Al Taif Investment, a joint venture between Dubai Investments PJSC – the leading investment company listed on the Dubai Financial Market, and Fujairah Investment Establishment [FIE] – the investment arm of Fujairah Government, marked the groundbreaking of its iconic Fujairah Business Centre project.
The project, to be built at a cost of AED 400 million, consists of two towers spread across a total built-up area of 80,058 square metres. These include a 19-level office tower and 19-level Courtyard by Marriott hotel with 228 rooms and apartment units.
The tower will encompass a shopping mall and prime retail area spread across a built-up area of 15,616 square metres, coupled with parking space to accommodate over 800 vehicles. Strategically located at Fujairah town centre, the Fujairah Business Centre overlooks the Grand Mosque. The project will be completed in three years.
The groundbreaking of the project was held this morning in Fujairah, in the presence of Mr Khalid Bin Kalban, Managing Director and CEO of Dubai Investments and Chairman of Al Taif Investment, Mr Mohamed Saeed Al Dhanhani, Vice Chairman and Director of Al Taif Investment, officials from Fujairah Municipality and Dubai Investments.
Mr Khalid Bin Kalban, Managing Director and CEO of Dubai Investments and Chairman of Al Taif Investment, said: “The Fujairah Business Centre project by Al Taif Investment sets new benchmarks in urban development in Fujairah and acts as a catalyst for growth by creating robust opportunities for commerce and entrepreneurship. Through this iconic project, we are seeking to capitalize on the investment potential and exploit the diverse business opportunities that Fujairah offers.”
Mr Kalban added: “The project has been planned in line with the market requirements in Fujairah and we expect a very high demand for our retail offerings. We are creating a vibrant destination that will not only address their lifestyle needs of modern retail, entertainment and hospitality, but also connect them to their Arab heritage through its attractions. We have a long relationship with Courtyard by Marriott, which has been operational in Dubai Investments Park since 2005, and we are happy to be associated with them in our Fujairah project.”
Plans for all the key components have been finalized and the drawings and financing modalities are complete. A unique district cooling plant will sufficiently serve the cooling needs of the entire Fujairah Business Centre development, enabling significant savings in comparison to the power consumption of conventional air cooled chillers.
Al Taif Investment, launched in 2007, invests in real estate and industry ventures locally and internationally to develop a strong investment portfolio. DI owns a 60 per cent stake in Al Taif Investment, while the remaining 40 per cent is held by FIE. In the long-term, the company plans to buy existing companies and develop a diversified portfolio of Greenfield and finance-oriented projects.