There can be no question that on a list of immensely successful property developers in the Gulf Coast, the names of Aldar Properties and Sourouh Real Estate would both be present. Both companies have been extremely successful in their Middle Eastern property endeavours and their joint venture company Al Maabar has largely been a function of that success.
While Al Maabar is based in the UAE, they have recently turned their sites towards Tunisia with a real estate plan that is worth a whopping $10 billion.
This project would be based in an area of Tunisia just north of the capital city of Tunis and would be a combination tourism, hospitality, commercial, office and residential complex. In short, this project will have something for everyone to look forward to and what’s more it has investors in the area very interested indeed.
When completed, the Bled El Ward (translating to Town of Flowers in English) will cover over 5,000 hectares in land area. It will contain everything from golf courses to centres for international trade when completed and the sheer size combined with the complexity of the design being factored into the construction means that the project as a whole will take two complete decades to finish.
The Managing Director of Al Maabar is Yousef Al Nowis and a stated goal of his in putting this project together was to create one of the biggest real estate projects that the African continent has ever received. Five thousand hectares certainly fits the goal of one of the biggest real estate projects ever, so the phrase of the day for Al Maabar is definitely mission accomplished.
The initial phase of development is expected to create around 6,000 jobs that collectively require an investment of nearly $3 billion and the first 1,200 homes in the project are expected to be ready for residents within five years.
