Emirati-French venture get lease contract

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Abu Dhabi, Aswaq Management & Services (AMS), an Emirati-French joint venture, has announced that it had been awarded the contract to lease 60,000 sq m of Gross Leasable Area (GLA) at Building Materials City in Abu Dhabi at Retail City held in Dubai.

Under the terms of the exclusive agreement awarded by Manazel Real Estate, AMS will handle all real estate, consultancy and management services for the retail component of the $1.36 billion Building Materials City. The area consists of 49 commercial and residential towers and will include, by decree of the UAE government, the first official building materials stock exchange in the region.

Leading international and local retail operators have already applied for over 60 percent of the entire GLA at the mega-shopping centre at the mixed-use Building Materials City. AMS and Manazel Real Estate, the developers of the project, have already agreed on the anchor stores and operators for the shopping centre, anticipated to open in the first quarter of 2009.

As per the terms of an exclusive contract awarded by Manazel, AMS will handle all property, consultancy and management services for the retail component of the AED 5 billion Building Material City. Building Materials City comprises 49 commercial and residential towers and will include, by decree of the UAE government, the first official building materials stock exchange in the region.

Top property Owners and Developers in the region such as the Abu Dhabi Trade Centre, Dubai Properties, Manazel Real Estate, Sultan Al Dhaheri Group, Bani Yas Development, Solidere, Abdali Investment & Development PSC and Gulf Holding Company are among AMS' clients.

HE Nasser Mohammed Al Nowais, Chairman, AMS, said, “I would like to thank all of the property owners and developers who have put their trust in the expertise and professionalism of AMS. I am pleased to note that top property developers in the region are increasingly conscious of the need for and value of professionally-delivered consultancy and operational management services. AMS has already proven its expertise in this market. The property sector in the Middle East and North Africa region is witnessing explosive growth and offers very profitable opportunities across the value chain from initial stage consulting services to the actual operations and facility management of retail, residential and commercial properties”.

AMS is also under assignment to handle property development, consultancy, sales and leasing management for an iconic 520-metre tower on Reem Island in Abu Dhabi, and of the Emirates City in Ajman being developed by R Developers.

AMS and its regional affiliates in the GCC-Levant region manage 17 projects. AMS’ affiliates in the region include AMS-Dubai, Gulf Management & Services in Bahrain, Beirut Real Estate Management & Services s.a.l in Lebanon and Amman Real Estate & Management Services in Jordan.

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