Zawya
More than 60 percent of Phase One residential units sold and new City of Arts units launched in response to increased demand and evolving market needs in Morocco’s largest mixed-use development
Abu Dhabi, UAE, 23 January 2013: Bab Al Bahr Development Company (BBDC), a joint venture development company between the UAE’s Al Maabar International Investment and Morocco’s Bouregreg Agency, announces that more than 60 percent of its residential units in the Marina and Riverfront Districts have been sold and are being delivered, and similar market demand is being witnessed for its newly launched Arts District residential properties.
BBDC, the owner and developer of the mixed-use Bab Al Bahr development in Morocco’s capital Rabat, further announced that additional residential units in the Arts District designed to offer more flexibility in size, price and overall home selection needs are well underway at the inaugural Abu Dhabi SMAP EXPO, taking place at Abu Dhabi National Exhibition Centre (ADNEC) from 24-26 January 2013.
Inspired by Moroccan architectural style and featuring the signature design of London-based architects Foster and Partners, the Arts District will showcase a variety of luxury residential buildings, a five-star hotel, boutiques, food and beverage outlets, as well as an array of art galleries and museums.
Director General, Bouregreg Agency, Mr. Lemghari Essakl, said: “We are delighted by the increased local and International demand for Bab Al Bahr’s prestigious offerings, evidenced by the interest that the Marina and Riverfront and Arts Districts have attracted thus far, which illustrates that this development is truly meeting market needs. Our successful partnership with Al Maabar has enabled us to create an integrated city that offers luxury living in a unique setting that embraces the arts, culture, contemporary architecture and history. We are confident that, once completed, Bab Al Bahr will set a new benchmark for Morocco’s mixed-use developments and become a world-class cultural destination.”
Innovatively designed residential, commercial, hospitality and retail properties, integrated with rich Arabian-Andalusian architecture, Bab Al Bahr is anticipated to deliver significant socio-economic growth to Rabat-Salé. Across 292,200 square meters in the Bouregreg Valley and situated between the two ancient cities of Rabat and Salé, Bab Al Bahr and its seven districts – Jewel, Cultural, Salé Wall, Arts, Service, Marina and Riverfront Districts – all built around the Central District and overlook the Hassan Tower and the Oudayas, two historical sites of Rabat.
Commenting on the occasion, Mr. Yousef Al Nowais, Managing Director of Al Maabar said:
“Through the Bab Al Bahr development, an homage to Morocco’s rich historical heritage, Al Maabar is able to realize its strategic goal of promoting long-term cultural and socio-economic growth in its partner country with its mixed-use developments that create a connecting ground that brings residents, businesses and visitors closer to their daily needs in a new vibrant and integrated community. We envision Bab Al Bahr becoming the new trendiest downtown of Morocco by bringing about a Renaissance to the country’s capital.”
The sheer scale and size of Bab Al Bahr makes it the largest mixed-use development in Morocco and a key economic initiative to drive Abu Dhabi’s long-term economic deiversification plan in line with Abu Dhabi’s Vision 2030 and supporting Morocco’s Vision 2020 to make the country a top 20 in tourism by 2020.
For further information on Bab Al Bahr, visit the BBDC stand C/10/C12/E09/E11 at SMAP Expo, ADNEC Abu Dhabi, Jan 24-26, which includes a three-day conference outlining key projects’ developments and investment opportunities. SMAP Expo will offer a cross-industry platform and a networking opportunity, to create a dialogue and deepen cultural and socio-economic ties between professionals operating in the real estate, investment, economic and touristic sectors in the UAE and the Kingdom of Morocco.
For more information on Al Maabar, please visit http://www.almaabar.com/; the Bouregreg agencyhttp://www.bouregreg.com/tiki-index.php and Bab Al Bahr http://www.babalbahr.ma/
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Ahmad Kamel Issa
H+K Strategies
Tel: +971 (0) 50 325 2670
Email: ahmad.issa@hkstrategies.com
Ibrahim Mougharbel
H+K Strategies
Tel: +971 (0) 50 453 6710
Email: Ibrahim.mougharbel@hkstrategies.com
About Al Maabar:
Al Maabar is a partnership between Abu Dhabi’s six 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 is creating landmark mixed-use destination developments outside of the UAE – and across the MENA region – that work in harmony with local heritage and environments to add real value to the communities and host countries they serve.
With the backing of Abu Dhabi’s leading property developers, and with its respectful and forward-thinking attitude, Al Maabar is strongly positioned to create considered and economically sustainable destinations that will prosper and thrive in the long-term.
The company’s principal developments are currently based in Jordan and Morocco: Marsa Zayed in Aqaba, Jordan; The St. Regis ® in Amman and The Residences at The St. Regis Amman in Amman, Jordan; and Bab Al Bahr in Rabat-Salé, Morocco.
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 largescale 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.
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