Memon Investments, a leading Dubai-based property developer, said that construction work on its high profile developments within the UAE’s most sought-after communities is progressing unhindered.

Memon Investments, which is part of the international business conglomerate, the Memon Group of Companies, currently has a project portfolio worth Dh1.34 billion ($365 million).

This multi-billion dirham portfolio includes luxury residential projects 'Champions Towers' series, 'Gardenia I & II’, and ‘Frankfurt Sports Tower I’; as well as its inaugural commercial tower - 'Cambridge Business Centre' (CBC).

“The strong standing of the UAE in the construction market is an indicator of the capacity of developers of locally-based projects to proceed with the construction of launched projects amidst the challenges presented by the economic slump,” said Ahmed Shaikhani, managing director, Memon Investments.

“As one of the leading players in the Dubai property market, we leverage our extensive industry expertise and strong financial backing, thereby enabling us to proceed with unhindered construction works on our flagship projects,” he added.

Construction on the four towers under the ‘Champions Tower’ (CT) banner is progressing at an impressive pace, with various important contracts already been awarded to a number of top contractors, including leading MEP (mechanical, electrical and plumbing) companies as well as companies that specialise in elevator and air-conditioner installation, he said.

Moreover, construction of eight of the 10 floors within CBC has been completed, with initial steps already being made in preparation for the scheduled handover of the project to investors by the fourth quarter of 2009.

The company also previously announced that it is fast-tracking the construction of ‘Gardenia I & II’ and ‘Frankfurt Sports Tower I’, in line with aims to hits their respective delivery deadlines.

“The outstanding progress we have recorded across all our projects is the result of our strong collaboration with industry-leading partners, and our own initiative to expand our core competencies,” Shaikhani said.

UAE construction scene

Forty-five per cent of projects planned in the Gulf, which have a total value of $930 billion, are currently under construction in the UAE, said a recently published report.

The study also revealed that despite the economic slowdown, the value of property construction is four times higher than what had been estimated in June 2005 and represents an annual growth rate of nearly 50 per cent.

In addition, some 81 per cent of the UAE projects are in the construction sector, which indicate that the country has overtaken all GCC states in terms of total value of projects. – TradeArabia News Service