Aswaq Management & Services (AMS), an Emirati-French joint venture, has announced that it had been awarded the contract to lease 60,000 m² of GLA at Building Materials City in Abu Dhabi.
Under the terms of the exclusive agreement awarded by Manazel, AMS will handle all property, consultancy and management services for the retail component of the US $1.36 billion Building Materials City. The area consists of 49 commercial and residential towers and will include, by decree of the UAE government, the first official building materials stock exchange in the region.
Commenting on the latest developments at AMS, H.E. Nasser Mohammed Al Nowais, Chairman of AMS, said, "I would like to thank all of the property owners and developers who have put their trust in the expertise and professionalism of AMS. I am pleased to note that top property developers in the region are increasingly conscious of the need for and value of professionally-delivered consultancy and operational management services. AMS has already proven its expertise in this market.
The property sector in the Middle East and North Africa region is witnessing explosive growth and offers very profitable opportunities across the value chain from initial stage consulting services to the actual operations and facility management of retail, residential and commercial properties."
Leading international and local retail operators have already applied for over 60% of the entire GLA at the mega-shopping center at the mixed-use Building Materials City. AMS and Manazel Real Estate, the developers of the project, have already agreed on the anchor stores and operators for the shopping center, which is scheduled to open in the first quarter of 2009.