Sorouh, Tameer dissolve Reem island JVs
Abu Dhabi, June 9, 2009
Abu Dhabi developer Sorouh Real Estate and UAE property firm Tameer Holding have dissolved two joint ventures on Reem island, one of the largest developments in Abu Dhabi
'Consequently, Tameer will continue to have 100 percent ownership of the Rise Above project, and Sorouh will now have 100 percent of the Gate Towers project,' Sorouh said in a statement on the bourse website.
Shares in the company were down 3.5 percent at 0811 GMT in a broadly flat market.
Sorouh's Shams project on Reem island is a $25 billion residential project next to Abu Dhabi city.
A Sorouh spokesman declined to comment on the value of the projects or on the reason behind the dissolution of the partnerships with Tameer. - Reuters