Located in one of the most dynamic and important areas of Rabat, the built up area of Bab al Bahr will be approximately 560,000 square meters and will include three hotels, residential areas, offices, shops, services offices, and entertainment facilities. The total cost of the project, excluding equipment, is estimated to be Dhs3bn ($800m). Al Maabar is developing the project in cooperation with it partner L’Agence pour le Développement de Bouregreg, which is also developing a further 6000 hectares of Vallie du Bouregreg.
News of the project’s significant progress was made at a press conference hosted by Mr Yousef Al Nowais, managing director, Al Maabar and Mr Lemghari general manager, L’Agence pour le Développement de Bouregreg and CEO of Baba al Bahr; in attendance were Moroccan Government officials.
Mr. Al Nowais not only discussed Bab Al Bahr’s progress but also highlighted the importance of the project to both Morocco and the UAE and how the new development will help to raise Rabat’s international profile. Mr Al Nowais also outlined Al Maabar’s strategy for the Moroccan and wider regional market:
“We are extremely pleased at what has been achieved on the ground in Rabat. Such a progress has been made possible thanks to the constant support from our Moroccan partner and their absolute commitment to implement a world-class development. By working closely we have successfully overcome many challenges on the project, such as the difficult piling that was required. We have also worked together to ensure the city’s unique heritage is not compromised, a requirement that we took into consideration from the outset”
Mr. Al Nowais added, “In order to expedite work on the project and increase synergy with our local partner, Al Maabar has opened a fully-fledged office in Rabat, which will be fully operational by the end of December 2009. Such a step will help achieve our goal of completing the project by the first quarter of 2013, as scheduled.”
Speaking on the Moroccan real estate market, Al Nowais said, “Morocco has been one of the leading markets targeted by Al Maabar since our inception,
given the country’s unique opportunities such as stable and open economy, a leading tourist and business destination and also the country’s growing need for mixed used projects such as Bab Al Bahr. Such developments are extremely important as they help provide significant employment opportunities, raise realty standards, and introduce modern infrastructure standards that meet the city’s growing requirements.”
“Al Maabar’s strong financial position has allowed the company to benefit from the current market situation, which has allowed us to secure the best costs for the development, such as contractors, suppliers, and materials. Obviously, these savings are important as they reduce costs and allow us to work within the original set budget, ensuring best value to all partners involved”, Al Nowais concluded.
Mr. Essakl priased Al Maabar’s commitment and experience in the realty sector: “Progress has been moving smoothly and steadily thanks to the cooperation between the two team. On completion, Bab Al Bahr will undoubtedly will be a leading landmark not only in Morocco but across the Mediterranean. We also believe that Bab Al Bahr represents the beginning of a positive and successful long-term relationship between Abu Dhabi and Morocco.”
Bab Al Bahr is the first stage in the Bouregreg Valley development and has been designed to incorporate aspects of Rabat’s and Morocco’s unique culture and architectural style, whilst creating a modern and contemporary community.
The development, which is divided into seven distinct quarters encompassing retail, hospitality, high-end residential and commercial offerings, is located on a site area equivalent to 280,000 sqm and a built up area of 550,000 sqm.
The inspiration behind the master plan comes from the old streets and walkways of Rabat. The modernised version maintains the same picturesque and traditional community feeling of the old city, but with a luxurious and contemporary ambiance. Work began on the site at the end of 2008 and is scheduled for completion in 2012.
Saturday, December 12- 2009 @ 15:55 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.