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Dubai: Al Maabar International Investments Company on Tuesday said it will build a $10 billion- project, Bled El Ward, in Tunisia spread over 5,000 hectares.
Yousuf Al Nowais, the company's managing director unveiled the project in Tunis before President Zine Al Abidine Ben Ali on Monday in the presence of Shaikh Abdullah Bin Zayed Al Nahyan, Foreign Minister.
He said Bled El Ward presents a one-of-a-kind achievement in the southern Mediterranean region.
It will develop a modern city made up with several components such as the International Health city, water channels in addition to tourist resorts, residencies, sport facilities, golf courses, along with areas for shopping, entertainment and open space.
Al Nowais said that the Bled El Ward project is inspired by the old name of the Tunisian city of Ariana, which is known for its beautiful roses and flowers and its soft breeze.
Its design gets its name from the city's architectural history, while it is based on the most modernised architecture styles. Furthermore, the development gives priority to the environment as a whole, with its sea and forests sides. It also provides 50 kilometres of beaches through its water channels.
Ahmad Al Sayegh, chairman of the board, said that a memorandum of understanding was signed with the Tunisian government in December 2007.
The Tunisian president praised the high standard of the project's design, which has paved the way to start the beginning of studies to complete with the procedures and start the execution of the project.
Al Sayegh said that the implementation of Bled El Ward project will spread over several phases. The first to come up will be Diar El Fel zone that covers 300 hectares. A total of 190 hectares will be devoted to buildings. The project is expected to be completed in five years.
Sorouh Real Estate, Aldar Properties, Al Qudra Real Estate and Reem Investments have joined forces to create Al Maabar, which means the gateway in Arabic. It will execute projects in the rest of the Gulf, North Africa and Europe.
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