Bab Al Bahr sells units

Wednesday, 24 February 2010

The Marina Front

Abu-Dhabi-based international real estate investment company Al Maabar has confirmed that following the launch last week of phase one of its Bab Al Bahr development in Morocco, more than 40 per cent of units open for sales have been sold.

Bab Al Bahr is being developed by Al Maabar and its Moroccan partner Bouregreg Valley Development Agency through their joint venture Bab Al Bahr Development Company.

Bab Al Bahr is a development with a built area of approximately 540,000 square meters. It encompasses retail, hospitality and high-end residential, entertainment and commercial components.

Al Maabar’s Moroccan Bab Al Bahr project is progressing on schedule and on budget, said company officials.

Al Maabar, which is a partnership between Abu Dhabi’s six leading real estate and investment powerhouses, is developing some of the region’s largest real estate projects. Al Maabar’s portfolio of projects values over US$11 billion.