Al Taif Investment announced on Tuesday said it has commenced work on its Fujairah Business Centre project, which includes two towers spread across a total built-up area of 80,058 square metres.

The project is a joint venture between Dubai Investments (DI) and Fujairah Investment Establishment (FIE) the investment arm of Fujairah Government and is worth AED 400 million ($108 million).

The two-tower project entails a 19-storey office tower and a 19-level Courtyard by Marriott hotel with 228 rooms and apartment units, a statement revealed, adding that the project will comprise a shopping mall and prime retail area spread across a built-up area of 15,616 square metres added to a parking lot with 800 parking spaces.

The Fujairah Business Centre is located in the Fujairah town centre and overlooks the Grand Mosque, Construction Week Online reported, adding that the project will be completed in three years.

Dubai Investments CEO and Al Taif Invesment Chairman Khalid Bin Kalban commented "The Fujairah Business Centre project by Al Taif Investment sets new benchmarks in urban development in Fujairah and acts as a catalyst for growth by creating robust opportunities for commerce and entrepreneurship. Through this iconic project, we are seeking to capitalise on the investment potential and exploit the diverse business opportunities that Fujairah offers."

It is worth noting that plans for all main components have been finalised and the drawings and financing modalities have been completed.

Launched in 2007, Al Taif Investment operates in real estate investment and industry ventures. DI owns a 60% stake with FIE owning the remaining 40%.


Photo Credit: Arabianeye-Reuters