March 29, 2006

Dubai Holding to invest US$ 12 billion in real-estate in Morocco Al Gergawi announces two new exclusive projects in Casablanca

Dubai Holding announced today that it has signed agreements to develop huge real-estate projects worth US$ 12 billion in major Moroccan cities over the next five years. The agreements were signed in the presence of His Majesty King Mohammed VI of Morocco during a visit of a Dubai Holding delegation led by HE Mohammed Al Gergawi, UAE Minister of State for Cabinet Affairs and Executive Chairman of Dubai Holding. The agreements pave the way for Sama Dubai, the international real estate investment arm of Dubai Holding, to develop a series of projects in Morocco in partnership with CDG, one of the biggest Moroccan companies. Two new projects Dubai Towers - Casablanca and Marina de Casablanca - were announced as part of the agreement. Mohammed Al Gergawi said, "I had the honour of meeting His Majesty King Mohammed VI. He welcomed our planed investments in Morocco and assured us that Morocco will support Dubai Holding and UAE companies." He added, "Apart from achieving high growth, the Moroccan Government's policies aimed at diversifying its economy and moving beyond the agriculture sector have met with great success. The Government has also worked hard to develop regulations that made the country more attractive for Arab and Gulf investors. We are very confident of the potential of Moroccan economy under the wise leadership of His Majesty King Mohammed VI." Farhan Faraidooni, CEO of Sama Dubai said, "Morocco has some of the most historically rich cities in the region. It has a favourable climate and a highly-developed tourism infrastructure which make them ideal business and tourism destinations. Over the last few years, the country has also worked to develop itself as an international economic hub." The CEO of Sama Dubai said: "Sama Dubai's projects in Morocco will be spread across its biggest cities including Marrakesh, Casablanca and Al Rabat. The Dubai Towers - Casablanca', the newly announced project worth US$ 600 million, will cover an area of 240,000 sq. m and will include two buildings - a hotel and an office tower. A mall anchored by prestigious brand names will add to the attractiveness of the development. The whole complex will offer office space, residential apartments, and retail and entertainment facilities. "Marina de Casablanca, the other new project worth US$ 500 million, will feature offices, retail and entertainment facilities, marina hotels, residential apartments, promenade and open landscape spaces, over a built-up area of 190,000 sq. m." Amwaj, a massive US$ 2 billion community development project, already in progress in Al Rabat, also forms part of the investment. Dubai Holding, the parent company of Sama Dubai has made significant investments in many sectors across Europe, US, Middle East and Asia through three of its subsidiaries, Dubai International Capital, Sama Dubai and Dubai Investment Group. The last two years has seen a spate of big investments from Dubai Holding including the acquisition of US$ 1 billion shares in DaimlerChrysler, the acquisition of Charterhouse Capital Partners, which owns the Tussauds Group and many tourism and entertainment projects, in addition to investments in leading hotels and properties in big markets.