Sorouh Real Estate started trading Tuesday at the Abu Dhabi Securities Market (ADSM). The listing ceremony was attended by Saeed Al Ghafli, chairman of Sorouh Real Estate, Faris Suhail Al Yabouni, vice-chairman and managing director, Hareb Saeed Al Darmaki, chairman of ADSM, and Nizar Al Obaidly, acting director-general of ADSM and a large number of board members and officials from Sorouh and ADSM.
Earlier this year, Sorouh Real Estate has launched its first real estate development on Al Reem Island with an initial investment of $6.9bn. The Shams Abu Dhabi project will house around 100,000 people in 22,000 residential units by 2011. Sorouh officials said finance will be a mixture of debt and equity.