Abu Dhabi has formed one of the worlds largest property development companies, with Al-Mabaar becoming part of Eagle Hills. Eagle Hills now has a combined portfolio of projects totalling $20bn across the Middle East, Africa and Europe.
The joining of the two firms is to be formally announced in the coming months, according to an Eagle Hills spokesperson.
Al-Mabaar brings to Eagle Hills several schemes, most notably the $10bn Marsa Zayed project in Aqaba and the $300m St Regis Hotel in Amman, both in Jordan.
Al-Mabaar also teamed up with UK-based Latis Group and Chinas Fosum in May 2014 for a $7bn mixed use real estate project to be developed on the site of the Hellenikon Olympic Park, used for the 2004 Olympic Games in Athens.
Eagle Hills, which already has a sizable portfolio of projects on its own, emerged following the announcement of the $5.4bn Belgrade Waterfront project earlier this year, and has been working on several projects in the Middle East and Africa.
Aside from the Belgrade Waterfront scheme, other projects by Eagle Hills include the $4bn Centenary City in Abuja, Nigeria, and the Marassi al-Bahrain project, which is being developed in a partnership with Diyar al-Muharraq.
The Centenary City megaproject will be built on a 12.6-square-kilometre site and will consist of 139 office buildings, five retail centres, one golf course, an Address managed hotel, one mixed-use tower, an opera house, 260 luxury villas, a 5.5km F1-approved racetrack, and an amusement park.
To manage its projects, Eagle Hills has recently put in place a management team that includes the local Emaar Properties founder and chairman Mohamed Alabbar.
Many of the other appointments came in the fourth quarter of 2014, the most notable of which was the appointment of CEO Low Ping, who previously held the same position at Emaar Properties.
She is joined by ex-Emaar Misr development manager Haithem Fekry, who was appointed as executive director of development and projects in August 2014.
From Al-Mabaar comes ex-CEO Abdallah Hageali, who has taken the position of executive director for the Middle East and North Africa (Mena) region.
The other appointments are:
- Salman Sajid – chief financial officer
- Jaimal Shergill – executive director for Africa
- Tom Bartridge – executive director for human resources
- Prakash Chandrabalan – director for new business, Africa
- Ahmad Shibel – director for business development and analysis
Eagle Hills, which is supported by the Abu Dhabi government, is understood to be developing several hotel projects across the UAE. It is assumed that the Address hotel management company, which falls under the Emaar group, will be taking on the management of these hotels.
It is also understood that Eagle Hills is considering plans for new projects in Egypt, which is becoming an attractive destination for Gulf and UAE real estate investment. In March 2014, UAE-based Arabtec Holding signed an agreement with the Egyptian government for the development and construction of 1 million low-income housing units.