Friday, May 18, 2007

Israqah and Zahran Group launches Dh1.8billion Dubai project

Israqah, the Dubai-based real estate developer and investment firm, has entered into a partnership with a Saudi Arabian company for the launching of Dh.1.8billion real estate project in Dubai.

The 'Onyx project' located on Shaikh Zayed Road comprises a business hotel and two office towers on a retail space platform. Being located next to Emaar Business Park, the two office towers are of 25 and 16 storey each, and the 14 storey business hotel will have10 suites and 200 rooms. Other amenities include health clubs, swimming pools, a day care center, business centre, conference rooms, restaurants and retail outlets.

This announcement by Ishraqah, which is a Saudi-owned company and the Zahran Group, an industrial investment conglomerate, is sufficient evidence of curbing the supply gap for commercial space after years of focus on luxury residential development in Dubai.

During the past week, Emaar had launched a twin-tower commercial project at the Downtown Burj Dubai development of the company, which is expected to be the world's tallest tower.

Now that the ownership structure of Dubai's legal property sector has become more clear, major global institutional investors are expected to enter the commercial property sector, according to analysts.

The Vice President of Zahran Group, Ebrahim Al Asseri, mentioned that the large investment that has been allocated to this project highlights the fact that Dubai's emergence as corporate powerhouse should be supported by developments like the Onyx.

1 comment:

Aadil Ayob said...

today the group ishraqah cannot even reply to emails, went to meet them and no reply, i have bought in this project, stay faw away from this company we paid a very good price at the time, but now no news from them the delays and delays are never ending not a good group warning stay far from them