Al Taif Investment, a joint venture between Dubai Investments and Fujairah Investment Establishment (FIE), has unveiled plans to invest heavily in the Fujairah’s booming real estate and viable industry ventures.

The company officially began its operations in Fujairah with a start-up capital of Dh500 million ($136 million). A function was held to mark the inauguration of the company’s corporate headquarters located at the Fujairah Tower.

The ceremony was attended by Al Taif Investment chairman Khalid Kalban and Al Taif Investment vice-chairman and director Mohamed Saeed Al Dhanhani besides government officials from Fujairah. 

Al Taif will initially invest in the region’s booming real estate and viable industry ventures, but has plans to buy existing companies and develop a diversified portfolio of projects in the near future, said a top company official.

The launch of Al Taif is expected to present a range of investment opportunities for regional and international investors keen on capitalising on the rapid growth being witnessed across the UAE.     

Dubai Investments owns a 60 per cent stake in Al Taif Investment, while the remaining 40 per cent is held by Fujairah Investment Establishment.

“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 and the inauguration of our corporate headquarters today marks the beginning of a new chapter in investment and growth for Fujairah,” said Kalban.

Al Taif Investment will commence operations with two major projects - “Fujairah Business Park” and “The Market," -  that will significantly boost Fujairah’s profile as an upcoming business hub.

“Another prime area of focus will be the setting up of industrial projects in Fujairah. Some of these are already in the pipeline and more details will be announced shortly," he added.

The company also has plans to set up a factory for the manufacture of gypsum boards to cater to the growing demand for building materials. The unit is scheduled to begin production in 12 months.

"We have also closely researched industry demand for extruded aluminum and final plans are on the drawing board to establish an aluminum extrusion plant," he noted.

“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,.” he added.

Humaid Aylan, general manager, Al Taif Investment, said “Fujairah Business Park will comprise two towers – a 44-level office tower and a 31-level tower - which will house 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 sq ft 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.-TradeArabia  News Service