Amaar Real Estate Group … Leading Company in the Palestinian Real Estate Sector
Amaar Real Estate group is a wholly owned PIF subsidiary that was established by PIF to oversee its diverse real estate portfolio.
Currently, Amaar is implementing a real estate development program in Palestine with a total planned value that exceeds $2 billion. In addition, Amaar is overseeing multiple real estate companies and owns shares in some of the most prestigious hotels in Palestine. Two of the companies that are managed by Amaar Group in the real estate sector are: Al-Reehan Real Estate Investment Company which specializes in developing residential projects, and Arduna Real Estate Development Company which specializes in developing commercial real estate projects like Ersal Center which is one of the largest commercial real estate projects in Palestine.
Amaar Group is currently managing or has a significant stake in a number of real estate projects that are revitalizing the real estate and hospitality sector in different parts of the country. Some of Amaar’s key holdings include stakes in Hanadi Commercial Tower in Gaza which is a 13 floor commercial tower; the Mashtal Hotel which overlooks the north shore of Gaza city; Jacir Palace Hotel – Intercontinental in Bethlehem; Sama Tower in Ramallah; the Conventions Palace in Bethlehem which specializes in hosting large events and cultural activities; and the Grand Park Hotel which is one of the largest hotels in Ramallah.
Projects under Development
Amaar is currently overseeing a number of projects that were started by PIF as part of its National Affordable Housing Program. These projects include: Al-Reehan and Al-Jinan Neighborhoods, in addition to Ersal Center which is expected to be the new commercial zone in Ramallah and Al-Bireh.
As for future projects, Amaar is in the process of evaluating a number of real estate, hospitality, and commercial projects that will be launched during the year 2011 in the northern and southern parts of the West Bank.