Nobles Properties ties up with Rasmala

Monday, October 20, 2008

Nobles Properties has signed a strategic agreement with Rasmala, appointing the leading regional investment banking firm as issue manager and placement agent for 25 per cent of the Waterfront and Burj Downtown Development Company.

Under the agreement, signed by Omar Ayesh of Nobles Properties and the Rasmala deputy CEO Tamer Bazzari, Nobles Properties will retain the other 75 per cent of the project.

The company also revealed details relating to its two forthcoming high-end luxury residential apartment complexes being built an estimated cost of Dh8 billion ($2.17 billion), located in the Dubai Waterfront and Burj Dubai areas.

Speaking of the new company, Ayesh said the Waterfront and Burj Downtown Development Company represents an excellent investment opportunity in two of the emirate's most attractive locations – the Dubai Waterfront and Burj Dubai – both being well-situated along the planned Metro routes serving distinct commercial locations.

"We are confident that the partnership with Rasmala will ensure that the company will be well-structured and enable strategic co-investors to participate with Nobles Properties in this very interesting venture."

"Once completed, we expect the two projects to offer high occupancy rates. We also anticipate attractive investment returns to our strategic co-investors," he noted.

"We at Rasmala believe that the attractiveness of these two developments and the track record and experience of the Nobles Properties management team combine to present an excellent equity investment opportunity, and we look forward to being involved in the placement process for the Waterfront and Burj Downtown Development Company," Bazzari opined.

"Given the unique portfolio of projects Nobles has in the pipeline in key regional growth markets, we believe that it can make a strong argument for a strategy that will succeed despite the current global and regional economic environment." he added.

The establishment of the Waterfront and Burj Downtown Development Company in Dubai represents an important addition to the activities of Nobles Properties after its recent investments in two master planned communities in Libya and Yemen which have received significant interests from investors.