Nobles Properties is already signing off on its first project, a US$500 million (Dh1.8 billion) development in Libya, just weeks after launching.
"We see great potential in the Libyan market. We pledge to develop a pair of iconic towers that will be a landmark development in Tripoli," said Omar Ayesh, the founding chairman of the company and former founding chairman of Tameer.
Nobles Properties, based in Dubai, said it had signed an agreement with OYA Tourism Investment and Development, a subsidiary of Libya's Economic and Social Development Fund (ESDF).
To be called the Tripolis Towers, the project will feature two mixed-use 40-storey towers on a 2.5 hectare waterfront plot in the centre of Tripoli. The first tower will have a five-star hotel facility fitted with leisure and business amenities, upmarket serviced apartments and a shopping centre. The second tower will hold office space.
Nobles Properties was launched last month by Mr Ayesh, who also founded the Dubai-based developer Tameer five years ago in Sharjah. Tameer announced a multibillion-dollar super city project near Tripoli two years ago, but construction has yet to start. Nobles also intends to develop properties in Dubai. "We will be building an iconic 40-storey tower near Burj Dubai, where we own a Dh600m plot," said an executive of Nobles.
The company is expected to sign another contract in Yemen and is reportedly in talks with Bahraini investors.
UAE investments in Libya have doubled in the past few months, reaching more than Dh3.67bn and making the Emirates one of the largest investors in a country that is undergoing a radical redevelopment programme.
On May 20, Sheikh Mansour bin Zayed, the Minister of Presidential Affairs and chairman of the Abu Dhabi Fund for Development (ADFD), signed an agreement with Hamed al Hadairi, the chairman of the ESDF, to form a joint venture company worth $600m. The newly created company, called UAE-Libyan Holding Company, will predominantly invest in property, tourism and energy projects in Libya.
Sheikh Mansour said he expected the volume of investment between the two countries to "boom" in the coming years. "This [agreement] opens avenues for co-operation in a wide range of sectors, particularly trade and tourism," he said.
As United Nations sanctions have gradually been lifted in the past few years, a number of countries including the US, France and Italy have started investing in Libya, which had previously been isolated from international capital. This investment began in the oil and gas industry and is spreading to trade, tourism or financial services.
ngillet@thenational.ae
Women & Power: A Manifesto
Mary Beard
Profile Books and London Review of Books
Banned items
Dubai Police has also issued a list of banned items at the ground on Sunday. These include:
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Political flags or banners
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Bikes, skateboards or scooters
MATCH INFO
Austria 2
Hinteregger (53'), Schopf (69')
Germany 1
Ozil (11')
The Outsider
Stephen King, Penguin
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
Info
What: 11th edition of the Mubadala World Tennis Championship
When: December 27-29, 2018
Confirmed: men: Novak Djokovic, Rafael Nadal, Kevin Anderson, Dominic Thiem, Hyeon Chung, Karen Khachanov; women: Venus Williams
Tickets: www.ticketmaster.ae, Virgin megastores or call 800 86 823
Favourite things
Luxury: Enjoys window shopping for high-end bags and jewellery
Discount: She works in luxury retail, but is careful about spending, waits for sales, festivals and only buys on discount
University: The only person in her family to go to college, Jiang secured a bachelor’s degree in business management in China
Masters: Studying part-time for a master’s degree in international business marketing in Dubai
Vacation: Heads back home to see family in China
Community work: Member of the Chinese Business Women’s Association of the UAE to encourage other women entrepreneurs
APPLE IPAD MINI (A17 PRO)
Display: 21cm Liquid Retina Display, 2266 x 1488, 326ppi, 500 nits
Chip: Apple A17 Pro, 6-core CPU, 5-core GPU, 16-core Neural Engine
Storage: 128/256/512GB
Main camera: 12MP wide, f/1.8, digital zoom up to 5x, Smart HDR 4
Front camera: 12MP ultra-wide, f/2.4, Smart HDR 4, full-HD @ 25/30/60fps
Biometrics: Touch ID, Face ID
Colours: Blue, purple, space grey, starlight
In the box: iPad mini, USB-C cable, 20W USB-C power adapter
Price: From Dh2,099
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Bharat
Director: Ali Abbas Zafar
Starring: Salman Khan, Katrina Kaif, Sunil Grover
Rating: 2.5 out of 5 stars
If you go
The Flights
Emirates and Etihad fly direct to Johannesburg from Dubai and Abu Dhabi respectively. Economy return tickets cost from Dh2,650, including taxes.
The trip
Worldwide Motorhoming Holidays (worldwidemotorhomingholidays.co.uk) operates fly-drive motorhome holidays in eight destinations, including South Africa. Its 14-day Kruger and the Battlefields itinerary starts from Dh17,500, including campgrounds, excursions, unit hire and flights. Bobo Campers has a range of RVs for hire, including the 4-berth Discoverer 4 from Dh600 per day.
FIGHT CARD
Welterweight Mostafa Radi (PAL) v Tohir Zhuraev (TJK)
Catchweight 75kg Leandro Martins (BRA) v Anas Siraj Mounir (MAR)
Flyweight Corinne Laframboise (CAN) v Manon Fiorot (FRA)
Featherweight Ahmed Al Darmaki (UAE) v Bogdan Kirilenko (UZB)
Lightweight Izzedine Al Derabani (JOR) v Atabek Abdimitalipov (KYG)
Featherweight Yousef Al Housani (UAE) v Mohamed Arsharq Ali (SLA)
Catchweight 69kg Jung Han-gook (KOR) v Elias Boudegzdame (ALG)
Catchweight 71kg Usman Nurmagomedov (RUS) v Jerry Kvarnstrom (FIN)
Featherweight title Lee Do-gyeom (KOR) v Alexandru Chitoran (ROU)
Lightweight title Bruno Machado (BRA) v Mike Santiago (USA)
MATCH INFO
Uefa Champions League final:
Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports