Thursday, August 16, 2007

Fujairah found ideal for resort development

Fujairah Beach
While most emirates in the UAE are working on construction of commercial and residential projects, Fujairah is in the process of developing hi-tech resort and hospitality sector.

The emirate has already drawn innumerable multi-billion dirham real estate investments due to its ideal location of Indian Ocean beachfront, archeological sites and mountain chains.

However, Fujairah still lags behind other emirates in UAE when it comes to residential properties for non-GCC nationals.

Roger Wikinson, the Sharjah-based Northern Emirates Property Managing Partner, has termed the status of real estate sector in Fujairah as "low-key" in comparison to other emirates. He mentioned that the infrastructure to accommodate the expansion of freehold projects, is lacking in Fujairah. But, it can surely turn out to be a well-established tourism and hospitality sector.

The main factor for this lack of activities in freehold market is the lack of regulations that govern the ownership of freehold properties for expatriates.

However, there are no barriers pertaining to investment in tourism and business sectors. Zenath Real Estate, part of Khalid Abdullah Al Ghurair Group, announced plans to construct 220-room hotel in Fujairah Corniche, worth Dh.150 million.

Other recent developments in Fujairah includes the Mina Al Fajer Resort, a mountain-sea resort property, worth Dh.600 million, which comprises 200 rooms five star hotels managed by Fairmont Hotels and Resorts. The Resort also includes 48 mountain villas, a marina, 13 solarium villas and eighty marina apartments, apart from five-star restaurant. The hotel is scheduled for completion towards end of 2009.

1 comment:

Jesmi said...

Fujaira is nice place for holidy.