Saturday 23 March 2019

Dubai Investments' $125m Fujairah project on fast track

FUJAIRAH, June 21, 2018

Dubai Investments, a leading, diversified investments company said work is progressing at a steady pace on its Dh460-million ($125 million) Fujairah Business Centre project, and is likely to be completed ahead of schedule, by the fourth quarter of 2020.

The project is being developed by Al Taif Investment, a joint venture between Dubai Investments and Fujairah Investment Establishment (FIE), the investment arm of Fujairah Government.

The Fujairah Business Centre will have a total built-up area of 96,400 sq m and will comprise two towers, including a 19-levelplus roof Office Tower and a 19-level plus roof hotel with 228 rooms and suites as well as 79 furnished apartments operated by a leading hotel group. The business centre will also include a G+2 level shopping mall and retail area coupled with parking space to accommodate over 670 vehicles.

Khalid Bin Kalban, managing director and CEO of Dubai Investments and chairman of Al Taif Investment, said: “It is an iconic project which aims to capitalise on the investment potential and business opportunities that Fujairah offers. The project will set benchmarks in urban development in the Emirate and act as a growth catalyst for creating robust opportunities for commerce and entrepreneurship.”

The project will be served through a district cooling plant for the cooling needs of the development, enabling significant savings in comparison to the power consumption through conventional air cooled chillers.

Al Taif Investment had earlier signed a Dh325 million financing agreement with Al Hilal Bank, a UAE-based progressive Islamic Bank, for the project. China State Construction Engineering Corporation Middle East is the project construction contractor and Dewan Architects and Engineers is the consultant.

Al Taif Investment, launched in 2007, invests in real estate and industry ventures locally and internationally to develop a strong investment portfolio. Dubai Investments owns 60 per cent stake in Al Taif Investment, while the remaining 40 per cent is held by FIE.

In the long-term, Al Taif Investment plans to invest in companies and develop a diversified portfolio of Greenfield and finance-oriented projects. – TradeArabia News Service

Tags: Dubai Investments | Al Taif |

More Construction & Real Estate Stories

calendarCalendar of Events