The Middle East property market is hot, along with the over inviting temperatures of the region. Fujairah and the Al Taif Investment business concern are setting their sights for a share of the vastly popular property market ride.
There is an enormous array of projects in Fujairah's future, along with other sectors of the Middle East.
Al Taif Investment, which is the name of the new joint venture between Dubai Investments and Fujairah Investment Establishment (FIE) aim to kick off the large scale developments. The FIE is a branch of the Fujairah government dedicated to investment in the country's infrastructure. Dubai Investments has 60% invested in Al Taif, with the remaining being attributed to FIE.
Along with their initial investment capital of $136.2 million, Al Taif Investment is looking to make a big splash in the property market pool by acquiring current companies and listing a diverse set of property related projects in its portfolio. The company's intent is to put nearly $681 million in future projects over the next two years.
One of the premier projects that Al Taif Investment is looking to launch with is, Fujairah Business Park (or Business Compound), an industrial project in the heart of the Emirate. This will include a five-star hotel, along with furnished apartments, which will be the centerpiece of the development. Combined 424 hotel rooms and apartment units will be available through this enterprise. At least two levels will be devoted to shopping and retail opportunities. These rooms and units will be contained in two towers: one 44 stories in height and the other 31-33 levels high. The architecture will no doubt be amazing.
This first undertaking of the new Al Taif Investment group is estimated at 1,600,000 square feet at a cost of more than Dh 1 billion. There are currently three more projects in the planning stages for this group.
