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LEADING REAL ESTATE DEVELOPER, AL FAJER PROPERTIES ANNOUNCES JUMEIRAH BUSINESS CENTER TOWERS 3 & 4
Updated: 13-02-2006
(From left) Mr. Mohammad Bin Mubarak, vice president of Al Fajer Investment & Development, Mr. Mahdhar Al Tamimi, General Manager of Nakheel's Jumeirah Lake Towers, Mr. Saeed Masoudi, Development Director of Al Ahmadiah Contracting Company and other senior officials after the launch of Jumeirah Business center 3 and 4 on Monday at a press conference in Dubai.Barely two months after the launch of its Jumeirah Business Center 1 & 2 and the subsequent sell out of the properties in record time, Al Fajer Properties, a member of Al Fajer Enterprises established in Dubai in 1965 by its Group President His Highness Sheikh Hasher Bin Maktoum Al Maktoum, today announced expanding the brand further by developing two more freehold commercial towers- Jumeirah Business Center 3 & 4.The JBC 3 & 4 will be developed at an investment of AED 490 million in the prestigious Jumeirah Lake Towers project further enhancing the company's presence in Dubai's commercial freehold market.

Mr. Mohammad Bin Mubarak, vice president of Al Fajer Investment & Development commenting on the phenomenal sell out of Jumeirah Business Center Towers 1, 2 & 3 in less than two months explained: 'Investors in Jumeirah Business Center Towers are guaranteed to optimize their resources by turning their rent liabilities into assets. Considering that the annual office lease rates on Sheikh Zayed Road, typically range from AED 120 to AED 220 per square foot, JBC investors are expected to enjoy return on investment (ROI) within 4 to 5 years.'

Offering spectacular views of Jumeirah Lakes and Jumeirah Islands, and situated within Dubai's emerging district consisting of over 250 residential buildings, JBC is poised to become the commercial landmark of New Dubai.

Mr. Bin Mubarak further added: 'Jumeirah Business Center's success story is a direct result of high demand from local, regional and multinational companies seeking a high end freehold commercial property based in Dubai, the undisputed regional business hub.'

The Group's business ventures over the past 35 years include a leading construction company, property management services, engineering and consultancy, international fairs and exhibitions, manufacturing, travel & tourism, pharmaceuticals, general trading and investments and development.

Al Fajer properties tie up with Abu Dhabi Commercial Bank is set to offer JBC investors the broadest range of support and finance options available in the market.

Adeeb Al Jundi Vice President Abu Dhabi Commercial Bank said, 'We are convinced that Jumeirah Business Center Towers is a pioneering development in a league of its own and our association with Al Fajer Properties reflects our confidence in this unique project which is destined to set a bench mark for quality in Dubai's commercial real estate sector.'

A top official of Al Fajer Group said that Al Ahmadiah Contracting, established in 1970, was awarded the construction contract for the AED490 million project following comprehensive due diligence process, including a public tendering exercise and several rounds of evaluation and assessment by the company's project development team.

Mr. Saeed Masoudi, Development Director of Al Ahmadiah Contracting Company said, 'It is a privilege for us to be selected for the development of such a unique and pioneering project. We believe that Jumeirah Business Center construction will add to our reputation of being partners with a number of landmark projects in the UAE.'

Commenting on Al Fajer's confidence in Jumeirah Lake Towers, Mr. Mahdhar Al Tamimi, General Manager of Nakheel's Jumeirah Lake Towers said: 'We are indeed glad to be partnering with Al Fajer for their hugely successful Jumeirah Business Center Towers. The commercial freehold towers will add to the reputation of Jumeirah Lake Towers as a most sought after investment opportunity.'

Jumeirah Business Center with its cutting edge architectural design and state of the art office facilities combined with world class finishing and professionally managed retail outlets, has been conceived as the perfect working environment.