Emaar unveils $20b projects in Algeria
BY A STAFF REPORTER
4 October 2007
ALGIERS (Algeria) — Emaar Properties PJSC will develop four mixed-use projects in Algeria worth $20 billion as it extends its expansion plans in North Africa.
According to a Press statement, Emaar is developing the New City of Sidi Abdellah; a tourist resort at Colonel Abbas; a waterfront development by Algiers Bay; and a modern healthcare city at Staouali County.
"The company has commenced the construction of the Sidi Abdellah Sales Centre on September 15. The New City of Sidi Abdellah will sprawl over 400 hectares," the statement said.
"Algeria has an annual average economic growth rate of 6.1 per cent and today, witnesses a new era in economic reforms," said Mohamed Ali Alabbar, Chairman, Emaar Properties.
"Emaar's development plans for Algeria are in line with our Vision 2010 of becoming one of the most valuable companies in the world."
Abdelouahab Soufane, General Manager, Emaar Algeria, said: "We are planning to expand gradually our development in the New City of Sidi Abdellah to 1,500 hectares in due course."
New lifestyle destinations
"Emaar's projects encourage foreign direct investment and also meet the residential needs of the local population," he said adding that New City of Sidi Abdellah will also have a golf course, luxury villas, hotels, university campus, hospital, serviced apartments, residences and sports facilities to build a new lifestyle destination for Algeria.
Colonel Abbes, situated by the waterfront of west Algiers, is about 25km from Algiers downtown. The project will include a Marina, serviced apartments, luxury villas and a high-end shopping centre — all to be developed on an area of 109 hectares.
The Waterfront project of Emaar, situated by Algiers bay and 3km from Algiers downtown, will spread over 260 hectares of land, and will feature luxury villas by the waterfront, apartments, office buildings, convention centre, Marina, marina hotel, two large shopping malls, and retail outlets.
Healthcare City in Staouali County, about 20 km from Algiers centre, encompasses a private hospital, para-medical school, medical school, research centre, furnished flats, spa hotel, villas, apartments, student's campus, a shopping mall, and retail and sports facilities.
Emaar has launched significant developments regionally in Saudi Arabia, Egypt, Morocco, Turkey, Libya, Syria, Jordan, India and Pakistan. The company also acquired John Laing Homes, the second largest privately held homebuilder in the US, and Hamptons International, UK's premier realtor.