Sorouh and Tameer dissolve Reem Island JVs

Sorouh Real Estate, an Abu Dhabi-based master developer, said yesterday it has dissolved two joint ventures with Tameer Holding in Shams Abu Dhabi project in Reem Island.

"Consequently, Tameer will continue to have 100 per cent ownership of the Rise Above project, and Sorouh will now have 100 per cent of the Gate Towers project," the developer said in a statement to Abu Dhabi Securities Exchange.

When contacted by Emirates Business, a Sorouh spokesman declined to comment on the reason behind the dissolution of the partnership. However, he confirmed the project was on track for delivery in 2012.

Shams Abu Dhabi is Sorouh's development on Al Reem Island.

As the future home to 45,000 residents, Shams Abu Dhabi will feature several projects, including Central Park, the Gate District, Sky Tower, Sun Tower and Marina. Tameer Towers, which includes the Rise Above project, was launched in October 2007. In March, the company said it was reviewing the construction programmes and associated costs for its Tameer Towers project.

The developer had confirmed the project was moving ahead and enabling works were completed.

Ghassan Sakhnini, then-CEO of Tameer, had told this paper: "Based on market dynamics, we are in the process of re-evaluating some of our projects. Once decisions have been made, we will notify our investors about the changes to their agreements and contracts. Alternatively, we will come up with interesting offers to allow them to reduce or balance their investment costs."

Tameer, which is 75 per cent owned by Al Rajhi Investment Group, has currently eight on-going projects in Dubai, one in Abu Dhabi and one in Jordan.

"Our projects in Dubai and Jordan are more than 90 per cent sold out. In Abu Dhabi the figure is about 50 per cent," he said.

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