Dubai developers restart 7 projects in the UAE
Dubai-based developers on Tuesday announced restarting of work on seven 'stalled' projects in the UAE driven by the sound economic fundamentals of the country and growing demand from global investors.
Dubai Investments, listed on Dubai Financial Market (DFM), will be re-launching a Dh400 million mixed-use project in Fujairah by December, which will include Courtyard by Marriott, the company CEO said.
“It is a major project in Fujairah that will have a Courtyard by Marriott, office tower and a retail podium. We will include residential apartments and service apartments which is subject to market conditions,” said Khalid bin Kalban, CEO, Dubai Investments.
The project is being developed by Al Taif Investment, which is a joint venture between Dubai Investments and Fujairah Investment Establishment, the investment arm of the Fujairah Government, which holds a 40 per cent stake in the joint venture.
“We have submitted the detail drawings to the Fujairah Municipality and we are hoping to get approval soon. We have the contractor on board and we’re all set to go.”
Kalban said that the project has been relaunched as banks are showing interest in funding the project.
“The banks are back and are lending... we are now already in negotiations and have received term sheets,” he revealed.
Al Taif Investment was set up with a capital of Dh500 million in 2008 and had announced launch of Fujairah Business Park" and The Market projects. They were however put on hold following the global economic crisis.
Asked if the project will get a “freehold” status, Kalban said: “We are not looking at that… we are looking to add these projects to our rental portfolio.”
Separately, Q Developments, part of Q Group of companies, was appointed by Empire Arabia, a Dubai-based company, to manage and deliver six residential and commercial projects in Dubai that were put on hold during the global financial crisis.
The stalled projects, which were part of the former Best Homes Development, have been taken over by Empire Arabia, which has signed a memorandum of understanding with Q Developments, part of the Dubai-based Q Group of companies.
Safi Qurashi, CEO of Q Group, said: “We have already been in contact with investors here in the UAE and as far aas Pakistan, Russia, India, the UK and Canada.”
“All have expressed relief that the projects are being revived, as they feared the worst when work stalled during the financial crisis. Each are now being offered various options depending on their individual circumstances, and we’re working closely with Empire Arabia to deliver all the projects to the highest standards.”
The six developments include two in Sports City, two in International City and one each in Business Bay and Jumeirah Village Triangle.
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