Newly launched Al Taif Investment commences operations and announces 4 major residential and industrial project developments Inauguration of Al Taif Investment’s corporate headquarters in Fujairah
Dubai - UAE March , 2008: Al Taif Investment, a joint venture between Dubai Investments PJSC and Fujairah Investment Establishment (FIE), was officially launched today to coincide with the inauguration of the company's corporate headquarters located at the Fujairah Tower. The inauguration ceremony was attended by Khalid Kalban –Chairman and Mohamed Saeed Al Dhanhani, - Vice-Chairman and Director of Al Taif Investment and officials from Al Fujairah.
Al Taif Investment commenced operations with a start-up capital of AED 500 million. The company will initially invest in the region's booming real estate and viable industry ventures, and plans to buy existing companies and develop a diversified portfolio of projects in the near future. The launch of Al Taif is expected to present a range of investment opportunities for regional and international investors who are keen on capitalizing on the rapid growth being witnessed across the UAE.
"As a Dubai Investments- Fujairah Investment Establishment joint venture, Al Taif Investment brings with it tremendous experience and long-standing repute combined with strong governmental backing that's sure to enhance Fujairah's investment profile. The official launch of Al Taif Investment and the inauguration of our corporate headquarters today marks the beginning of a new chapter in investment and growth for the emirate of Fujairah," said Khalid Kalban, Chairman of Al Taif Investment.
"Al Taif Investment will commence operations with two major projects - "Fujairah Business Park" and "The Market". These are pioneering developments that will significantly boost Fujairah's profile as an upcoming business hub," said Kalban.
"Another prime area of focus for Al Taif Investment will be the setting up of industrial projects in Fujairah. Some of these are already in the pipeline and more details are to be shortly announced. To cater to the growing demand for building materials, we are about to set up a factory for the manufacture of gypsum boards, scheduled to begin production in 12 months time. We have also closely researched industry demand for extruded aluminum and final plans are on the drawing board to establish an aluminum extrusion plant.”
"Whilst the UAE continues to grow exponentially, the business potential of relatively smaller emirates such as Fujairah remains largely untapped. In launching these projects, we are seeking to capitalize on Fujairah's investment potential and exploit the diverse business opportunities that the emirate offers.”
Humaid Aylan, General Manager, Al Taif Investment, said "Fujairah Business Park will consist of two towers – a 44-level office tower and a 31-level tower comprising a 5-star hotel and furnished apartments, with a total of 424 luxurious hotel rooms and apartment units. The hotel tower will also feature a two-level shopping mall spread over more than 300,000 square feet of prime retail area.”
"Fujairah Business Park is the first of a series of big-ticket development projects planned by Al Taif Investment in the UAE. It is positioned as a landmark project that will significantly alter the business landscape of Fujairah.”
"The Market project will consist of housing facilities, business areas, retail and shopping outlets and an entire range of entertainment and cultural attractions, including a luxury hotel resort and water features, styled along an Arabian "Boulevard” theme crossing the Village from one side to the other,” added Aylan.
"Dubai Investments has always been keen to diversify its portfolio by investing in the different emirates, strengthening its presence in the UAE” said Kalban.
"The Government of Fujairah has been making concerted efforts to shore up the emirate's infrastructure facilities and create a positive business environment, aiming to project Fujairah as an investment destination of the future. With the launch of Fujairah Business Park and The Market, Al Taif Investment provides a significant boost to the campaign to put Fujairah on the regional business map” concluded Kalban.
Dubai Investments owns a 60 per cent stake in Al Taif Investment, while the remaining 40 per cent is held by Fujairah Investment Establishment.