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Dubai: Al Taif Investment, a joint venture between Dubai Investments and Fujairah Investment Establishment, was launched on Wednesday, promising Dh2.5 billion in investments over the next two years.
With a start-up capital of Dh500 million, the company will initially invest in the region's real estate and viable industry ventures, and plans to buy existing companies and develop a diversified portfolio of projects in the near future.
"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." said Khalid Kalban, chairman of Al Taif Investment.
"Al Taif Investment will commence operations with two major projects - Fujairah Business Park and The Market," said Kalban.
Focus area
"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."
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 five-star hotel and furnished apartments, with a total of 424 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.
"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 owns a 60 per cent stake in Al Taif Investment, while the remaining is held by Fujairah Investment Establishment.
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