Dubai Investments has announced that the AED460 million ($125 million) Fujairah Business Centre project, being developed by its joint venture entity Al Taif Investment, is progressing ahead of schedule.
Al Taif Investment, DIC’s joint venture with Fujairah Investment Establishment (FIE), the investment arm of Fujairah Government, said the project will be completed by the fourth quarter of 2020.
The Fujairah Business Centre will have a total built-up area of 96,400 square metres and will comprise two towers, including a 19-level plus roof Office Tower and a 19-level plus roof hotel with 228 rooms and suites as well as 79 furnished apartments.
The business centre will also include a shopping mall and retail area coupled with parking space to accommodate over 670 vehicles.
Khalid Bin Kalban, managing director and CEO of Dubai Investments and chairman of Al Taif Investment, said: “The Fujairah Business Centre by Al Taif Investment is an iconic project which aims to capitalise on the investment potential and business opportunities that Fujairah offers.
“The project will set benchmarks in urban development in the emirate and act as a growth catalyst for creating robust opportunities for commerce and entrepreneurship.”
Al Taif Investment earlier signed a AED325 million financing agreement with Al Hilal Bank for the project. China State Construction Engineering Corporation Middle East is the project construction contractor and DEWAN Architects and Engineers is the consultant.
Dubai Investments owns 60 percent stake in Al Taif Investment, while the remaining 40 percent is held by FIE.
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