Monday, July 27, 2009

Tameer set to deliver UAQ project

Tameer, speaking about its project Al Salam City in Umm al Quwain (UAQ), said that it could be worked out in the future, although it is currently on hold.

Several investors in the project were refunded 100 percent of their money.

The President of Tameer, Federico Tauber, confirmed that so far more than seventy percent of investors have been refunded, and the refunding process to all investors will be complete by end of September.

Tauber said that the project would surely be considered in future. There is a significant investment, but it is not the company's priority now. For now, Al Salam City aims to satisfy its customers and refund them, as the company now aims to deliver the projects in hand at present.
The Al Salam City project was being developed by Tatweer, together with Umm al Quwain government. With a long overdue shift in management, the company now aims to handover its remaining eight projects, with a total value of Dh.20bn, under the guidance of Tauber.

Tauber says that it is a major milestone in Tameer's history, as it is the first major project to be delivered. Tameer announced the delivery of its Dh.500mn Palace Towers in Dubai Silicon Oasis, a 25-storey commercial tower, with 150 offices and another 22 storey residential tower with 424 apartments.

The company's project in Al Majid City and Jordan will be handed over next month, while the tower in Business Bay will be ready by December.

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