Memon Investments, a leading Dubai-based property developer and part of the international business conglomerate, the Memon Group of Companies, held a groundbreaking ceremony to mark the construction of its Dh80 million ($21.7 million) Cambridge Business Centre at Dubai Silicon Oasis (DSO).

Launched earlier this year, Cambridge Business Centre is the developer’s first commercial venture in a bid to leverage the market boom and demand for commercial space, which at present boasts of more than 24 million square feet of built corporate units under construction.

Present at the groundbreaking were managing director, Memon Investments, Ahmed Shaikhani; joint managing director, Memon Investments, Rizwan Shaikhani; chairman, Memon Group, Abu Baker Shaikhani; director, Memon Group, Muzammil Shaikhani; senior manager, Urban Planning, Dubai Silicon Oasis Authority (DSOA), Adel Abdulhalim Al Bahy and general manager, Stromek Emirates Foundations, Ahmed Al Adl along with senior company officials.

Memon Investments also announced that it has awarded the shoring and excavation contract for Cambridge Business Centre to Stromek Emirates Foundation (SEF), a subsidiary of M`sharie, the private equity arm of Dubai Investments.

SEF has commenced initial excavation and preparation on the tower and has expressed its commitment to complete the first phase within the set deadline. Cambridge Business Centre’s shoring and excavation project will be SEF’s third venture with Memon Investments, as the company is also handling the foundation work on Champions Tower II and Champions Tower III.

“The launch of Cambridge Business Centre marked our foray into the increasingly buoyant commercial development market, which we have recognised to generate outstanding business opportunities within Dubai and the rest of the region. The influx of investors from all over the globe has provided great expansion opportunities for the property development market, which is now gearing towards satisfying the huge demand for office spaces to accommodate the needs of new and established corporations,” said Shaikhani.

Combining the quintessential elegance of classic British architecture and cutting-edge engineering, Cambridge Business Centre is a 10-storey tower with a total built-up area of 160,000 square feet.

Offering a total of 108 small, medium and large offices distinguished by a unique blend of contemporary design, the prime business tower provides a lavish blend of luxury, functionality and perspective.

Advanced facilities such as Wi-Fi technology, keyless entry, mood lighting and hi-speed Internet connection are available to commercial tenants, in addition to a choice of 11 retail shops on the ground floor, cafés and restaurants, banking facilities and a travel agency. – TradeArabia News Service