Noor International puts forth the development of the “Global Investment & Real Estate Center” and the set up of Real Estate Stock markets in the worl

Published October 18th, 2009 - 09:57 GMT

Noor International Holding announced its intention to put forth the development of the “Global Investment and Real Estate Center” over the five continents, as well as a special center for the Middle East region.

The Beirut-based company also revealed that its new project consists of developing Globe-like shaped towers similar to the planet earth, comprising offices for the representation of international investment agencies, chambers of commerce, industry and agriculture, and tourism promotion agencies for all countries in each continent.

The company indicated that its new 22 floor towers will be the largest globe-shaped buildings in the world and will attract companies operating in investment, contracting, building materials, insurance, energy and economic studies, as well as law firms and banks, under one roof, which will make it easy for investors and decision-makers to take investment decisions.

Dr. Mohammed Saleh, Chairman of the Board of Directors of Noor International, declared that the project will promote the status of each center in each continent as a pioneering investment and real estate destination at the continental level in particular and the global level in general, and would attract businessmen, investors and decision-makers from around the world to each center in each continent.
Dr. Saleh who had originally conceived the project idea, said that the Board of Directors of Noor International would soon visit global economic and financial leaders to obtain their “blessing” of the project idea, stressing the International feedback generated from many countries as welcoming and encouraging the project.

Saleh expressed hope that the project would receive official approval from the countries that are candidates to execute the project on their soil, granting the plot, or partnering in the land, and also issuing at the earliest the required licenses, considering the investors’ profound interest in the project.

Saleh also indicated that Noor International was the main developer of the project and has initiated contacts with many investors and government agencies in a number of countries, investment agencies and investors to explain the importance of the project from all aspects. He said the company will successively announce the location of each center in each continent indicating that the new project by Noor International will simply and systematically rearrange global investment opportunities.

According to preliminary studies, the total cost per tower ranges around US Dollars 266 million. The center will include 3 basements over an area of 32,300 m2, a ground-floor and a mezzanine with an area of 27,800 m2, 22 floors with offices having a total area of 9416 m2, and a 5-star hotel with 120 rooms over a total area of around 7,727 m2.

Each center comprises a permanent center for exhibitions and rooms specifically designed for businessmen services and public auctions management, sophisticated exhibition rooms, a room for setting up a real estate stock market and gathering of financial stock markets for each continent, to organize real estate and financial trading and provide data and indicators in a transparent scientific manner, as well as a special hall for the exhibition of BOT and BOOT projects by all governments in each continent. The center also comprises parking lots, a gymnasium and a real estate educational TV channel, all of which have a magnificence that matches the modern living style, providing advanced technology and the best amenities.

The Chairman of the Board of Directors of Noor International indicated that the project would be completed in around 30 months, after obtaining the relevant decrees and licenses from the competent authorities. The project is designed in such a manner as to allow a small-scale view of the terrestrial globe. The building façade, a distinguished architectural edifice, will start turning around 12 hours a day.

Saleh indicated that the company strategy revolved around entering into alliances with major companies in the field, to ensure provision of the best project services. He added that more details will be given about the “Global Investment & Real Estate Center” which is expected to provide many employment opportunities after the necessary approvals have been secured in each continent.

Saleh attributed previous and current economic stagnation periods worldwide to the rare number of offers of quality investment projects needed by the markets like BOT projects which are subject to a concession period.

Saleh also attributed the stagnation to the lack of specialized development companies and the absence of transparent information that may guide coalitions of investors toward developed projects.

Saleh indicated that, given such information and based on the conviction that the world needed creative historic decisions to keep away the specter of recession and chaos, Noor International decided to launch the innovative project of the “Center for Global Financial and Real Estate Investment”. The company revealed that tight negotiations were under way with a number of companies for provision of consulting services, including the American B.A. company that specializes in giant global projects.

Noor International also entered into agreement with major global companies for the execution of construction works at the project. They include the Japanese company Panasonic, the Dutch company Philips, the Korean company LG, the Austrian company Doka, the American company TAS, the international Chinese company Huawei and Noor Homes that specializes in real estate marketing.

Noor International indicated that the group was arranging for the creation of a giant global alliance in engineering, construction, marketing, management and economic studies to perform this distinctive project.

Noor International added that the BOT Department will open and manage offices, and will also aim to create strategic alliances for the said projects, to secure a linking network system for the exchange of data on privatization projects of a medium and long-term BOT contractual nature, wherever they may be located.

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