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Dubai: Faya Investments, a new development company, has been launched in Sharjah with a Dh1.5 billion capital.
Shaikh Tariq Bin Faisal Al Qasimi, chairman of Faya investments, said: "We have recently launched several investment companies to operate in different sectors. These companies include Enshaa, Arzaq, Empire Aviation Group and Emirates Global Islamic Bank. Though these are relatively new companies, each of them has achieved good results and are demonstrating outstanding performance. We attribute these successes to the fact that each of these companies has been established on solid foundations, based on sound, in-depth feasibility studies and planning, which enable them to leverage existing opportunities, turning them into rewarding ventures."
The company was established with the purpose of investing in various sectors including residential, commercial, labour accommodations, leisure and entertainment facilities, and establishing itself so as to meet the accelerated demand in these sectors due to the property boom and the recycling of petrodollars, which have resulted in record levels of economic growth throughout the GCC.
Growth strategy
"We keep a close eye on macro- and micro elements, which then shapes our acquisition strategy. In the short term, we are willing to inject around Dh2 billion into the UAE real estate market, as all our readings show that the market potential is sound," Al Qasimi said. The launch of Faya investment coincides with a period of record growth across the real estate and construction-related sectors in the UAE, with 23.6 per cent annual growth since 2001, and development projects with a total value of $225 billion currently in development.
According to recent reports, investments in residential and commercial projects are expected to reach Dh184 billion by 2010, while the value of the property market in the GCC is set to hit the Dh3 trillion mark within the next 25 years.
"Our aim is to invest in different areas in the real estate sector, which offers safe and rewarding investment opportunities. The GCC real estate boom is expected to continue for a long time, fuelled by the growth of the tourism sector, surplus liquidity and the freehold ownership laws being implemented across the region," he said.
Al Qasimi said his company does not aim to become master developers. "Our aim is rather to utilise our in-depth understanding of real estate knowledge to acquire properties in select prime areas that we believe have higher returns and remain stable during periods of turbulence. And we choose developments based on the same concept and criteria," he said.
"We believe that the economic and market fundamentals in the UAE are solid and have more growth potential than international markets, although we are also considering the GCC as a potential market. However, the UAE will be our prime focus for the time being," he added.
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