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24 n 15 June 2008 n TheBusinessWeekly

realestate

Damac upbeat despite Iraq security fears


investment,” Niall McLoughlin, a destination for both high-end
Tarin Hills
Damac Properties’ senior vice- and mass tourism.
president for corporate commu- Conversely, the time when this
nications, recently told The Busi- potential could fully bloom and
ness Weekly. materialise appears to be ques-
tionable, as many countries still
Special security features impose a ban on their citizens to
“Security fears in central and travel to Iraq. Additionally, there
southern Iraq have made it impos- are fears about security that the
sible for many foreign companies mention of Iraq brings with it,
to do business in those areas. But and logically, the number of tour-
with the ability to offer security ists who would like to visit the
in the north, the Kurdish Govern- country for leisure-related affairs
ment has declared itself open for would be greatly affected by this
business since 2006. Today, many predisposition.
foreign companies have already Damac at this stage will be
started coming to the Kurdish re- targeting Iraqi investors initial-
gion. The region has attracted not ly, and as the project has several
only Damac, but also other inter- phases, the company can start
national corporations,” he added. from Erbil and then move to other
In this development, the com- parts of Kurdistan, waiting for
Plans for Tarin Hills on track pany will be giving the highest other cities to open up.
priority to security and thus, has “Originally, our main target
Jim Paolo Joquico planned certain features to ensure was Baghdad, but we had this
Damac Properties, the Dubai- a company official said. its upkeep, such as a fully gated departure point because security
based real estate development “Over the past few years, Iraq community with security fence, prevails in Kurdistan. Whenever
arm of Damac Holdings, remains has been struggling to rebuild it- checkpoints, high-tech screen- and wherever security prevails,
optimistic about its recently an- self after years of economic sanc- ing at entrance gates, numerous we will go there. The Kurdish
nounced plans to construct Tarin tions and conflict. However, in internal monitoring points and regional government has been
Hills, a Dh55 million master de- the relatively quiet Kurdish area round-the-clock security patrols. working at full speed to revise its
velopment in Kurdistan, Iraq, de- of northern Iraq, stability is pav- Hussain Sajwani, chairman of foreign investment law to attract
spite public fears over security and ing the way for prosperity as the Damac, said the region presents investors to the north,” McLough-
political instability in the country, region works to attract foreign an imminent potential to become lin concluded.

Shopping complex at Al Ruwais Emaar Pak project


lures 4,000 investors
Industrial city reach. Current residents of these
outlying cities travel to Abu Dhabi
largest supermarket for Al Ruwais
which will be a great addition to
TBW Bureau
population to hit for leisure and shopping which is a the area and will create a signifi- Emaar Pakistan, the Pakistani
40,000 by 2010 distance of approximately 240 kilo-
metres.
cant amount of convenience for
those residents,” Ronald Stephen
subsidiary of Emaar Properties,
the UAE-based global property
TBW Bureau Barrott, CEO of Aldar, added. developer, has recorded over-
Urban centre To cover a gross built-up area whelming customer response to
Aldar Properties, an Abu Dhabi- Commenting on the launch, of over 40,000 square metres offer- the launch of Alma Townhomes in
based integrated property devel- Ahmed Ali Al Sayegh, chairman of ing space to 99 retail outlets, the its master-planned Canyon Views
opment company, has launched a Aldar, said, “We are pleased to see Al Ruwais shopping centre will community. The company has an-
double-storey shopping centre in Al Ruwais grow from an industrial present an array of fashion and ac- nounced over 4,000 applicants sub-
the industrial city of Al Ruwais in complex into a full-fledged urban cessories in addition to household mitted their registration online to
the UAE capital. Set to commence centre and we feel duty-bound to items with the development of the participate in the launch.
operations in 2010, the project will contribute to this growth. It is a largest supermarket centre for Al The successful applicants will
cater to the growing population of top priority for Aldar to cater to the Ruwais. be invited to the sales center on the
Al Ruwais which is expected to hit needs of all of the residents in the A Warner Bros cinema com- launch date for purchase of prop-
the 40,000 mark by the same year. emirate of Abu Dhabi.” plex will additionally be included erty and will be given the chance to
Al Ruwais Shopping Centre “Aldar’s projects are developed in the development. The project choose from a range of townhomes
will serve the families in Al Ru- with unique identities which reflect is located a few minutes off the located in several Mediterranean
wais, as well as surrounding cit- the sensibilities of its inhabitants. international highway linking the Villages within Canyon Views.
ies including: Al Marfaa, Delma This shopping centre in Al Ruwais UAE to Saudi Arabia and Qatar, Canyon Views is an exclusive
Island, Gyathi, Al Ghowifat, and reflects the immediate needs of and thus will be a convenient stop gated community with villas in a
Sella. These cities add a further this community, which is growing for those travelling by road. Aldar’s range of architectural styles and
33,000 people to the number of peo- at a substantially higher rate than current property portfolio includes amenities such as retail outlets,
ple and families that will be served the surrounding areas. Al Ruwais major developments and re-devel- community club houses, parks,
by a shopping destination within Shopping Centre will include the opments within Abu Dhabi. schools and mosques.
Dieter Kaden

TBW June 15 (b).indd 24 12/6/08 16:59:37

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