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Ishraqah signs deal with Grow to sell business hotel in ‘The Onyx’

United Arab Emirates: Wednesday, October 17 - 2007 @ 16:43

Ishraqah, a pioneering real estate development and investment company, has announced that it has recently finalised a deal with Grow Projects Ltd., a subsidy of Grow Group of Companies to sell The Onyx Hotel, one of the prime projects that is part of its Dhs1.8bn ‘The Onyx’ development on Sheikh Zayed Road.

Present for the memorable occasion to sign the sale of the business hotel were Sheikh Sultan Bin Khaled Bin Salim Bin Mahfouz Board Member of Ishraqah, Hesham El Far CEO of Ishraqah, Dambir Chadha and Suneel Sahni, co-owners of Grow Group of Companies.

The deal has boosted the sales prospects of the remaining properties of the integrated corporate destination, which includes two commercial towers that have been 85 per cent sold ahead of the completion of The Onyx.

“Ishraqah is pleased to seal the sales contract to GROW based on the solid track record of their group in the hospitality business with its extensive experience in upscale markets in the UK and India. We believe GROW will complement our vision for The Onyx, which is to make it the preferred business destination in Dubai,” said Sheikh Sultan Bin Khaled Bin Salim Bin Mahfouz, Board Member of Ishraqah for Development

Commenting on the business prospects of the hotel facility, the partners of Grow Group of Companies Dambir Chadha & Suneel Sahni said, “We believe this hotel has enormous potential with its excellent location and other value-added features. We are confident that we can attract a lot of business travellers because of its proximity to Greens, Emirates Hills, Emaar Business Park, TECOM, Dubai Internet City and Dubai Media City.”

As a result of aggressive marketing efforts and its hugely attractive development concept, The Onyx has achieved tremendous sales record in just three months of its launch last July 2007.

A further boost in sales performance is expected with Ishraqah’s participation at Cityscape Dubai 2007, the largest business-to-business real estate investment and development event in the world. Ishraqah’s exhibition will be located at Stand No.ZF60, Zabeel Hall of the Dubai International Exhibition Centre from October 16-18, 2007.

“The Onyx’s integrated environment and innovative concept will definitely be a big draw during Cityscape. The project has a lot more exciting features to offer and I am sure many prospective investors are looking forward to check them out at the exhibition. We are just as eager to showcase the world-class amenities and unique qualities of this modern corporate community,” said Hesham El Far, CEO of Ishraqah for development

The three main towers of The Onyx – a 25-storey and a 16-storey office tower, and a 14-storey business hotel with 200 rooms and 10 suites – are linked by an interconnected podium area. It also features a modern rooftop terrace, a skylight and complementary landscaping. Other key facilities incorporated in the development are office spaces, dining outlets and retail facilities.

On completion in 2009, the project will also offer investors the first freehold corporate opportunity available in the area, which is located next to Emaar Business Park. The Onyx will exemplify an open-design concept with state-of-the-art amenities which include swimming pools, health clubs, beauty spa, oxygen bar, business centres, cigar lounges, day-care centre, high-end retail outlets and fine dining restaurants. The project also features optimum parking ratio, space efficiency and a total of 35 elevators.

GROW Projects Ltd. is an affiliate of GROW Group of Companies, which lists among its prominent projects in Dubai an island on Nakheel’s ‘The World’ project to develop a themed island resort under a world-renowned brand name.

Ishraqah is a premier owner, seller, developer and investor of real estate throughout the Middle East and is currently involved in developments in the UAE, Saudi Arabia, Morocco, Egypt and Pakistan. The Saudi-owned company has recently announced that it intends to invest Dhs6bn within the next two years in real estate projects throughout the region.

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Wednesday, October 17- 2007 @ 16:43 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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