Algiers, Algeria, October 3, 2007: Emaar Properties PJSC, the Dubai-based property developer with a significant presence in 16 countries, has marked its entry to Algeria with four mixed-use projects of development value US$20 billion. 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.
Lending momentum to the development plans of Emaar in Algeria, 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.
“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. “The sweeping economic changes introduced by Algerian President Abdelaziz Bouteflika and Prime Minister Abdelaziz Belkhadem have created a favourable investment climate that complements Emaar’s own international expansion programme. Emaar’s development plans for Algeria are in line with our Vision 2010 of becoming one of the most valuable companies in the world.”
He added: “Emaar is the only real estate company from the Middle East and North Africa region to be ranked in the Financial Times Global 500 list, and today, our priorities are to create integrated lifestyle communities that contribute to the economic prosperity of the country. Our projects will herald a new era for the young population of Algeria and create several thousand jobs in several high-growth sectors including tourism, information technology and healthcare.”
Abdelouahab Soufane, General Manager, Emaar Algeria, said: “While building on Emaar’s core competency of developing community-oriented neighbourhoods, our mixed-use projects have a strong socio-economic role to play for Algeria. We are planning to expand gradually our development in the New City of Sidi Abdellah to 1,500 hectares in due course. Emaar’s projects encourage foreign direct investment and also meet the residential needs of the local population. The 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 25 km from Algiers downtown. The tourism 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 3 km 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.
