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26 May 2024

Al Fajer boosts position with restructuring plan

By Staff Writer

Al Fajer Properties yesterday said it has completed its restructuring plan, which commenced in early 2008.

Under the leadership of its newly appointed President, Sheikh Maktoum bin Hasher Al Maktoum, a rigorous review of the company was conducted whereby the previous management was replaced with a new team and fresh strategy put in place.

The new strategy involved liquidating the company's substantial land bank valued at Dh800 million, and generating additional sales from existing inventory of Dh2.4 billion, bringing the total value of mitigated risk down by Dh3.2bn for the company.

Al Fajer initiated an accelerated construction plan delivering a seven-day cycle per floor, which had never been achieved before for phase one (towers one to five of its nine commercial towers) within the Jumeirah Lakes Towers community.

Phase one is due for completion in the last quarter of 2009 and phase two (towers six to nine) scheduled to be online on or about the same time the following year.

The company also initiated the implementation of new policies and procedures, bringing it up to date with international financial standards and in line with updated Real Estate Regulatory Agency rules and regulations ensuring more transparency in the marketplace.

"We took immediate remedial action in early 2008, which has significantly strengthened our position in the market and I am very pleased with the outcome," said Sheikh Maktoum.