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. Last Updated: 07/27/2016

Emirates Firms Plan Kazakh Project

ABU DHABI -- Al Maabar, a joint venture of United Arab Emirates developers, plans to invest $2 billion in a commercial and residential project in Kazakhstan and fund it through borrowing, a venture partner said Saturday.

"The cost of the Abu Dhabi Plaza in Astana, Kazakhstan, is $2 billion. It will be funded through a borrowing plan," said Ronald Barrott, CEO of Aldar Properties. "There will be no borrowing this year, but there will be next year," he said, without giving further details of the borrowing plan.

Aldar plans to build a second Ferrari theme park outside the Middle East after 2009, when a similar park in the Emirates capital, Abu Dhabi, is scheduled to be ready, Barrott told reporters.

Aldar is the developer of the project in Astana, which is to include an 88-story tower, shops, apartments, offices and hotels and is scheduled for completion in 2012.

Aldar and fellow Abu Dhabi developers and investors Al Qudra Real Estate, Sorouh Real Estate, and Reem Investments have set up Al Maabar to carry out projects overseas.