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21 May 2024

Al Fajer and Poland’s KIH in Dh225m realty venture

By Staff Writer


Al Fajer Properties has signed a deal with Kulczyk Investment House (KIH) of Poland to form a Dh225 million real estate investment partnership.

The deal will provide KIH the opportunity to invest in the world-class Jumeirah Business Centre Towers in the Jumeirah Lake Towers community. Jumeirah Business Centre Towers is a branded office chain conceived and being developed by Al Fajer Properties.

Meanwhile, Sheikh Maktoum bin Hasher Al Maktoum, founder of A1 Grand Prix, Chairman of Dubai International Holding Company and Chief Executive Officer of Al Fajer Group (AFG) has been appointed as President of Al Fajer Properties.

Sheikh Hasher Al Maktoum, Chairman of Al Fajer Group said: “Al Fajer Properties has posted significant growth in Dubai’s real estate market and I am confident that with the expertise and experience of my son, Sheikh Maktoum, the company is poised to be a global entity.”

Commenting on the partnership, Sheikh Maktoum thanked his father for his diligent efforts in growing the Al Fajer Group during the past 40 years into a nationally recognisable brand name with many companies and services under its umbrella throughout the UAE.

“The significant increase in petrodollars has also given us the ability to begin considering unlocking value in current assets and exploring new international opportunities in Europe and North America as well. Al Fajer Group is delighted that KIH has chosen us as their preferred partner in not only investing in existing Al Fajer Properties, but also in exploring the wealth of opportunities in this rapidly developing sector across the region,” Sheikh Maktoum said.

He reaffirmed his group’s commitment to delivering the highest standards of quality and excellence in line with the reputation of Dubai. Sheikh Maktoum emphasised that yields and returns in the real estate market within the region will continue to escalate further proving that the region is one of the strongest and most sustainable property investment destinations in the world.

Al Fajer Properties, established in November 2004 as a wholly owned subsidiary of AFG, is in the process of developing its flagship project, which consists of five commercial towers worth Dh3bn in the Jumeirah Lake Towers community.

KIH is an international investment company and one of the most significant players to emerge from Central and Eastern Europe. The firm is based in Luxembourg with offices in Warsaw, London, Kiev and Dubai.

The number

Dh3bn: Is the value of the five commercial twoers that Al Fajer Properties will build in the Jumeirah Lakes Towers Community