Police arrest 4 Sama Dubai employees over alleged corruption

Four officials of real-estate developer Sama Dubai have been arrested and are being questioned by Dubai’s Public Prosecution, adding to the number of persons under investigation over allegations of bribe-taking and other financial wrongdoings.

One of the four people being held is Abdulsalam Almarri, chief executive of the Lagoon project of Sama Dubai, the international real-estate development and investment arm of the government-owned Dubai Holding, said a report by Zawya Dow Jones, citing the documents it saw on Thursday.

A Sama Dubai spokesperson said in a phone interview that he is trying to contact the company’s executive chairman, Farhan Faraidooni, who is out of the country, for “confirmation or negation” of the report.

“But as of now I have no information whether this is true or not,” said the spokesperson.

On Tuesday a former employee of Nakheel, another company owned by the government, was reported to be under investigation over allegations of bribe-taking, bringing to two the number of persons being investigated in connection with bribery at Nakheel.

Nakheel issued a statement on Friday confirming that a current employee was undergoing investigation by authorities for allegedly accepting bribes from another party. But it stressed that no embezzlement had happened in the company.

Dubai’s Public Prosecution issued a statement on Sunday saying that the government has a zero-tolerance policy against corruption, following a series of police probes this year into alleged financial wrongdoings by employees at firms including Tamweel, Dubai Islamic Bank and Deyaar Development.

Nakheel to seek US investments tomorrow

Nakheel is scheduled to pay a visit to the United States tomorrow to meet with a number of top US developers and investors seeking investment opportunities in Dubai.

Leading Nakheel on this visit to Los Angeles will be Nakheel’s CEO, Chris O’Donnell, and Nakheel’s Director of Sales, Marketing and Customer Service, Manal Shaheen, who will be accompanied by a team of company professionals. The delegation will continue to pursue the company’s strategy of highlighting Nakheel’s expertise and projects to the US market which have already caught the world’s attention with their unique architectural design and innovative concepts. The delegation will also introduce various new investment opportunities in Dubai, including the recently launched Trump International Hotel & Tower on Palm Jumeirah

Speaking of the upcoming trip, Manal Shaheen said:

“This visit is significant in many ways. Firstly, it highlights Dubai’s incredible growth to American investors and encourages them to recognise and understand the significance of the emirate’s current economic vibrancy. This is particularly so within the real estate market, where Dubai has experienced the most impressive growth in the region during the first decade of this century. Secondly, this visit presents us with an excellent opportunity to promote Nakheel projects, allowing investors to examine our ventures up close and become familiar with both our company and our projects.”

Ms Shaheen added: “During our visit we will focus on explaining the strengths of investing in Dubai and how, by implementing solid legislation, providing an attractive investment environment, and offering a superior architectural experience, Nakheel has successfully managed to attract large international investors.”

Nakheel already has a major presence in North America and has signed several important agreements with some of the continents leading brands and corporations. Nakheel has partnered with The Trump Organization to develop the New York businessman’s first project in the Middle East – Trump International Hotel and Tower. It is also developing the first Worlds of Discovery theme parks outside of the US, with SeaWorld, Aquatica, Busch Gardens and Discovery Cove set to provide major attractions on Palm Jebel Ali by 2012.

In addition, Nakheel recently invested 20 per cent in Cirque du Soleil, the world’s leading live entertainment company, together with Dubai World sister company Istithmar World.

Nakheel’s hotel division, Nakheel Hotels, is also following a dual strategy of investing in key gateway cities around the world alongside up-and-coming destinations which offer huge growth potential. Major investments have already been made in North America, including a $375 million investment in the world-renowned Fontainebleau Miami Beach resort which has enhanced an existing portfolio of hotels in key North American locations, including New York, Washington D.C., Los Angeles, and Los Cabos.

Mortgage legislation to protect lenders

The Government is to issue the first law regulating the emirate’s growing mortgage industry in a move that observers say could encourage more lending by foreign and domestic banks and finance companies and persuade more buyers to invest in Dubai.

Several foreign banks had been “sitting on the sidelines” waiting for the law to be passed, said Chris Dommett, the chief executive of the independent mortgage adviser John Charcol Dubai.

“They’ll still have the credit risk, but won’t have the operational and regulatory risks that exist,” he said. “My guess is that more players will be entering in the relatively near future on the back of this.”

He said the more the market was regulated, the less chance there was of a “major correction” to property values.

“Confidence levels will be higher, it will attract a wave of more conservative buyers and it will encourage the banks to be a little bit more open in their lending,” he said.

Marwan bin Ghalita, chief executive of Dubai’s Real Estate Regulatory Agency, said the law “will give the lender more control and confidence in that all their rights will be registered with the Land Department.

“And if anything happens regarding foreclosure, they can follow an easy process instead of going through the courts.”

Defaults on loans are uncommon in Dubai, where property prices have appreciated strongly. Borrowers who are struggling to meet their payments can simply sell their property for a profit, allowing them to swiftly repay the lender.

However, when house prices begin to level off, as is widely expected, this will become less of an option. Morgan Stanley said recently that although property prices in the emirate had surged 79 per cent since the beginning of 2007, it expected to see a 10 per cent fall in prices by 2010.

Under the law, which could be in force within three months, mortgages for completed properties, those still under construction and long-term rented property will have to be registered with the Dubai Land Department. In addition, a court will be set up to deal specifically with foreclosures in the event of borrowers seriously defaulting on their repayments.

The announcement was “very good timing”, said Mr Ghalita. “The whole world is talking about a mortgage crisis and to what extent banks in Dubai are financing property.”

Dubai’s property boom began in 2002, when it allowed foreign investors to buy property on a freehold basis. The emirate’s mortgage business has burgeoned since then, with home loans in the UAE jumping 55 per cent in the year to March, according to the central bank.

But the emirate currently lacks a process to deal with foreclosures outside of the civil courts, which typically take two years to process cases and are unlikely to order residents out of the property to allow a lender to recover its money.

The lack of a personal credit rating agency in Dubai can also make lenders cautious about lending money.

Under the new law, any investor who defaults on a loan will have to sell their property via a public auction managed by the Land Department.

“The key for the banks is what process is in place to repossess and sell property in case of default,” said Mr Dommett.

“Fortunately, the market has been heading upwards almost continuously and there have been no loan defaults that have gone to the stage of repossession.”

However, he said, the new law was “vital to ensure that the banks have a clear process by which they can recover their money. That would particularly apply if the market was to go down.”

Law No 14 of 2008, signed this week by Sheikh Mohammed bin Rashid, Vice President of the UAE and Ruler of Dubai, will come into effect 60 days after it has been published in Dubai’s monthly official gazette.

The move has been welcomed by property developers.

David Nicholson, general counsel at the Dubai-based property developer Nakheel, said: “As the laws make rights and responsibilities and the enforcement process clearer, it will help eliminate some risks and encourage greater lending.”

Securing a mortgage in the UAE is often a complex procedure. Many banks and finance companies will lend only to people buying from a limited number of property developers, while confusion over the documents required to obtain a mortgage alienates borrowers.

The law will also require that mortgages taken out on properties in Dubai be sold only by registered financial institutions. In addition, it will require borrower and lender to present complete financial documents when the mortgage is registered. Property granted by the Government to Emiratis will be exempt from the legislation.

The National

Al Fara’a to invest in Dubai Waterfront and Dubai Maritime City

The Arabian Gulf is currently witnessing over $100bn worth of investments in waterfront developments, in tune with ongoing global trends as indicated by recent studies that reveal up to two thirds of the world’s population living in coastal communities and a large amount of developments taking place in waterfront areas.

With aims to leverage the booming demand for high-profile coastal projects, Al Fara’a Properties, the flagship subsidiary of the Al Fara’a Construction, Industrial and Property Group, has announced its plans to invest within Dubai Waterfront and Dubai Maritime City - two of the largest master planned coastal developments in the world.

The developer’s latest expansion plan is in line with the ‘Blue Communities’ initiative spearheaded by master developer Nakheel under the patronage of H.H. Sheikh Mohammed Bin Rashid Al Maktoum.

As part of its aims to play an active role in the market for coastal developments while promoting ocean life preservation, Al Fara’a Properties has pledged its support for the ‘Blue Communities’, a model that effectively manages building communities within the coastal areas.

The developer is set to announce its projects within Dubai Waterfront and Dubai Maritime City in line with its plans to launch a series of new projects collectively valued at Dhs10bn in the second half of 2008.

Further, Al Fara’a Properties also plans to collaborate with experts to develop standards that govern coastal communities, which will foster new and innovative methods to fully maximise the potential of waterfront mega developments.

‘The ‘Blue Communities’ initiative is a breakthrough model that underlines the importance of ensuring a healthy balance in the development of luxury projects and the preservation of marine life,’

said Natasha Gangaramani, Director, Al Fara’a Properties.

‘Accordingly, we have translated our strong support for Nakheel’s pioneering concept into a concrete plan to build within Dubai Waterfront and Dubai Maritime City. We are expecting this move to reiterate our commitment as a developer to the resolution of environmental issues by taking into consideration such factors when developing our projects,’ she added.

Dubai Waterfront is a stunning new development, which is set to extend Dubai’s coastal line up to 12 times its current length or by 820 kilometres and will provide sea access for trade and entertainment. Designed to cater to commercial, residential and resort developments, the development will feature over 100 different waterfront projects and over 150 planned communities.

Similarly, the expansive Dubai Maritime City is a 227 hectare fully-equipped, iconic and multidimensional maritime centre, which is expected to house 400,000 people upon its completion by 2012. The developer has committed to develop its waterfront projects in line with US Green Building Council (USGBC) guidelines, which are being implemented within these high profile master developments.

‘The potential of these two mega projects to push Dubai as a major frontrunner in waterfront development is being eagerly anticipated by developers, investors and end-users, and this has fuelled our keen interest in venturing into these world class destinations. Moreover, we will ensure that our signature touch of sophistication and comfort will be incorporated within all of our future projects, which we expect to be delivered in line with the stipulated schedule,’

concluded Nitesh Gangaramani.

The commitment of Al Fara’a Properties towards the environment and the society reflects the company’s core values, particularly with regards to its corporate social responsibilities. In conjunction with the Al Fara’a Construction, Industrial and Property Group, Al Fara’a Properties has played a major part in significant community-related activities such as the recent ‘Dr. Moopen’s Medical Camp’, which was supported by the Indian Community Welfare Association, and provided free medical treatment and medicines to more than 500 construction labourers.

Further, the developer also organized an AIDS awareness seminar, which was held at the Le Grand Château construction site in Jumeirah Village in collaboration with Dubai Police, the United Nations Children’s Fund (UNICEF) and the Permanent Committee for Labour Affairs (PCLA), where officials disseminated preventive information regarding AIDS and the human immunodeficiency virus (HIV) to over 150 labourers.

AME Info

Probe to impact markets

The police investigation into alleged financial irregularities by top executives at mortgage lender Tamweel and developer Nakheel will cast a shroud of uncertainty tinged with gloom on the stock markets this week.

The latest round follows similar probe into Deyaar Development and Dubai Islamic Bank earlier this year. “Isolated bad news has a way of snowballing into a negative sentiment and we expect property stocks to take a further hit on the Dubai exchange this week,” said a trader on the Abu Dhabi Securities Exchange on condition of anonymity.

Nakheel has denied any “embezzlement”, while Tamweel has confirmed simply that an investigation is under way. Istithmar World, a subsidiary of Dubai World, has also confirmed that the roles of two senior employees are being investigated for possible financial irregularity while they were employed with another company. The company is Tamweel.

“The Deyaar investigation earlier this year caused a run on the company’s stock, with a contagion effect on other property stocks. Last week’s news will extend the weakness and Dubai can be expected to test the 4,700-points level,” the Abu Dhabi-based trader said.

After a torrid first half of August, investors’ hopes that equities will rebound are likely to be shattered this week. The most that traders would probably settle for is a week of consolidation.

Last week, both the Dubai and Abu Dhabi bourses suffered their largest one-day declines since January and although the capital’s index is now on a two-session winning streak, it is unlikely to escape a similar malaise to the one engulfing Dubai. The ADX lost five per cent last week, while the Dubai Financial Market fared little better, dropping 4.43 per cent and will open today on 5,018 points.

“We expect range-bound trading for the next month,” said Julian Bruce, EFG-Hermes director of institutional equity sales.

Emaar will again be key to Dubai’s fortunes. The property giant slipped to an 12-month intraday low of Dh9.58 that triggered Wednesday’s 2.6 per cent rebound, but this gave way to more selling the day after, meaning Emaar will open on Dh9.66 today and down 35 per cent in 2008. Tamweel will also be under selling pressure.

Aldar Properties will dominate trading on the ADX. The developer is a couple of percentage points below its foreign ownership limit of 40 per cent and will see more buying this week because it is held by a significant number of different investment vehicles.

Emirates Business

Nakheel manager held in bribery investigation

Nakheel, the Dubai World company behind the three Palm Islands projects, confirmed to Gulf News on Friday that one if its senior employees is under investigation on bribery charges.

Nakheel said in a statement last evening that an employee is being questioned by the authorities, but did not provide any details.

For days, rumours of the arrest of a senior executive had been circulating in Dubai financial circles, but the company previously neither confirmed nor denied the speculation.

However, Gulf News has learned that Nakheel’s general manager of sales, Walid Al Jaziri, is being questioned by authorities for taking kickbacks. But Nakheel refused to confirm his name.

“Nakheel regularly conducts internal audits as part of its commitment to a transparent corporate governance,” a Nakheel company spokesperson said.

“As a result of this internal audit process, the company can confirm that a member of staff is being interviewed by the authorities. It would be inappropriate to comment further on this issue.”

The company also denied a report in a London-based magazine that around Dh3 billion had been embezzled from Nakheel.

“In relation to rumours of embezzlement, the company can confirm that no embezzlement has taken place within Nakheel and the figure of Dh3 billion quoted is categorically incorrect,” the spokesman said.

However, the company said the allegations of financial irregularities is “in relation to the acceptance of sums paid to an employee by third parties”.

When contacted by Gulf News, Nakheel’s chief executive officer Chris O’Donnell declined to provide further details, citing an ongoing investigation by Dubai Police.

“It would be inappropriate for me to comment,” he said. Nakheel is also remaining tightlipped over the amount of money involved in the bribery investigation, saying the case involves outside parties.

Tamweel: Investors dump stock

Investors worried about an investigation into an alleged financial fraud at real estate financial giant Tamweel started to dump the company’s shares on Thursday, when news of the probe began to surface.

Fadi Al Kiswani, trading manager of Al Sharhan Stock Centre, told Gulf News several investors worried about the negative impact of the investigation sold Tamweel shares when police were supposedly questioning two former top executives.

Over the past weeks, Tamweel has issued two separate denials of any investigation. The company, listed on the Dubai Financial Market, told officials there that it “has received no formal notification of such an investigation from relevant authorities”.

“I think the stock will drop further when the market opens,” Al Kiswani said, adding that the new reports of an investigation after Tamweel’s earlier denial will affect investor confidence.

Gulfnews

Desert Dream to launch residential development, Dream Harbour, at Waterfront

Desert Dream Real Estate & Investments, one of the fastest growing developers in the region, will next week, 14 August 2008, launch Dream Harbour, a new Dhs1.7bn residential development at Waterfront, a community by master developer Nakheel.

Dream Harbour will be a 48 floor tower designed with a unique feel of Modern Arabia and luxury in mind.

The launch of Dream Harbour, already surrounded by predictions of high value sales, will be celebrated with an all-star event. The private launch event for key investors and stakeholders, will take place on Thursday 14 August at Madinat Jumeirah, with a glittering host of entertainers confirmed, including international singer songwriter Enrique Iglesias, Lebanese songstress Elissa, Canadian Indian R&B singer Raghav and ex-international footballer Ian Wright as Master of Ceremonies.

Dream Harbour is the first major launch for Desert Dream, who set up a division in Dubai in 2002 and having already sold three other major developments. Affording spectacular views over Palm Jebel Ali and the Arabian Gulf, Dream Harbour is situated conveniently close to the beach, on the main boulevard. The development will provide residents with three Souk style shopping galleries with the architecture in keeping with the local culture mosaic facades and historical arches. The rooftop with its panoramic views of Waterfront will offer two swimming pools, a sauna and steam room.

The development aims to achieve LEED (Leadership in Environmental Design Green Building Rating System) Gold accreditation in line with Desert Dream’s overall strategy to deliver the highest quality products whilst maintaining the companies strong environmental aspirations.

Mr Mahmoud Khan, Chairman and CEO of Desert Dream, comments:

‘Dream Harbour will bring to Dubai the concept of ‘high life’ living where every element of the design, down to the smallest detail, is focused on the highest quality. This is deeply ingrained within our company and something that we are passionate about at Desert Dream and it will be reflected in all of the developments that we put our name to. Dream Harbour will be in the heart of one of Dubai’s most ambitious project, Waterfront, and we are delighted to be a partner of Nakheel, who has inspired so much of what we see in Dubai today.’

Khan adds, ‘As we embark on the first of many launches in this region we are looking to the future with excitement. It is our hope that, with the developments that we are bringing to Dubai, we can in some small way build on His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai’s vision for the future of this city.’

Of the 48 floors Dream Harbour will offer the innovative and modern concept of mid-building penthouses with lavish interior and exterior designs.

As Kamal Agostine, the architect from the Agostine & Raphael group comments, ‘The design derives from the thought of waterfront and Arabia which inspired me to create a tower crossing modernism and traditionalism.’

The penthouses, complete with spacious living and dining areas, grand lobbies, piano rooms, state-of-the-art kitchens and en-suite bedrooms will also have their own private swimming pools with stunning sea views.

In addition to the penthouses there will be a variety of apartment types offering one, two, three, four bedroom, mixed single level and duplex options.

Mr A Pirani, Sales Director, adds:

‘Already, we have seen a tremendous interest in Dream Harbour. It is an exciting project, which benefits further from its great location in Waterfront coupled with its value for money. The launch event is aimed at our key investors and stakeholders, for them to celebrate another great milestone for our company.’

Located on the western shores of Dubai, Waterfront will transform 1.4 billion square feet of empty desert and sea into an international community for an estimated population of 1.5 million people that is twice the size of Hong Kong Island. Waterfront is being developed on the last 15km of natural coastline in Dubai and will provide more than 70km of coastline in total, including the development of 23% of the Arabian Canal.

Dubai Palm Jumeirah Monorail set for live testing

Nakheel, a Dubai World company and one of the world’s largest and most innovative real estate developers, has announced that live testing of the Palm Monorail, which will transport thousands of visitors on Palm Jumeirah each day, will commence this October.

The Palm Monorail is the first monorail project to be constructed in the Middle East. Nakheel has laid 100% of the 5.45km track, while the monorail vehicles, which are engineered by leading railway system manufacturer Hitachi Ltd, famous for Japan’s high speed Bullet trains, are undergoing final inspection in Japan before arriving in Dubai for joint inspection with RTA and operators SMRTE.

Nakheel signed a technical agreement in December 2006, which will see the Osaka monorail team provide technical advice and training for staff during a six-month testing period. Construction work, which began in March 2006, was completed in July 2008. The system will ultimately connect to the Dubai Metro following the introduction of RTA’s Al Sufouh tramline.

Robert Lee, Nakheel Managing Director, Investment Projects, said: “The Palm Monorail is not only the first system of its kind to be completed in the Middle East but is also setting global standards for the transportation industry. We have employed state-of-the-art technology to overcome a number of challenges whether that is running 1,000m of rail over-sea, meeting Dubai’s unique climatic conditions, or protecting the communities of Palm Jumeirah by utilising a virtually silent track system.

“The double track system has been completed on schedule and we will soon receive the monorail vehicles from Japan when we will begin a meticulous six-month testing period. In preparation for this process, a number of our staff travelled to Osaka to be trained, taking advantage of the close relationship between the governments of the twinned cities of Dubai and Osaka. With the full corporation of our strategic partner RTA, we expect to have the monorail operational and capable of carrying more than 40,000 passengers on Palm Jumeirah each day by April 2009.”

“The RTA is working closely with the Office of British Rail for the Palm Monorail’s inspection, and eventually certification, process. Once the Palm Monorail system is connected with the Dubai Metro, tourists will be able to leave Dubai Airport on the metro and continue through to Palm Jumeirah, where they change over to the monorail system and move onwards to their hotel.”

The Palm Monorail is being developed by a consortium of leading international companies led by the Marubeni Corporation. The system is fully automatic and driverless, although an attendant will be on board at all times. The monorail will initially carry up to 2,400 passengers per hour per direction in four separate trains, each made up of three cars. At full capacity, the figure will rise to a maximum of 6,000 people in nine vehicles.

The 5.45km long transport system will run between the Gateway Station at the trunk of Palm Jumeirah and the Atlantis’ Aquaventure Station on the crescent, calling at two intermediate stations on the way at Trump International Hotel & Tower, and the luxury retail centre Palm Mall.

BI-ME

Dubai in strategic partnership with Cirque du Soleil

Istithmar World, the investment arm of Dubai World, and Nakheel, one of the world’s largest and most innovative real estate developers, today announced that both companies have together acquired a 20% stake in Cirque du Soleil, the world’s leading live entertainment company providing high-quality artistic entertainment.

Under the terms of the agreement, the remainder of the business will continue to be owned by Cirque du Soleil’s Founder, Guy Laliberté, and his team. Quebec-based Cirque du Soleil has annual sales in excess of US$700 million and attracts nearly ten million visitors a year, making it one of the world’s largest entertainment businesses.

Nakheel and Cirque du Soleil announced a 15-year partnership in May 2007 to develop a permanent show on Palm Jumeirah. The two organisations will jointly design and build a 1,800-seat theatre that will be home to the first ever Cirque resident show to be staged outside of the United States and the Far East. Designs for the theatre are underway, as are plans for the custom-produced show. Palm Jumeirah will also host Cirque du Soleil’s world famous touring show ‘Alegria’ in spring 2009 as a prelude to the permanent show which is due to open on the island in summer 2011.

Outlining the strategic significance of the partnership, David Jackson, Chief Executive Officer, Istithmar World Capital, said:

“Cirque du Soleil marks Istithmar World’s first foray into the live entertainment space, which is a key to our media focus. As a longstanding market leader in the live entertainment segment, Cirque du Soleil represents the ideal platform for Istithmar World to fuse its strong investment network into a highly focused and dynamic institution, with tremendous scope for growth across markets.

“Besides being a global tourist hub, Dubai is home to one of the fastest growing entertainment and media markets in the world, presenting a huge opportunity for such world-class cultural and entertainment facilities to add to the emirate’s rich tourism and leisure offerings. This partnership comes in line with Istithmar World’s strategy of realising the true growth and expansion potential of portfolio companies, as it continues to diversify and strengthen its private equity initiatives.”

Guy Laliberté, founder and principal shareholder of Cirque du Soleil, said: “This partnership is a unique opportunity that puts forward the dream I have forged for Cirque du Soleil to continue at another level. We have found the right partners in our long-term growth in the form of Dubai World and this marks a watershed moment in our evolution. With this partnership, I can retain control of my business with the support and input of a partner that is recognized and highly respected throughout the world.

“In the coming weeks we will implement a development structure that will allow us to become a major player in Dubai. In addition to establishing a permanent theatre in Dubai, we will open a show production office, a ticketing company and a technical equipment and set design rental company,” he added. “Having Istithmar and Nakheel as strategic partners will enable us to be even more dynamic and effective in international development – Cirque du Soleil will be in a position to concentrate on our two main priorities: managing growth responsibly and meeting global creative challenges.

“This partnership is the best of both worlds for me and my management team; we can keep control of our creative challenges and operations while accelerating our growth doing projects all over the world. The opportunity to be involved in an entertainment project of this scale in conjunction with the resources of Istithmar World and Nakheel is extremely exciting for all of us at Cirque du Soleil,” Laliberté said.

Chris O’Donnell, Chief Executive Officer, Nakheel, said: “Cirque du Soleil shows have always been major draws in attracting tourists from all over the world to such global leisure destinations as Las Vegas and Macau. The company’s touring show, which was performed here in Dubai last year, was one of the most successful single entertainment projects ever to be staged in the region and we are excited about welcoming a new touring show ‘Alegria’ in Spring next year. We are also confident that an original show and a brand new purpose-built venue on Palm Jumeirah will capture the imagination and provide a further draw for tourists around the world to visit Dubai.”

Eminent for its role in revolutionising the live entertainment industry, Cirque du Soleil is currently producing 18 unique shows around the world for 2008, including new permanently based shows in Macau, Tokyo and Las Vegas, slated to open later this year. The company has been credited with creating an entirely new performance genre by blending traditional circus acts with dance, music, mime and vivid theatricality. Its Quidam show in 2007 was among the most successful single entertainment projects ever to be staged in Dubai, with more than 100,000 people attending the month-long run at Nakheel’s Ibn Battuta Mall.

BI-ME

Azizi launches Almasa One at Al Furjan

Azizi Investments this week launches Almasa One, the second phase of its commercial offering Al Furjan in Dubai. The office tower has 162,452 sq ft of commercial space, in units of 1,250 sq ft and above. Azizi says it is targeting small and medium enterprises or branch locations for larger companies. It will include a 2,500 sq ft conference hall, parking and retail and restaurant facilities. In June, the company launched Almasa Two, claiming it sold out in one day.

Al Furjan is a distinguished master development in Dubai from the region’s leading property developer, Nakheel. It is not just any residential project but a uniquely planned ‘community development’ that brings together traditional Arabic family values and ultimate modern comfort.

Al Furjan symbolises a collection of cozy independent homes amidst sprawling community facilities, typical of a small village. A single village or a ‘Fareej’ represented a characteristic way of life to its residents, one that created a community of extended family and friends, rather than mere neighbours.

Nakheel’s Al Furjan community builds on this tradition to define a modern collection of vibrant neighbourhoods that celebrates family, home and bonds. A Close-Knit Community, Al Furjan is a community that thrives. Outdoor areas and public spaces are as important as well crafted, individual homes and interiors. New urban planning principles have been adopted to ensure a walkable, connected and traditionally inspired environment. Al Furjan comprises four specific villages, North, South, East and West. Each has distinct characteristics that create a balanced variety of experiences, but all share the same liveable streetscape designs, network of pathways and access to amenities.

AME Info/Azizi Investments

Next Page »