Bawadi-Al Ghurair deal plan to build Dh10bn shopping mall
Wednesday, May 30, 2007
Bawadi, a Tatweer member, has entered into a joint venture with Al Ghurair Investment for development of a Dh.10billion shopping mall.
The first phase of the mall, expected to be complete by 2012, will cover 1.2million sq.mts., of leasable area, according to Tatweer.
The project is the result of a directive from His Highness Sheikh Mohammed Rashid Al Maktoum, the Prime Minister and Vice-President of UAE and the Ruler of Dubai, so as to develop the mall to be the biggest shopping area in the world and thereby to double investment.
Al. Ghurair, the Chairman of Al Ghurair Investment and Saeed Al Muntafiq, Tatweer Chairman also signed the agreement.
Al Ghurair states the agreement basically emphasizes the confidence of Al Ghurair Investments in Bawadi as one of the most sought after investment opportunities and underscores the active role that Bawadi is likely to play to keep up the objectives of commercial and tourism sector as announced in the recent Dubai Strategic Plan.
He added that "The innovative and uniquely designed shopping mall will be one of the largest within the biggest shopping area in the world, and will add a new dimension to the variety of services and facilities offered by Bawadi. With this agreement, both companies will seek to bring back the historic Okaz Souq – the first ever retail outlet which existed in the region – as Arabs are known to be the pioneers in this sector."
Al Muntafiq, expressing his confidence in Bawadi, mentioned that their first agreement which included an initial investment of Dh.800million by Al Ghurair in the Al Maghreb Resort and Spa, will position Baswadi to be a leader in the tourism and hospitality industry providing solid opportunities and a supportive business friendly environment.
Social BookmarkingThe first phase of the mall, expected to be complete by 2012, will cover 1.2million sq.mts., of leasable area, according to Tatweer.
The project is the result of a directive from His Highness Sheikh Mohammed Rashid Al Maktoum, the Prime Minister and Vice-President of UAE and the Ruler of Dubai, so as to develop the mall to be the biggest shopping area in the world and thereby to double investment.
Al. Ghurair, the Chairman of Al Ghurair Investment and Saeed Al Muntafiq, Tatweer Chairman also signed the agreement.
Al Ghurair states the agreement basically emphasizes the confidence of Al Ghurair Investments in Bawadi as one of the most sought after investment opportunities and underscores the active role that Bawadi is likely to play to keep up the objectives of commercial and tourism sector as announced in the recent Dubai Strategic Plan.
He added that "The innovative and uniquely designed shopping mall will be one of the largest within the biggest shopping area in the world, and will add a new dimension to the variety of services and facilities offered by Bawadi. With this agreement, both companies will seek to bring back the historic Okaz Souq – the first ever retail outlet which existed in the region – as Arabs are known to be the pioneers in this sector."
Al Muntafiq, expressing his confidence in Bawadi, mentioned that their first agreement which included an initial investment of Dh.800million by Al Ghurair in the Al Maghreb Resort and Spa, will position Baswadi to be a leader in the tourism and hospitality industry providing solid opportunities and a supportive business friendly environment.
Labels: Al Ghurair, Shopping Mall
Zenath real estate plans new series of projects worth Dh.2billion
Thursday, May 17, 2007
One of the leading property development companies in UAE, Zenath Real Estate, also a part of the Khalid Abdullah Al Ghurair Group, has announced its plan to construct a series of commercial, residential and hotel projects worth Dh.2billion at UAE.
The Director of the group, S.M.Sadique mentioned that these upcoming projects will help Zenath in gaining presence in the competitive real estate market, and that twelve years of exposure in the field has already helped them in building projects that are best in design, quality and luxury.
The group has plans of developing ten hotels, including a four-star 'Landmark Inn' on Al Rigga Road in Dubai within a span of two years. Apart from the Dh.60million four star - Landmark Inn, the other projects include Dh.150m Landmark Palace Hotel at Al Rigga Road, a four-star hotel at Salahuddin Road, the Landmark Grande Hotel at Nasser Square, another four-star hotel at Abu Dhabi, a Dh.150m four-star hotel at Dubai Investments Park, a 220 rooms hotel at Fujairha Corniche worth Dh.150m, a four-star near Dubai International Airport worth Dh.175m and a deluxe service apartment at Ajman Corniche.
These hotels are likely to be managed by the Landmark Group of hotels, irrespective of whether they are Zenath's own projects or join-venture or lease projects.
Zenath's other residential and commercial projects include Nahda Enclave - residential complex in Dubai worth Dh.70m, The Central Park - a shopping mall at Dubai Investments Park worth Dh.175m, a residential and commercial building at Port Saeed, a showroom complex worth Dh.25m at Dubai Investments Park, a factory and warehouse also at Dubai Investment Park and various other amenities at Deira.
Social BookmarkingThe Director of the group, S.M.Sadique mentioned that these upcoming projects will help Zenath in gaining presence in the competitive real estate market, and that twelve years of exposure in the field has already helped them in building projects that are best in design, quality and luxury.
The group has plans of developing ten hotels, including a four-star 'Landmark Inn' on Al Rigga Road in Dubai within a span of two years. Apart from the Dh.60million four star - Landmark Inn, the other projects include Dh.150m Landmark Palace Hotel at Al Rigga Road, a four-star hotel at Salahuddin Road, the Landmark Grande Hotel at Nasser Square, another four-star hotel at Abu Dhabi, a Dh.150m four-star hotel at Dubai Investments Park, a 220 rooms hotel at Fujairha Corniche worth Dh.150m, a four-star near Dubai International Airport worth Dh.175m and a deluxe service apartment at Ajman Corniche.
These hotels are likely to be managed by the Landmark Group of hotels, irrespective of whether they are Zenath's own projects or join-venture or lease projects.
Zenath's other residential and commercial projects include Nahda Enclave - residential complex in Dubai worth Dh.70m, The Central Park - a shopping mall at Dubai Investments Park worth Dh.175m, a residential and commercial building at Port Saeed, a showroom complex worth Dh.25m at Dubai Investments Park, a factory and warehouse also at Dubai Investment Park and various other amenities at Deira.
Labels: Al Ghurair, New Developments
