Emaar finalising master-plan of its largest-ever global project in Libya
Emaar Properties, the UAE-based global property developer, is finalizing the masterplan design to develop the Zowara-Abou Kemash area on the Mediterranean coast near Tripoli, Libya. Emaar has extended by another six months the Memorandum of Understanding (MoU) signed with the Zowara-Abou Kemash Development Zone to develop the project, which is the largest in Emaar’s global mega-project portfolio.
The 380 million sq metre (38,000 hectares) development, a joint venture by Emaar Properties and the Zowara-Abou Kemash Development Zone, encompasses residential, commercial, industrial, educational, healthcare, leisure and entertainment components that will attract foreign investment and generate employment opportunities for Libyans.
Mr Mohamed Ali Alabbar, Chairman, Emaar Properties, said: “The Libyan government has announced several development initiatives that encourage foreign direct investment and provide a greater role for the private sector in fueling economic growth. The joint venture with Zowara-Abou Kemash Development Zone will be a landmark development for the country, as well as for Emaar.”
He added: “The size, scale and scope of development reiterate Emaar’s commitment to Libya’s growth plans. The various components of the project will be growth engines for the Libyan economy as they offer investment opportunities in several high-growth sectors such as industries and hospitality. To give further impetus to investment inflow, Emaar is already in negotiations with our overseas partners to co-invest in the project.”
Moving forward on the project, Emaar is currently finalizing the masterplan proposals submitted by three US firms and a Singaporean company. “The project’s sheer vastness of size and scale makes its masterplanning a design challenge,” said Mr Alabbar. “An expert team of professionals is evaluating the four proposals and the final design will be unveiled soon.”
The Libyan project further consolidates Emaar’s presence in North Africa, where it has already launched several developments in Egypt and Morocco. “Emaar is privileged to partner with the Zowara-Abou Kemash Development Zone, which is committed to developing a vibrant tourism, industrial and commercial environment area that attracts foreign investment,” said Mr Alabbar.
Engineer Al Saadi Moaamar Al Qazafi, Chairman of the Board of Directors of the Zowara-Abou Kemash Development Zone said: “This project marks the successful implementation of the Libyan government’s development policies, which will usher in a new era of economic prosperity for the country. Emaar has a successful track record of delivering mega projects, and together we will offer a world-class living and business environment that attracts foreign investors.”
Emaar’s international expansion and diversification plans are in line with its Vision 2010 to become one of the most valuable companies in the world. Work is ongoing on Emaar’s prestigious project in Saudi Arabia, the 168 million sq m King Abdullah Economic City, which is the single largest private sector-led development in the Kingdom.