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
ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
5 of the most-popular Airbnb locations in Dubai
Bobby Grudziecki, chief operating officer of Frank Porter, identifies the five most popular areas in Dubai for those looking to make the most out of their properties and the rates owners can secure:
• Dubai Marina
The Marina and Jumeirah Beach Residence are popular locations, says Mr Grudziecki, due to their closeness to the beach, restaurants and hotels.
Frank Porter’s average Airbnb rent:
One bedroom: Dh482 to Dh739
Two bedroom: Dh627 to Dh960
Three bedroom: Dh721 to Dh1,104
• Downtown
Within walking distance of the Dubai Mall, Burj Khalifa and the famous fountains, this location combines business and leisure. “Sure it’s for tourists,” says Mr Grudziecki. “Though Downtown [still caters to business people] because it’s close to Dubai International Financial Centre."
Frank Porter’s average Airbnb rent:
One bedroom: Dh497 to Dh772
Two bedroom: Dh646 to Dh1,003
Three bedroom: Dh743 to Dh1,154
• City Walk
The rising star of the Dubai property market, this area is lined with pristine sidewalks, boutiques and cafes and close to the new entertainment venue Coca Cola Arena. “Downtown and Marina are pretty much the same prices,” Mr Grudziecki says, “but City Walk is higher.”
Frank Porter’s average Airbnb rent:
One bedroom: Dh524 to Dh809
Two bedroom: Dh682 to Dh1,052
Three bedroom: Dh784 to Dh1,210
• Jumeirah Lake Towers
Dubai Marina’s little brother JLT resides on the other side of Sheikh Zayed road but is still close enough to beachside outlets and attractions. The big selling point for Airbnb renters, however, is that “it’s cheaper than Dubai Marina”, Mr Grudziecki says.
Frank Porter’s average Airbnb rent:
One bedroom: Dh422 to Dh629
Two bedroom: Dh549 to Dh818
Three bedroom: Dh631 to Dh941
• Palm Jumeirah
Palm Jumeirah's proximity to luxury resorts is attractive, especially for big families, says Mr Grudziecki, as Airbnb renters can secure competitive rates on one of the world’s most famous tourist destinations.
Frank Porter’s average Airbnb rent:
One bedroom: Dh503 to Dh770
Two bedroom: Dh654 to Dh1,002
Three bedroom: Dh752 to Dh1,152
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Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
The specs: 2018 Audi RS5
Price, base: Dh359,200
Engine: 2.9L twin-turbo V6
Transmission: Eight-speed automatic
Power: 450hp at 5,700rpm
Torque: 600Nm at 1,900rpm
Fuel economy, combined: 8.7L / 100km
The Ashes
Results
First Test, Brisbane: Australia won by 10 wickets
Second Test, Adelaide: Australia won by 120 runs
Third Test, Perth: Australia won by an innings and 41 runs
Fourth Test: Melbourne: Drawn
Fifth Test: Australia won by an innings and 123 runs
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If you go
The flights
Emirates and Etihad fly direct to Nairobi, with fares starting from Dh1,695. The resort can be reached from Nairobi via a 35-minute flight from Wilson Airport or Jomo Kenyatta International Airport, or by road, which takes at least three hours.
The rooms
Rooms at Fairmont Mount Kenya range from Dh1,870 per night for a deluxe room to Dh11,000 per night for the William Holden Cottage.
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Squid Game season two
Director: Hwang Dong-hyuk
Stars: Lee Jung-jae, Wi Ha-joon and Lee Byung-hun
Rating: 4.5/5
Some of Darwish's last words
"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008
His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.
