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Abu Dhabi developer halts $300m Libya project

By STANLEY CARVALHO  arabnews.com

Al-Maabar planned to float a construction tender in April for its Al-Waha mixed-use development in Tripoli. The project, launched in late 2009, is a joint venture with Libyan Investment & Development Company (LIDCO).

Al Raha Beach“There is nothing proceeding in Libya because of what is going on. We are waiting for things to settle,” Nowais told Reuters.

The revolt against Libyan ruler Muammar Qaddafi and political unrest elsewhere in the Middle East and North Africa region have forced many projects to be scaled back.

But despite regional unrest, Al-Maabar is pushing ahead with its $850 million mixed-use Bab Al-Bahar development in Morocco near Rabat.

“The first phase is going very well, and by end of 2011 we will hand over keys for 175 units and the retail portion,” he said, adding that phase two was also on track and contracts were being awarded.

Al-Maabar’s Marsa Zayed project in Jordan is also progressing, with the first phase coming on stream in early 2012. The project includes 160 townhouses and 240 apartments at an estimated cost of $200 million, he said.

But the firm is still waiting to hear from the Iraqi government on its plans for a community project in the war-battered country, he said. The company had announced plans to enter Iraq’s real estate market in 2008.

Al-Maabar plans to focus on the completion and delivery of projects rather than launch any new projects currently.

“We want to make sure we do the right thing because we are working in an area that is difficult,” said Nowais.

Maabar is owned by Mubadala, Aldar Properties, Sorouh Real Estate, Al-Qudra, Reem Investments and Reem International.

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