Emaar and Bawadi unveil Asmaran joint venture project at Bawadi

Dubai, UAE; May 15, 2008: Emaar Bawadi, the joint venture between Emaar Properties and Bawadi, a member of Tatweer Group, has announced the mixed-use components of its first project, Asmaran. The 70 million sq ft project will be a part of Bawadi, located within Dubailand, and close to Dubai’s landmarks and easily accessible from the Emirates Road and Dubai Bypass. Emaar and Bawadi LLC will have equal equity participation on Asmaran.

Mr Issam Galadari, Managing Director of Emaar Bawadi said: “The partnership of Emaar and Bawadi LLC for developing Asmaran complements the Dubai Strategy Plan unveiled by UAE Vice President & Prime Minister and Ruler of Dubai His Highness Sheikh Mohammed Bin Rashid Al Maktoum, encouraging strong regional partnerships. Emaar and Tatweer are two of the leading developers in Dubai, and Asmaran will benefit from the synergies derived from the experience of both to deliver a world-class project managed by Emaar.”

He added: “Asmaran reiterates the commitment of the Emaar Bawadi joint venture to develop world-class projects, which is the founding objective of the company. Work on the masterplan and other details of the project were undertaken on a fast track basis to deliver on our promises.”

Mr Arif Mubarak, CEO of Bawadi LLC added: “Bawadi is envisaged as the longest hospitality, shopping and entertainment boulevard in the world, and Asmaran will greatly add to the varied range of mixed-use offerings within the development. With its focus on integrating residences, leisure, hospitality and commercial space, Asmaran will further strengthen the tourism and property sectors in Dubai and Bawadi.”

Asmaran’s unique location within Bawadi, a spectacular mixed-use destination, and proximity to Arabian Ranches, a signature Emaar project, make Asmaran a strong draw for potential customers looking for homes or business investments.

When completed in phases, Asmaran will be home to over 55,000 people and will feature a family-oriented theme park with a wide range of attractions. A true celebration of metropolitan living, Asmaran will also have 4 million sq ft of commercial space through three business hubs, and offer 3.2 million sq ft of retailing space – all integrated within lush green landscapes.

The hospitality elements include over 5,300 serviced apartments and nine world-class hotels with over 5,150 keys. The residential community will have over 19,000 residences, comprising mainly villas and townhouses set amidst gardens.

Asmaran introduces a captivating, new way of life in Dubai that combines a world of leisure and entertainment with ambition and enterprise. A symphony of style, scale and structure, Asmaran’s highlight is the interconnectivity among its various components.

In close proximity to the largest hotel in the world with 6,500-keys, and the largest convention centre in the world located within Bawadi, the central location of Asmaran also offers residents easy access to airports and the highway. All facilities within the project will be linked by internal roads and walkways leading to a central community centre. The project will also have ample parking facilities enhancing the convenience of residents and visitors.

Bawadi is envisaged as the longest hospitality and retail destination in the world along a 10 kilometre stretch which will add 51 hotels, 40 million square foot retail space and more than 60,000 rooms to Dubai. Complementing the vision of Bawadi, Asmaran will serve as a central integrated resort and tourist destination that is elegantly woven into the varied mosaic of Bawadi.

Emaar has proven expertise in creating global landmarks such as Burj Dubai, the world’s tallest building, and The Dubai Mall, one of the world’s largest entertainment and shopping destinations. Emaar’s portfolio includes the established Arabian Ranches, Emirates Living and Dubai Marina communities, and the flagship Downtown Burj Dubai, described as the ‘new centre of Dubai.’

Source: Emaar