Nobles to unveil Dh10bn ventures

Nobles Properties, the Dh4 billion real estate investment company launched by former Tameer Holding chief executive Omar Ayesh, will soon announce projects worth Dh10 billion in various parts of the Middle East, a top official said.

“We will launch three inter-connected towers with a built-up area of 2.3 million square feet on Dubai Waterfront, worth Dh7 billion in November,”

Omar Ayesh, chairman of Nobles Investments, told Gulf News in an interview.

The project will have residential, commercial and retail facilities as well as a luxury hotel.

The company, which will formally launch these projects in November, will also launch a Dh2 billion project in Burj Dubai.

Nobles has also identified three projects in Libya - a country which is coming out of economic and political isolation.

The company has already announced a Dh1.8 billion project involving three towers to be built in Tripoli, the country’s capital.

It has signed an agreement with Oya Tourism Investment and Development, a subsidiary of Libya’s Economic and Social Development Fund (ESDF), to develop Tripoli Towers, the company announced recently.

The project will be developed on a 275,000 square feet waterfront plot in the heart of Tripoli, with a total built-up area of 3.5 million square feet.

The new mixed-use project comprises two 40-storey towers, equipped with state-of-the-art facilities and various integrated services.

The first tower will boast a 5-star hotel facility, fitted with modern leisure and business amenities, high-end serviced apartments and a shopping centre.

The second tower will hold office space, providing a work environment designed to offer comfort, convenience and style of the highest standards.

“Our projects in Libya involves two master planned communities that could spread across 36 million square feet,” Ayesh said.

“These are among many projects in some of the region’s virgin markets.”

Nobles is in the process of creating its own verticals - investment, development, property management and property sales and marketing divisions - each of which will become profit centres within the framework of a holding company - solely owned by Ayesh.

“We have major plans to become the number one developer in the region,” Ayesh said. “We look for the opportunities at the right price and we have a long-term commitment to the region.”

On the current UAE market situation, Ayesh expressed his optimism.

“The market has been affected as foreign institutional investors have withdrawn billions of dollars from the local market to make up for losses elsewhere, which created a temporary correction,” he said.

Gulfnews