Wednesday, January 23, 2008

Al Barakah forays into UAE realty sector through launch of Sanali Towers

Al Barakah, the real estate group, has forayed into the UAE realty sector, announcing plans to develop Dh.3bn worth commercial and residential projects in a span of three years.

Sanali Towers
First of such an initiative will be to develop Sanali Towers, the Dh.1.3bn development in Downtown Dubailand, which will be followed by a series of developments. The Sanali Towers will be a 30-storey development, with one million square feet of commercial and retail space, facing the prestigious developments of Living Legends and Al Barari. Developed by Sanali Holdings, the project has been purchased by Al Barakah Investments, and will be marketed by Inside Track Real Estate Brokers LLC.

Each of the towers will comprise retail spaces on the ground, apart from office space and health club facilities. The offices will have spacious underground car parking. Al Barakah is offering buyers of Sanali Towers, interest-free payment in a span of ten years, for the first time ever in Dubai.

After having recently announced the development of a 30 storey tower in Ajman, the group will announce its first project in Dubai in February. Al Barakah plans to focus on establishing long-term associations with property investors and buyers, through transparent dealings, so as to make them fully aware of the various aspects of property ownership. The company has already acquired several plots in Dubailand, Downtown Jebel Ali, and Ajman with a built-up area in excess of three million square feet.

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