Dubai: Sama Dubai has received approvals to develop a Dh91 billion ($25 billion) mixed-use project - Mediterranean Gate - in Tunisia, in partnership with the Tunisian Government, a top official said.
Farhan Faraidooni, executive chairman of Sama Dubai, said in an exclusive interview that the move reflects a strong partnership with the Tunisian Government.
Gulf News: You had announced a joint venture with EC Harris last year. Does it involve a stake in Sama Dubai's management?
Farhan Faraidooni: The EC Harris joint venture is limited to the project management sphere of Sama Dubai's business. The combined EC Harris and Sama Dubai team has completed infrastructure works at the Salam Yiti and the Dubai Towers Doha project sites.
What steps have you initiated to maintain investor confidence in the current scenario?
We are committed to protecting the interests of our customers, our investors and our business partners. Construction work at The Lagoons is continuing as scheduled.
What is the latest in the Sama Dubai project pipeline?
Our master plan for the $25 billion Mediterranean Gate project in Tunisia has been approved. Our last launch was three months ago with the Creekfront, a major revitalisation initiative.
We are interested in all markets that promise high investment potential and acceptable rates of return. We are in discussions with over five government development agencies in as many countries.
What challenges do you face?
We have to deal with massive inflationary pressures - price increases in material and supplier costs - as well as cut-throat competition for a limited supply of experienced suppliers and human capital.
It is no secret that demand for contractors and human resources is outstripping supply.
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