News
Sorouh, Tameer dissolve Reem island JVs
img_06012009_e644ff30-fb71-4968-be25-afe569f5c684.jpg
Abu Dhabi developer Sorouh Real Estate and UAE property firm Tameer Holding have dissolved two joint venture projects on Reem island, one of the largest developments in Abu Dhabi, Sorouh said on Tuesday.
"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," Sorouh said in a statement on the Abu Dhabi Securities Exchange website.
Sorouh's Shams project on Reem island is a $25 billion (Dh92 billion) residential project next to Abu Dhabi city.
The statement did not disclose the value of the joint ventures, nor did it state a reason for the decision to dissolve the projects.
Keep up with the latest business news from the region with the Emirates Business 24|7 daily newsletter. To subscribe to the newsletter, please click here.