar is optimally positioned as the ideal partner for the creation of innovative and economically sustainable destination developments that ensure long-term socio-economic prosperity.
The company’s principal developments are currently based in Jordan, Morocco and Libya: Marsa Zayed in Aqaba, Jordan; The St. Regis ® in Amman and The Residences at The St. Regis Amman in Amman, Jordan; Bab Al Bahr in Rabat-Salé, Morocco; and Al Waha in Tripoli, Libya. All Al Maabar projects can be viewed on the company’s Web TV Video Channel that is continuously updated with project-related information athttp://almaabar.videofeed.me
For further information on Al Maabar, please visitwww.almaabar.com
About Bouregreg Agency:
Morocco-based Bouregreg Agency is a public company that is tasked with the project management and development of the Bouregreg riverbanks. The Agency delivered large-scale transport infrastructure projects, such as the Rabat-Salé tramway, the Hassan II bridge, the Oudayas tunnel and the Marina of Rabat in the Bouregreg Valley in Morocco.
Bab Al Bahr Development Company (BBDC) is a joint venture development company between Al Maabar International Investment and Bouregreg Agency, and the developer and owner of Morocco’s largest mixed-use development Bab Al Bahr.
For further information on Al Maabar, please visithttp://www.bouregreg.com/
For all media inquiries, images or additional information, please contact:
Ibrahim Mougharbel
H+K Strategies
Tel: +971 (0) 50 453 6710
Email: Ibrahim.mougharbel@hkstrategies.com
